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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kadant Inc | NYSE:KAI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
7.54 | 2.70% | 286.56 | 289.605 | 279.25 | 279.25 | 77,703 | 22:30:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from ________ to _________
|
Delaware
|
|
52-1762325
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
One Technology Park Drive
|
|
|
Westford, Massachusetts
|
|
01886
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
Emerging growth company
o
|
Class
|
|
Outstanding at October 26, 2018
|
Common Stock, $.01 par value
|
|
11,107,296
|
|
|
Page
|
PART I: Financial Information
|
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PART II: Other Information
|
||
|
|
|
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|
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|
|
September 29,
2018 |
|
December 30,
2017 |
||||
(In thousands, except share and per share amounts)
|
|
|
||||||
Assets
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
57,384
|
|
|
$
|
75,425
|
|
Restricted cash (Note 1)
|
|
675
|
|
|
1,421
|
|
||
Accounts receivable, less allowances of $2,939 and $2,879 (Note 1)
|
|
96,326
|
|
|
89,624
|
|
||
Inventories (Note 1)
|
|
91,736
|
|
|
84,933
|
|
||
Unbilled revenues
|
|
8,315
|
|
|
2,374
|
|
||
Other current assets
|
|
13,032
|
|
|
12,246
|
|
||
Total Current Assets
|
|
267,468
|
|
|
266,023
|
|
||
|
|
|
|
|
||||
Property, Plant, and Equipment, at Cost
|
|
168,414
|
|
|
165,231
|
|
||
Less: accumulated depreciation and amortization
|
|
88,956
|
|
|
85,508
|
|
||
Property, Plant, and Equipment, at Cost, Net
|
|
79,458
|
|
|
79,723
|
|
||
|
|
|
|
|
||||
Other Assets
|
|
13,509
|
|
|
14,311
|
|
||
Intangible Assets, Net (Note 1)
|
|
119,246
|
|
|
133,036
|
|
||
Goodwill (Note 1)
|
|
262,081
|
|
|
268,001
|
|
||
Total Assets
|
|
$
|
741,762
|
|
|
$
|
761,094
|
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Current maturities of long-term obligations (Note 5)
|
|
$
|
1,686
|
|
|
$
|
696
|
|
Accounts payable
|
|
34,761
|
|
|
35,461
|
|
||
Customer deposits
|
|
36,431
|
|
|
30,103
|
|
||
Accrued payroll and employee benefits
|
|
28,677
|
|
|
29,616
|
|
||
Advanced billings
|
|
11,313
|
|
|
7,316
|
|
||
Other current liabilities
|
|
29,712
|
|
|
29,038
|
|
||
Total Current Liabilities
|
|
142,580
|
|
|
132,230
|
|
||
|
|
|
|
|
||||
Long-Term Obligations (Note 5)
|
|
191,929
|
|
|
241,384
|
|
||
Long-Term Deferred Income Taxes
|
|
25,168
|
|
|
29,085
|
|
||
Other Long-Term Liabilities
|
|
23,646
|
|
|
25,891
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies (Note 12)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Stockholders' Equity:
|
|
|
|
|
|
|
||
Preferred stock, $.01 par value, 5,000,000 shares authorized; none issued
|
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value, 150,000,000 shares authorized; 14,624,159 shares issued
|
|
146
|
|
|
146
|
|
||
Capital in excess of par value
|
|
103,117
|
|
|
103,221
|
|
||
Retained earnings
|
|
377,602
|
|
|
342,893
|
|
||
Treasury stock at cost, 3,516,863 and 3,613,838 shares
|
|
(86,177
|
)
|
|
(88,554
|
)
|
||
Accumulated other comprehensive items (Note 8)
|
|
(37,727
|
)
|
|
(26,715
|
)
|
||
Total Kadant Stockholders' Equity
|
|
356,961
|
|
|
330,991
|
|
||
Noncontrolling interest
|
|
1,478
|
|
|
1,513
|
|
||
Total Stockholders' Equity
|
|
358,439
|
|
|
332,504
|
|
||
Total Liabilities and Stockholders' Equity
|
|
$
|
741,762
|
|
|
$
|
761,094
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
(In thousands, except per share amounts)
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenues (Notes 1 and 11)
|
|
$
|
165,745
|
|
|
$
|
152,794
|
|
|
$
|
469,851
|
|
|
$
|
365,893
|
|
|
|
|
|
|
|
|
|
|
||||||||
Costs and Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of revenues
|
|
92,652
|
|
|
88,139
|
|
|
262,515
|
|
|
199,369
|
|
||||
Selling, general, and administrative expenses
|
|
42,888
|
|
|
42,346
|
|
|
133,796
|
|
|
115,936
|
|
||||
Research and development expenses
|
|
2,452
|
|
|
2,635
|
|
|
8,049
|
|
|
7,004
|
|
||||
Restructuring costs (Note 2)
|
|
378
|
|
|
—
|
|
|
1,717
|
|
|
—
|
|
||||
|
|
138,370
|
|
|
133,120
|
|
|
406,077
|
|
|
322,309
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Income
|
|
27,375
|
|
|
19,674
|
|
|
63,774
|
|
|
43,584
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest Income
|
|
30
|
|
|
94
|
|
|
335
|
|
|
300
|
|
||||
Interest Expense
|
|
(1,738
|
)
|
|
(1,282
|
)
|
|
(5,320
|
)
|
|
(2,022
|
)
|
||||
Other Expense, Net (Note 7)
|
|
(245
|
)
|
|
(216
|
)
|
|
(736
|
)
|
|
(637
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income Before Provision for Income Taxes
