Kadant Reports 2019 Third Quarter Results

October 29, 2019 at 4:35 PM EDT

WESTFORD, Mass., Oct. 29, 2019 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE: KAI) reported its financial results for the third quarter ended September 28, 2019.

Third Quarter 2019 Highlights

  • Revenue increased 5% to $174 million
  • GAAP diluted EPS decreased 14% to $1.41
  • Adjusted diluted EPS decreased 8% to $1.41
  • Net income decreased 14% to $16 million
  • Adjusted EBITDA decreased 4% to $32 million and represented 18.6% of revenue
  • Gross margin was 42.8%
  • Bookings increased 4% to $171 million
  • Cash flow from operations increased 51% to $26 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
“Following our strong first half of 2019, we had another quarter with excellent execution and we solidly beat our EPS guidance,” said Jeffrey L. Powell, president and chief executive officer of Kadant. “Strong operating performance in the third quarter across most of our segments led to one of our highest adjusted EBITDA results of $32 million, or 18.6 percent of revenue. We are particularly pleased with our cash flow from operations of $26 million, up 51 percent from the third quarter of 2018. Despite reduced project activity in China and softer demand for wood processing equipment in North America, our end-markets have remained stable with healthy demand for our parts and consumables.”

Third Quarter 2019 Results
Revenue increased five percent to $173.5 million compared to the third quarter of 2018, including $20.3 million from an acquisition and a $3.5 million decrease from the unfavorable effect of foreign currency translation. Excluding the impact of the acquisition and foreign currency translation, revenue decreased five percent compared to the third quarter of 2018. Gross margin was 42.8 percent. Net income was $16.1 million, or $1.41 per diluted share, in the third quarter of 2019 compared to $18.8 million, or $1.64 per diluted share in the third quarter of 2018. Adjusted diluted EPS decreased eight percent to $1.41 compared to $1.53 in the third quarter of 2018. Adjusted diluted EPS in the third quarter of 2018 excludes $0.03 of restructuring costs and a $0.14 discrete tax benefit.

Adjusted EBITDA decreased four percent to $32.3 million compared to $33.5 million in the third quarter of 2018. Adjusted EBITDA excludes $0.4 million of restructuring costs in the third quarter of 2018. Cash flows from operations increased 51 percent to $25.7 million compared to $17.0 million in the third quarter of 2018. Bookings increased four percent to $170.9 million compared to $165.0 million in the third quarter of 2018, including $18.2 million from an acquisition and a $3.4 million decrease from the unfavorable effect of foreign currency translation. Excluding the impact of the acquisition and foreign currency translation, bookings decreased five percent compared to the third quarter of 2018.

Summary and Outlook
“Our performance to date has positioned us well for another record year of financial performance,” Mr. Powell continued. “However, softening macroeconomic conditions and the strengthening U.S. dollar have tempered our revenue outlook for the year. For 2019, we are lowering our revenue guidance primarily due to a negative effect of foreign currency translation of $5 million. We now expect revenue of $694 to $698 million, revised from our previous guidance of $700 to $710 million.

“Since our announcement in late 2018 of our plan to terminate a defined benefit pension plan in the U.S., we have been executing the required termination steps and anticipate completing this process in the fourth quarter. We have lowered our GAAP diluted EPS guidance for an estimated pre-tax pension termination cost of $7.2 million, or $0.64 per diluted share. We now expect to achieve GAAP diluted EPS of $4.38 to $4.46 in 2019, revised from our previous guidance of $4.97 to $5.09. The 2019 guidance also includes pre-tax amortization expense associated with acquired profit in inventory and backlog of $4.9 million, or $0.32 per diluted share, pre-tax acquisition costs of $0.8 million, or $0.06 per diluted share, and a discrete tax benefit of $1.2 million, or $0.10 per diluted share. Excluding these items, we expect adjusted diluted EPS of $5.30 to $5.38 for 2019, revised from our previous guidance of $5.26 to $5.38.

“For the fourth quarter of 2019, we expect GAAP diluted EPS of $0.59 to $0.67 on revenue of $172 to $176 million. The fourth quarter of 2019 guidance includes the pre-tax pension termination cost of $7.2 million, or $0.64 per diluted share. Excluding this expense, we expect adjusted diluted EPS of $1.23 to $1.31 for the fourth quarter of 2019.”

Conference Call
Kadant will hold a webcast with a slide presentation for investors on Wednesday, October 30, 2019, 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 704-385-4884 outside the U.S. and reference participant passcode 8545699. 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 29, 2019.

Shortly after the webcast, Kadant will post its updated general investor presentation incorporating the third quarter results on its website at www.kadant.com in 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 $20.3 million and $61.1 million from an acquisition in the third quarter and first nine months of 2019, respectively. Revenue also included a $3.5 million and $16.3 million unfavorable foreign currency translation effect in the third quarter and first nine 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.

