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): January 14, 2010

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 the Company’s senior management present information about the Company to investors.  A copy of the investor presentation dated January 14, 2010 is attached as Exhibit 99.1.  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 January 14, 2010.  

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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: January 14, 2010

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KAMAN CORPORATION AND SUBSIDIARIES

Index to Exhibits

Exhibit 99.1 Investor Presentation dated January 14, 2010.

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EX-99.1

Kaman Corporation (NASDAQ-GS: KAMN)

Kaman Corporation (NASDAQ-GS: KAMN)

CJS Securities, Inc.

10th Annual “New Ideas for the New Year” Investor Conference

January 14, 2010

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Distribution

57%

Aerospace

43%

2009 Nine Month Sales

Distribution

14%

Aerospace

86%

2009 Nine Month

Operating Income

2009 YTD Sales 9/30/09 $877M;

4,100 Employees

Aerospace

Industrial

Distribution

NASDAQ GS: KAMN

KAMAN CORPORATION

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AEROSPACE SEGMENT

2009 YTD Nine Month Sales $381 million

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Bloomfield, CT

700,000 sq ft

•Mechanical

•Composites

•Large Assembly

Wichita, KS

168,000 sq ft

•Composites

•Structural

Bondments

•Composite

Assemblies

Jacksonville, FL

220,000 sq ft

•Fabrication-

ØMachining

ØSheet Metal Form

ØExtrusion

•Assembly

ØMajor Subs

ØFinal Structure

•Product Integration

Darwen, UK

208,000 sq ft

•Composites

•Metal Fabrication

•Tooling

•Assembly

AEROSPACE - Primary Facilities

•Helicopter assembly

and test facilities

•Bearing manufacturing

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Commercial

Military

Business/Regional

28%

69%

3%

Note:Based on YTD sales at 10/2/09

AEROSPACE - Business Mix

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Manufacture of cockpit

Blade erosion coating

Manufacture and assembly
of tail rotor pylon

Sub assembly and
joining of fuselage

Blade manufacture, repair
and overhaul

Driveline couplings

Bushings

Flight control bearings

AEROSPACE - Programs/Capabilities

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JSF

C-17

A-10

E-2D

Typhoon

UH-60

A400

CH-47

AEROSPACE - Principal Military Platforms

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Fixed trailing edge

Fuel tank access doors

Top covers

Bearing products

Nose landing gear

Rudder

Main landing gear

Flaps

Horizontal stabilizer

Doors

Engine/thrust reverser

Flight controls

AEROSPACE - Programs/Capabilities

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AEROSPACE - Commercial Significant Platforms

Airbus A320

Boeing 777

K-MAX

Airbus A330

Bell Helicopter

Boeing 787

Boeing 737

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Kaman K-MAX

§K-MAX Commercial Helicopter
Support

§Teamed with Lockheed Martin to
develop an unmanned military version
of the K-Max

AEROSPACE - Kaman Helicopters

Kaman SH-2G Naval Helicopters

§Support and Upgrades

§Currently in service with Egypt,
New Zealand, Poland

§Remarketing eleven SH-2G(I)s,
formerly Royal Australian Navy aircraft

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Aerospace - Programs/Capabilities

Other:

§Composite tooling design and
manufacture

§Joint Programmable Fuze

§Missile fuzes

•Tomahawk

•Harpoon

•AMRAAM

•Maverick

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AEROSPACE - Market Environment/Opportunities

§Stable programs

•C-17

•JPF

•BLACKHAWK

§Ramp up programs

•A-10 re-wing

•Bell Helicopters

•B787

•JSF

•A380

§Continuation of outsourcing trend - primes and super tier 1’s

§Unmanned K-MAX program

§Sale of SH-2G(I) helicopters

§Acquisitions providing complementary capabilities and platforms

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INDUSTRIAL DISTRIBUTION SEGMENT

2009 YTD Nine Month Sales $496 million

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INDUSTRIAL DISTRIBUTION SEGMENT

Third largest industrial distribution firm serving $13 billion of a $23 billion power
transmission market.