|
|
25,422
|
|
|
18,270
|
|
|
58,053
|
|
|
41,225
|
|
||||
Provision for Income Taxes (Note 4)
|
|
6,443
|
|
|
4,860
|
|
|
15,575
|
|
|
10,550
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
18,979
|
|
|
13,410
|
|
|
42,478
|
|
|
30,675
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to Noncontrolling Interest
|
|
(195
|
)
|
|
(125
|
)
|
|
(487
|
)
|
|
(343
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to Kadant
|
|
$
|
18,784
|
|
|
$
|
13,285
|
|
|
$
|
41,991
|
|
|
$
|
30,332
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per Share Attributable to Kadant (Note 3):
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
1.69
|
|
|
$
|
1.21
|
|
|
$
|
3.79
|
|
|
$
|
2.76
|
|
Diluted
|
|
$
|
1.64
|
|
|
$
|
1.17
|
|
|
$
|
3.69
|
|
|
$
|
2.69
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares (Note 3):
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
11,101
|
|
|
11,004
|
|
|
11,078
|
|
|
10,986
|
|
||||
Diluted
|
|
11,421
|
|
|
11,344
|
|
|
11,388
|
|
|
11,282
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cash Dividends Declared per Common Share
|
|
$
|
0.22
|
|
|
$
|
0.21
|
|
|
$
|
0.66
|
|
|
$
|
0.63
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
(In thousands)
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
$
|
18,979
|
|
|
$
|
13,410
|
|
|
$
|
42,478
|
|
|
$
|
30,675
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other Comprehensive Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation adjustment
|
|
(1,121
|
)
|
|
7,740
|
|
|
(11,561
|
)
|
|
21,427
|
|
||||
Pension and other post-retirement liability adjustments (net of tax provision of $46, $26, $155 and $86)
|
|
143
|
|
|
(11
|
)
|
|
472
|
|
|
152
|
|
||||
Deferred gain on cash flow hedges (net of tax provision (benefit) of $35, $28, ($12) and $44)
|
|
100
|
|
|
58
|
|
|
20
|
|
|
92
|
|
||||
Other Comprehensive Items
|
|
(878
|
)
|
|
7,787
|
|
|
(11,069
|
)
|
|
21,671
|
|
||||
Comprehensive Income
|
|
18,101
|
|
|
21,197
|
|
|
31,409
|
|
|
52,346
|
|
||||
Comprehensive Income Attributable to Noncontrolling Interest
|
|
(191
|
)
|
|
(193
|
)
|
|
(430
|
)
|
|
(574
|
)
|
||||
Comprehensive Income Attributable to Kadant
|
|
$
|
17,910
|
|
|
$
|
21,004
|
|
|
$
|
30,979
|
|
|
$
|
51,772
|
|
|
|
Nine Months Ended
|
||||||
|
|
September 29,
2018 |
|
September 30,
2017 |
||||
(In thousands)
|
|
|
||||||
|
|
|
|
|
||||
Operating Activities
|
|
|
|
|
||||
Net income attributable to Kadant
|
|
$
|
41,991
|
|
|
$
|
30,332
|
|
Net income attributable to noncontrolling interest
|
|
487
|
|
|
343
|
|
||
Net income
|
|
42,478
|
|
|
30,675
|
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
17,739
|
|
|
13,056
|
|
||
Stock-based compensation expense
|
|
5,346
|
|
|
4,283
|
|
||
Provision for losses on accounts receivable
|
|
344
|
|
|
238
|
|
||
Loss on the sale of property, plant, and equipment
|
|
79
|
|
|
37
|
|
||
Other items, net
|
|
(3,543
|
)
|
|
(738
|
)
|
||
Contributions to U.S. pension plan
|
|
—
|
|
|
(810
|
)
|
||
Changes in current assets and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
|
||
Accounts receivable
|
|
(9,598
|
)
|
|
(16,225
|
)
|
||
Unbilled revenues
|
|
(3,947
|
)
|
|
(2,582
|
)
|
||
Inventories
|
|
(10,155
|
)
|
|
(3,504
|
)
|
||
Other current assets
|
|
241
|
|
|
(2,517
|
)
|
||
Accounts payable
|
|
4,182
|
|
|
2,049
|
|
||
Other current liabilities
|
|
9,384
|
|
|
8,366
|
|
||
Net cash provided by operating activities
|
|
52,550
|
|
|
32,328
|
|
||
|
|
|
|
|
||||
Investing Activities
|
|
|
|
|
|
|
||
Purchases of property, plant, and equipment
|
|
(12,817
|
)
|
|
(8,718
|
)
|
||
Proceeds from sale of property, plant, and equipment
|
|
173
|
|
|
111
|
|
||
Acquisitions, net of cash acquired
|
|
—
|
|
|
(204,228
|
)
|
||
Net cash used in investing activities
|
|
(12,644
|
)
|
|
(212,835
|
)
|
||
|
|
|
|
|
||||
Financing Activities
|
|
|
|
|
|
|
||
Repayment of debt
|
|
(81,540
|
)
|
|
(20,272
|
)
|
||
Proceeds from issuance of debt
|
|
37,000
|
|
|
222,019
|
|
||
Dividends paid
|
|
(7,200
|
)
|
|
(6,699
|
)
|
||
Tax withholding payments related to stock-based compensation
|
|
(3,886
|
)
|
|
(2,206
|
)
|
||
Proceeds from issuance of Company common stock
|
|
813
|
|
|
—
|
|
||
Dividend paid to noncontrolling interest
|
|
(465
|
)
|
|
(882
|
)
|
||
Payment of debt issuance costs
|
|
(158
|
)
|
|
(1,257
|
)
|
||
Other financing activities
|
|
(351
|
)
|
|
(288
|
)
|
||
Net cash (used in) provided by financing activities
|
|
(55,787
|
)
|
|
190,415
|
|
||
|
|
|
|
|
||||
Exchange Rate Effect on Cash, Cash Equivalents, and Restricted Cash
|
|
(2,906
|
)
|
|
7,911
|
|
||
|
|
|
|
|
||||
(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash
