Kaman Corporation (Bloomfield, Connecticut) is reporting third quarter 2001 sales dipped to USD $219.4 million from $255.4 million a year ago. Profits for the quarter dropped to $8.5 million from $9l.5 million in third quarter 2000.

Third quarter was a significant improvement over second quarter 2001 when, due to accounting adjustments, the company recorded a loss of $20.5 million on sales of only $194.6 million.

Kaman manufactures and sells bearings in two business segments, Kamatics in the Aircraft Structures and Components Division, and Kaman Industrial Technologies in the Industrial Distribution business.

Kamatics manufactures self-lubricating bearings for use principally in aircraft flight controls, turbine engines and landing gear, as well as driveline couplings for helicopters. Kamatics reported that both sales and operating profits continued to improve through the year, including 3Q2001 being up from 3Q2000. Kamatics indicated concern due to its customer Boeing warning of a significant decline in aircraft production through 2002 and 2003.

Kaman Industrial Distribution Segment reported profits in 3Q2001 were cut almost in half, to $2.7 million, from $5.2 million for 3Q2000. Sales for the quarter dropped to $109.6 million from $133.5 million a year ago.

Kaman's President and CEO, Paul Kuhn, said, "Our businesses performed respectably in the third quarter despite difficult economic conditions. We believe this performance reflects the value of Kaman's broad diversification. Furthermore, our strong financial condition gives us the necessary resources to see us through these difficult economic times and the flexibility to take advantage of growth opportunities we are analyzing in each of our segments."