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The eBearing News
July 21, 2000
Kaydon Reports Second Quarter 2000
Operating Results and Litigation Charges
copyright © 2000 eBearing Inc.
Kaydon Corporation (Ann Arbor, Michigan) reported earnings for the second quarter of
2000, including substantial litigation costs. Kaydon is a diversified industrial
company, manufacturing bearings under the
Kaydon brand in the United States and Cooper Roller Bearings in the U.K.
Sales for 2Q2000 were $86.1 million, compared to $85.5 million in 2Q1999.
Net earnings for 2Q2000 were $5.6 million vs. $15.9 million in 2Q1999. 2Q2000's
net reflects the $8.0 million tax effect of a $12.6 million provision for
ongoing litigation.
The company indicated continued strength in the specialty bearing, ball and sealing
products markets, particularly in semiconductor equipment. Results from the Cooper
Roller Bearing operation in the U.K. remained weak as its customer markets, primarily
heavy construction and oil equipment manufacturers, remain depressed.
Kaydon's $12.6 million provision for litigation costs relates to two lawsuits.
The first, termed the Transaction Lawsuit, involves the company's 1983
acquisition of Keene Corporation assets and the spinoff by Bairnco Corporation.
The matter is not expected to go to trial before late 2002.
The second, called the Sikorsky Matter, relates to expenses from two
separate legal actions against the company, following the crash of a
Sikorsky helicopter in May 1996.
In the first, Sikorsky Aircraft Corporation filed a lawsuit against Kaydon
in 1998 for damages; the company expects this could go to trial in 2001.
The second involves expenses related to an ongoing federal grand jury
investigation of the accident.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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