|
|
(18,787
|
)
|
|
17,819
|
|
||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
|
|
76,846
|
|
|
73,569
|
|
||
Cash, Cash Equivalents, and Restricted Cash at End of Period
|
|
$
|
58,059
|
|
|
$
|
91,388
|
|
(In thousands, except share amounts)
|
|
Common
Stock
|
|
Capital in
Excess of Par Value
|
|
Retained Earnings
|
|
Treasury
Stock
|
|
Accumulated
Other
Comprehensive Items
|
|
Noncontrolling Interest
|
|
Total
Stockholders' Equity
|
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
Shares
|
|
Amount
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2016
|
|
14,624,159
|
|
|
$
|
146
|
|
|
$
|
101,405
|
|
|
$
|
321,050
|
|
|
3,686,532
|
|
|
$
|
(90,335
|
)
|
|
$
|
(49,637
|
)
|
|
$
|
1,650
|
|
|
$
|
284,279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,332
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
343
|
|
|
30,675
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Dividends declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,933
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,933
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Dividend paid to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(882
|
)
|
|
(882
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Activity under stock plans
|
|
—
|
|
|
—
|
|
|
369
|
|
|
—
|
|
|
(69,694
|
)
|
|
1,708
|
|
|
—
|
|
|
—
|
|
|
2,077
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other comprehensive items
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,440
|
|
|
231
|
|
|
21,671
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at September 30, 2017
|
|
14,624,159
|
|
|
$
|
146
|
|
|
$
|
101,774
|
|
|
$
|
344,449
|
|
|
3,616,838
|
|
|
$
|
(88,627
|
)
|
|
$
|
(28,197
|
)
|
|
$
|
1,342
|
|
|
$
|
330,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 30, 2017
|
|
14,624,159
|
|
|
$
|
146
|
|
|
$
|
103,221
|
|
|
$
|
342,893
|
|
|
3,613,838
|
|
|
$
|
(88,554
|
)
|
|
$
|
(26,715
|
)
|
|
$
|
1,513
|
|
|
$
|
332,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41,991
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
487
|
|
|
42,478
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adoption of ASU No. 2014-09 (Note 1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adoption of ASU No. 2016-16 (Note 1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Dividends declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,326
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,326
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Dividend paid to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(465
|
)
|
|
(465
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Activity under stock plans
|
|
—
|
|
|
—
|
|
|
(104
|
)
|
|
—
|
|
|
(96,975
|
)
|
|
2,377
|
|
|
—
|
|
|
—
|
|
|
2,273
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other comprehensive items
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,012
|
)
|
|
(57
|
)
|
|
(11,069
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at September 29, 2018
|
|
14,624,159
|
|
|
$
|
146
|
|
|
$
|
103,117
|
|
|
$
|
377,602
|
|
|
3,516,863
|
|
|
$
|
(86,177
|
)
|
|
$
|
(37,727
|
)
|
|
$
|
1,478
|
|
|
$
|
358,439
|
|
|
|
Nine Months Ended
|
||||||
(In thousands)
|
|
September 29,
2018 |
|
September 30,
2017 |
||||
Cash Paid for Interest
|
|
$
|
5,914
|
|
|
$
|
1,421
|
|
Cash Paid for Income Taxes, Net of Refunds
|
|
$
|
20,823
|
|
|
$
|
12,479
|
|
|
|
|
|
|
||||
Non-Cash Investing Activities:
|
|
|
|
|
|
|
||
Estimated post-closing adjustment (a)
|
|
$
|
397
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
Fair value of assets acquired
|
|
$
|
—
|
|
|
$
|
241,141
|
|
Cash paid for acquired businesses
|
|
—
|
|
|
(206,447
|
)
|
||
Liabilities assumed of acquired businesses
|
|
$
|
—
|
|
|
$
|
34,694
|
|
|
|
|
|
|
||||
Non-cash additions to property, plant and equipment
|
|
$
|
783
|
|
|
$
|
1,938
|
|
|
|
|
|
|
||||
Non-Cash Financing Activities:
|
|
|
|
|
|
|
||
Issuance of Company common stock upon vesting of restricted stock units
|
|
$
|
3,976
|
|
|
$
|
3,018
|
|
Dividends declared but unpaid
|
|
$
|
2,444
|
|
|
$
|
2,312
|
|
(In thousands)
|
|
September 29,
2018 |
|
September 30,
2017 |
|
December 30,
2017 |
|
December 31,
2016 |
||||||||
Cash and cash equivalents
|
|
$
|
57,384
|
|
|
$
|
90,622
|
|
|
$
|
75,425
|
|
|
$
|
71,487
|
|
Restricted cash
|
|
675
|
|
|
766
|
|
|
1,421
|
|
|
2,082
|
|
||||
Total Cash, Cash Equivalents, and Restricted Cash
|
|
$
|
58,059
|
|
|
$
|
91,388
|
|
|
$
|
76,846
|
|
|
$
|
73,569
|
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
(In thousands)
|
|
|
||||||
Raw Materials and Supplies
|
|
$
|
43,739
|
|
|
$
|
38,952
|
|
Work in Process
|
|
23,895
|
|
|
18,203
|
|
||
