8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): March 23, 2009

Kaman Corporation

(Exact Name of Registrant as Specified in Its Charter)

Connecticut

(State or Other Jurisdiction of Incorporation)

0-1093	06-0613548
(Commission File Number)	(IRS Employer Identification No.)
1332 Blue Hills Avenue, Bloomfield, Connecticut	06002
(Address of Principal Executive Offices)	(Zip Code)

(860) 243-7100

(Registrant's Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 7.01                      Regulation FD Disclosure.

From time to time, members of Kaman’s senior management present information about Kaman to investors.  A copy of the investor presentation dated March 23, 2009 is attached as Exhibit 99.1 and is incorporated by reference herein.  Such material may be presented to investors in the future.

The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01  Financial Statements and Exhibits.

(c) Exhibits.

Exhibit 99.1 Investor Presentation dated March 23, 2009.  

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

KAMAN CORPORATION
By:	/s/ Candace A. Clark
	Candace A. Clark
	Senior Vice President and
	Chief Legal Officer

Date: March 23, 2009

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KAMAN CORPORATION AND SUBSIDIARIES

Index to Exhibits

Exhibit 99.1 Investor Presentation dated March 23, 2009.

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EX-99.1

Kaman Corporation (NASDAQ-GS: KAMN)

Kaman Corporation (NASDAQ-GS: KAMN)

Investor Presentation

March 2009

Distribution:

Industrial Distribution

2008 SALES AT $1.25 BILLION

2008 Sales $777 million

INDUSTRIAL DISTRIBUTION SEGMENT

Slide 4

INDUSTRIAL DISTRIBUTION SEGMENT

Third largest industrial distribution firm in $20 billion power transmission
market.

Strategy:

♦Expand our geographic footprint in major industrial markets to enhance our
position in the competition for national and regional accounts

♦Broaden our product offerings to gain additional business from existing
customers and new opportunities from a wider slice of the market

Customers:

♦Broad cross section of industry with more than 50,000 customers served from
local branches in 72 of the top 100 U.S. Industrial markets.Growing national
account base.

Slide 5

ACQUISITIONS:Strategic Fit

§Supports corporate strategy of accelerating growth of KIT

§Adds additional product lines to our portfolio

§Increases our capability to service national and regional customers

§Adds proven management teams and dedicated employees

§Industrial Supply Corporation, Richmond, VA, acquired March 31, 2008

•Adds $55 million in annual sales

•Increases Kaman’s presence in important Virginia (four branches) and N. Carolina

(two branches) markets

§INRUMEC, Gurabo, Puerto Rico, Acquired October 3, 2008

•Four branches in Puerto Rico

•Adds $13 million in annual sales

•Provides a presence for Kaman in the important Puerto Rico market while avoiding the
costs and time of building a greenfield operation

KIT Branch Location

Distribution Center

ISC Branch Location

INRUMEC Location

Slide 6

KAMAN INDUSTRIAL TECHNOLOGIES LOCATIONS

Slide 7

INDUSTRIAL DISTRIBUTION SEGMENT

Slide 8

KAMAN INDUSTRIAL TECHNOLOGIES - Current Market Update

§Began experiencing negative organic sales growth during Q408

§Planning for negative organic sales growth in 2009 of 10%-15%

§Operating Margin in 2009 could be down as much as 150 basis points

§Implementing contingency plans to maintain profitability, while leaving

the company positioned for the eventual economic recovery

§Working to capitalize on acquisition opportunities created by the current

economic environment

AEROSPACE SEGMENT:

FOUR AEROSPACE BUSINESSES

2008 Sales $477 million

Slide 10

SPECIALTY BEARINGS DIVISION:
Bloomfield, CT and Dachsbach, Germany

Designs and manufactures proprietary self-lubricating
airframe bearings

Programs:

♦Kaman products are used in nearly all military and
commercial aircraft

Strategy:

♦Maintain leadership in product technical performance and
application engineering support while staying ahead of
the curve in product technology enhancement, lean
manufacturing techniques and lead time reduction

Business Mix (approximate):

♦Commercial 80%, Military 20%

♦OEM 60%, After-Market 40%

Slide 11

PRECISION PRODUCTS DIVISION:

Middletown, CT & Orlando, FL

Fuzing Segment:Middletown, CT and Orlando, FL

Manufactures safe, arm and fuzing devices for major missile and
bomb programs.

♦Principal Missile programs: AMRAAM, ATACMS,
Harpoon, Maverick, Standard and Tactical Tomahawk

♦Principal Bomb program: Joint Programmable Fuze

♦Division includes Measuring & Memory systems products.

