Kadant Reports 2018 Third Quarter Results

October 29, 2018 at 4:25 PM EDT

Reports Record Revenue and Diluted EPS

WESTFORD, Mass., Oct. 29, 2018 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE: KAI) reported its financial results for the third quarter ended September 29, 2018.

Third Quarter 2018 Highlights

  • Revenue increased 8% to a record $166 million
  • GAAP diluted EPS increased 40% to a record $1.64
  • Adjusted diluted EPS increased 3% to a record $1.53
  • Net income increased 41% to $19 million
  • Adjusted EBITDA increased 11% to a record $34 million and represented 20% of revenue
  • Gross margin was 44.1%
  • Bookings increased 22% to $165 million
  • Backlog was $192 million
  • Cash flow from operations was $17 million

Note: Adjusted diluted EPS, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP financial measures that exclude certain items as detailed later in this press release under the heading “Use of Non-GAAP Financial Measures.”

Management Commentary
“The record-setting pace we set in the first half of 2018 continued into the third quarter,” said Jonathan Painter, president and chief executive officer. “Strong internal growth and excellent execution led to record revenue and diluted EPS. Capacity build-outs at mills in Asia and strong demand in North America, particularly for our Fluid-Handling and Stock-Preparation product lines, led this growth. Our bookings increased 22 percent due almost entirely to internal growth, contributing to our near-record backlog of $192 million at the end of the third quarter. Our operating units executed extremely well this quarter resulting in record adjusted EBITDA, representing 20 percent of revenue.”

Third Quarter 2018 Results
Revenue increased eight percent to a record $165.7 million compared to the third quarter of 2017, including $0.9 million from an acquisition and a $3.8 million decrease from the unfavorable effect of foreign currency translation. Excluding the impact of the acquisition and foreign currency translation, revenue increased 10 percent compared to the third quarter of 2017. Gross margin was 44.1 percent. Net income increased 41 percent to $18.8 million, or $1.64 per diluted share, compared to $13.3 million, or $1.17 per diluted share, in the third quarter of 2017. Adjusted diluted EPS increased three percent to $1.53 compared to $1.49 in the third quarter of 2017. Adjusted diluted EPS excludes a $0.14 discrete tax benefit and $0.03 of restructuring costs in the third quarter of 2018 and $0.32 of acquisition-related costs in the third quarter of 2017.

Adjusted EBITDA increased 11 percent to a record $33.5 million compared to $30.1 million in the third quarter of 2017. Adjusted EBITDA excludes $0.4 million of restructuring costs in the third quarter of 2018 and $4.9 million of acquisition-related costs in the third quarter of 2017. Cash flows from operations increased 144 percent to $17.0 million compared to $7.0 million in the third quarter of 2017. Bookings increased 22 percent to $165.0 million compared to $135.5 million in the third quarter of 2017, including $1.2 million from an acquisition and a $3.8 million decrease from the unfavorable effect of foreign currency translation. Excluding the impact of the acquisition and foreign currency translation, bookings increased 24 percent compared to the third quarter of 2017.

Summary and Outlook
“Our strong performance in the first three quarters of 2018 has positioned us for another record year of financial performance,” Mr. Painter continued. “However, the timing of capital bookings and shipments as well as some modest currency headwinds have caused us to revise our previous guidance.

“For 2018, we now expect to report full year revenue of $628 to $632 million, revised from our previous guidance of $630 to $638 million. We expect to achieve GAAP diluted EPS of $4.93 to $4.98 in 2018, revised from our previous guidance of $4.89 to $4.99. The revised 2018 guidance includes a pre-tax curtailment loss of $1.4 million, or $0.09 per diluted share, related to the termination of defined benefit plans at one of our U.S. operations. The revised 2018 guidance also includes pre-tax restructuring costs of $1.7 million, or $0.11 per diluted share, pre-tax amortization expense associated with acquired backlog of $0.3 million, or $0.02 per diluted share, and a discrete tax benefit of $1.7 million, or $0.15 per diluted share. Excluding these items, we expect adjusted diluted EPS of $5.00 to $5.05 for 2018, revised from our previous guidance of $5.00 to $5.10.