Finished Goods
|
|
24,102
|
|
|
27,778
|
|
||
|
|
$
|
91,736
|
|
|
$
|
84,933
|
|
(In thousands)
|
|
Gross
|
|
Currency
Translation |
|
Accumulated
Amortization |
|
Net
|
||||||||
September 29, 2018
|
|
|
|
|
|
|
|
|
||||||||
Definite-Lived
|
|
|
|
|
|
|
|
|
||||||||
Customer relationships
|
|
$
|
113,283
|
|
|
$
|
(2,716
|
)
|
|
$
|
(35,873
|
)
|
|
$
|
74,694
|
|
Product technology
|
|
46,501
|
|
|
(1,282
|
)
|
|
(22,653
|
)
|
|
22,566
|
|
||||
Tradenames
|
|
5,227
|
|
|
(344
|
)
|
|
(1,864
|
)
|
|
3,019
|
|
||||
Other
|
|
13,744
|
|
|
(88
|
)
|
|
(11,375
|
)
|
|
2,281
|
|
||||
|
|
178,755
|
|
|
(4,430
|
)
|
|
(71,765
|
)
|
|
102,560
|
|
||||
Indefinite-Lived
|
|
|
|
|
|
|
|
|
||||||||
Tradenames
|
|
16,600
|
|
|
86
|
|
|
—
|
|
|
16,686
|
|
||||
Acquired Intangible Assets
|
|
$
|
195,355
|
|
|
$
|
(4,344
|
)
|
|
$
|
(71,765
|
)
|
|
$
|
119,246
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Gross
|
|
Currency
Translation |
|
Accumulated
Amortization |
|
Net
|
||||||||
December 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Definite-Lived
|
|
|
|
|
|
|
|
|
||||||||
Customer relationships
|
|
$
|
113,301
|
|
|
$
|
(621
|
)
|
|
$
|
(28,789
|
)
|
|
$
|
83,891
|
|
Product technology
|
|
46,501
|
|
|
(737
|
)
|
|
(19,841
|
)
|
|
25,923
|
|
||||
Tradenames
|
|
5,227
|
|
|
(262
|
)
|
|
(1,504
|
)
|
|
3,461
|
|
||||
Other
|
|
13,754
|
|
|
(35
|
)
|
|
(10,863
|
)
|
|
2,856
|
|
||||
|
|
178,783
|
|
|
(1,655
|
)
|
|
(60,997
|
)
|
|
116,131
|
|
||||
Indefinite-Lived
|
|
|
|
|
|
|
|
|
||||||||
Tradenames
|
|
16,600
|
|
|
305
|
|
|
—
|
|
|
16,905
|
|
||||
Acquired Intangible Assets
|
|
$
|
195,383
|
|
|
$
|
(1,350
|
)
|
|
$
|
(60,997
|
)
|
|
$
|
133,036
|
|
(In thousands)
|
|
Papermaking Systems Segment
|
|
Wood Processing Systems Segment
|
|
Total
|
||||||
Balance at December 30, 2017
|
|
|
|
|
|
|
||||||
Gross balance
|
|
$
|
247,014
|
|
|
$
|
106,496
|
|
|
$
|
353,510
|
|
Accumulated impairment losses
|
|
(85,509
|
)
|
|
—
|
|
|
(85,509
|
)
|
|||
Net balance
|
|
161,505
|
|
|
106,496
|
|
|
268,001
|
|
|||
2018 Adjustments
|
|
|
|
|
|
|
||||||
Acquisitions (a)
|
|
(17
|
)
|
|
(75
|
)
|
|
(92
|
)
|
|||
Currency translation
|
|
(3,552
|
)
|
|
(2,276
|
)
|
|
(5,828
|
)
|
|||
Total 2018 adjustments
|
|
(3,569
|
)
|
|
(2,351
|
)
|
|
(5,920
|
)
|
|||
Balance at September 29, 2018
|
|
|
|
|
|
|
|
|
|
|||
Gross balance
|
|
243,445
|
|
|
104,145
|
|
|
347,590
|
|
|||
Accumulated impairment losses
|
|
(85,509
|
)
|
|
—
|
|
|
(85,509
|
)
|
|||
Net balance
|
|
$
|
157,936
|
|
|
$
|
104,145
|
|
|
$
|
262,081
|
|
|
|
Nine Months Ended
|
||||||
(In thousands)
|
|
September 29,
2018 |
|
September 30,
2017 |
||||
Balance at Beginning of Year
|
|
$
|
5,498
|
|
|
$
|
3,843
|
|
Provision charged to expense
|
|
2,584
|
|
|
1,931
|
|
||
Usage
|
|
(1,828
|
)
|
|
(1,506
|
)
|
||
Acquisitions
|
|
—
|
|
|
790
|
|
||
Currency translation
|
|
(215
|
)
|
|
382
|
|
||
Balance at End of Period
|
|
$
|
6,039
|
|
|
$
|
5,440
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 29,
|
|
September 30,
|
|
September 29,
|
|
September 30,
|
||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues by Product Line:
|
|
|
|
|
|
|
|
|
||||||||
Papermaking Systems:
|
|
|
|
|
|
|
|
|
||||||||
Stock-Preparation
|
|
$
|
62,983
|
|
|
$
|
52,065
|
|
|
$
|
164,842
|
|
|
$
|
139,396
|
|
Fluid-Handling
|
|
33,083
|
|
|
28,532
|
|
|
98,500
|
|
|
73,099
|
|
||||
Doctoring, Cleaning, & Filtration
|
|
30,704
|
|
|
30,538
|
|
|
87,469
|
|
|
82,921
|
|
||||
Papermaking Systems
|
|
$
|
126,770
|
|
|
$
|
111,135
|
|
|
$
|
350,811
|
|
|
$
|
295,416
|
|
Wood Processing Systems
|
|
37,042
|
|
|
39,714
|
|
|
109,335
|
|
|
61,050
|
|
||||
Fiber-based Products
|
|
1,933
|
|
|
1,945
|
|
|
9,705
|
|
|
9,427
|
|
||||
|
|
$
|
165,745
|
|
|
$
|
152,794
|
|
|
$
|
469,851
|
|
|
$
|
365,893
|
|
Revenues by Product Type:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Parts and Consumables
|
|
$
|
92,749
|
|
|
$
|
83,755
|
|
|
$
|
283,591
|
|
|
$
|
224,239
|
|
Capital
|
|
72,996
|
|
|
69,039
|
|
|
186,260
|
|
|
141,654
|
|
||||
|
|
$
|
165,745
|
|
|
$
|
152,794
|
|
|
$
|
469,851
|
|
|
$
|
365,893
|
|
Revenues by Geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
North America
|
|
$
|
74,089
|
|
|
$
|
68,369
|
|
|
$
|
227,080
|
|
|
$
|
170,092
|
|
Europe
|
|
44,912
|
|
|
46,475
|
|
|
131,437
|
|
|
113,178
|
|
||||
Asia
|
|
32,887
|
|
|
25,215
|
|
|
78,537
|
|
|
53,658
|
|
||||
Rest of World
|
|
13,857
|
|
|
12,735
|
|
|
32,797
|
|
|
28,965
|
|
||||
|
|
$
|
165,745
|
|
|
$
|
152,794
|
|
|
$
|
469,851
|
|
|
$
|
365,893
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
September 29,
|
|
September 29,
|
||||
(In thousands)
|
|
2018
|
|
2018
|
||||
