KAI
$92.94
Kadant
($1.07)
(1.14%)
Earnings Details
3rd Quarter September 2019
Tuesday, October 29, 2019 4:35:00 PM
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Summary

Kadant Guides Below Estimates for the Fourth Quarter

Kadant (KAI) reported 3rd Quarter September 2019 earnings of $1.41 per share on revenue of $173.5 million. The consensus earnings estimate was $1.27 per share. Revenue grew 4.7% on a year-over-year basis.

The company said it expects fourth quarter earnings of $1.23 to $1.31 per share on revenue of $172.0 million to $176.0 million. The current consensus earnings estimate is $1.38 per share on revenue of $183.6 million for the quarter ending December 31, 2019.

Kadant Inc develops, manufactures, and markets equipment and products for the papermaking, paper recycling and other process industries. It also designs and manufactures stranders and related equipment used in the production of oriented strand board.

Results
Reported Earnings
$1.41
Earnings Whisper
-
Consensus Estimate
$1.27
Reported Revenue
$173.5 Mil
Revenue Estimate
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Kadant Reports 2019 Third Quarter Results

WESTFORD, Mass., Oct. 29, 2019 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE: KAI) reported its financial results for the third quarter ended September 28, 2019.

Third Quarter 2019 Highlights

  • Revenue increased 5% to $174 million
  • GAAP diluted EPS decreased 14% to $1.41
  • Adjusted diluted EPS decreased 8% to $1.41
  • Net income decreased 14% to $16 million
  • Adjusted EBITDA decreased 4% to $32 million and represented 18.6% of revenue
  • Gross margin was 42.8%
  • Bookings increased 4% to $171 million
  • Cash flow from operations increased 51% to $26 million

Note: Adjusted diluted EPS, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP financial measures that exclude certain items as detailed later in this press release under the heading “Use of Non-GAAP Financial Measures.”

Management Commentary
“Following our strong first half of 2019, we had another quarter with excellent execution and we solidly beat our EPS guidance,” said Jeffrey L. Powell, president and chief executive officer of Kadant. “Strong operating performance in the third quarter across most of our segments led to one of our highest adjusted EBITDA results of $32 million, or 18.6 percent of revenue. We are particularly pleased with our cash flow from operations of $26 million, up 51 percent from the third quarter of 2018. Despite reduced project activity in China and softer demand for wood processing equipment in North America, our end-markets have remained stable with healthy demand for our parts and consumables.”

Third Quarter 2019 Results
Revenue increased five percent to $173.5 million compared to the third quarter of 2018, including $20.3 million from an acquisition and a $3.5 million decrease from the unfavorable effect of foreign currency translation. Excluding the impact of the acquisition and foreign currency translation, revenue decreased five percent compared to the third quarter of 2018. Gross margin was 42.8 percent. Net income was $16.1 million, or $1.41 per diluted share, in the third quarter of 2019 compared to $18.8 million, or $1.64 per diluted share in the third quarter of 2018. Adjusted diluted EPS decreased eight percent to $1.41 compared to $1.53 in the third quarter of 2018. Adjusted diluted EPS in the third quarter of 2018 excludes $0.03 of restructuring costs and a $0.14 discrete tax benefit.

Adjusted EBITDA decreased four percent to $32.3 million compared to $33.5 million in the third quarter of 2018. Adjusted EBITDA excludes $0.4 million of restructuring costs in the third quarter of 2018. Cash flows from operations increased 51 percent to $25.7 million compared to $17.0 million in the third quarter of 2018. Bookings increased four percent to $170.9 million compared to $165.0 million in the third quarter of 2018, including $18.2 million from an acquisition and a $3.4 million decrease from the unfavorable effect of foreign currency translation. Excluding the impact of the acquisition and foreign currency translation, bookings decreased five percent compared to the third quarter of 2018.

Summary and Outlook
“Our performance to date has positioned us well for another record year of financial performance,” Mr. Powell continued. “However, softening macroeconomic conditions and the strengthening U.S. dollar have tempered our revenue outlook for the year. For 2019, we are lowering our revenue guidance primarily due to a negative effect of foreign currency translation of $5 million. We now expect revenue of $694 to $698 million, revised from our previous guidance of $700 to $710 million.