185 branches and 5 distribution centers

Major product categories:

§Bearings

§Mechanical and electrical power transmission

§Motion control

§Material handling

§Fluid power

Statistics

§CAGR 2003 to 2008 = 9.3%

§Sales per employee $435,000

§1,700 employees (approximately one third outside sales)

§SKUs 3.25 million

§48,000 customers

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INDUSTRIAL DISTRIBUTION SEGMENT

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INDUSTRIAL DISTRIBUTION SEGMENT - Key Suppliers

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INDUSTRIAL DISTRIBUTION - Market Environment/Opportunities

§Market recovery - positive ISM index points to improving market
environment

§Expand our geographic footprint through acquisitions 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

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KAMAN CORPORATION - Summary

§High margin aerospace business led by specialty bearing product lines

§Industrial distribution business gaining market share in a fragmented
market via national account growth, geographic and product line
expansion

§Long-term organic growth opportunities in both segments

§Potential to accelerate growth and increase scale through acquisitions

§Initiatives to optimize profit, increase cash flow generation, strengthen
competitive position

§Strong balance sheet to fund growth and strategic initiatives

Kaman Corporation (NASDAQ-GS: KAMN)

Kaman Corporation (NASDAQ-GS: KAMN)

Q&A

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APPENDIX

43%

2009 YTD Nine Month Sales $877 million

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OUTLOOK

Aerospace segment

§Full year 2009 sales expected to be up 5% to 7% year-over-year

§Operating margin for 2009 expected to be in the “mid-teens”

§Stable military programs - limited near term impact from DOD reductions

Industrial Distribution segment

§Full year 2009 sales are expected to decline toward the high end of stated range
of down 10% to 15%

§Full year 2009 operating margin is expected to be between 2.1% and 2.5%

Cash Flow

§Full year 2009 free cash flow is expected to be between $35M and $40M

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1 Corporate expense percentage is to Total Sales

(In thousands) SEGMENTS	Net Sales		Operating Income/(Loss)		Operating Margin
	Q3 2009	Q3 2008	Q3 2009	Q3 2008	Q3 2009	Q3 2008
Industrial Distribution	$162,921	$204,275	$3,388	$10,704	2.1%	5.2%
Aerospace	126,980	130,858	19,906	20,865	15.7%	15.9%
Net gain/(loss) on sale of assets			(3)	301
Corporate expense			(8,625)	(7,422)	1 (3.0%)	1(2.2%)
Sales/Op. inc. from continuing ops	$289,901	$335,133	$14,666	$24,448	5.1%	7.3%

INCOME STATEMENT HIGHLIGHTS
For quarters ended October 2, 2009 and September 26, 2008

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1 Corporate expense percentage is to Total Sales

(In thousands) SEGMENTS	Net Sales		Operating Income/(Loss)		Operating Margin
	YTD 2009	YTD 2008	YTD 2009	YTD 2008	YTD 2009	YTD 2008
Industrial Distribution	$495,781	$589,773	$9,232	$29,512	1.9%	5.0%
Aerospace	381,378	347,426	56,803	46,920	14.9%	13.5%
Net gain/(loss) on sale of assets			37	94
Corporate expense			(25,836)	(23,704)	1 (2.9%)	1(2.5%)
Sales/Op. inc. from continuing ops	$877,159	$937,199	$40,236	$52,822	4.6%	5.6%

INCOME STATEMENT HIGHLIGHTS
For nine months ended October 2, 2009 and September 26, 2008

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(In Millions)	As of 10/2/09	As of 12/31/08	As of 12/31/07
Cash and Cash Equivalents	$16.6	$8.2	$73.9
Notes Payable and Long-term Debt	$78.7	$94.2	$12.9
Shareholders’ Equity	$299.8	$274.3	$394.5
Debt as % of Total Capitalization	20.8%	25.6%	3.2%
Capital Expenditures (YTD Continuing Operations)	$8.9	$16.0	$14.2
Depreciation & Amortization (YTD Continuing Operations)	$11.8	$12.8	$9.9

BALANCE SHEET AND CAPITAL FACTORS

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Sales

EPS

Stock Price (one year)

Return on Invested Capital

PERFORMANCE METRICS

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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;7) successful negotiation of the Sikorsky Canadian MH-
92program; 8) successful resale of the SH-2G(I) aircraft, equipment and spare parts;9) receipt and successful execution of
production orders for the JPF U.S. government contract, including the exercise of all contract options and receipt of orders from allied
militaries, as all have been assumed in connection with goodwill impairment evaluations; 10) satisfactory resolution of the company’s
litigation relating to the FMU-143 program; 11) continued support of the existing K-MAX helicopter fleet, including sale of existing K-
MAX spare parts inventory; 12) cost growth in connection with environmental remediation activities at the Bloomfield, Moosup and
New Hartford, CT facilities and our U.K. facilities; 13) profitable integration of acquired businesses into the company's operations; 14)
changes in supplier sales or vendor incentive policies; 15) the effects of price increases or decreases; 16) the effects of pension
regulations, pension plan assumptions and future contributions; 17) future levels of indebtedness and capital expenditures; 18)
continued availability of raw materials and other commodities in adequate supplies and the effect of increased costs for such items;
19) the effects of currency exchange rates and foreign competition on future operations; 20) changes in laws and regulations, taxes,
interest rates, inflation rates and general business conditions; 21) future repurchases and/or issuances of common stock; and 22)
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