Timing of Revenue Recognition:
|
|
|
|
|
|
|
||
Point in Time
|
|
$
|
148,524
|
|
|
$
|
436,527
|
|
Over Time
|
|
17,221
|
|
|
33,324
|
|
||
|
|
$
|
165,745
|
|
|
$
|
469,851
|
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
(In thousands)
|
|
|
||||||
Balances from Contracts with Customers:
|
|
|
|
|
||||
Accounts receivable
|
|
$
|
96,326
|
|
|
$
|
89,624
|
|
Contract assets
|
|
$
|
8,315
|
|
|
$
|
2,374
|
|
Contract liabilities
|
|
$
|
48,959
|
|
|
$
|
38,702
|
|
(In thousands)
|
|
Severance
|
|
Relocation
|
|
Other (a)
|
|
Total
|
||||||||
Balance at December 30, 2017
|
|
$
|
203
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
203
|
|
(Reversal) provision
|
|
(55
|
)
|
|
1,318
|
|
|
454
|
|
|
1,717
|
|
||||
Usage
|
|
(77
|
)
|
|
(1,315
|
)
|
|
(439
|
)
|
|
(1,831
|
)
|
||||
Currency translation
|
|
(8
|
)
|
|
(3
|
)
|
|
—
|
|
|
(11
|
)
|
||||
Balance at September 29, 2018
|
|
$
|
63
|
|
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
78
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
(In thousands, except per share amounts)
|
|
|
|
|
||||||||||||
Amounts Attributable to Kadant:
|
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
$
|
18,784
|
|
|
$
|
13,285
|
|
|
$
|
41,991
|
|
|
$
|
30,332
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic Weighted Average Shares
|
|
11,101
|
|
|
11,004
|
|
|
11,078
|
|
|
10,986
|
|
||||
Effect of Stock Options, Restricted Stock Units and Employee Stock Purchase Plan Shares
|
|
320
|
|
|
340
|
|
|
310
|
|
|
296
|
|
||||
Diluted Weighted Average Shares
|
|
11,421
|
|
|
11,344
|
|
|
11,388
|
|
|
11,282
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic Earnings per Share
|
|
$
|
1.69
|
|
|
$
|
1.21
|
|
|
$
|
3.79
|
|
|
$
|
2.76
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted Earnings per Share
|
|
$
|
1.64
|
|
|
$
|
1.17
|
|
|
$
|
3.69
|
|
|
$
|
2.69
|
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
(In thousands)
|
|
|
||||||
Revolving Credit Facility, due 2022
|
|
$
|
168,468
|
|
|
$
|
237,011
|
|
Commercial Real Estate Loan, due 2028
|
|
20,738
|
|
|
—
|
|
||
Obligations Under Capital Lease, due 2018 to 2022
|
|
4,277
|
|
|
4,633
|
|
||
Other Borrowings, due 2018 to 2023
|
|
286
|
|
|
436
|
|
||
Unamortized Debt Issuance Costs
|
|
(154
|
)
|
|
—
|
|
||
Total
|
|
193,615
|
|
|
242,080
|
|
||
Less: Current Maturities of Long-Term Obligations
|
|
(1,686
|
)
|
|
(696
|
)
|
||
Long-Term Obligations
|
|
$
|
191,929
|
|
|
$
|
241,384
|
|
(In thousands)
|
|
Foreign
Currency
Translation
Adjustment
|
|
Unrecognized
Prior Service
Cost on
Retirement Benefit Plans
|
|
Net Actuarial Loss on Retirement Benefit Plans
|
|
Deferred Gain
on Cash Flow Hedges
|
|
Total
|
||||||||||
Balance at December 30, 2017
|
|
$
|
(17,501
|
)
|
|
$
|
(319
|
)
|
|
$
|
(8,974
|
)
|
|
$
|
79
|
|
|
$
|
(26,715
|
)
|
Other comprehensive (loss) income before reclassifications
|
|
(11,504
|
)
|
|
1
|
|
|
—
|
|
|
34
|
|
|
(11,469
|
)
|
|||||
Reclassifications from AOCI
|
|
—
|
|
|
54
|
|
|
417
|
|
|
(14
|
)
|
|
457
|
|
|||||
Net current period other comprehensive (loss) income
|
|
(11,504
|
)
|
|
55
|
|
|
417
|
|
|
20
|
|
|
(11,012
|
)
|
|||||
Balance at September 29, 2018
|
|
$
|
(29,005
|
)
|
|
$
|
(264
|
)
|
|
$
|
(8,557
|
)
|
|
$
|
99
|
|
|
$
|
(37,727
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
||||||||||||
(In thousands)
|
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
|
Statement of Income
Line Item
|
||||||||
Retirement Benefit Plans (a)
|
|
|
|
|
|
|
||||||||||||
Recognized net actuarial loss
|
|
$
|
(184
|
)
|
|
$
|
(142
|
)
|
|
$
|
(553
|
)
|
|
$
|
(421
|
)
|
|
Other expense, net
|
Amortization of prior service cost
|
|
(24
|
)
|
|
(38
|
)
|
|
(72
|
)
|
|
(110
|
)
|
|
Other expense, net
|
||||
Total expense before income taxes
|
|
(208
|
)
|
|
(180
|
)
|
|
(625
|
)
|
|
(531
|
)
|
|
|
||||
Income tax benefit
|
|
51
|
|
|
63
|
|
|
154
|
|
|
186
|
|
|
Provision for income taxes
|
||||
|
|
(157
|
)
|
|
(117
|
)
|
|
(471
|
)
|
|
(345
|
)
|
|
|
||||
Cash Flow Hedges (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
17
|
|
|
(8
|
)
|
|
(5
|
)
|
|
(26
|
)
|
|
Interest expense
|
||||
Forward currency-exchange contracts
|
|
—
|
|
|
(26
|
)
|
|
24
|
|
|
(37
|
)
|
|
Cost of revenues
|
||||
Total income (expense) before income taxes
|
|
17
|
|
|
(34
|
)
|
|
19
|
|
|
(63
|
)
|
|
|
||||
Income tax (provision) benefit
|
|
(4
|
)
|
|
11
|
|
|
(5
|
)
|
|
22
|
|
|
Provision for income taxes
|
||||
|
|
13
|
|
|
(23
|
)
|
|
14
|
|
|
(41
|
)
|
|
|
||||
Total Reclassifications
|
|
$
|
(144
|
)
|
|
$
|
(140
|
)
|
|
$
|
(457
|
)
|
|
$
|
(386
|
)
|
|
|
(a)
|
Included in the computation of net periodic benefit cost. See
Note 7
for additional information.