“Since our announcement in late 2018 of our plan to terminate a defined benefit pension plan in the U.S., we have been executing the required termination steps and anticipate completing this process in the fourth quarter. We have lowered our GAAP diluted EPS guidance for an estimated pre-tax pension termination cost of $7.2 million, or $0.64 per diluted share. We now expect to achieve GAAP diluted EPS of $4.38 to $4.46 in 2019, revised from our previous guidance of $4.97 to $5.09. The 2019 guidance also includes pre-tax amortization expense associated with acquired profit in inventory and backlog of $4.9 million, or $0.32 per diluted share, pre-tax acquisition costs of $0.8 million, or $0.06 per diluted share, and a discrete tax benefit of $1.2 million, or $0.10 per diluted share. Excluding these items, we expect adjusted diluted EPS of $5.30 to $5.38 for 2019, revised from our previous guidance of $5.26 to $5.38.

“For the fourth quarter of 2019, we expect GAAP diluted EPS of $0.59 to $0.67 on revenue of $172 to $176 million. The fourth quarter of 2019 guidance includes the pre-tax pension termination cost of $7.2 million, or $0.64 per diluted share. Excluding this expense, we expect adjusted diluted EPS of $1.23 to $1.31 for the fourth quarter of 2019.”

Conference Call
Kadant will hold a webcast with a slide presentation for investors on Wednesday, October 30, 2019, at 11:00 a.m. eastern time to discuss its third quarter performance, as well as future expectations. To access the webcast, including the slideshow and accompanying audio, go to www.kadant.com and click on “Investors.” To listen to the webcast via teleconference, call 888-326-8410 within the U.S., or 704-385-4884 outside the U.S. and reference participant passcode 8545699. Prior to the call, our earnings release and the slides used in the webcast presentation will be filed with the Securities and Exchange Commission and will be available at www.sec.gov. An archive of the webcast presentation will be available on our website until November 29, 2019.

Shortly after the webcast, Kadant will post its updated general investor presentation incorporating the third quarter results on its website at www.kadant.com in the “Investors” section.

Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including increases or decreases in revenue excluding the effect of acquisitions and foreign currency translation, adjusted operating income, adjusted net income, adjusted diluted earnings per share (EPS), earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, and adjusted EBITDA margin.

We believe these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, operating results, or future outlook. We believe that the inclusion of such measures helps investors gain an understanding of our underlying operating performance and future prospects, consistent with how management measures and forecasts our performance, especially when comparing such results to previous periods or forecasts and to the performance of our competitors. Such measures are also used by us in our financial and operating decision-making and for compensation purposes. We also believe this information is responsive to investors' requests and gives them an additional measure of our performance.

The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for the results of operations prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release have limitations associated with their use as compared to the most directly comparable GAAP measures, in that they may be different from, and therefore not comparable to, similar measures used by other companies.

Revenue included $20.3 million and $61.1 million from an acquisition in the third quarter and first nine months of 2019, respectively. Revenue also included a $3.5 million and $16.3 million unfavorable foreign currency translation effect in the third quarter and first nine months of 2019, respectively. We present increases or decreases in revenue excluding the effect of acquisitions and foreign currency translation to provide investors insight into underlying revenue trends.
                               
Our non-GAAP financial measures exclude restructuring costs, acquisition costs, amortization expense related to acquired profit in inventory and backlog, and discrete tax items. These items are excluded as they are not indicative of our core operating results and are not comparable to other periods, which have differing levels of incremental costs or income or none at all.

Third Quarter
Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:

  • Pre-tax restructuring costs of $0.4 million in 2018.

Adjusted net income and adjusted diluted EPS exclude:

  • After-tax restructuring costs of $0.3 million ($0.4 million net of tax of $0.1 million) in 2018.
  • A discrete tax benefit of $1.5 million in 2018 related to the reversal of reserves associated with uncertain tax positions covering multiple tax years.

