Operating income from continuing operations was $7.6 million in the 1Q 2014, including $2 million of expense related to acquired inventory and backlog and $0.3 million of restructuring costs, compared to $7.4 million in the 1Q 2013. Adjusted operating income, a non-GAAP measure, was $9.9 million in the 1Q 2014 compared to $7.4 million in the 1Q 2013.
Net income from continuing operations was $5.1 million in the 1Q 2014, or $0.45 per diluted share, compared to $5.3 million, or $0.47 per diluted share, in the 1Q 2013. Net income from continuing operations in the 1Q 2014 included a $0.2 million, or $0.02 per diluted share, after-tax restructuring cost.
“We started 2014 strong with excellent bookings, solid gross margins, and a 36% increase in adjusted EBITDA compared to the 1Q 2013,” said Jonathan W. Painter, president and CEO of Kadant Inc. “Our diluted earnings per share from continuing operations was $0.45 in the 1Q 2014, which included $0.02 of restructuring costs and $0.13 of expense related to acquired profit in inventory and backlog associated with businesses acquired in 2013.
“Revenues of $93 million in the 1Q 2014 increased 23 percent compared to the 1Q 2013, but were slightly below the lower end of our guidance. Our parts and consumables revenues were a record $61 million in the 1Q 2014, increasing 19% compared to the 1Q 2013.”
Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide.
