Kadant Earnings 2020-06-27

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)



☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2020



☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to _________

Commission file number 001-11406

KADANT INC.

(Exact name of registrant as specified in its charter)



Delaware			52-1762325
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

One Technology Park Drive

Westford, Massachusetts 01886

(Address of principal executive offices, including zip code)

(978) 776-2000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	KAI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 24, 2020, the registrant had 11,500,187 shares of common stock outstanding.

Table of Contents

Kadant Inc.

Quarterly Report on Form 10-Q

for the Period Ended June 27, 2020

Table of Contents



		Page
PART I: Financial Information

Item 1.	Financial Statements

	Condensed Consolidated Balance Sheet as of June 27, 2020 and December 28, 2019 (unaudited)	3

	Condensed Consolidated Statement of Income for the three- and six-month periods ended June 27, 2020 and June 29, 2019 (unaudited)	4

	Condensed Consolidated Statement of Comprehensive Income for the three- and six-month periods ended June 27, 2020 and June 29, 2019 (unaudited)	5

	Condensed Consolidated Statement of Cash Flows for the three- and six-month periods ended June 27, 2020 and June 29, 2019 (unaudited)	6

	Condensed Consolidated Statement of Stockholders' Equity for the three- and six-month periods ended June 27, 2020 and June 29, 2019 (unaudited)	7

	Notes to Condensed Consolidated Financial Statements (unaudited)	8

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34

Item 4.	Controls and Procedures	34

PART II: Other Information

Item 1A.	Risk Factors	35

Item 6.	Exhibits	38

Table of Contents

PART 1 – FINANCIAL INFORMATION

Item 1 – Financial Statements

KADANT INC.

Condensed Consolidated Balance Sheet

(Unaudited)



	June 27, 2020			December 28, 2019
(In thousands, except share and per share amounts)	June 27, 2020			December 28, 2019
Assets
Current Assets:
Cash and cash equivalents	$	57,499		$	66,786
Restricted cash	3,450			1,487
Accounts receivable, net of allowances of $2,914 and $2,698	89,393			95,740
Inventories	109,663			102,715
Unbilled revenue	10,444			13,162
Other current assets	17,202			17,686
Total Current Assets	287,651			297,576
Property, Plant, and Equipment, net of accumulated depreciation of $99,366 and $95,309	82,242			86,032
Other Assets	40,092			45,851
Intangible Assets, Net (Note 1)	167,314			173,896
Goodwill (Note 1)	337,993			336,032
Total Assets	$	915,292		$	939,387

Liabilities and Stockholders' Equity
Current Liabilities:
Short-term obligations and current maturities of long-term obligations (Note 6)	$	20,387		$	2,851
Accounts payable	39,922			45,852
Accrued payroll and employee benefits	25,388			31,968
Customer deposits	22,716			24,012
Advanced billings	6,110			11,280
Other current liabilities	33,863			30,206
Total Current Liabilities	148,386			146,169
Long-Term Obligations (Note 6)	262,760			298,174
Other Long-Term Liabilities	63,787			67,965

Commitments and Contingencies (Note 13)

Stockholders' Equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized; none issued	—			—
Common stock, $.01 par value, 150,000,000 shares authorized; 14,624,159 shares issued	146			146
Capital in excess of par value	107,202			106,698
Retained earnings	453,874			435,249
Treasury stock at cost, 3,127,565 and 3,214,888 shares	(76,638		)	(78,778		)
Accumulated other comprehensive items (Note 9)	(45,863		)	(37,620		)
Total Kadant Stockholders' Equity	438,721			425,695
Noncontrolling interest	1,638			1,384
Total Stockholders' Equity	440,359			427,079
Total Liabilities and Stockholders' Equity	$	915,292		$	939,387

The accompanying notes are an integral part of these condensed consolidated financial statements.

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KADANT INC.