Strategy:

♦Become the established leader in bomb and missile fuzes,
specialized memory products, precision measuring devices and
electro-optic sensor systems for military and commercial
applications

Principal customers:

♦U.S. and allied militaries, Boeing General Dynamics, Lockheed
and Raytheon.

Business Mix:

♦Military 97%, Commercial 3%

Slide 12

HELICOPTERS DIVISION: Bloomfield, CT

Full service helicopter subcontractor.Supports legacy SH-2G
Super Seasprite and K-MAX “Aerial Truck” helicopters.

Principal programs:

♦Major maintenance and upgrades to Egyptian SH-2G(E)

♦BLACK HAWK subcontract for Sikorsky

♦Remarketing eleven SH-2G (I) helicopters

Strategy:

♦Leverage systems knowledge and lean manufacturing to
take advantage of emerging assembly/subcontracting and
after-market/retrofit opportunities as helicopter prime
manufacturers focus on system design, integration, and
final assembly

Principal customers:

♦The governments of Egypt, New Zealand and Poland;
Sikorsky and MDHI

Business Mix:

♦Military 80%, Commercial 20%

Slide 13

AEROSTRUCTURES DIVISION:
Jacksonville, FL;Wichita, KS; and Manchester, UK

Produces parts and subassemblies for Tier 1 and Prime
Manufacturers; designs and builds mold and assembly tooling;
and provides after-market support for UK MoD platforms

♦Military: Boeing C-17 internal wing structures, Sikorsky BLACK
HAWK helicopter cockpits, Sikorsky MH-92 helicopter
composite tail rotor pylons, JSF wing panels, A-400M FTAC, A
-10 wing components

♦Commercial: Boeing 777 and 767 wing trailing edges,
A330/340 composite wing panels, new large wide-body
program

Strategy:

♦Expand our global market position as a supplier of complex,
composite and metallic structures and integrated subsystems
for military and commercial aircraft

Business Mix:

♦Military 73%, Commercial 27%

Slide 14

Talented, committed employees -Proven management team

BROOKHOUSE HOLDINGS, LTD.:Strategic Fit

§Acquired June 12, 2008, $55 million in annual sales

§Accelerates growth and increases scale in Aerostructures market

§Enhances our composite capabilities - RFI technology provides differentiator

§Balanced portfolio of platforms and mix of business

• 47% Commercial, 53% Military

• 66% OEM, 34% Repair and Overhaul

§Adds a world class tooling capability to Kaman’s portfolio

§Provides entry into higher margin aftermarket services business

Slide 15

Complementary platform positions - improves diversification

AEROSTRUCTURES:Platforms

AEROSTRUCTURES WICHITA UPDATE

Slide 16

§Issues

qEntered into three large complex assembly programs without adequate
infrastructure

qResulted in significant operational charges in 2008

♦Goodwill impairment - - $7.8 million (Q2)

♦Tooling - $2.5 million (Q1)

♦Inventory - $1.8 million (Q3)

♦Inefficiencies and other - $5.9 million (Q1-Q4)

§ Actions

qInstalled new leadership

qInvested in people, tooling, and equipment to rebuild infrastructure

§ Results

qResumed production for major customer

qAS9100 certification reinstituted

qTargeting break-even results late 2009/early 2010

Aerospace:

üAppointed Greg Steiner, President Kaman Aerospace Group

üHelicopters - Settlement negotiated with Commonwealth of Australia

üAerostructures - Awarded multi-year contract with a potential value in excess of
$100 million to supply Boeing with components for the A-10 re-wing program

üAerostructures - European expansion through established footprint; acquired

Brookhouse Holdings, Limited

Slide 17

üSpecialty Bearings - Kamatics received UTC Supplier Gold Award

2008 SIGNIFICANT EVENTS

2008 SIGNIFICANT EVENTS

Slide 18

Industrial Distribution:

üAcquired Industrial Supply Corporation of Richmond, VA on 3/31/08

üSavannah Distribution Center opened to support increased business in the
Southeast

üAcquired Industrial Rubber and Mechanics, Inc. of Puerto Rico on 10/3/08

Corporate:

üClosed on a $50 million term loan in October

üAppointed William Denninger, CFO to replace the retired Robert Garneau

Aerospace:

üHelicopters - Took title to eleven SH-2G(I) aircraft formerly belonging to

the Commonwealth of Australia

Slide 19

Corporate:

üAppointed Phil Goodrich VP Business Development with responsibility for:

1. Strategic planning and development

2. Mergers and acquisitions

3. New market development

4. Strategic Goal Deployment Initiative

2009 SIGNIFICANT EVENTS

§Aerostructures - - Follow through on significant new business

opportunities (e.g. JSF, C-27J)

§Precision Products - Obtain sole source award with higher price on JPF
USG sales under options 6, 7 and 8

