News Release

Reports Record Revenue and Increases EPS Guidance for FY 2019

WESTFORD, Mass., July 30, 2019 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE: KAI) reported its financial results for the second quarter ended June 29, 2019.

Second Quarter 2019 Highlights

• Revenue increased 14% to a record $177 million
• GAAP diluted EPS increased 31% to $1.42
• Adjusted diluted EPS increased 33% to $1.42
• Net income increased 32% to $16 million
• Adjusted EBITDA increased 25% to $33 million and represented 18.5% of revenue
• Gross margin was 42.0%
• Bookings decreased 1% to $174 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 excellent start we had to 2019 continued in the second quarter with record revenue and a solid EPS guidance beat,” said Jeffrey L. Powell, president and chief executive officer. “Despite foreign currency headwinds and weakening demand in Asia, we achieved good internal revenue growth from our legacy businesses and solid performance from our recent material handling acquisition leading to record revenue of $177 million in the second quarter of 2019.

“Strong operating performance across our businesses led to our near record adjusted EBITDA of $33 million and cash flow from operations of $23 million in the second quarter of 2019. Our end-markets continue to show resiliency and discipline as they balance supply with demand, with the exception of China where market demand is weak and project activity has slowed.

“Our parts and consumables revenue and bookings in the first half of 2019 were excellent with the second quarter performance just as strong as the first quarter, and up 18 percent and 14 percent, respectively, compared to the second quarter of 2018. As a key component of our business strategy, I am pleased to see this outstanding performance in our after-market business.”

Second Quarter 2019 Results
Revenue increased 14 percent to $177.2 million compared to the second quarter of 2018, including $20.2 million from an acquisition and a $5.7 million decrease from the unfavorable effect of foreign currency translation. Excluding the impact of an acquisition and foreign currency translation, revenue increased five percent compared to the second quarter of 2018. Gross margin was 42.0 percent, including a 70 basis point negative impact from the amortization of acquired profit in inventory. Net income was $16.3 million, or $1.42 per diluted share, in the second quarter of 2019 compared to $12.3 million, or $1.08 per diluted share in the second quarter of 2018. Adjusted diluted EPS increased 33 percent to $1.42 compared to $1.07 in the second quarter of 2018. Adjusted diluted EPS in the second quarter of 2019 excludes $0.10 of amortization expense from acquired profit in inventory and backlog and a $0.10 tax benefit related to changing our permanently reinvested position on a portion of our European earnings. Adjusted diluted EPS in the second quarter of 2018 excludes $0.04 of restructuring costs and a $0.05 tax benefit related to the repatriation of foreign earnings.

Adjusted EBITDA increased 25 percent to $32.7 million compared to $26.1 million in the second quarter of 2018. Adjusted EBITDA excludes $1.5 million of amortization from acquired profit in inventory and backlog from our recent acquisition in the second quarter of 2019 and $0.6 million of restructuring costs in the second quarter of 2018. Cash flows from operations decreased 20 percent to $22.6 million compared to $28.4 million in the second quarter of 2018. Bookings decreased one percent to $174.0 million compared to $176.4 million in the second quarter of 2018, including $21.9 million from an acquisition and a $6.0 million decrease from the unfavorable effect of foreign currency translation. Excluding the impact of an acquisition and foreign currency translation, bookings decreased 10 percent compared to our best second quarter ever in 2018.

Summary and Outlook
“We are encouraged by our strong performance in the first half of the year, despite the global trade uncertainty, the unfavorable effect of foreign currency translation, and weaker end-market demand in certain sectors,” Mr. Powell continued. “For 2019, we are reaffirming our revenue guidance and raising both our GAAP and adjusted diluted EPS guidance. We now expect to achieve GAAP diluted EPS of $4.97 to $5.09, raised from our previous guidance of $4.84 to $4.99, on revenue of $700 to $710 million. The 2019 guidance includes pre-tax amortization expense associated with acquired profit in inventory and backlog of $4.9 million, or $0.33 per diluted share, pre-tax acquisition costs of $0.8 million, or $0.06 per diluted share, and a tax benefit of $1.2 million, or $0.10 per diluted share. Excluding these items, we expect adjusted diluted EPS of $5.26 to $5.38 for 2019 raised from our previous guidance of $5.20 to $5.35.