Condensed Consolidated Statement of Income

(Unaudited)



	Three Months Ended						Six Months Ended
	June 27, 2020			June 29, 2019			June 27, 2020			June 29, 2019
(In thousands, except per share amounts)	June 27, 2020			June 29, 2019			June 27, 2020			June 29, 2019
Revenue (Notes 1 and 12)	$	152,860		$	177,165		$	311,987		$	348,481

Costs and Operating Expenses:
Cost of revenue	86,412			102,794			177,216			203,595
Selling, general, and administrative expenses	45,073			48,467			90,665			97,786
Research and development expenses	2,798			2,762			5,874			5,383
Restructuring costs (Note 3)	456			—			456			—
	134,739			154,023			274,211			306,764

Operating Income	18,121			23,142			37,776			41,717

Interest Income	37			59			88			115
Interest Expense	(1,931		)	(3,573		)	(4,390		)	(7,077		)
Other Expense, Net	(31		)	(99		)	(63		)	(198		)

Income Before Provision for Income Taxes	16,196			19,529			33,411			34,557
Provision for Income Taxes (Note 5)	4,474			3,128			9,033			7,091
Net Income	11,722			16,401			24,378			27,466

Net Income Attributable to Noncontrolling Interest	(115		)	(97		)	(240		)	(262		)

Net Income Attributable to Kadant	$	11,607		$	16,304		$	24,138		$	27,204

Earnings per Share Attributable to Kadant (Note 4)
Basic	$	1.01		$	1.46		$	2.11		$	2.44
Diluted	$	1.00		$	1.42		$	2.09		$	2.38

Weighted Average Shares (Note 4)
Basic	11,482			11,194			11,457			11,164
Diluted	11,552			11,448			11,530			11,416

The accompanying notes are an integral part of these condensed consolidated financial statements.

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KADANT INC.

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)



	Three Months Ended						Six Months Ended
	June 27, 2020			June 29, 2019			June 27, 2020			June 29, 2019
(In thousands)	June 27, 2020			June 29, 2019			June 27, 2020			June 29, 2019
Net Income	$	11,722		$	16,401		$	24,378		$	27,466
Other Comprehensive Items:
Foreign currency translation adjustment	4,742			1,953			(7,832		)	1,488
Pension and other post-retirement liability adjustments, net (net of tax provision of $–, $2, $20 and $10)	(2		)	7			48			28
Effect of other post-retirement plan settlement	—			—			(119		)	—
Deferred loss on cash flow hedges (net of tax benefit of $3, $39, $122 and $143)	(24		)	(164		)	(326		)	(401		)
Total other comprehensive items	4,716			1,796			(8,229		)	1,115
Comprehensive Income	16,438			18,197			16,149			28,581
Comprehensive Income Attributable to Noncontrolling Interest	(140		)	(120		)	(254		)	(252		)
Comprehensive Income Attributable to Kadant	$	16,298		$	18,077		$	15,895		$	28,329

The accompanying notes are an integral part of these condensed consolidated financial statements.

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KADANT INC.

Condensed Consolidated Statement of Cash Flows

(Unaudited)



	Six Months Ended
	June 27, 2020			June 29, 2019
(In thousands)	June 27, 2020			June 29, 2019
Operating Activities
Net income attributable to Kadant	$	24,138		$	27,204
Net income attributable to noncontrolling interest	240			262
Net income	24,378			27,466
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,174			16,541
Stock-based compensation expense	3,516			3,467
Provision for losses on accounts receivable	303			39
Gain on sale of property, plant, and equipment	—			(189		)
Other items, net	(565		)	851
Changes in current assets and liabilities, net of effects of acquisitions:
Accounts receivable	4,761			(2,855		)
Unbilled revenue	2,706			2,131
Inventories	(9,372		)	(9,326		)
Other current assets	1,572			(3,417		)
Accounts payable	(5,032		)	3,419
Other current liabilities	(9,233		)	(5,639		)
Net cash provided by operating activities	28,208			32,488

Investing Activities
Acquisitions, net of cash acquired (Note 2)	(7,066		)	(176,855		)
Purchases of property, plant, and equipment	(3,597		)	(4,143		)
Proceeds from sale of property, plant, and equipment	11			368
Net cash used in investing activities	(10,652		)	(180,630		)

