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): November 16, 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 November 16, 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

The following documents are furnished as Exhibits pursuant to Items 7.01 hereof:

Exhibit 99.1 - Investor Presentation dated November 16, 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, Chief Legal Officer and Secretary

Date: November 16, 2010

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KAMAN CORPORATION AND SUBSIDIARIES

Index to Exhibits

Exhibit	Description
99.1	Investor Presentation dated November 16, 2010	Attached

4

EX-99.1

Kaman Corporation (NASDAQ-GS: KAMN)

Kaman Corporation (NASDAQ-GS: KAMN)

Stephens

Fall Investment Conference

November 16, 2010

2

Investment Summary

§Significant long-term organic growth opportunities in Aerospace
and Industrial Distribution

§High margin Aerospace business anchored by market leading
position in specialty bearings

§Military exposure in Aerospace provides recurring revenue stream

§Industrial Distribution business benefiting from industrial sector
momentum and gaining scale via recent acquisitions

§Investing in new product development, new product applications,
acquisitions and technology to position the Company for long-term
growth

§Strong balance sheet to drive growth and strategic initiatives

3

Diversified operator of two major business segments:

(2010 Nine Month YTD Sales $953 Million)

Industrial Distribution

Aerospace

3rd largest power transmission/motion
control industrial distributor in North
America

Manufacturer and subcontractor in the
global commercial and military
aerospace and defense markets

64% of 2010 Nine Month YTDRevenue

34% of 2010 Nine Month YTD Operating Profit

36% of 2010 Nine Month YTDRevenue

66% of 2010Nine Month YTDOperating Profit

Corporate Overview

4

AEROSPACE

2010 Nine Month YTD Sales $340 Million

5

Aerospace End-Markets

Business/

Regional

3%

Military

69%

Commercial

28%

Based on 2009 Sales

6

Fixed trailing edge

Fuel tank access doors

Top covers

Red denotes bearing products

Nose landing gear

Rudder

Main landing gear

Flaps

Horizontal stabilizer

Doors

Engine/thrust reverser

Aircraft Programs/Capabilities

Flight controls

7

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

Aircraft Programs/Capabilities

Red denotes bearing products

8

Market leading self lube airframe bearing
product lines

§Content on virtually every aircraft manufactured today
with a growing installed base

§Proprietary technology:

–KAron® bearing liner system

–KAflex® driveline couplings

–Tufflex® machined driveline couplings

§95% of sales are for custom engineered applications

§Operational excellence through lean manufacturing

§Industry leading lead times

9

Opportunities - Existing funded programs

§BLACK HAWK

§Joint Programmable Fuze (JPF)

§C-17

10

Opportunities - Ramp up programs

§A-10 re-wing

§Boeing 787

§F-35 (Joint Strike Fighter)

§Airbus A380

§Bell Helicopters

11

UP

25%

$524 Million

at 10/01/10

$418 Million

at 10/02/09

Opportunities Are Driving Backlog

12

Opportunities - New programs

§JSF STOVL lift fan application

§AW 169

§Sukhoi Superjet 100

§Airbus A350

§Unmanned K-MAX®

§SH-2G(I)

13

§$22 billion market expected to increase 5% to 7% per year

§Rising air traffic demand

§High OEM backlog with increasing demand

–Boeing expects 29,000 new planes to enter commercial fleets by
2028

§OEMs are outsourcing an increasing percentage of work

§Increasing composite content

§Consolidating market is decreasing the number of small
independent suppliers

Source: Wall Street Research

Positioned to benefit from
aerostructure outsourcing trends

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INDUSTRIAL DISTRIBUTION

2010 Nine Month YTD Sales $613 Million

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§Third largest industrial distribution firm serving $15 billion of the $23
billion power transmission / motion control market.

§207 branches and 5 distribution centers

§Major product categories:

-Bearings

-Mechanical and electrical power transmission

-Fluid Power

-Motion control

-Automation

-Material handling

§Metrics:

-$371,000 sales per employee (2009)

-2,000 employees (approximately one third outside sales)

-3.5 million SKUs

-50,000+ customers

Industrial Distribution Overview

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Broad and Growing Distribution Network

A

A

A

Minarik

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§Organic growth strong

-Q310 up 17.1%, Q210 up 17.5%

-OEM markets extremely strong Q310 OEM sales (base business) up 45%

-MRO markets turned positive in Q2

-Broad based growth across geographies and end markets

§Acquisitions accelerating top line and building scale

-Added geographic coverage, product line expansions, strong franchises

-Acquisitions expected to add $95 to $100 million in 2010

-Minarik and Allied expected to be accretive in 2010

Growing via Positive Sector Fundamentals
and Acquisitions

18

Industrial Distribution
Organic Sales Per Day Trends

19

Industrial Distribution
Sales Per Day Trends

20

§Organic growth strong

-Q310 up 17.1%, Q210 up 17.5%

-OEM markets extremely strong

-MRO markets turned positive in Q2

-Broad based growth across geographies and end markets

§Acquisitions accelerating top line and building scale

-Added geographic coverage, product line expansions,
strong franchises

-Acquisitions expected to add $95 to $100 million in 2010

-Minarik and Allied expected to be accretive in 2010

Growing via Positive Sector Fundamentals
and Acquisitions

21

Acquisitions

3 Acquisitions Completed to Date in 2010:

§Minarik (April 30, 2010)