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

  • Pre-tax restructuring costs of $0.4 million in 2018.

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 reserves associated with uncertain tax positions covering multiple tax years.

First Nine 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 $4.9 million in 2019.
  • Pre-tax restructuring costs of $1.7 million in 2018.
  • Pre-tax expense related to amortization of 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 ($4.9 million net of tax of $1.2 million) in 2019.
  • A discrete tax benefit of $1.2 million in 2019.
  • 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 amortization of 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.

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   Sept. 28, 2019   Sept. 29, 2018   Sept. 28, 2019   Sept. 29, 2018
                     
Revenues   $ 173,504     $ 165,745     $ 521,985     $ 469,851  
Costs and Operating Expenses:                
  Cost of revenues 99,257     92,652     302,852     262,515  
  Selling, general, and administrative expenses 47,097     42,888     144,883     133,796  
  Research and development expenses 2,597     2,452     7,980     8,049  
  Restructuring costs     378         1,717  
      148,951     138,370     455,715     406,077  
Operating Income   24,553     27,375     66,270     63,774  
Interest Income   43     30     158     335  
Interest Expense   (3,066 )   (1,738 )   (10,143 )   (5,320 )
Other Expense, Net   (98 )   (245 )   (296 )   (736 )
                 
Income Before Provision for Income Taxes 21,432     25,422     55,989     58,053  
Provision for Income Taxes   5,219     6,443     12,310     15,575  
Net Income   16,213     18,979     43,679     42,478  
Net Income Attributable to Noncontrolling Interest   (98 )   (195 )   (360 )   (487 )
Net Income Attributable to Kadant   $ 16,115     $ 18,784     $ 43,319     $ 41,991  
                     
Earnings per Share Attributable to Kadant:                
    Basic   $ 1.43     $ 1.69     $ 3.87     $ 3.79  
    Diluted   $ 1.41     $ 1.64     $ 3.79     $ 3.69  
                     
Weighted Average Shares:                
    Basic   11,267     11,101     11,198     11,078  
    Diluted   11,469     11,421     11,434     11,388  
                     
        Three Months Ended   Three Months Ended
Adjusted Net Income and Adjusted Diluted EPS (a)   Sept. 28, 2019   Sept. 28, 2019   Sept. 29, 2018   Sept. 29, 2018
                     
Net Income and Diluted EPS Attributable to Kadant, as Reported   $ 16,115     $ 1.41     $ 18,784     $ 1.64  
Adjustments for the Following:                
  Restructuring Costs, Net of Tax           287     0.03  
  Amortization of Acquired Profit in Inventory and Backlog, Net of Tax (e,f)   16              
  Discrete Tax Items           (1,542 )   (0.14 )
Adjusted Net Income and Adjusted Diluted EPS (a) $ 16,131     $ 1.41     $ 17,529     $ 1.53  
                     
        Nine Months Ended   Nine Months Ended
    Sept. 28, 2019   Sept. 28, 2019   Sept. 29, 2018   Sept. 29, 2018
                     
Net Income and Diluted EPS Attributable to Kadant, as Reported   $ 43,319     $ 3.79     $ 41,991     $ 3.69  
Adjustments for the Following:                
  Restructuring Costs, Net of Tax           1,308     0.11  
  Acquisition Costs, Net of Tax   699     0.06          
  Amortization of Acquired Profit in Inventory and Backlog, Net of Tax (e,f)   3,687     0.32     189     0.02  
  Discrete Tax Items   (1,186 )   (0.10 )   (1,672 )   (0.15 )
Adjusted Net Income and Adjusted Diluted EPS (a) $ 46,519     $ 4.07     $ 41,816     $ 3.67  
                     
                    Increase
                    (Decrease)
                    Excluding
        Three Months Ended       Acquisition
Revenues by Product Line   Sept. 28, 2019   Sept. 29, 2018   Increase (Decrease)   and FX (a,b)
Stock-Preparation   $ 56,128     $ 62,983     $ (6,855 )   $ (5,321 )
Fluid-Handling   32,734     33,083     (349 )   382  
Doctoring, Cleaning, & Filtration   29,641     30,704     (1,063 )   (377 )
  Papermaking Systems   118,503     126,770     (8,267 )   (5,316 )
  Wood Processing Systems   32,731     37,042     (4,311 )   (3,717 )
  Material Handling Systems   20,282         20,282      
  Fiber-Based Products   1,988     1,933     55     55  
        $ 173,504     $ 165,745     $ 7,759     $ (8,978 )
                     