Financing Activities
Repayment of short- and long-term obligations	(24,160		)	(24,562		)
Proceeds from issuance of long-term obligations	7,000			191,000
Dividends paid	(5,381		)	(5,014		)
Tax withholding payments related to stock-based compensation	(2,318		)	(2,670		)
Proceeds from issuance of Company common stock	1,445			1,697
Payment of debt issuance costs	—			(52		)
Net cash (used in) provided by financing activities	(23,414		)	160,399

Exchange Rate Effect on Cash, Cash Equivalents, and Restricted Cash	(1,466		)	(236		)

(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash	(7,324		)	12,021
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	68,273			46,117
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	60,949		$	58,138

See Note 1, under the heading Supplemental Cash Flow Information for further details.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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KADANT INC.

Condensed Consolidated Statement of Stockholders' Equity

(Unaudited)



	Three Months Ended June 27, 2020
(In thousands, except share and per share amounts)	Common Stock			Capital in Excess of Par Value		Retained Earnings			Treasury Stock					Accumulated Other Comprehensive Items			Noncontrolling Interest		Total Stockholders' Equity
(In thousands, except share and per share amounts)	Shares	Amount		Capital in Excess of Par Value		Retained Earnings			Shares		Amount			Accumulated Other Comprehensive Items			Noncontrolling Interest		Total Stockholders' Equity
Balance at March 28, 2020	14,624,159	$	146	$	105,457	$	445,027		3,154,644		$	(77,302	)	$	(50,554	)	$	1,498	$	424,272
Net income	—	—		—		11,607			—		—			—			115		11,722
Dividend declared – Common Stock, $0.24 per share	—	—		—		(2,760		)	—		—			—			—		(2,760		)
Activity under stock plans	—	—		1,745		—			(27,079	)	664			—			—		2,409
Other comprehensive items	—	—		—		—			—		—			4,691			25		4,716
Balance at June 27, 2020	14,624,159	$	146	$	107,202	$	453,874		3,127,565		$	(76,638	)	$	(45,863	)	$	1,638	$	440,359

	Six Months Ended June 27, 2020
(In thousands, except share and per share amounts)	Common Stock			Capital in Excess of Par Value		Retained Earnings			Treasury Stock					Accumulated Other Comprehensive Items			Noncontrolling Interest		Total Stockholders' Equity
(In thousands, except share and per share amounts)	Shares	Amount		Capital in Excess of Par Value		Retained Earnings			Shares		Amount			Accumulated Other Comprehensive Items			Noncontrolling Interest		Total Stockholders' Equity
Balance at December 28, 2019	14,624,159	$	146	$	106,698	$	435,249		3,214,888		$	(78,778	)	$	(37,620	)	$	1,384	$	427,079
Net income	—	—		—		24,138			—		—			—			240		24,378
Dividends declared – Common Stock, $0.48 per share	—	—		—		(5,513		)	—		—			—			—		(5,513		)
Activity under stock plans	—	—		504		—			(87,323	)	2,140			—			—		2,644
Other comprehensive items	—	—		—		—			—		—			(8,243		)	14		(8,229		)
Balance at June 27, 2020	14,624,159	$	146	$	107,202	$	453,874		3,127,565		$	(76,638	)	$	(45,863	)	$	1,638	$	440,359



	Three Months Ended June 29, 2019
(In thousands, except share and per share amounts)	Common Stock			Capital in Excess of Par Value			Retained Earnings			Treasury Stock					Accumulated Other Comprehensive Items			Noncontrolling Interest			Total Stockholders' Equity
(In thousands, except share and per share amounts)	Shares	Amount		Capital in Excess of Par Value			Retained Earnings			Shares		Amount			Accumulated Other Comprehensive Items			Noncontrolling Interest			Total Stockholders' Equity
Balance at March 30, 2019	14,624,159	$	146	$	102,780		$	401,891		3,449,728		$	(84,532	)	$	(40,024	)	$	1,735		$	381,996
Net income	—	—		—			16,304			—		—			—			97			16,401
Dividend declared – Common Stock, $0.23 per share	—	—		—			(2,590		)	—		—			—			—			(2,590		)
Activity under stock plans	—	—		987			—			(80,424	)	1,970			—			—			2,957
Other comprehensive items	—	—		—			—			—		—			1,773			23			1,796
Balance at June 29, 2019	14,624,159	$	146	$	103,767		$	415,605		3,369,304		$	(82,562	)	$	(38,251	)	$	1,855		$	400,560