“For the third quarter of 2019, we expect GAAP diluted EPS of $1.19 to $1.25 on revenue of $170 to $174 million. The third quarter of 2019 guidance includes pre-tax amortization expense associated with acquired backlog of $0.1 million, or $0.01 per diluted share. Excluding this expense, we expect adjusted diluted EPS of $1.20 to $1.26 for the third quarter of 2019.”

Conference Call
Kadant will hold a webcast with a slide presentation for investors on Wednesday, July 31, 2019, at 11:00 a.m. eastern time to discuss its second 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 7699788. 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 August 30, 2019.

Shortly after the webcast, Kadant will post its updated general investor presentation incorporating the second 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 $20.2 million and $40.8 million from an acquisition in the second quarter and first six months of 2019, respectively. Revenue also included a $5.7 million and $12.7 million unfavorable foreign currency translation effect in the second quarter and first six months of 2019, 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 profit in inventory and backlog, and discrete tax items. 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.

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

• Pre-tax expense related to amortization of acquired profit in inventory and backlog of $1.5 million in 2019.
• Pre-tax restructuring costs of $0.6 million in 2018.

Adjusted net income and adjusted diluted EPS exclude:

• After-tax expense related to amortization of acquired profit in inventory and backlog of $1.2 million ($1.5 million net of tax of $0.3 million) in 2019.
• A discrete tax benefit of $1.2 million in 2019.
• After-tax restructuring costs of $0.4 million ($0.6 million net of tax of $0.2 million) in 2018.
• A discrete tax benefit of $0.6 million in 2018.

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

• Pre-tax acquisition costs of $0.8 million in 2019.
• Pre-tax expense related to amortization of acquired profit in inventory and backlog of $4.8 million in 2019.
• Pre-tax restructuring costs of $1.3 million in 2018.
• Pre-tax expense related to acquired backlog of $0.3 million in 2018.

Adjusted net income and adjusted diluted EPS exclude:

• After-tax acquisition costs of $0.7 million ($0.8 million net of tax of $0.1 million) in 2019.
• After-tax expense related to amortization of acquired profit in inventory and backlog of $3.7 million ($4.8 million net of tax of $1.1 million) in 2019.
• A discrete tax benefit of $1.2 million in 2019.
• After-tax restructuring costs of $1.0 million ($1.3 million net of tax of $0.3 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 $0.1 million in 2018.