“For the fourth quarter of 2018, we expect GAAP diluted EPS of $1.24 to $1.29 on revenue of $158 to $162 million. The fourth quarter guidance includes the pre-tax curtailment loss of $1.4 million, or $0.09 per diluted share. Excluding the curtailment loss, we expect adjusted diluted EPS of $1.33 to $1.38 in the fourth quarter of 2018.”

Conference Call
Kadant will hold a webcast with a slide presentation for investors on Tuesday, October 30, 2018, at 11:00 a.m. eastern time to discuss its third quarter performance, as well as future expectations. To access the webcast, including the slideshow and accompanying audio, go to www.kadant.com and click on “Investors.” To listen to the webcast via teleconference, call 888-326-8410 within the U.S., or +1-704-385-4884 outside the U.S. and reference participant passcode 8097465. Prior to the call, our earnings release and the slides used in the webcast presentation will be filed with the Securities and Exchange Commission and will be available at www.sec.gov. An archive of the webcast presentation will be available on our website until November 30, 2018.

Shortly after the webcast, Kadant will post its updated general investor presentation incorporating the third quarter results on its website at www.kadant.com under the “Investors” section.

Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including increases or decreases in revenue excluding the effect of acquisitions and foreign currency translation, adjusted operating income, adjusted net income, adjusted diluted earnings per share (EPS), earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, and adjusted EBITDA margin. 

We believe these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, operating results, or future outlook. We believe that the inclusion of such measures helps investors gain an understanding of our underlying operating performance and future prospects, consistent with how management measures and forecasts our performance, especially when comparing such results to previous periods or forecasts and to the performance of our competitors. Such measures are also used by us in our financial and operating decision-making and for compensation purposes. We also believe this information is responsive to investors' requests and gives them an additional measure of our performance.
           
The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for the results of operations prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release have limitations associated with their use as compared to the most directly comparable GAAP measures, in that they may be different from, and therefore not comparable to, similar measures used by other companies.

Revenue included $0.9 million and $64.6 million from acquisitions in the third quarter and first nine months of 2018, respectively. Revenue also included $3.8 million of unfavorable and $7.6 million of favorable foreign currency translation effect in the third quarter and first nine months of 2018, respectively. We present increases or decreases in revenue excluding the effect of acquisitions and foreign currency translation to provide investors insight into underlying revenue trends.
                       
Our non-GAAP financial measures exclude restructuring costs, acquisition costs, amortization expense related to acquired backlog and profit in inventory and a discrete tax benefit. These items are excluded as they are not indicative of our core operating results and are not comparable to other periods, which have differing levels of incremental costs or income or none at all.

Third Quarter
Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:

  • Pre-tax restructuring costs of $0.4 million in 2018.
  • Pre-tax acquisition costs of $0.6 million in 2017.
  • Pre-tax expense related to acquired profit in inventory and backlog of $4.3 million in 2017.

Adjusted net income and adjusted diluted EPS exclude:

  • After-tax restructuring costs of $0.3 million ($0.4 million net of tax of $0.1 million) in 2018.
  • A discrete tax benefit of $1.5 million in 2018 related to the reversal of tax reserves associated with uncertain tax positions covering multiple tax years.
  • After-tax acquisition costs of $0.4 million ($0.6 million net of tax of $0.2 million) in 2017.
  • After-tax expense related to acquired profit in inventory and backlog of $3.2 million ($4.3 million net of tax of $1.1 million) in 2017.

First Nine Months
Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:

  • Pre-tax restructuring costs of $1.7 million in 2018.
  • Pre-tax expense related to acquired backlog of $0.3 million in 2018.
  • Pre-tax acquisition costs of $5.0 million in 2017.
  • Pre-tax expense related to acquired profit in inventory and backlog of $4.3 million in 2017.