                    Increase
                    (Decrease)
                    Excluding
        Nine Months Ended   Increase (Decrease)   Acquisition
    Sept. 28, 2019   Sept. 29, 2018     and FX (a,b)
Stock-Preparation   $ 158,993     $ 164,842     $ (5,849 )   $ 332  
Fluid-Handling   100,201     98,500     1,701     4,928  
Doctoring, Cleaning, & Filtration   88,591     87,469     1,122     3,901  
  Papermaking Systems   347,785     350,811     (3,026 )   9,161  
  Wood Processing Systems   104,649     109,335     (4,686 )   (606 )
  Material Handling Systems   61,063         61,063      
  Fiber-Based Products   8,488     9,705     (1,217 )   (1,217 )
        $ 521,985     $ 469,851     $ 52,134     $ 7,338  
                     
                    Increase
                    (Decrease)
                    Excluding
        Three Months Ended       Acquisition
Revenues by Geography (c)   Sept. 28, 2019   Sept. 29, 2018   Increase (Decrease)   and FX (a,b)
North America   $ 92,041     $ 74,089     $ 17,952     $ (892 )
Europe   49,146     44,912     4,234     6,507  
Asia   20,971     32,887     (11,916 )   (11,892 )
Rest of World   11,346     13,857     (2,511 )   (2,701 )
        $ 173,504     $ 165,745     $ 7,759     $ (8,978 )
                     
                    Increase
                    (Decrease)
                    Excluding
        Nine Months Ended   Increase (Decrease)   Acquisition
    Sept. 28, 2019   Sept. 29, 2018     and FX (a,b)
North America   $ 291,584     $ 227,080     $ 64,504     $ 10,693  
Europe   131,944     131,437     507     8,645  
Asia   61,745     78,537     (16,792 )   (15,670 )
Rest of World   36,712     32,797     3,915     3,670  
        $ 521,985     $ 469,851     $ 52,134     $ 7,338  
                     
                    Increase
                    (Decrease)
                    Excluding
        Three Months Ended   Increase (Decrease)   Acquisition
Bookings by Product Line   Sept. 28, 2019   Sept. 29, 2018     and FX (b)
Stock-Preparation   $ 63,890     $ 69,341     $ (5,451 )   $ (3,673 )
Fluid-Handling   32,038     29,671     2,367     3,066  
Doctoring, Cleaning, & Filtration   26,779     27,788     (1,009 )   (458 )
  Papermaking Systems   122,707     126,800     (4,093 )   (1,065 )
  Wood Processing Systems   27,502     36,080     (8,578 )   (8,157 )
  Material Handling Systems   18,247         18,247      
  Fiber-Based Products   2,474     2,120     354     354  
        $ 170,930     $ 165,000     $ 5,930     $ (8,868 )
                     
                    Decrease
                    Excluding
        Nine Months Ended   Increase (Decrease)   Acquisition
    Sept. 28, 2019   Sept. 29, 2018     and FX (b)
Stock-Preparation   $ 172,014     $ 187,073     $ (15,059 )   $ (8,119 )
Fluid-Handling   100,786     107,363     (6,577 )   (3,080 )
Doctoring, Cleaning, & Filtration   83,460     86,603     (3,143 )   (506 )
  Papermaking Systems   356,260     381,039     (24,779 )   (11,705 )
  Wood Processing Systems   98,942     133,213     (34,271 )   (30,155 )
  Material Handling Systems   64,663         64,663      
  Fiber-Based Products   8,637     9,088     (451 )   (451 )
        $ 528,502     $ 523,340     $ 5,162     $ (42,311 )
                     
        Three Months Ended   Nine Months Ended
Business Segment Information   Sept. 28, 2019   Sept. 29, 2018   Sept. 28, 2019   Sept. 29, 2018
Gross Margin:                
    Papermaking Systems   44.8 %   44.6 %   44.4 %   45.1 %
    Wood Processing Systems   41.8 %   42.6 %   42.0 %   40.4 %
    Material Handling Systems   32.0 %       27.5 %    
    Fiber-Based Products   46.7 %   36.6 %   48.5 %   50.1 %
        42.8 %   44.1 %   42.0 %   44.1 %
                     
Operating Income:                
    Papermaking Systems   $ 22,798     $ 25,919     $ 61,368     $ 61,402  
    Wood Processing Systems   6,787     8,704     22,858     21,380  
    Material Handling Systems   1,742         877      
    Corporate and Other   (6,774 )   (7,248 )   (18,833 )   (19,008 )
        $ 24,553     $ 27,375     $ 66,270     $ 63,774  
                     
Adjusted Operating Income (a,d):                
    Papermaking Systems   $ 22,798     $ 26,297     $ 61,368     $ 63,119  
    Wood Processing Systems   6,787     8,704     22,858     21,632  
    Material Handling Systems   1,763         6,572      
    Corporate and Other   (6,774 )   (7,248 )   (18,833 )   (19,008 )
        $ 24,574     $ 27,753     $ 71,965     $ 65,743  
                     