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								Six Months Ended
	Consolidated Statement of Income			June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
	Revenues			$	177,165			$	154,913			$	348,481			$	304,106
	Costs and Operating Expenses:
		Cost of revenues			102,794				86,749				203,595				169,863
		Selling, general, and administrative expenses			48,467				45,132				97,786				90,908
		Research and development expenses			2,762				2,728				5,383				5,597
		Restructuring costs			-				569				-				1,339
					154,023				135,178				306,764				267,707
	Operating Income				23,142				19,735				41,717				36,399
	Interest Income				59				122				115				305
	Interest Expense				(3,573	)			(1,850	)			(7,077	)			(3,582	)
	Other Expense, Net				(99	)			(245	)			(198	)			(491	)
	Income Before Provision for Income Taxes				19,529				17,762				34,557				32,631
	Provision for Income Taxes				3,128				5,271				7,091				9,132
	Net Income				16,401				12,491				27,466				23,499
	Net Income Attributable to Noncontrolling Interest				(97	)			(142	)			(262	)			(292	)
	Net Income Attributable to Kadant			$	16,304			$	12,349			$	27,204			$	23,207
	Earnings per Share Attributable to Kadant:
			Basic	$	1.46			$	1.11			$	2.44			$	2.10
			Diluted	$	1.42			$	1.08			$	2.38			$	2.04
	Weighted Average Shares:
			Basic		11,194				11,092				11,164				11,067
			Diluted		11,448				11,400				11,416				11,371
				Three Months Ended								Three Months Ended
	Adjusted Net Income and Adjusted Diluted EPS (a)			June 29, 2019				June 29, 2019				June 30, 2018				June 30, 2018
	Net Income and Diluted EPS Attributable to Kadant, as Reported			$	16,304			$	1.42			$	12,349			$	1.08
	Adjustments for the Following:
		Restructuring Costs, Net of Tax			-				-				432				0.04
		Amortization of Acquired Profit in Inventory and Backlog, Net of Tax (e,f)			1,158				0.10				-				-
		Discrete Tax Items			(1,186	)			(0.10	)			(574	)			(0.05	)
	Adjusted Net Income and Adjusted Diluted EPS (a)			$	16,276			$	1.42			$	12,207			$	1.07
				Six Months Ended								Six Months Ended
				June 29, 2019				June 29, 2019				June 30, 2018				June 30, 2018
	Net Income and Diluted EPS Attributable to Kadant, as Reported			$	27,204			$	2.38			$	23,207			$	2.04
	Adjustments for the Following:
		Restructuring Costs, Net of Tax			-				-				1,021				0.09
		Acquisition Costs, Net of Tax			699				0.06				-				-
		Amortization of Acquired Profit in Inventory and Backlog, Net of Tax (e,f)			3,671				0.32				189				0.02
		Discrete Tax Items			(1,186	)			(0.10	)			(130	)			(0.01	)
	Adjusted Net Income and Adjusted Diluted EPS (a)			$	30,388			$	2.66			$	24,287			$	2.14
																Increase
																(Decrease)
																Excluding
				Three Months Ended								Increase (Decrease)				Acquisition
	Revenues by Product Line			June 29, 2019				June 30, 2018								and FX (a,b)
	Stock-Preparation			$	50,817			$	56,376			$	(5,559	)		$	(3,476	)
	Fluid-Handling				34,713				32,531				2,182				3,339
	Doctoring, Cleaning, & Filtration				30,560				29,543				1,017				1,980
		Papermaking Systems			116,090				118,450				(2,360	)			1,843
		Wood Processing Systems			37,869				33,152				4,717				6,228
		Material Handling Systems			20,197				-				20,197				-
		Fiber-Based Products			3,009				3,311				(302	)			(302	)
				$	177,165			$	154,913			$	22,252			$	7,769
																Increase
																(Decrease)
																Excluding
				Six Months Ended								Increase (Decrease)				Acquisition
				June 29, 2019				June 30, 2018								and FX (a,b)
	Stock-Preparation			$	102,865			$	101,859			$	1,006			$	5,653
	Fluid-Handling				67,467				65,417				2,050				4,546
	Doctoring, Cleaning, & Filtration				58,950				56,765				2,185				4,278
		Papermaking Systems			229,282				224,041				5,241				14,477
		Wood Processing Systems			71,918				72,293				(375	)			3,111
		Material Handling Systems			40,781				-				40,781				-
		Fiber-Based Products			6,500				7,772				(1,272	)			(1,272	)
				$	348,481			$	304,106			$	44,375			$	16,316
																Increase
																(Decrease)
																Excluding
				Three Months Ended								Increase (Decrease)				Acquisition
	Revenues by Geography (c)			June 29, 2019				June 30, 2018								and FX (a,b)
	North America			$	98,667			$	75,375			$	23,292			$	5,782
	Europe				43,813				45,032				(1,219	)			1,399
	Asia				23,696				25,502				(1,806	)			(1,135	)
