Delaware
|
1-11406
|
52-1762325
|
(State
or Other Jurisdiction
|
(Commission
File Number)
|
(IRS
Employer
|
of
Incorporation)
|
Identification
No.)
|
One
Technology Park Drive
|
||
Westford,
Massachusetts
|
01886
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
(c)
Exhibit
|
||
The
following exhibit relating to Item 2.02 shall be deemed to be furnished
and not filed.
|
||
Exhibit
No
|
Description
of Exhibit
|
|
99
|
Press
Release issued by the Company on May 2, 2007
|
|
KADANT
INC.
|
||
Date:
May 2,
2007
|
By
|
/s/
Thomas M. O’Brien
|
Thomas
M. O’Brien
Executive
Vice President and
Chief
Financial Officer
|
Three
Months Ended
|
|||||||||||||
($
in millions)
|
March
31, 2007
|
April
1, 2006
|
Change
|
%
Change
|
|||||||||
Revenues,
as reported
|
$
|
88.2
|
$
|
75.6
|
$
|
12.6
|
17
|
%
|
|||||
Adjustment
to revenues for the following:
|
|||||||||||||
Kadant
Jining acquisition
|
(2.8
|
)
|
-
|
(2.8
|
)
|
(4
|
)
|
||||||
Favorable
foreign currency effect
|
(2.4
|
)
|
-
|
(2.4
|
)
|
(3
|
)
|
||||||
Revenues,
as adjusted
|
$
|
83.0
|
$
|
75.6
|
$
|
7.4
|
10
|
%
|
|||||
Financial Highlights (unaudited) | ||||||||||
(In thousands, except per share amounts and percentages) | ||||||||||
Three
Months Ended
|
||||||||||
Consolidated Statement of Income |
March
31, 2007
|
April
1, 2006
|
||||||||
Revenues
|
$
|
88,241
|
$
|
75,591
|
||||||
Costs
and Operating Expenses:
|
||||||||||
Cost
of revenues
|
55,694
|
46,974
|
||||||||
Selling,
general, and administrative expenses
|
23,496
|
22,121
|
||||||||
Research
and development expenses
|
1,667
|
1,545
|
||||||||
Restructuring
costs
|
-
|
138
|
||||||||
80,857
|
70,778
|
|||||||||
Operating
Income
|
7,384
|
4,813
|
||||||||
Interest
Income
|
351
|
259
|
||||||||
Interest
Expense
|
(806
|
)
|
(794
|
)
|
||||||
Income
from Continuing Operations Before Provision for
|
||||||||||
Income
Taxes and Minority Interest Expense
|
6,929
|
4,278
|
||||||||
Provision
for Income Taxes
|
2,190
|
1,455
|
||||||||
Minority
Interest Expense
|
48
|
58
|
||||||||
Income
from Continuing Operations
|
4,691
|
2,765
|
||||||||
Loss
from Discontinued Operation, Net of Tax
|
(392
|
)
|
(114
|
)
|
||||||
Net
Income
|
$
|
4,299
|
$
|
2,651
|
||||||
Basic
Earnings per Share
|
||||||||||
Income
from Continuing Operations
|
$
|
.33
|
$
|
.20
|
||||||
Loss
from Discontinued Operation
|
(.02
|
)
|
-
|
|||||||
Net
Income
|
$
|
.31
|
$
|
.20
|
||||||
Diluted
Earnings per Share
|
||||||||||
Income
from Continuing Operations
|
$
|
.33
|
$
|
.20
|
||||||
Loss
from Discontinued Operation
|
(.03
|
)
|
(.01
|
)
|
||||||
Net
Income
|
$
|
.30
|
$
|
.19
|
||||||
Weighted
Average Shares
|
||||||||||
Basic
|
14,007
|
13,580
|
||||||||
Diluted
|
14,214
|
13,841
|
||||||||
Three
Months Ended
|
||||||||||
Business Segment Information (a) |
March
31, 2007
|
April
1, 2006
|
||||||||
Revenues: | ||||||||||
Pulp
and Papermaking Systems
|
$
|
84,034
|
$
|
71,073
|
||||||
Other
|
4,207
|
4,518
|
||||||||
$
|
88,241
|
$
|
75,591
|
|||||||
Gross
Profit Margin:
|
||||||||||
Pulp
and Papermaking Systems
|
37
|
%
|
38
|
%
|
||||||
Other
|
34
|
%
|
29
|
%
|
||||||
37
|
%
|
38
|
%
|
|||||||
Operating
Income:
|
||||||||||
Pulp
and Papermaking Systems
|
$
|
9,570
|
$
|
6,751
|
||||||
Corporate
and Other
|
(2,186
|
)
|
(1,938
|
)
|
||||||
$
|
7,384
|
$
|
4,813
|
|||||||
Bookings
from Continuing Operations:
|
||||||||||
Pulp
and Papermaking Systems
|
$
|
96,207
|
$
|
98,200
|
||||||
Other
|
4,017
|
5,421
|
||||||||
$
|
100,224
|
$
|
103,621
|
|||||||
Capital
Expenditures from Continuing Operations:
|
||||||||||
Pulp
and Papermaking Systems
|
$
|
775
|
$
|
337
|
||||||
Corporate
and Other
|
63
|
46
|
||||||||
$
|
838
|
$
|
383
|
|||||||
Three
Months Ended
|
||||||||||
Cash Flow and Other Data from Continuing Operations |
March
31, 2007
|
April
1, 2006
|
||||||||
Cash
Provided by Operations
|
$
|
6,452
|
$
|
1,682
|
||||||
Depreciation
and Amortization Expense
|
1,757
|
1,930
|
||||||||
Balance
Sheet Data
|
March
31, 2007
|
Dec.
30, 2006
|
||||||||
Cash
and Cash Equivalents
|
$
|
41,233
|
$
|
39,634
|
||||||
Short-
and Long-term Debt
|
52,150
|
53,982
|
||||||||
Shareholders'
Investment
|
238,660
|
237,965
|
||||||||
|
Three
Months Ended
|
|||||||||
EBITDA
Data
|
March
31, 2007
|
April
1, 2006
|
||||||||
Consolidated
|
||||||||||
Operating
Income
|
$
|
7,384
|
$
|
4,813
|
||||||
Depreciation
and Amortization
|
1,757
|
1,930
|
||||||||
EBITDA
|
$
|
9,141
|
$
|
6,743
|
||||||
Pulp
and Papermaking Systems
|
||||||||||
Operating
Income
|
$
|
9,570
|
$
|
6,751
|
||||||
Depreciation
and Amortization
|
1,624
|
1,752
|
||||||||
EBITDA
|
$
|
11,194
|
$
|
8,503
|
||||||
Corporate
and Other (a)
|
||||||||||
Operating
Loss
|
$
|
(2,186
|
)
|
$
|
(1,938
|
)
|
||||
Depreciation
and Amortization
|
133
|
178
|
||||||||
EBITDA
|
$
|
(2,053
|
)
|
$
|
(1,760
|
)
|
||||
(a) "Other" includes the results from the Fiber-based Products business and the Casting Products business. |