|
(b)
|
See
Note 9
for additional information.
|
|
|
|
|
September 29, 2018
|
|
December 30, 2017
|
||||||||||||
|
|
Balance Sheet Location
|
|
Asset (Liability) (a)
|
|
Notional Amount (b)
|
|
Asset (Liability) (a)
|
|
Notional Amount
|
||||||||
(In thousands)
|
|
|
|
|
|
|||||||||||||
Derivatives Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives in an Asset Position:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Forward currency-exchange contract
|
|
Other Long-Term Assets
|
|
$
|
32
|
|
|
$
|
842
|
|
|
$
|
—
|
|
|
$
|
—
|
|
2015 Swap Agreement
|
|
Other Long-Term Assets
|
|
$
|
202
|
|
|
$
|
10,000
|
|
|
$
|
126
|
|
|
$
|
10,000
|
|
Derivatives in a Liability Position:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Forward currency-exchange contracts
|
|
Other Current Liabilities
|
|
$
|
(12
|
)
|
|
$
|
3,788
|
|
|
$
|
—
|
|
|
$
|
—
|
|
2018 Swap Agreement
|
|
Other Long-Term Liabilities
|
|
$
|
(87
|
)
|
|
$
|
15,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives Not Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivatives in an Asset Position:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward currency-exchange contracts
|
|
Other Current Assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
1,244
|
|
Derivatives in a Liability Position:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Forward currency-exchange contracts
|
|
Other Current Liabilities
|
|
$
|
(36
|
)
|
|
$
|
1,402
|
|
|
$
|
(16
|
)
|
|
$
|
2,049
|
|
(a)
|
See
Note 10
for the fair value measurements relating to these financial instruments.
|
(b)
|
The total 2018 notional amounts are indicative of the level of the Company's recurring derivative activity.
|
(In thousands)
|
|
Interest Rate Swap
Agreements
|
|
Forward Currency-
Exchange
Contracts
|
|
Total
|
||||||
Unrealized Gain, Net of Tax, at December 30, 2017
|
|
$
|
79
|
|
|
$
|
—
|
|
|
$
|
79
|
|
Loss (gain) reclassified to earnings (a)
|
|
4
|
|
|
(18
|
)
|
|
(14
|
)
|
|||
Gain recognized in AOCI
|
|
3
|
|
|
31
|
|
|
34
|
|
|||
Unrealized Gain, Net of Tax, at September 29, 2018
|
|
$
|
86
|
|
|
$
|
13
|
|
|
$
|
99
|
|
•
|
Level 1—Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2—Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.
|
•
|
Level 3—Unobservable inputs based on the Company's own assumptions.
|
(In thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
September 29, 2018
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Money market funds and time deposits
|
|
$
|
4,344
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,344
|
|
2015 Swap Agreement
|
|
$
|
—
|
|
|
$
|
202
|
|
|
$
|
—
|
|
|
$
|
202
|
|
Banker's acceptance drafts (a)
|
|
$
|
—
|
|
|
$
|
14,193
|
|
|
$
|
—
|
|
|
$
|
14,193
|
|
Forward currency-exchange contract
|
|
$
|
—
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
32
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward currency-exchange contracts
|
|
$
|
—
|
|
|
$
|
48
|
|
|
$
|
—
|
|
|
$
|
48
|
|
2018 Swap Agreement
|
|
$
|
—
|
|
|
$
|
87
|
|
|
$
|
—
|
|
|
$
|
87
|
|
December 30, 2017
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Money market funds and time deposits
|
|
$
|
17,728
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,728
|
|
Forward currency-exchange contracts
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
17
|
|
2015 Swap Agreement
|
|
$
|
—
|
|
|
$
|
126
|
|
|
$
|
—
|
|
|
$
|
126
|
|
Banker's acceptance drafts (a)
|
|
$
|
—
|
|
|
$
|
15,960
|
|
|
$
|
—
|
|
|
$
|
15,960
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward currency-exchange contracts
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
16
|
|
(a)
|
Included in accounts receivable in the accompanying condensed consolidated balance sheet.