	Rest of World				10,989				9,004				1,985				1,723
				$	177,165			$	154,913			$	22,252			$	7,769
																Increase
																(Decrease)
																Excluding
				Six Months Ended								Increase (Decrease)				Acquisition
				June 29, 2019				June 30, 2018								and FX (a,b)
	North America			$	199,543			$	152,991			$	46,552			$	11,585
	Europe				82,798				86,525				(3,727	)			2,138
	Asia				40,774				45,650				(4,876	)			(3,778	)
	Rest of World				25,366				18,940				6,426				6,371
				$	348,481			$	304,106			$	44,375			$	16,316
																Increase
																(Decrease)
																Excluding
				Three Months Ended								Increase (Decrease)				Acquisition
	Bookings by Product Line			June 29, 2019				June 30, 2018								and FX (b)
	Stock-Preparation			$	52,296			$	61,217			$	(8,921	)		$	(6,576	)
	Fluid-Handling				31,709				37,922				(6,213	)			(5,062	)
	Doctoring, Cleaning, & Filtration				28,985				30,484				(1,499	)			(481	)
		Papermaking Systems			112,990				129,623				(16,633	)			(12,119	)
		Wood Processing Systems			36,558				44,404				(7,846	)			(6,356	)
		Material Handling Systems			21,941				-				21,941				-
		Fiber-Based Products			2,471				2,393				78				78
				$	173,960			$	176,420			$	(2,460	)		$	(18,397	)
																Decrease
																Excluding
				Six Months Ended								Increase (Decrease)				Acquisition
				June 29, 2019				June 30, 2018								and FX (b)
	Stock-Preparation			$	108,124			$	117,732			$	(9,608	)		$	(4,446	)
	Fluid-Handling				68,748				77,692				(8,944	)			(6,146	)
	Doctoring, Cleaning, & Filtration				56,681				58,815				(2,134	)			(48	)
		Papermaking Systems			233,553				254,239				(20,686	)			(10,640	)
		Wood Processing Systems			71,440				97,133				(25,693	)			(21,998	)
		Material Handling Systems			46,416				-				46,416				-
		Fiber-Based Products			6,163				6,968				(805	)			(805	)
				$	357,572			$	358,340			$	(768	)		$	(33,443	)
				Three Months Ended								Six Months Ended
	Business Segment Information			June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
	Gross Margin:
			Papermaking Systems		44.1	%			45.3	%			44.1	%			45.4	%
			Wood Processing Systems		42.6	%			38.9	%			42.1	%			39.2	%
			Material Handling Systems		27.9	%			-				25.2	%			-
			Fiber-Based Products		47.5	%			50.0	%			49.1	%			53.5	%
					42.0	%			44.0	%			41.6	%			44.1	%
	Operating Income:
			Papermaking Systems	$	20,061			$	20,899			$	38,570			$	35,483
			Wood Processing Systems		8,801				5,313				16,071				12,676
			Material Handling Systems		488				-				(865	)			-
			Corporate and Other		(6,208	)			(6,477	)			(12,059	)			(11,760	)
				$	23,142			$	19,735			$	41,717			$	36,399
	Adjusted Operating Income (a,d):
			Papermaking Systems	$	20,061			$	21,468			$	38,570			$	36,822
			Wood Processing Systems		8,801				5,313				16,071				12,928
			Material Handling Systems		2,011				-				4,809				-
			Corporate and Other		(6,208	)			(6,477	)			(12,059	)			(11,760	)
				$	24,665			$	20,304			$	47,391			$	37,990
	Capital Expenditures:
			Papermaking Systems	$	1,157			$	3,840			$	2,514			$	8,489
			Wood Processing Systems		428				1,184				979				1,560
			Material Handling Systems		342				-				380				-
			Corporate and Other		48				36				270				162
				$	1,975			$	5,060			$	4,143			$	10,211
				Three Months Ended								Six Months Ended
	Cash Flow and Other Data			June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
	Cash Provided by Operations			$	22,612			$	28,355			$	32,488			$	35,571
	Depreciation and Amortization Expense				8,310				5,844				16,541				11,943
	Balance Sheet Data											June 29, 2019				Dec. 29, 2018
	Assets
	Cash, Cash Equivalents, and Restricted Cash											$	58,138			$	46,117
	Accounts Receivable, net												106,202				92,624
	Inventories												109,788				86,373
	Unbilled Revenues												13,728				15,741
	Property, Plant, and Equipment, net												86,586				80,157
	Intangible Assets												186,390				113,347
	Goodwill												340,191				258,174
	Other Assets												64,768				33,216
												$	965,791			$	725,749
	Liabilities and Stockholders' Equity
	Accounts Payable											$	41,974			$	35,720
	Debt Obligations												340,166				171,434
	Other Borrowings												6,623				4,387
	Other Liabilities												176,468				139,637
		Total Liabilities											565,231				351,178
