Operating income from continuing operations was $12 million in the 2Q 2014, including $0.6 million of expense related to acquired inventory and backlog and $0.1 million of restructuring costs, compared to $8.4 million in the 2Q 2013, including a $1.7 million gain on the sale of assets and a $1.9 million acquisition-related restructuring charge.
Adjusted operating income, a non-GAAP measure, was a record $12.7 million in the 2Q 2014 compared to $8.6 million in the 2Q 2013.
Both net income and adjusted net income, a non-GAAP measure, from continuing operations were $7.9 million or $0.70 per diluted share, in the 2Q 2014, compared to $5.8 million, or $0.51 per diluted share, in the 2Q 2013.
Adjusted EBITDA increased 39% to a record $15 million in the 2Q 2014 compared to $11 million in the 2Q 2013.
“We had an outstanding quarter and set a number of financial records including revenue, bookings, backlog, adjusted operating income, adjusted EBITDA, and adjusted diluted EPS,” said Jonathan W. Painter, president and CEO of Kadant Inc. “Our diluted earnings per share from continuing operations was $0.70 in the 2Q 2014, which included $0.04 of expense related to acquired profit in inventory and backlog associated with businesses acquired in 2013.
“Our bookings of $115 million in 2Q 2014, including $14 million from acquisitions, increased 32% compared to the 2Q 2013. Excluding bookings from acquisitions, our bookings in the 2Q 2014 increased 16% compared to the 2Q 2013. We ended the quarter with a record backlog of $129 million.”
Kadant Inc. is a leading supplier to the global pulp and paper industry.
