8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

February 6, 2006           (February 2, 2006)

Date of report      (Date of earliest event reported)

Hexcel Corporation

(Exact Name of Registrant as Specified in Charter)

Delaware	1-8472	94-1109521
(State of Incorporation)	(Commission File No.)	(IRS Employer Identification No.)

Two Stamford Plaza
281 Tresser Boulevard
Stamford, Connecticut  06901-3238
(Address of Principal Executive Offices and Zip Code)

(203) 969-0666
(Registrant’s telephone number, including area code)

N/A
(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 Communication 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))

Section 2 – Financial Information

Item 2.02   Results of Operations and Financial Condition

On January 25, 2006, Hexcel Corporation, a Delaware corporation (the “Company”), issued a press release in which the Company announced its financial results for its fiscal quarter and year ended December 31, 2005.  A copy of the press release was furnished as Exhibit 99.1 to a Current Report on Form 8-K filed on January 27, 2006.

It was recently discovered that the reported amounts for the quarter and year ended December 31, 2004 in the “Cash flows from investing activities” section of the Condensed Consolidated Statements of Cash Flows included in the press release contain certain typographical errors.  A copy of the Condensed Consolidated Statements of Cash Flows, revised to correct these typographical errors, is being furnished as Exhibit 99.1 and is incorporated herein by reference.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(c)   Exhibits

99.1Revised Condensed Consolidated Statements of Cash Flows from the press release in which the Company announced its financial results for its fiscal quarter and year ended December 31, 2005.

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Signature

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

	HEXCEL CORPORATION
February 6, 2006
	/s/ William J. Fazio
	William J. Fazio
	Corporate Controller and
	Chief Accounting Officer

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Exhibit Index

Exhibit No.	Description
99.1	Revised Condensed Consolidated Statements of Cash Flows from the press release in which the Company announced its financial results for its fiscal quarter and year ended December 31, 2005.

EX-99.1

Exhibit 99.1

Hexcel Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows

	Unaudited
	Quarter Ended December 31,						Year Ended December 31,
(In millions)	2005			2004			2005			2004
Cash flows from operating activities
Net income	$	134.8		$	7.6		$	139.7		$	28.8
Reconciliation to net cash provided by operating activities:
Depreciation and amortization	11.8			13.1			47.3			52.0
Amortization of debt discount and deferred financing costs	0.3			0.7			2.0			3.3
Deferred income taxes (benefit), including reversal of  valuation allowance	(117.8		)	(0.6		)	(116.8		)	(1.1		)
Business consolidation and restructuring expenses	1.1			0.9			2.9			2.9
Business consolidation and restructuring payments	(0.8		)	(0.9		)	(2.7		)	(4.7		)
Loss on early retirement of debt	—			1.6			40.9			3.2
Equity in earnings of affiliated companies	(1.0		)	(0.3		)	(3.6		)	(1.1		)
(Increase) decrease in accounts receivable	4.4			1.5			(16.9		)	(19.3		)
(Increase) decrease in inventories	8.9			7.4			(16.8		)	(17.5		)
(Increase) decrease in prepaid/other current assets	2.0			0.4			4.4			(7.4		)
(Increase) decrease in accounts payable/accrued liabilities (a)	(1.6		)	9.0			(11.6		)	45.9
Changes in non-current assets and long-term  liabilities and other	1.6			—			3.7			0.9
Net cash provided by operating activities	43.7			40.4			72.5			85.9
Cash flows from investing activities
Capital expenditures	(30.3		)	(17.8		)	(62.7		)	(38.1		)
Deposits for capital purchases	(4.2		)	—			(4.2		)	—
Proceeds from the sale of assets	—			—			1.4			6.5
Dividends from affiliated companies	1.0			1.5			3.1			3.0
Investment in affiliated companies	—			—			(7.5		)	—
Net cash used for investing activities	(33.5		)	(16.3		)	(69.9		)	(28.6		)
Cash flows from financing activities
Proceeds from 6.75% senior subordinated notes	—			—			225.0			—
Proceeds from (repayments of) senior secured credit  facilities, net	(5.0		)	—			190.0			(4.1		)
Repayments of 9.75% senior subordinated notes	—			(24.1		)	(285.3		)	(47.0		)
Redemption of 7.0% convertible subordinated debentures	—			(1.7		)	(19.2		)	(1.7		)
Redemption of 9.875% senior secured notes	—			—			(125.0		)	—
Proceeds from (repayments of) capital lease obligations  and other debt, net	(1.3		)	(1.3		)	0.7			(1.6		)
Issuance costs related to debt offerings	—			—			(12.1		)	—
Debt retirement costs	—			—			(30.0		)	—
Activity under stock plans	5.1			9.2			15.2			12.8
Net cash used for financing activities	(1.2		)	(17.9		)	(40.7		)	(41.6		)
Effect of exchange rate changes on cash and cash equivalents	(0.3		)	(0.5		)	1.9			(0.2		)
Net increase (decrease) in cash and cash equivalents	8.7			5.7			(36.2		)	15.5
Cash and cash equivalents at beginning of period	12.3			51.5			57.2			41.7
Cash and cash equivalents at end of period	$	21.0		$	57.2		$	21.0		$	57.2
Supplemental Data:
Cash interest paid	$	2.9		$	7.4		$	40.0		$	47.1
Cash taxes paid	$	2.4		$	2.6		$	12.0		$	10.4

(a)The quarter ended December 31, 2005 included the payment of the $15.8 million litigation settlement accrued in the third quarter of 2005.