		Stockholders' Equity											400,560				374,571
												$	965,791			$	725,749
	Adjusted Operating Income and Adjusted EBITDA			Three Months Ended								Six Months Ended
	Reconciliation			June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
	Consolidated
			Net Income Attributable to Kadant	$	16,304			$	12,349			$	27,204			$	23,207
			Net Income Attributable to Noncontrolling Interest		97				142				262				292
			Provision for Income Taxes		3,128				5,271				7,091				9,132
			Interest Expense, Net		3,514				1,728				6,962				3,277
			Other Expense, Net		99				245				198				491
			Operating Income		23,142				19,735				41,717				36,399
			Restructuring Costs		-				569				-				1,339
			Acquisition Costs		-				-				843				-
			Acquired Backlog Amortization (e)		284				-				1,282				252
			Acquired Profit in Inventory (f)		1,239				-				3,549				-
			Adjusted Operating Income (a)		24,665				20,304				47,391				37,990
			Depreciation and Amortization		8,026				5,844				15,259				11,691
			Adjusted EBITDA (a)	$	32,691			$	26,148			$	62,650			$	49,681
			Adjusted EBITDA Margin (a,g)		18.5	%			16.9	%			18.0	%			16.3	%
	Papermaking Systems
			Operating Income	$	20,061			$	20,899			$	38,570			$	35,483
			Restructuring costs		-				569				-				1,339
			Adjusted Operating Income (a)		20,061				21,468				38,570				36,822
			Depreciation and Amortization		3,211				3,139				6,399				6,275
			Adjusted EBITDA (a)	$	23,272			$	24,607			$	44,969			$	43,097
	Wood Processing Systems
			Operating Income	$	8,801			$	5,313			$	16,071			$	12,676
			Acquired Backlog Amortization (e)		-				-				-				252
			Adjusted Operating Income (a)		8,801				5,313				16,071				12,928
			Depreciation and Amortization		2,375				2,536				4,762				5,080
			Adjusted EBITDA (a)	$	11,176			$	7,849			$	20,833			$	18,008
	Material Handling Systems
			Operating Income (Loss)	$	488			$	-			$	(865	)		$	-
			Acquisition Costs		-				-				843				-
			Acquired Backlog Amortization (e)		284				-				1,282				-
			Acquired Profit in Inventory (f)		1,239				-				3,549				-
			Adjusted Operating Income (a)		2,011				-				4,809				-
			Depreciation and Amortization		2,241				-				3,707				-
			Adjusted EBITDA (a)	$	4,252			$	-			$	8,516			$	-
	Corporate and Other
			Operating Loss	$	(6,208	)		$	(6,477	)		$	(12,059	)		$	(11,760	)
			Depreciation and Amortization		199				169				391				336
			EBITDA (a)	$	(6,009	)		$	(6,308	)		$	(11,668	)		$	(11,424	)
	(a)		Represents a non-GAAP financial measure.
	(b)		Represents the increase (decrease) resulting from the exclusion of an acquisition 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.
	(c)		Geographic revenues are attributed to regions based on customer location.
	(d)		See reconciliation to the most directly comparable GAAP financial measure under "Adjusted Operating Income
			and Adjusted EBITDA Reconciliation."
	(e)		Represents intangible amortization expense associated with acquired backlog.
	(f)		Represents expense within cost of revenues associated with amortization of acquired profit in inventory.
	(g)		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 approximately 2,800 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 our 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 29, 2018 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; international sales and operations; the variability and uncertainties in sales of capital equipment in China; the oriented strand board market and levels of residential construction activity; development and use of digital media; currency fluctuations; cyclical economic conditions affecting the global mining industry and the continued demand for coal; price increases or shortages of raw materials; dependence on certain suppliers; our acquisition strategy; failure of our information systems or breaches of data security and cybertheft; 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 exit from the European Union; our debt obligations; restrictions in our credit agreement and note purchase agreement; loss of key personnel and effective succession planning; protection of intellectual property; fluctuations in our share price; soundness of financial institutions; environmental laws and regulations; climate change; environmental, health and safety laws and regulations; adequacy of our insurance coverage; 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 

Source: Kadant Inc