First Nine Months
Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:

  • Pre-tax acquisition costs of $0.8 million in 2019.
  • Pre-tax expense related to amortization of acquired profit in inventory and backlog of $4.9 million in 2019.
  • Pre-tax restructuring costs of $1.7 million in 2018.
  • Pre-tax expense related to amortization of acquired backlog of $0.3 million in 2018.

Adjusted net income and adjusted diluted EPS exclude:

  • After-tax acquisition costs of $0.7 million ($0.8 million net of tax of $0.1 million) in 2019.
  • After-tax expense related to amortization of acquired profit in inventory and backlog of $3.7 million ($4.9 million net of tax of $1.2 million) in 2019.
  • A discrete tax benefit of $1.2 million in 2019.
  • After-tax restructuring costs of $1.3 million ($1.7 million net of tax of $0.4 million) in 2018.
  • After-tax expense related to amortization of acquired backlog of $0.2 million ($0.3 million net of tax of $0.1 million) in 2018.
  • A discrete tax benefit of $1.7 million in 2018.

Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in this press release.

Financial Highlights (unaudited)        
(In thousands, except per share amounts and percentages)    
           
    Three Months Ended Nine Months Ended
Consolidated Statement of Income Sept. 28, 2019 Sept. 29, 2018 Sept. 28, 2019 Sept. 29, 2018
           
Revenues $173,504  $165,745  $521,985  $469,851 
Costs and Operating Expenses:        
 Cost of revenues99,257  92,652  302,852  262,515 
 Selling, general, and administrative expenses47,097  42,888  144,883  133,796 
 Research and development expenses2,597  2,452  7,980  8,049 
 Restructuring costs  378    1,717 
   148,951  138,370  455,715  406,077 
Operating Income 24,553  27,375  66,270  63,774 
Interest Income 43  30  158  335 
Interest Expense (3,066) (1,738) (10,143) (5,320)
Other Expense, Net (98) (245) (296) (736)
         
Income Before Provision for Income Taxes21,432  25,422  55,989  58,053 
Provision for Income Taxes 5,219  6,443  12,310  15,575 
Net Income 16,213  18,979  43,679  42,478 
Net Income Attributable to Noncontrolling Interest (98) (195) (360) (487)
Net Income Attributable to Kadant $16,115  $18,784  $43,319  $41,991 
           
Earnings per Share Attributable to Kadant:        
  Basic $1.43  $1.69  $3.87  $3.79 
  Diluted $1.41  $1.64  $3.79  $3.69 
           
Weighted Average Shares:        
  Basic 11,267  11,101  11,198  11,078 
  Diluted 11,469  11,421  11,434  11,388 
           
    Three Months Ended Three Months Ended
Adjusted Net Income and Adjusted Diluted EPS (a) Sept. 28, 2019 Sept. 28, 2019 Sept. 29, 2018 Sept. 29, 2018
           
Net Income and Diluted EPS Attributable to Kadant, as Reported $16,115  $1.41  $18,784  $1.64 
Adjustments for the Following:        
 Restructuring Costs, Net of Tax     287  0.03 
 Amortization of Acquired Profit in Inventory and Backlog, Net of Tax (e,f) 16       
 Discrete Tax Items     (1,542) (0.14)
Adjusted Net Income and Adjusted Diluted EPS (a)$16,131  $1.41  $17,529  $1.53 
           
    Nine Months Ended Nine Months Ended
  Sept. 28, 2019 Sept. 28, 2019 Sept. 29, 2018 Sept. 29, 2018
           
Net Income and Diluted EPS Attributable to Kadant, as Reported $43,319  $3.79  $41,991  $3.69 
Adjustments for the Following:        
 Restructuring Costs, Net of Tax     1,308  0.11 
 Acquisition Costs, Net of Tax 699  0.06     
 Amortization of Acquired Profit in Inventory and Backlog, Net of Tax (e,f) 3,687  0.32  189  0.02 
 Discrete Tax Items (1,186) (0.10) (1,672) (0.15)
Adjusted Net Income and Adjusted Diluted EPS (a)$46,519  $4.07  $41,816  $3.67 
           