|
|
|
September 29, 2018
|
|
December 30, 2017
|
||||||||||||
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
(In thousands)
|
|
|
|
|
||||||||||||
Debt Obligations:
|
|
|
|
|
|
|
|
|
||||||||
Revolving credit facility
|
|
$
|
168,468
|
|
|
$
|
168,468
|
|
|
$
|
237,011
|
|
|
$
|
237,011
|
|
Commercial real estate loan
|
|
20,584
|
|
|
20,288
|
|
|
—
|
|
|
—
|
|
||||
Capital lease obligations
|
|
4,277
|
|
|
4,277
|
|
|
4,633
|
|
|
4,633
|
|
||||
Other borrowings
|
|
286
|
|
|
286
|
|
|
436
|
|
|
436
|
|
||||
|
|
$
|
193,615
|
|
|
$
|
193,319
|
|
|
$
|
242,080
|
|
|
$
|
242,080
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 29,
|
|
September 30,
|
|
September 29,
|
|
September 30,
|
||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Papermaking Systems (a)
|
|
$
|
126,770
|
|
|
$
|
111,135
|
|
|
$
|
350,811
|
|
|
$
|
295,416
|
|
Wood Processing Systems (b)
|
|
37,042
|
|
|
39,714
|
|
|
109,335
|
|
|
61,050
|
|
||||
Fiber-based Products
|
|
1,933
|
|
|
1,945
|
|
|
9,705
|
|
|
9,427
|
|
||||
|
|
$
|
165,745
|
|
|
$
|
152,794
|
|
|
$
|
469,851
|
|
|
$
|
365,893
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 29,
|
|
September 30,
|
|
September 29,
|
|
September 30,
|
||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Income Before Provision for Income Taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Papermaking Systems (c)
|
|
$
|
25,919
|
|
|
$
|
21,684
|
|
|
$
|
61,402
|
|
|
$
|
53,247
|
|
Wood Processing Systems (d)
|
|
8,704
|
|
|
4,418
|
|
|
21,380
|
|
|
6,511
|
|
||||
Corporate and Fiber-based Products (e)
|
|
(7,248
|
)
|
|
(6,428
|
)
|
|
(19,008
|
)
|
|
(16,174
|
)
|
||||
Total operating income
|
|
27,375
|
|
|
19,674
|
|
|
63,774
|
|
|
43,584
|
|
||||
Interest expense, net (f)
|
|
(1,708
|
)
|
|
(1,188
|
)
|
|
(4,985
|
)
|
|
(1,722
|
)
|
||||
Other expense, net
|
|
(245
|
)
|
|
(216
|
)
|
|
(736
|
)
|
|
(637
|
)
|
||||
|
|
$
|
25,422
|
|
|
$
|
18,270
|
|
|
$
|
58,053
|
|
|
$
|
41,225
|
|
|
|
|
|
|
|
|
|
|
||||||||
Capital Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Papermaking Systems
|
|
$
|
1,348
|
|
|
$
|
3,790
|
|
|
$
|
9,837
|
|
|
$
|
6,567
|
|
Wood Processing Systems
|
|
1,026
|
|
|
1,358
|
|
|
2,586
|
|
|
1,649
|
|
||||
Corporate and Other
|
|
232
|
|
|
135
|
|
|
394
|
|
|
502
|
|
||||
|
|
$
|
2,606
|
|
|
$
|
5,283
|
|
|
$
|
12,817
|
|
|
$
|
8,718
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes $
917,000
in the three-month period ended
September 29, 2018
and $
12,247,000
in the
nine
-month period ended
September 29, 2018
from 2017 acquisitions.
|
|
-
|
Stock-Preparation: custom-engineered systems and equipment, as well as standard individual components, for baling, pulping, de-inking, screening, cleaning, and refining primarily recycled fiber for preparation for entry into the paper machine, and recausticizing and evaporation equipment and systems used in the production of virgin pulp. Our baling equipment is also used to compress a variety of other secondary materials to prepare them for transport or storage;
|
|
-
|
Fluid-Handling: rotary joints, precision unions, steam and condensate systems, components, and controls used to transfer fluids, power, and data in numerous process industries and expansion joints used in industrial piping systems; and
|
|
-
|
Doctoring, Cleaning, & Filtration: systems and related consumables that keep paper machines and other industrial processes running efficiently; doctor blades made of a variety of materials to perform functions including cleaning, creping, web removal, flaking, and the application of coatings; and systems and equipment used to continuously clean fabrics and rolls, drain water from pulp mixtures, form the sheet or web, and filter the process water for reuse. Doctoring and cleaning systems are also used in other process industries such as carbon fiber, textiles and food processing.
|
|
-
|
Debarkers: ring and rotary debarkers and related parts and consumables that employ mechanical abrasion or log-to-log contact to efficiently remove bark from logs of all shapes and species;
|
|
-
|
Stranders: disc and ring stranders and related parts and consumables that cut batch-fed logs into strands for OSB production;
|
|
-
|
Chippers: disc, drum, and veneer chippers and related parts and consumables are high quality, robust chipper systems for waste-wood and whole-log applications found in pulp woodrooms, chip plants, sawmill, and planer mill sites; and
|
|
-
|
Logging machinery: feller bunchers, log loaders, and swing yarders that are used to harvest and gather timber for lumber production.