Adjusted net income and adjusted diluted EPS exclude:

  • After-tax restructuring costs of $1.3 million ($1.7 million net of tax of $0.4 million) in 2018.
  • After-tax expense related to acquired backlog of $0.2 million ($0.3 million net of tax of $0.1 million) in 2018.
  • A discrete tax benefit of $1.7 million in 2018.
  • After-tax acquisition costs of $4.3 million ($5.0 million net of tax of $0.7 million) in 2017.
  • After-tax expense related to acquired profit in inventory and backlog of $3.2 million ($4.3 million net of tax of $1.1 million) in 2017.

Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in this press release.

                       
  Financial Highlights (unaudited)                
  (In thousands, except per share amounts and percentages)                
                       
        Three Months Ended   Nine Months Ended  
  Consolidated Statement of Income (a) Sept. 29, 2018   Sept. 30, 2017   Sept. 29, 2018   Sept. 30, 2017  
  Revenues $   165,745     $   152,794     $   469,851     $   365,893    
  Costs and Operating Expenses:                
    Cost of revenues     92,652         88,139         262,515         199,369    
    Selling, general, and administrative expenses     42,888         42,346         133,796         115,936    
    Research and development expenses     2,452         2,635         8,049         7,004    
    Restructuring costs     378         -          1,717         -     
          138,370         133,120         406,077         322,309    
  Operating Income     27,375         19,674         63,774         43,584    
  Interest Income     30         94         335         300    
  Interest Expense     (1,738 )       (1,282 )       (5,320 )       (2,022 )  
  Other Expense, Net     (245 )       (216 )       (736 )       (637 )  
  Income Before Provision for Income Taxes     25,422         18,270         58,053         41,225    
  Provision for Income Taxes     6,443         4,860         15,575         10,550    
                       
  Net Income     18,979         13,410         42,478         30,675    
                       
  Net Income Attributable to Noncontrolling Interest     (195 )       (125 )       (487 )       (343 )  
  Net Income Attributable to Kadant $   18,784     $   13,285     $   41,991     $   30,332    
  Earnings per Share Attributable to Kadant:                
      Basic $   1.69     $   1.21     $   3.79     $   2.76    
      Diluted $   1.64     $   1.17     $   3.69     $   2.69    
                       
  Weighted Average Shares:                
      Basic     11,101         11,004         11,078         10,986    
      Diluted     11,421         11,344         11,388         11,282    
                       
        Three Months Ended   Three Months Ended  
  Adjusted Net Income and Adjusted Diluted EPS (b) Sept. 29, 2018   Sept. 29, 2018   Sept. 30, 2017   Sept. 30, 2017  
                       
  Net Income and Diluted EPS Attributable to Kadant, as Reported $   18,784     $   1.64     $   13,285     $   1.17    
  Adjustments for the Following:                
    Restructuring Costs, Net of Tax     287         0.03         -         -    
    Acquisition Costs, Net of Tax     -         -         441         0.04    
    Amortization of Acquired Profit in Inventory and Backlog, Net of Tax     -         -         3,191         0.28    
    Discrete Tax Items     (1,542 )       (0.14 )       -         -    
  Adjusted Net Income and Adjusted Diluted EPS  $   17,529     $   1.53     $   16,917     $   1.49    
                       
        Nine Months Ended   Nine Months Ended  
        Sept. 29, 2018   Sept. 29, 2018   Sept. 30, 2017   Sept. 30, 2017  
                       
  Net Income and Diluted EPS Attributable to Kadant, as Reported $   41,991     $   3.69     $   30,332     $   2.69    
  Adjustments for the Following:                
    Restructuring Costs, Net of Tax     1,308         0.11         -         -    
    Acquisition Costs, Net of Tax     -         -         4,274         0.38    
    Amortization of Acquired Profit in Inventory and Backlog, Net of Tax     189         0.02         3,191         0.28    
    Discrete Tax Items     (1,672 )       (0.15 )       -         -    
  Adjusted Net Income and Adjusted Diluted EPS $   41,816     $   3.67     $   37,797     $   3.35    
                       
                     Increase   
                     (Decrease)   
                     Excluding   
        Three Months Ended    Increase
(Decrease)
  Acquisitions  
  Revenues by Product Line Sept. 29, 2018   Sept. 30, 2017     and FX (b,c)  
                       