	Six Months Ended June 29, 2019
(In thousands, except share and per share amounts)	Common Stock			Capital in Excess of Par Value			Retained Earnings			Treasury Stock					Accumulated Other Comprehensive Items			Noncontrolling Interest			Total Stockholders' Equity
(In thousands, except share and per share amounts)	Shares	Amount		Capital in Excess of Par Value			Retained Earnings			Shares		Amount			Accumulated Other Comprehensive Items			Noncontrolling Interest			Total Stockholders' Equity
Balance at December 29, 2018	14,624,159	$	146	$	104,731		$	393,578		3,514,163		$	(86,111	)	$	(39,376	)	$	1,603		$	374,571
Net income	—	—		—			27,204			—		—			—			262			27,466
Adoption of ASU No. 2016-02, Leases	—	—		—			(17		)	—		—			—			—			(17		)
Dividends declared – Common Stock, $0.46 per share	—	—		—			(5,160		)	—		—			—			—			(5,160		)
Activity under stock plans	—	—		(964		)	—			(144,859	)	3,549			—			—			2,585
Other comprehensive items	—	—		—			—			—		—			1,125			(10		)	1,115
Balance at June 29, 2019	14,624,159	$	146	$	103,767		$	415,605		3,369,304		$	(82,562	)	$	(38,251	)	$	1,855		$	400,560

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

KADANT INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Nature of Operations and Summary of Significant Accounting Policies

Nature of Operations

Kadant Inc. was incorporated in Delaware in November 1991 and trades on the New York Stock Exchange under the ticker symbol "KAI."

Kadant Inc. (together with its subsidiaries, the Company) is a global supplier of high-value, critical components and engineered systems used in process industries worldwide. Its products, technologies, and services play an integral role in enhancing process efficiency, optimizing energy utilization, and maximizing productivity in resource-intensive industries.

COVID-19

On March 11, 2020, the World Health Organization designated the novel coronavirus a global pandemic (COVID-19), and a national emergency was subsequently declared by the U.S. government. The pandemic has negatively affected the global economy, disrupted global supply chains, and resulted in significant travel and transport restrictions, which have adversely affected the Company’s bookings and financial results. The impact of the COVID-19 pandemic, including the resulting economic impact, continues to evolve and the Company is closely monitoring its impact on all aspects of its business.

Interim Financial Statements

The interim condensed consolidated financial statements and related notes presented have been prepared by the Company, are unaudited, and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the Company's financial position at June 27, 2020, its results of operations, comprehensive income, and stockholders' equity for the three- and six-month periods ended June 27, 2020 and June 29, 2019, and its cash flows for the six-month periods ended June 27, 2020 and June 29, 2019. Interim results are not necessarily indicative of results for a full year or for any other interim period.

The condensed consolidated balance sheet presented as of December 28, 2019 has been derived from the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2019. The condensed consolidated financial statements and related notes are presented as permitted by the rules and regulations of the Securities and Exchange Commission (SEC) for Form 10-Q and do not contain certain information included in the annual consolidated financial statements and related notes of the Company. The condensed consolidated financial statements and notes included herein should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2019, filed with the SEC.

Financial Statement Presentation

In the first quarter of 2020, the Company realigned its business segments into three new reportable operating segments: Flow Control, Industrial Processing, and Material Handling. The Company previously reported its financial results by combining its operating entities into three reportable operating segments: Papermaking Systems, Wood Processing Systems, and Material Handling Systems, and a separate product line, Fiber-based Products. Financial information for 2019 has been recast to conform to the new segment presentation. See Note 12, Business Segment Information, for further detail regarding the Company's segments.

Use of Estimates and Critical Accounting Policies

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Although the Company makes every effort to ensure the accuracy of the estimates and assumptions used in the preparation of its condensed consolidated financial statements or in the application of accounting policies, if business conditions were different, or if the Company were to use different estimates and assumptions, it is possible that materially different amounts could be reported in the Company's condensed consolidated financial statements.