|
|
|
Three Months Ended
|
|
|
|
Currency Translation
|
|
|
|
(Non-GAAP) Adjusted
|
||||||||||||||
(In thousands) |
|
September 29,
2018 |
|
September 30,
2017 |
|
Total Increase (Decrease)
|
|
|
Acquisition
|
|
Total Increase (Decrease)
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stock-Preparation
|
|
$
|
62,983
|
|
|
$
|
52,065
|
|
|
$
|
10,918
|
|
|
$
|
(685
|
)
|
|
$
|
—
|
|
|
$
|
11,603
|
|
Fluid-Handling
|
|
33,083
|
|
|
28,532
|
|
|
4,551
|
|
|
(817
|
)
|
|
917
|
|
|
4,451
|
|
||||||
Doctoring, Cleaning, & Filtration
|
|
30,704
|
|
|
30,538
|
|
|
166
|
|
|
(893
|
)
|
|
—
|
|
|
1,059
|
|
||||||
Papermaking Systems
|
|
126,770
|
|
|
111,135
|
|
|
15,635
|
|
|
(2,395
|
)
|
|
917
|
|
|
17,113
|
|
||||||
Wood Processing Systems
|
|
37,042
|
|
|
39,714
|
|
|
(2,672
|
)
|
|
(1,377
|
)
|
|
—
|
|
|
(1,295
|
)
|
||||||
Fiber-based Products
|
|
1,933
|
|
|
1,945
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
||||||
|
|
$
|
165,745
|
|
|
$
|
152,794
|
|
|
$
|
12,951
|
|
|
$
|
(3,772
|
)
|
|
$
|
917
|
|
|
$
|
15,806
|
|
|
|
Three Months Ended
|
||||
|
|
September 29,
2018 |
|
September 30,
2017 |
||
Papermaking Systems
|
|
44.6
|
%
|
|
45.6
|
%
|
Wood Processing Systems
|
|
42.6
|
%
|
|
33.5
|
%
|
Fiber-based Products
|
|
36.6
|
%
|
|
35.7
|
%
|
Consolidated Gross Margin
|
|
44.1
|
%
|
|
42.3
|
%
|
|
|
Three Months Ended
|
|
|
||||||||
(In thousands) |
|
September 29,
2018 |
|
September 30,
2017 |
|
Increase (Decrease)
|
||||||
Papermaking Systems
|
|
$
|
28,390
|
|
|
$
|
27,159
|
|
|
$
|
1,231
|
|
Wood Processing Systems
|
|
6,639
|
|
|
8,142
|
|
|
(1,503
|
)
|
|||
Corporate and Other
|
|
7,859
|
|
|
7,045
|
|
|
814
|
|
|||
|
|
$
|
42,888
|
|
|
$
|
42,346
|
|
|
$
|
542
|
|
|
|
Nine Months Ended
|
|
|
|
Currency Translation
|
|
|
|
(Non-GAAP) Adjusted Total
|
||||||||||||||
(In thousands) |
|
September 29,
2018 |
|
September 30,
2017 |
|
Total Increase
|
|
|
Acquisitions
|
|
Increase (Decrease)
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stock-Preparation
|
|
$
|
164,842
|
|
|
$
|
139,396
|
|
|
$
|
25,446
|
|
|
$
|
5,714
|
|
|
$
|
—
|
|
|
$
|
19,732
|
|
Fluid-Handling
|
|
98,500
|
|
|
73,099
|
|
|
25,401
|
|
|
1,540
|
|
|
12,247
|
|
|
11,614
|
|
||||||
Doctoring, Cleaning, & Filtration
|
|
87,469
|
|
|
82,921
|
|
|
4,548
|
|
|
869
|
|
|
—
|
|
|
3,679
|
|
||||||
Papermaking Systems
|
|
350,811
|
|
|
295,416
|
|
|
55,395
|
|
|
8,123
|
|
|
12,247
|
|
|
35,025
|
|
||||||
Wood Processing Systems
|
|
109,335
|
|
|
61,050
|
|
|
48,285
|
|
|
(512
|
)
|
|
52,310
|
|
|
(3,513
|
)
|
||||||
Fiber-based Products
|
|
9,705
|
|
|
9,427
|
|
|
278
|
|
|
—
|
|
|
—
|
|
|
278
|
|
||||||
|
|
$
|
469,851
|
|
|
$
|
365,893
|
|
|
$
|
103,958
|
|
|
$
|
7,611
|
|
|
$
|
64,557
|
|
|
$
|
31,790
|
|
|
|
Nine Months Ended
|
||||
|
|
September 29,
2018 |
|
September 30,
2017 |
||
Papermaking Systems
|
|
45.1
|
%
|
|
47.1
|
%
|
Wood Processing Systems
|
|
40.4
|
%
|
|
37.1
|
%
|
Fiber-based Products
|
|
50.1
|
%
|
|
50.1
|
%
|
Consolidated Gross Margin
|
|
44.1
|
%
|
|
45.5
|
%
|
|
|
Nine Months Ended
|
|
|
||||||||
(In thousands) |
|
September 29,
2018 |
|
September 30,
2017 |
|
Increase
|
||||||
Papermaking Systems
|
|
$
|
89,205
|
|
|
$
|
80,121
|
|
|
$
|
9,084
|
|
Wood Processing Systems
|
|
20,929
|
|
|
15,396
|
|
|
5,533
|
|
|||
Corporate and Other
|
|
23,662
|
|
|
20,419
|
|
|
3,243
|
|
|||
|
|
$
|
133,796
|
|
|
$
|
115,936
|
|
|
$
|
17,860
|
|
Exhibit Number
|
|
|
|
Description of Exhibit
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3
|
|
|
|
|
|
10.4
|
|
|
|
|
|
31.1*
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
32**
|
|
|
|
|
|
101.INS*
|
|
XBRL Instance Document.
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Calculation Linkbase Document.
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Label Linkbase Document.
|
|
|
|
101.PRE*
|
|
XBRL Taxonomy Presentation Linkbase Document.
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Definition Linkbase Document.
|
|
|
|
|
*
|
Filed herewith.
|
||
**
|
Furnished herewith.
|
|
KADANT INC.
|
|
|
Date: November 7, 2018
|
/s/ Michael J. McKenney
|
|
Michael J. McKenney
|
|
Executive Vice President and Chief Financial Officer
|
|
(Principal Financial Officer)
|
1 Year Kadant Chart |
1 Month Kadant Chart |
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