  Stock-Preparation $   62,983     $   52,065     $   10,918     $   11,603    
  Fluid-Handling     33,083         28,532         4,551         4,451    
  Doctoring, Cleaning, & Filtration     30,704         30,538         166         1,059    
    Papermaking Systems     126,770         111,135         15,635         17,113    
    Wood Processing Systems     37,042         39,714         (2,672 )       (1,295 )  
    Fiber-Based Products     1,933         1,945         (12 )       (12 )  
        $   165,745     $   152,794     $   12,951     $   15,806    
                       
                     Increase   
                     (Decrease)   
                     Excluding   
        Nine Months Ended   Increase    Acquisitions  
        Sept. 29, 2018   Sept. 30, 2017     and FX (b,c)  
                       
  Stock-Preparation $   164,842     $   139,396     $   25,446     $   19,732    
  Fluid-Handling     98,500         73,099         25,401         11,614    
  Doctoring, Cleaning, & Filtration     87,469         82,921         4,548         3,679    
    Papermaking Systems     350,811         295,416         55,395         35,025    
    Wood Processing Systems     109,335         61,050         48,285         (3,513 )  
    Fiber-Based Products     9,705         9,427         278         278    
        $   469,851     $   365,893     $   103,958     $   31,790    
                       
                     Increase   
                     (Decrease)   
                     Excluding   
        Three Months Ended    Increase
(Decrease) 
  Acquisitions  
  Revenues by Geography (d) Sept. 29, 2018   Sept. 30, 2017     and FX (b,c)  
                       
  North America $   74,089     $   68,369     $   5,720     $   5,867    
  Europe     44,912         46,475         (1,563 )       (639 )  
  Asia     32,887         25,215         7,672         8,359    
  Rest of World     13,857         12,735         1,122         2,219    
        $   165,745     $   152,794     $   12,951     $   15,806    
                       
                     Increase   
                     (Decrease)   
                     Excluding   
        Nine Months Ended   Increase   Acquisitions  
        Sept. 29, 2018   Sept. 30, 2017     and FX (b,c)  
                       
  North America $   227,080     $   170,092     $   56,988     $   10,131    
  Europe     131,437         113,178         18,259         523    
  Asia     78,537         53,658         24,879         21,649    
  Rest of World     32,797         28,965         3,832         (513 )  
        $   469,851     $   365,893     $   103,958     $   31,790    
                       
                     Increase   
                     Excluding   
        Three Months Ended   Increase   Acquisitions  
  Bookings by Product Line Sept. 29, 2018   Sept. 30, 2017     and FX (c)  
                       
  Stock-Preparation $   69,341     $   50,797     $   18,544     $   19,348    
  Fluid-Handling     29,671         28,426         1,245         732    
  Doctoring, Cleaning, & Filtration     27,788         27,656         132         967    
    Papermaking Systems     126,800         106,879         19,921         21,047    
    Wood Processing Systems     36,080         26,548         9,532         11,022    
    Fiber-Based Products     2,120         2,030         90         90    
        $   165,000     $   135,457     $   29,543     $   32,159    
                       
                     Increase   
                     (Decrease)   
                     Excluding   
        Nine Months Ended   Increase   Acquisitions  
        Sept. 29, 2018   Sept. 30, 2017     and FX (c)  
                       
  Stock-Preparation $   187,073     $   149,285     $   37,788     $   31,027    
  Fluid-Handling     107,363         79,752         27,611         11,581    
  Doctoring, Cleaning, & Filtration     86,603         86,354         249         (780 )  
    Papermaking Systems     381,039         315,391         65,648         41,828    
    Wood Processing Systems     133,213         50,172         83,041         18,489    
    Fiber-Based Products     9,088         8,999         89         89    
        $   523,340     $   374,562     $   148,778     $   60,406    
                       
        Three Months Ended   Nine Months Ended  
  Business Segment Information (a) Sept. 29, 2018   Sept. 30, 2017   Sept. 29, 2018   Sept. 30, 2017  
                       
