Kaydon Corporation Reports Third Quarter EPS of $.44

Kaydon Corporation KDN today announced its results for the third fiscal quarter ended October 2, 2010. Sales in the third fiscal quarter of 2010 were $118.3 million, compared to sales of $123.6 million in the third quarter of 2009. Comparisons were affected by the third quarter of 2009 inclusion of significant wind energy sales that were deferred from the previous quarter due to customer difficulties in obtaining letters of credit during last year's economic crisis. Net income for the third quarter of 2010 was $13.1 million, compared to net income of $16.1 million in the third quarter of 2009. Diluted earnings per share in the third quarter of 2010 equaled $.39, compared to diluted earnings per share of $.48 in the third quarter of 2009. Adjusting for items noted above, net income was $14.9 million, or $.44 per share on a diluted basis, in the third quarter of 2010 compared to $12.6 million, or $.38 per share on a diluted basis, in the third quarter of 2009. The effect of these items noted reduced diluted earnings per share by $.05 per share in the third quarter of 2010, and increased diluted earnings per share by $.10 per share in the third quarter of 2009.