Kaman Corp. (KAMN, Financial) filed Quarterly Report for the period ended 2009-10-02.
Kaman Corporation is in the following business segments: Aerospace Industrial Distribution and Music Distribution. The Aerospace segment serves commercial U.S. defense and foreign government markets. The Industrial Distribution segment serves nearly every sector of U.S. industrywith industrial replacement parts as well as support services. The Music Distribution segment serves domestic and foreign markets with a wide variety of music instruments and accessories and manufactures guitars and other music products for professional and amateur musicians. Kaman Corp. has a market cap of $528.2 million; its shares were traded at around $20.58 with a P/E ratio of 14.6 and P/S ratio of 0.4. The dividend yield of Kaman Corp. stocks is 2.8%.
We estimate our portion of the cost to assess the environmental conditions and remediate this site is $2.2 million, unchanged from previously reported estimates, all of which has been accrued. A portion ($0.3 million) of the accrual related to this property is included in other accruals and payables and the balance is included in other long-term liabilities. The total amount paid to date in connection with these environmental remediation activities is $0.3 million. The remaining balance of the accrual reflects the total anticipated cost of completing these environmental remediation activities. Although it is reasonably possible that additional costs will be paid in connection with the resolution of this matter, we are unable to estimate the amount of such additional costs, if any, at this time.
In connection with the 2008 purchase of the portion of the Bloomfield campus that Kaman Aerospace Corporation had leased from NAVAIR, we have assumed responsibility for environmental remediation at the facility as may be required under the Transfer Act and we continue the effort to define the scope of the remediation that will be required by the CTDEP. The assumed environmental liability of $10.3 million was determined by taking the undiscounted remediation liability of $20.8 million and discounting it at a rate of 8%. This remediation process will take many years to complete. Although it is reasonably possible that additional costs will be paid in connection with the resolution of this matter, we are unable to estimate the amount of such additional costs, if any, at this time.
Read the The complete ReportKAMN is in the portfolios of John Keeley of Keeley Fund Management.
Kaman Corporation is in the following business segments: Aerospace Industrial Distribution and Music Distribution. The Aerospace segment serves commercial U.S. defense and foreign government markets. The Industrial Distribution segment serves nearly every sector of U.S. industrywith industrial replacement parts as well as support services. The Music Distribution segment serves domestic and foreign markets with a wide variety of music instruments and accessories and manufactures guitars and other music products for professional and amateur musicians. Kaman Corp. has a market cap of $528.2 million; its shares were traded at around $20.58 with a P/E ratio of 14.6 and P/S ratio of 0.4. The dividend yield of Kaman Corp. stocks is 2.8%.
Highlight of Business Operations:
The total anticipated cost of the environmental remediation activities associated with the Moosup property is $4.1 million, all of which has been accrued. A portion ($0.6 million) of the accrual related to this property is included in other accruals and payables and the balance is included in other long-term liabilities. The total amount paid to date in connection with these environmental remediation activities is $1.8 million. The remaining balance of the accrual reflects the total anticipated cost of completing these environmental remediation activities. Although it is reasonably possible that additional costs will be paid in connection with the resolution of this matter, we are unable to estimate the amount of such additional costs, if any, at this time.We estimate our portion of the cost to assess the environmental conditions and remediate this site is $2.2 million, unchanged from previously reported estimates, all of which has been accrued. A portion ($0.3 million) of the accrual related to this property is included in other accruals and payables and the balance is included in other long-term liabilities. The total amount paid to date in connection with these environmental remediation activities is $0.3 million. The remaining balance of the accrual reflects the total anticipated cost of completing these environmental remediation activities. Although it is reasonably possible that additional costs will be paid in connection with the resolution of this matter, we are unable to estimate the amount of such additional costs, if any, at this time.
In connection with the 2008 purchase of the portion of the Bloomfield campus that Kaman Aerospace Corporation had leased from NAVAIR, we have assumed responsibility for environmental remediation at the facility as may be required under the Transfer Act and we continue the effort to define the scope of the remediation that will be required by the CTDEP. The assumed environmental liability of $10.3 million was determined by taking the undiscounted remediation liability of $20.8 million and discounting it at a rate of 8%. This remediation process will take many years to complete. Although it is reasonably possible that additional costs will be paid in connection with the resolution of this matter, we are unable to estimate the amount of such additional costs, if any, at this time.
Read the The complete ReportKAMN is in the portfolios of John Keeley of Keeley Fund Management.