  Gross Margin:                
      Papermaking Systems   44.6 %     45.6 %     45.1 %     47.1 %  
      Wood Processing Systems   42.6 %     33.5 %     40.4 %     37.1 %  
      Fiber-Based Products   36.6 %     35.7 %     50.1 %     50.1 %  
          44.1 %     42.3 %     44.1 %     45.5 %  
                       
  Operating Income:                
      Papermaking Systems $   25,919     $   21,684     $   61,402     $   53,247    
      Wood Processing Systems     8,704         4,418         21,380         6,511    
      Corporate and Other     (7,248 )       (6,428 )       (19,008 )       (16,174 )  
        $   27,375     $   19,674     $   63,774     $   43,584    
                       
  Adjusted Operating Income (b, e):                
      Papermaking Systems $   26,297     $   21,962     $   63,119     $   53,840    
      Wood Processing Systems     8,704         9,043         21,632         15,238    
      Corporate and Other     (7,248 )       (6,428 )       (19,008 )       (16,174 )  
        $   27,753     $   24,577     $   65,743     $   52,904    
                       
  Capital Expenditures:                
      Papermaking Systems $   1,348     $   3,790     $   9,837     $   6,567    
      Wood Processing Systems     1,026         1,358         2,586         1,649    
      Corporate and Other     232         135         394         502    
        $   2,606     $   5,283     $   12,817     $   8,718    
                       
        Three Months Ended   Nine Months Ended  
  Cash Flow and Other Data Sept. 29, 2018   Sept. 30, 2017   Sept. 29, 2018   Sept. 30, 2017  
                       
  Cash Provided by Operations  $   16,979     $   6,952     $   52,550     $   32,328    
  Depreciation and Amortization Expense     5,796         6,525         17,739         13,056    
                       
  Balance Sheet Data         Sept. 29, 2018   Dec. 30, 2017  
                       
  Assets                
  Cash, Cash Equivalents, and Restricted Cash         $   58,059     $   76,846    
  Accounts Receivable, net             96,326         89,624    
  Inventories             91,736         84,933    
  Unbilled Revenues             8,315         2,374    
  Property, Plant and Equipment, net             79,458         79,723    
  Intangible Assets             119,246         133,036    
  Goodwill             262,081         268,001    
  Other Assets             26,541         26,557    
                $   741,762     $   761,094    
  Liabilities and Stockholders' Equity                
  Accounts Payable         $   34,761     $   35,461    
  Debt Obligations             189,052         237,011    
  Capital Lease Obligations             4,563         5,069    
  Other Liabilities             154,947         151,049    
    Total Liabilities             383,323         428,590    
    Stockholders' Equity             358,439         332,504    
                $   741,762     $   761,094    
                       
  Adjusted Operating Income and Adjusted EBITDA Three Months Ended   Nine Months Ended  
  Reconciliation (a, b) Sept. 29, 2018   Sept. 30, 2017   Sept. 29, 2018   Sept. 30, 2017  
                       
  Consolidated                
      Net Income Attributable to Kadant $   18,784     $   13,285     $   41,991     $   30,332    
      Net Income Attributable to Noncontrolling Interest     195         125         487         343    
      Provision for Income Taxes     6,443         4,860         15,575         10,550    
      Interest Expense, Net     1,708         1,188         4,985         1,722    
      Other Expense, Net     245         216         736         637    
      Operating Income     27,375         19,674         63,774         43,584    
      Restructuring Costs     378         -         1,717         -    
      Acquisition Costs     -         585         -         5,002    
      Acquired Backlog Amortization (f)     -         958         252         958    
      Acquired Profit in Inventory (g)     -         3,360         -         3,360    
      Adjusted Operating Income (b)     27,753         24,577         65,743         52,904    
      Depreciation and Amortization     5,796         5,567         17,487         12,098    
      Adjusted EBITDA (b) $   33,549     $   30,144     $   83,230     $   65,002    
      Adjusted EBITDA Margin (b, h)   20.2 %     19.7 %     17.7 %     17.8 %  
                       