§Industrial Distribution - capitalize on acquisition opportunities for
regional/local competitors

§Company-wide - - achieve $35M To $40M free cash flow

Slide 20

§Helicopters - - Comprehensive marketing program for eleven SH-2G(I) aircraft,

significant P&L upside potential

2009 KEY INITIATIVES

FINANCIAL REVIEW

38%

2008 Sales $1.25 billion

Slide 21

1 Corporate expense percentage is to Total Sales

(In thousands) SEGMENTS	Net Sales		Operating Income/(Loss)		Operating Margin
	2008	2007	2008	2007	2008	2007
1.Industrial Distribution	$776,970	$700,174	$35,397	$33,038	4.6%	4.7%
2.Specialty Bearings	141,540	124,009	50,168	41,387	35.4%	33.4%
3.Precision Products	118,009	87,455	7,299	10,546	6.2%	12.1%
4.Helicopters	69,435	72,031	10,066	2,631	14.5%	3.7%
5.Aerostructures	147,641	102,362	(5,925)	13,219	(4.0%)	12.9%
6.Subtotal Aerospace	476,625	385,857	61,608	67,783	12.9%	17.6%
7.Net gain/(loss) on sale of assets			221	2,579
8.Corporate expense			(31,960)	(38,672)	1 (2.5%)	1(3.6%)
9.Sales/Op. inc. from continuing ops	$1,253,595	$1,086,031	$65,266	$64,728	5.2%	6.0%

Slide 22

INCOME STATEMENT HIGHLIGHTS
For years ended December 31, 2008 and 2007

(In Millions)	As of 12/31/08	As of 12/31/07	As of 12/31/06
1.Cash and Cash Equivalents	$8.2	$73.9	$12.7
2.Notes Payable and Long-term Debt	$94.2	$12.9	$74.4
3.Shareholders’ Equity	$274.3	$394.5	$296.6
4.Debt as % of Total Capitalization	25.6%	3.2%	20.1%
5.Capital Expenditures (YTD Continuing Operations)	$16.0	$14.2	$12.1
6.Depreciation & Amortization (YTD Continuing Operations)	$12.8	$9.9	$8.8

BALANCE SHEET AND CAPITAL FACTORS

Slide 23

Slide 24

Forward-Looking Statements

This presentation may contain forward-looking information relating to the company's business and prospects, including the Aerospace and
Industrial Distribution businesses, operating cash flow, and other matters that involve a number of uncertainties that may cause actual results
to differ materially from expectations. Those uncertainties include, but are not limited to: 1) the successful conclusion of competitions for
government programs and thereafter contract negotiations with government authorities, both foreign and domestic; 2) political conditions in
countries where the company does or intends to do business; 3) standard government contract provisions permitting renegotiation of terms
and termination for the convenience of the government; 4) domestic and foreign economic and competitive conditions in markets served by
the company, particularly the defense, commercial aviation and industrial production markets; 5) risks associated with successful
implementation and ramp up of significant new programs; 6) management's success in resolving operational issues at the Aerostructures
Wichita facility, including successful negotiation of the Sikorsky Canadian MH-92program; 7) successful resale of the aircraft, equipment and
spare parts obtained in connection with the AustraliaSH-2G (A) program termination;8) receipt and successful execution of production
orders for the JPF U.S. government contract, including the exercise of all contract options, successful negotiation of price increases with the
U.S. government, and receipt of orders from allied militaries, as all have been assumed in connection with goodwill impairment evaluations; 9)
satisfactory resolution of the company’s litigation with the U.S. Army procurement agency relating to the FMU-143 program; 10) continued
support of the existing K-MAX helicopter fleet, including sale of existing K-MAX spare parts inventory; 11) cost growth in connection with
environmental remediation activities at the Bloomfield, Moosup and New Hartford, CT facilities and our recently acquired Brookhouse facilities;
12) profitable integration of acquired businesses into the company's operations; 13) changes in supplier sales or vendor incentive policies; 14)
the effects of price increases or decreases; 15) pension plan assumptions and future contributions; 16) future levels of indebtedness and
capital expenditures; 17) continued availability of raw materials and other commodities in adequate supplies and the effect of increased costs
therefor; 18) the effects of currency exchange rates and foreign competition on future operations; 19) changes in laws and regulations, taxes,
interest rates, inflation rates, general business conditions and other factors;20) future repurchases and/or issuances of common stock; and
21) other risks and uncertainties set forth in the company's annual, quarterly and current reports, and proxy statements. Any forward-looking
information provided in this presentation should be considered with these factors in mind. The company assumes no obligation to update any
forward-looking statements contained in this presentation.

Contact:
Eric B. Remington, Vice President
(860) 243-6334
Eric.Remington@kaman.com