          Increase
          (Decrease)
          Excluding
    Three Months Ended   Acquisition
Revenues by Product Line Sept. 28, 2019 Sept. 29, 2018 Increase (Decrease) and FX (a,b)
Stock-Preparation $56,128  $62,983  $(6,855) $(5,321)
Fluid-Handling 32,734  33,083  (349) 382 
Doctoring, Cleaning, & Filtration 29,641  30,704  (1,063) (377)
 Papermaking Systems 118,503  126,770  (8,267) (5,316)
 Wood Processing Systems 32,731  37,042  (4,311) (3,717)
 Material Handling Systems 20,282    20,282   
 Fiber-Based Products 1,988  1,933  55  55 
    $173,504  $165,745  $7,759  $(8,978)
           
          Increase
          (Decrease)
          Excluding
    Nine Months Ended Increase (Decrease) Acquisition
  Sept. 28, 2019 Sept. 29, 2018  and FX (a,b)
Stock-Preparation $158,993  $164,842  $(5,849) $332 
Fluid-Handling 100,201  98,500  1,701  4,928 
Doctoring, Cleaning, & Filtration 88,591  87,469  1,122  3,901 
 Papermaking Systems 347,785  350,811  (3,026) 9,161 
 Wood Processing Systems 104,649  109,335  (4,686) (606)
 Material Handling Systems 61,063    61,063   
 Fiber-Based Products 8,488  9,705  (1,217) (1,217)
    $521,985  $469,851  $52,134  $7,338 
           
          Increase
          (Decrease)
          Excluding
    Three Months Ended   Acquisition
Revenues by Geography (c) Sept. 28, 2019 Sept. 29, 2018 Increase (Decrease) and FX (a,b)
North America $92,041  $74,089  $17,952  $(892)
Europe 49,146  44,912  4,234  6,507 
Asia 20,971  32,887  (11,916) (11,892)
Rest of World 11,346  13,857  (2,511) (2,701)
    $173,504  $165,745  $7,759  $(8,978)
           
          Increase
          (Decrease)
          Excluding
    Nine Months Ended Increase (Decrease) Acquisition
  Sept. 28, 2019 Sept. 29, 2018  and FX (a,b)
North America $291,584  $227,080  $64,504  $10,693 
Europe 131,944  131,437  507  8,645 
Asia 61,745  78,537  (16,792) (15,670)
Rest of World 36,712  32,797  3,915  3,670 
    $521,985  $469,851  $52,134  $7,338 
           
          Increase
          (Decrease)
          Excluding
    Three Months Ended Increase (Decrease) Acquisition
Bookings by Product Line Sept. 28, 2019 Sept. 29, 2018  and FX (b)
Stock-Preparation $63,890  $69,341  $(5,451) $(3,673)
Fluid-Handling 32,038  29,671  2,367  3,066 
Doctoring, Cleaning, & Filtration 26,779  27,788  (1,009) (458)
 Papermaking Systems 122,707  126,800  (4,093) (1,065)
 Wood Processing Systems 27,502  36,080  (8,578) (8,157)
 Material Handling Systems 18,247    18,247   
 Fiber-Based Products 2,474  2,120  354  354 
    $170,930  $165,000  $5,930  $(8,868)
           
          Decrease
          Excluding
    Nine Months Ended Increase (Decrease) Acquisition
  Sept. 28, 2019 Sept. 29, 2018  and FX (b)
Stock-Preparation $172,014  $187,073  $(15,059) $(8,119)
Fluid-Handling 100,786  107,363  (6,577) (3,080)
Doctoring, Cleaning, & Filtration 83,460  86,603  (3,143) (506)
 Papermaking Systems 356,260  381,039  (24,779) (11,705)
 Wood Processing Systems 98,942  133,213  (34,271) (30,155)
 Material Handling Systems 64,663    64,663   
 Fiber-Based Products 8,637  9,088  (451) (451)
    $528,502  $523,340  $5,162  $(42,311)
           