Capital Expenditures:                
    Papermaking Systems   $ 1,376     $ 1,348     $ 3,890     $ 9,837  
    Wood Processing Systems   444     1,026     1,423     2,586  
    Material Handling Systems   225         605      
    Corporate and Other   48     232     318     394  
        $ 2,093     $ 2,606     $ 6,236     $ 12,817  
                     
        Three Months Ended   Nine Months Ended
Cash Flow and Other Data   Sept. 28, 2019   Sept. 29, 2018   Sept. 28, 2019   Sept. 29, 2018
Cash Provided by Operations   $ 25,678     $ 16,979     $ 58,166     $ 52,550  
Depreciation and Amortization Expense   7,763     5,796     24,304     17,739  
                     
Balance Sheet Data           Sept. 28, 2019   Dec. 29, 2018
Assets                
Cash, Cash Equivalents, and Restricted Cash           $ 49,971     $ 46,117  
Accounts Receivable, net           102,131     92,624  
Inventories           108,377     86,373  
Unbilled Revenues           13,571     15,741  
Property, Plant, and Equipment, net           84,049     80,157  
Intangible Assets           179,681     113,347  
Goodwill           334,491     258,174  
Other Assets           63,286     33,216  
                $ 935,557     $ 725,749  
Liabilities and Stockholders' Equity                
Accounts Payable           $ 40,391     $ 35,720  
Debt Obligations           310,514     171,434  
Other Borrowings           6,310     4,387  
Other Liabilities           171,469     139,637  
  Total Liabilities           528,684     351,178  
  Stockholders' Equity           406,873     374,571  
                $ 935,557     $ 725,749  
                     
    Three Months Ended   Nine Months Ended
Adjusted Operating Income and Adjusted EBITDA Reconciliation   Sept. 28, 2019   Sept. 29, 2018   Sept. 28, 2019   Sept. 29, 2018
Consolidated                
    Net Income Attributable to Kadant   $ 16,115     $ 18,784     $ 43,319     $ 41,991  
    Net Income Attributable to Noncontrolling Interest   98     195     360     487  
    Provision for Income Taxes   5,219     6,443     12,310     15,575  
    Interest Expense, Net   3,023     1,708     9,985     4,985  
    Other Expense, Net   98     245     296     736  
    Operating Income   24,553     27,375     66,270     63,774  
    Restructuring Costs       378         1,717  
    Acquisition Costs           843      
    Acquired Backlog Amortization (e)   21         1,303     252  
    Acquired Profit in Inventory (f)           3,549      
    Adjusted Operating Income (a)   24,574     27,753     71,965     65,743  
    Depreciation and Amortization   7,742     5,796     23,001     17,487  
    Adjusted EBITDA (a)   $ 32,316     $ 33,549     $ 94,966     $ 83,230  
                     
    Adjusted EBITDA Margin (a,g)   18.6 %   20.2 %   18.2 %   17.7 %
                     
Papermaking Systems                
    Operating Income   $ 22,798     $ 25,919     $ 61,368     $ 61,402  
    Restructuring costs       378         1,717  
    Adjusted Operating Income (a)   22,798     26,297     61,368     63,119  
    Depreciation and Amortization   3,206     3,132     9,605     9,407  
    Adjusted EBITDA (a)   $ 26,004     $ 29,429     $ 70,973     $ 72,526  
                 
Wood Processing Systems                
    Operating Income   $ 6,787     $ 8,704     $ 22,858     $ 21,380  
    Acquired Backlog Amortization (e)               252  
    Adjusted Operating Income (a)   6,787     8,704     22,858     21,632  
    Depreciation and Amortization   2,400     2,505     7,162     7,585  
    Adjusted EBITDA (a)   $ 9,187     $ 11,209     $ 30,020     $ 29,217  
                     
Material Handling Systems                
    Operating Income   $ 1,742     $     $ 877     $  
    Acquisition Costs           843      
    Acquired Backlog Amortization (e)   21         1,303      
    Acquired Profit in Inventory (f)           3,549      
    Adjusted Operating Income (a)   1,763         6,572      
    Depreciation and Amortization   1,944         5,651      
    Adjusted EBITDA (a)   $ 3,707     $     $ 12,223     $  
                     
Corporate and Other                
    Operating Loss   $ (6,774 )   $ (7,248 )   $ (18,833 )   $ (19,008 )
    Depreciation and Amortization   192     159     583     495  
    EBITDA (a)   $ (6,582 )   $ (7,089 )   $ (18,250 )   $ (18,513 )
                   
(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 

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Source: Kadant Inc