-Only national distributor of motion control & automation products

-2009 sales: $84 million; Purchase price: $42.5 million

-Expands geographic coverage in 3 of the top 15 markets where Kaman has not been
well represented (e.g. San Jose, Cleveland, Chicago)

-Diversifies traditional MRO customer base through primary OEM presence

-Expands product offering; positions Kaman as a leader in motion control &
automation

§Allied Bearings Supply (April 5, 2010)

-Distributor of bearings, power transmission, material handling, and industrial supplies

-2009 sales: $22 million; Purchase price: $15 million

-Expands Kaman’s coverage in Oklahoma, Arkansas and Texas

-Adds volume in core product lines and provides access to chemical and petro-
chemical industries and oil and gas industries

§Fawick de Mexico (February 26, 2010)

-Mexico City based fluid power distributor with coverage throughout most of Mexico

-2009 sales: ~$4 million (USD); Purchase price: ~$5.0 million (USD)

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Industrial Distribution
Growth Opportunities

§Broaden product offering organically and through acquisition to win
additional business from existing customers and gain market share
via new customer additions

§Enhance margins through a focus on pricing management

§Recognize sales and cost synergies from the three acquisitions
completed in 2010

§Leverage higher sales to improve operating margin

§Expand geographic footprint through additional acquisitions in
major industrial markets to enhance Kaman’s position in the
competition for national and regional accounts

§Improve productivity through technology investments to enhance
return on sales

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Key Takeaways

§Achieved strong Q3 performance after first halfdisappointments

§High margin Aerospace business anchored by market leading
position in specialty bearings

§Implementing strategy to grow Industrial Distribution and make it
significantly more profitable

§Investing in new product development, new product applications,
and technology to position the Company for long-term growth

§Acquisitions are a key to growth strategy and we have the balance
sheet and financial strength to execute the strategy

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Q&A

25

FINANCIAL SUMMARY

36%

2010 Nine Month YTD Sales $953 Million

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(1) Corporate expense percentage is to Total Sales
(2) As Adjusted

SEGMENT PERFORMANCE (In thousands)	Net Sales		Operating Income/(Loss)		Operating Margin
	Q3 2010	Q3 2009	Q3 2010	Q3 2009	Q3 2010	Q3 2009
Industrial Distribution	$223,127	$162,921	$8,494	$3,388	3.8%	2.1%
Aerospace	134,118(2)	126,980	20,986(2)	19,906		15.7%
Net gain/(loss) on sale of assets			(5)	(3)
Corporate expense			(7,914)	(8,625)	(2.2%)(1)	(3.0%)(1)
Sales/Op. inc. from continuing ops	$ 357,245(2)	$289,901	$ 21,561(2)	$14,666	6.0%	5.1%
GAAP reconciliation: As reportedAerospace	$136,418		$19,017
Aerospace contract settlement	(2,259)		1,969
Adjusted - Aerospace	$ 134,118(2)		$ 20,986(2)

Recent Results

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(In Millions)	As of 10/01/10	As of 12/31/09	As of 12/31/08
Cash and Cash Equivalents	$11.9	$18.0	$8.2
Notes Payable and Long-term Debt	$106.3	$63.6	$94.2
Shareholders’ Equity	$353.4	$312.9	$274.3
Debt as % of Total Capitalization	23.1%	16.9%	25.6%
Capital Expenditures	$    14.5(1)	$13.6	$16.0
Depreciation & Amortization	$     15.3(1)	$16.1	$12.8

Balance Sheet and Capital Factors

(1)YTD at 10/1/10

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APPENDIX

29

Source:Boeing and Airbus historical data and ISM

Aerospace Orders and Deliveries vs. ISM Index

Why Two Businesses? Diversifies Revenue

0

500

1,000

1,500

2,000

2,500

3,000

30.0

35.0

40.0

45.0

50.0

55.0

60.0

65.0

70.0

Boeing

Airbus

Boeing

Airbus

ISM index

Orders

Deliveries

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Kamatics Lean Journey

§Bloomfield Kamatics facility has successfully
implemented lean manufacturing processes

§Since introducing lean in 2000 Kamatics has:

-Doubled sales

-Increased return on identifiable assets by more than
5,400 basis points

-Kept headcount constant

-Doubled sales per employee

-Increased on-time deliveries to more than 90% from less
than 50%

-Developed industry leading lead-times of 4-8 weeks from
12-18 weeks

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FORWARD-LOOKING STATEMENTS

This presentation contains 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) potential difficulties associated with variable acceptance test results, given sensitive production materials and extreme test parameters;
7) management's success in increasing the volume of profitable work at theWichita facility; 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 estimates associated 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,proxy statements and other filings with the U.S. Securities and Exchange Commission. 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 Remington

V.P., Investor Relations

(860) 243-6334

Eric.Remington@kaman.com