    Three Months Ended Nine Months Ended
Business Segment Information Sept. 28, 2019 Sept. 29, 2018 Sept. 28, 2019 Sept. 29, 2018
Gross Margin:        
  Papermaking Systems 44.8% 44.6% 44.4% 45.1%
  Wood Processing Systems 41.8% 42.6% 42.0% 40.4%
  Material Handling Systems 32.0%   27.5%  
  Fiber-Based Products 46.7% 36.6% 48.5% 50.1%
    42.8% 44.1% 42.0% 44.1%
           
Operating Income:        
  Papermaking Systems $22,798  $25,919  $61,368  $61,402 
  Wood Processing Systems 6,787  8,704  22,858  21,380 
  Material Handling Systems 1,742    877   
  Corporate and Other (6,774) (7,248) (18,833) (19,008)
    $24,553  $27,375  $66,270  $63,774 
           
Adjusted Operating Income (a,d):        
  Papermaking Systems $22,798  $26,297  $61,368  $63,119 
  Wood Processing Systems 6,787  8,704  22,858  21,632 
  Material Handling Systems 1,763    6,572   
  Corporate and Other (6,774) (7,248) (18,833) (19,008)
    $24,574  $27,753  $71,965  $65,743 
           
Capital Expenditures:        
  Papermaking Systems $1,376  $1,348  $3,890  $9,837 
  Wood Processing Systems 444  1,026  1,423  2,586 
  Material Handling Systems 225    605   
  Corporate and Other 48  232  318  394 
    $2,093  $2,606  $6,236  $12,817 
           
    Three Months Ended Nine Months Ended
Cash Flow and Other Data Sept. 28, 2019 Sept. 29, 2018 Sept. 28, 2019 Sept. 29, 2018
Cash Provided by Operations $25,678  $16,979  $58,166  $52,550 
Depreciation and Amortization Expense 7,763  5,796  24,304  17,739 
           
Balance Sheet Data     Sept. 28, 2019 Dec. 29, 2018
Assets        
Cash, Cash Equivalents, and Restricted Cash     $49,971  $46,117 
Accounts Receivable, net     102,131  92,624 
Inventories     108,377  86,373 
Unbilled Revenues     13,571  15,741 
Property, Plant, and Equipment, net     84,049  80,157 
Intangible Assets     179,681  113,347 
Goodwill     334,491  258,174 
Other Assets     63,286  33,216 
        $935,557  $725,749 
Liabilities and Stockholders' Equity        
Accounts Payable     $40,391  $35,720 
Debt Obligations     310,514  171,434 
Other Borrowings     6,310  4,387 
Other Liabilities     171,469  139,637 
 Total Liabilities     528,684  351,178 
 Stockholders' Equity     406,873  374,571 
        $935,557  $725,749 
           
  Three Months Ended Nine Months Ended
Adjusted Operating Income and Adjusted EBITDA Reconciliation Sept. 28, 2019 Sept. 29, 2018 Sept. 28, 2019 Sept. 29, 2018
Consolidated        
  Net Income Attributable to Kadant $16,115  $18,784  $43,319  $41,991 
  Net Income Attributable to Noncontrolling Interest 98  195  360  487 
  Provision for Income Taxes 5,219  6,443  12,310  15,575 
  Interest Expense, Net 3,023  1,708  9,985  4,985 
  Other Expense, Net 98  245  296  736 
  Operating Income 24,553  27,375  66,270  63,774 
  Restructuring Costs   378    1,717 
  Acquisition Costs     843   
  Acquired Backlog Amortization (e) 21    1,303  252 
  Acquired Profit in Inventory (f)     3,549   
  Adjusted Operating Income (a) 24,574  27,753  71,965  65,743 
  Depreciation and Amortization 7,742  5,796  23,001  17,487 
  Adjusted EBITDA (a) $32,316  $33,549  $94,966  $83,230 
           
  Adjusted EBITDA Margin (a,g) 18.6% 20.2% 18.2% 17.7%
           
Papermaking Systems        
  Operating Income $22,798  $25,919  $61,368  $61,402 
  Restructuring costs   378    1,717 
  Adjusted Operating Income (a) 22,798  26,297  61,368  63,119 
  Depreciation and Amortization 3,206  3,132  9,605  9,407 
  Adjusted EBITDA (a) $26,004  $29,429  $70,973  $72,526 
         