  Papermaking Systems                 
      Operating Income $   25,919     $   21,684     $   61,402     $   53,247    
      Restructuring costs      378         -         1,717         -    
      Acquisition Costs     -         172         -         487    
      Acquired Profit in Inventory (g)     -         106         -         106    
      Adjusted Operating Income (b)     26,297         21,962         63,119         53,840    
      Depreciation and Amortization     3,132         2,894         9,407         8,105    
      Adjusted EBITDA (b) $   29,429     $   24,856     $   72,526     $   61,945    
                       
  Wood Processing Systems                
      Operating Income $   8,704     $   4,418     $   21,380     $   6,511    
      Acquisition Costs     -         413         -         4,515    
      Acquired Backlog Amortization (f)     -         958         252         958    
      Acquired Profit in Inventory (g)     -         3,254         -         3,254    
      Adjusted Operating Income (b)     8,704         9,043         21,632         15,238    
      Depreciation and Amortization     2,505         2,527         7,585         3,547    
      Adjusted EBITDA (b) $   11,209     $   11,570     $   29,217     $   18,785    
                       
  Corporate and Other                
      Operating Loss $   (7,248 )   $   (6,428 )   $   (19,008 )   $   (16,174 )  
      Depreciation and Amortization     159         146         495         446    
      EBITDA (b) $   (7,089 )   $   (6,282 )   $   (18,513 )   $   (15,728 )  
                       
                       
  (a)  Prior period amounts have been restated to conform to the current period presentation as a result of the adoption of the Financial Accounting Standards Board's Accounting Standards Update No. 2017-07.  
                       
  (b)  Represents a non-GAAP financial measure.   
                       
  (c)  Represents the increase (decrease) resulting from the exclusion of acquisitions and from the conversion of current period amounts reported in local currencies into U.S. dollars at the exchange rate of the prior period compared to the U.S. dollar amount reported in the prior period.  
               
  (d)  Geographic revenues are attributed to regions based on customer location. 
             
  (e) See reconciliation to the most directly comparable GAAP financial measure under "Adjusted Operating Income and Adjusted EBITDA Reconciliation."  
                       
  (f)  Represents intangible amortization expense associated with acquired backlog. 
           
  (g) Represents expense within cost of revenues associated with acquired profit in inventory. 
           
  (h)  Calculated as adjusted EBITDA divided by revenue in each period. 
         

About Kadant 
Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide. The Company’s products, technologies, and services play an integral role in enhancing process efficiency, optimizing energy utilization, and maximizing productivity in resource-intensive industries. Kadant is based in Westford, Massachusetts, with 2,500 employees in 20 countries worldwide. For more information, visit www.kadant.com.

Safe Harbor Statement
The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties, including forward-looking statements about our future financial and operating performance, demand for our products, and economic and industry outlook. These forward-looking statements represent Kadant’s expectations as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those set forth under the heading "Risk Factors" in Kadant’s annual report on Form 10-K for the year ended December 30, 2017 and subsequent filings with the Securities and Exchange Commission. These include risks and uncertainties relating to adverse changes in global and local economic conditions; the variability and difficulty in accurately predicting revenues from large capital equipment and systems projects; our customers’ ability to obtain financing for capital equipment projects; the variability and uncertainties in sales of capital equipment in China; international sales and operations; the oriented strand board market and levels of residential construction activity; development and use of digital media; currency fluctuations; price increases or shortages of raw materials; dependence on certain suppliers; our acquisition strategy; failure of our information systems or breaches of data security; changes in government regulations and policies and compliance with laws; our internal growth strategy; competition; soundness of suppliers and customers; changes in our tax provision or exposure to additional tax liabilities; our ability to successfully manage our manufacturing operations; disruption in production; future restructurings; economic conditions and regulatory changes caused by the United Kingdom’s likely exit from the European Union; our debt obligations; restrictions in our credit agreement; loss of key personnel; protection of patents and proprietary rights; fluctuations in our share price; soundness of financial institutions; environmental laws and regulations; anti-takeover provisions; and reliance on third-party research.

Contacts
Investor Contact Information:
Michael McKenney, 978-776-2000
mike.mckenney@kadant.com 
or
Media Contact Information:
Wes Martz, 269-278-1715
wes.martz@kadant.com 

Kadant_Logo_BLK.jpg

Source: Kadant Inc