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 11, 2011

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))

1

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 12, 2011 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 January 12, 2011.

2

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: January 11, 2011

3

KAMAN CORPORATION AND SUBSIDIARIES

Index to Exhibits

Exhibit	Description
99.1	Investor Presentation dated January 12, 2011	Attached

4

EX-99.1

Kaman Corporation (NASDAQ-GS: KAMN)

Kaman Corporation (NASDAQ-GS: KAMN)

Investor Presentation

January 12, 2011

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

§Participation on Military platforms 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

Operator of two diversified 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 Strategy

§GROWTH - Increased capabilities through both internal
development and acquisitions to win major OEM and Tier 1
programs

§DIVERSIFICATION - Expand commercial content via growth
initiatives to achieve a better balance of aerospace revenues

§PROFITABILITY - Expand engineering capability to provide
differentiation and improved margins

6

Progress in Aerospace

§Global Aerosystems acquisition

-Strongly supports strategic initiative to grow design content for
higher more protected margins (life of program vs. build to print)

-Strong experienced base of 120 engineers

-Key customer positions

•Boeing, Kawasaki Heavy Industries, Mitsubishi Aircraft Corporation,
Mitsubishi Heavy Industries, Bombardier, Aviation Partners Boeing and
the Department of Defense

§Team K-Max® awarded deployment contract for two unmanned
aerial systems

§Building backlog through contract awards and an expanded
customer base

7

Aerospace End-Markets

Business/

Regional

3%

Military

69%

Commercial

28%

Based on 2009 Sales

8

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

9

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

10

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

11

Strong Base Business

§BLACK HAWK

§Joint Programmable Fuze (JPF)

§C-17

12

Growth Programs

§A-10 re-wing

§Boeing 787

§F-35 (Joint Strike Fighter)

§Airbus A380

§Bell Helicopters

13

UP

25%

$524 Million

at 10/01/10

$418 Million

at 10/02/09

Opportunities Are Driving Backlog

14

Opportunities - New programs

§Unmanned K-MAX®

§SH-2G(I)

§Airbus A350

§JSF STOVL lift fan application

§AW 169

§Sukhoi Superjet 100

15

INDUSTRIAL DISTRIBUTION

2010 Nine Month YTD Sales $613 Million

16

Deliver Profitable Growth

Profitability

Operating ROS3.4% à 7.0%

I

II

III

Strategic Pricing
Management

Optimized Supply
Chain & Logistics

Higher Margin Product
Lines

Global Sourcing /
Leverage purchasing

9

10

11

12

Growth

Sales$800M+ à $1.5B

2

3

4

1

Productivity

Sales/employee$430k à $600k

6

7

8

5

Industrial Distribution Strategy

17

Executing Strategy and Building Network

18

§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

19

Industrial Distribution

20

§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

-Sales trends remained consistent in Q410

-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

Industrial Distribution
Organic Sales Per Day Trends

22

Industrial Distribution
Growth Opportunities

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

§Enhance margins through new higher margin product lines, a focus
on pricing management and leverage from higher sales

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

§Expand geographic footprint through additional acquisitions to
enhance Kaman’s position in the competition for national accounts

§Improve productivity through technology investments to enhance
return on sales

23

Metrics That Impact Management
Compensation

§71% of CEO’s compensation in 2009 was performance related

§Annual cash incentive

–Return on investment (Corporate* and Business Units)

–EPS growth (Corporate*)

–EPS performance against plan (Corporate*)

–Growth in operating income (Business Units)

–Annual objectives determined by business priorities (Business Units)

§Long-term incentives

–Return on investment*

–Growth in EPS*

–Total shareholder return*

*Based on multi-year comparisons against the Russell 2000 index

24

Investment Merits

§Leading Market Position in Both Business Segments

§Two Distinct Markets Balance Overall Company Performance

§Continued Focus on Profit Optimization, Increasing Cash
Flows

and Strengthening Competitive Position

§Strong Liquidity and Conservative Financial Profile

§Disciplined and Focused Acquisition Strategy

§Experienced Management Team

25

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)

26

FINANCIAL SUMMARY

36%

2010 Nine Month YTD Sales $953 Million

27

(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		126,980	20,986(2)	19,906	15.7%(2)	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

28

(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

29

APPENDIX

30

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

31

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

32

Aerospace Awards

§UTC Supplier Gold at Kamatics

§Top 100 Supplier to Sikorsky

-Kamatics

-Aerostructures - Jacksonville

§Aviation Week - Top Performing Companies

-2009 Five-Year Most Improved

33

Unmanned K-MAX® Award

34

Recent JPF Contract Awards

35

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