Wood Processing Systems        
  Operating Income $6,787  $8,704  $22,858  $21,380 
  Acquired Backlog Amortization (e)       252 
  Adjusted Operating Income (a) 6,787  8,704  22,858  21,632 
  Depreciation and Amortization 2,400  2,505  7,162  7,585 
  Adjusted EBITDA (a) $9,187  $11,209  $30,020  $29,217 
           
Material Handling Systems        
  Operating Income $1,742  $  $877  $ 
  Acquisition Costs     843   
  Acquired Backlog Amortization (e) 21    1,303   
  Acquired Profit in Inventory (f)     3,549   
  Adjusted Operating Income (a) 1,763    6,572   
  Depreciation and Amortization 1,944    5,651   
  Adjusted EBITDA (a) $3,707  $  $12,223  $ 
           
Corporate and Other        
  Operating Loss $(6,774) $(7,248) $(18,833) $(19,008)
  Depreciation and Amortization 192  159  583  495 
  EBITDA (a) $(6,582) $(7,089) $(18,250) $(18,513)
          
(a)Represents a non-GAAP financial measure.
           
(b)Represents the increase (decrease) resulting from the exclusion of an acquisition and from the conversion of current period amounts reported in local currencies into U.S. dollars at the exchange rate of the prior period compared to the U.S. dollar amount reported in the prior period.
   
(c)Geographic revenues are attributed to regions based on customer location.
  
(d)See reconciliation to the most directly comparable GAAP financial measure under "Adjusted Operating Income and Adjusted EBITDA Reconciliation."
  
(e)Represents intangible amortization expense associated with acquired backlog.
  
(f)Represents expense within cost of revenues associated with amortization of acquired profit in inventory.
  
(g)Calculated as adjusted EBITDA divided by revenue in each period.

About Kadant
Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide. The Company’s products, technologies, and services play an integral role in enhancing process efficiency, optimizing energy utilization, and maximizing productivity in resource-intensive industries. Kadant is based in Westford, Massachusetts, with approximately 2,800 employees in 20 countries worldwide. For more information, visit www.kadant.com

Safe Harbor Statement
The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties, including forward-looking statements about our future financial and operating performance, demand for our products, and economic and industry outlook. These forward-looking statements represent our expectations as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those set forth under the heading "Risk Factors" in Kadant’s annual report on Form 10-K for the year ended December 29, 2018 and subsequent filings with the Securities and Exchange Commission. These include risks and uncertainties relating to adverse changes in global and local economic conditions; the variability and difficulty in accurately predicting revenues from large capital equipment and systems projects; our customers’ ability to obtain financing for capital equipment projects; international sales and operations; the variability and uncertainties in sales of capital equipment in China; the oriented strand board market and levels of residential construction activity; development and use of digital media; currency fluctuations; cyclical economic conditions affecting the global mining industry and the continued demand for coal; price increases or shortages of raw materials; dependence on certain suppliers; our acquisition strategy; failure of our information systems or breaches of data security and cybertheft; changes in government regulations and policies and compliance with laws; our internal growth strategy; competition; soundness of suppliers and customers; changes in our tax provision or exposure to additional tax liabilities; our ability to successfully manage our manufacturing operations; disruption in production; future restructurings; economic conditions and regulatory changes caused by the United Kingdom’s exit from the European Union; our debt obligations; restrictions in our credit agreement and note purchase agreement; loss of key personnel and effective succession planning; protection of intellectual property; fluctuations in our share price; soundness of financial institutions; environmental laws and regulations; climate change; environmental, health and safety laws and regulations; adequacy of our insurance coverage; anti-takeover provisions; and reliance on third-party research. 

Contacts
Investor Contact Information:
Michael McKenney, 978-776-2000
mike.mckenney@kadant.com 
or
Media Contact Information:
Wes Martz, 269-278-1715
wes.martz@kadant.com 

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Source: Kadant Inc