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KADANT INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Nature of Operations and Summary of Significant Accounting Policies (continued)

Notes 1 and 3 to the consolidated financial statements in the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2019 describe the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no material changes in the Company’s significant accounting policies during the six months ended June 27, 2020, except that the Company no longer considers its policy with respect to accounting for pension benefits to be a critical accounting policy due to the settlement of its U.S. pension plan in December 2019.

Supplemental Cash Flow Information



	Six Months Ended
(In thousands)	June 27, 2020			June 29, 2019
Cash Paid for Interest	$	4,186		$	6,108
Cash Paid for Income Taxes, Net of Refunds	$	7,036		$	12,975

Non-Cash Investing Activities:
Fair value of assets acquired	$	9,164		$	209,350
Cash paid for acquired businesses	(7,537		)	(179,286		)
Liabilities Assumed of Acquired Businesses	$	1,627		$	30,064

Non-cash additions to property, plant, and equipment	$	150		$	306

Non-Cash Financing Activities:
Issuance of Company common stock upon vesting of restricted stock units	$	4,027		$	3,743
Dividends declared but unpaid	$	2,760		$	2,590

Restricted Cash

The Company's restricted cash serves as collateral for potential claims in China and bank guarantees associated with providing assurance to customers that the Company will fulfill certain customer obligations entered into in the normal course of business. The majority of the bank guarantees will expire over the next twelve months.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company's condensed consolidated balance sheet that are shown in aggregate in the accompanying condensed consolidated statement of cash flows:



(In thousands)	June 27, 2020		June 29, 2019		December 28, 2019		December 29, 2018
Cash and cash equivalents	$	57,499	$	57,049	$	66,786	$	45,830
Restricted cash	3,450		1,089		1,487		287
Total Cash, Cash Equivalents, and Restricted Cash	$	60,949	$	58,138	$	68,273	$	46,117

Inventories

The components of inventories are as follows:



	June 27, 2020		December 28, 2019
(In thousands)	June 27, 2020		December 28, 2019
Raw Materials	$	49,174	$	49,332
Work in Process	15,765		15,344
Finished Goods	44,724		38,039
	$	109,663	$	102,715

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KADANT INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Nature of Operations and Summary of Significant Accounting Policies (continued)

Intangible Assets, Net

Acquired intangible assets by major asset class are as follows:



(In thousands)	Gross		Accumulated Amortization			Currency Translation			Net
June 27, 2020
Definite-Lived
Customer relationships	$	174,423	$	(58,560	)	$	(5,161	)	$	110,702
Product technology

Price	87.39	EPS	5
Shares	11	P/E	16
MCap	1,002	P/FCF	17
Net Debt	267	EBIT	85
TEV	1,269	TEV/EBIT	15
TTM 2019-09-28, in MM, except price, ratios

10-Q	2020-06-27	Filed 2020-08-05
10-Q	2020-03-28	Filed 2020-05-06
10-K	2019-12-28	Filed 2020-02-25
10-Q	2019-09-28	Filed 2019-11-06
10-Q	2019-06-29	Filed 2019-08-07
10-Q	2019-03-30	Filed 2019-05-08
10-K	2018-12-29	Filed 2019-02-26
10-Q	2018-09-29	Filed 2018-11-07
10-Q	2018-06-30	Filed 2018-08-08
10-Q	2018-03-31	Filed 2018-05-09
10-K	2017-12-30	Filed 2018-02-27
10-Q	2017-09-30	Filed 2017-11-08
10-Q	2017-07-01	Filed 2017-08-09
10-Q	2017-04-01	Filed 2017-05-10
10-K	2016-12-31	Filed 2017-03-15
10-Q	2016-10-01	Filed 2016-11-09
10-Q	2016-07-02	Filed 2016-08-10
10-Q	2016-04-02	Filed 2016-05-11
10-K	2016-01-02	Filed 2016-03-16
10-Q	2015-10-03	Filed 2015-11-12
10-Q	2015-07-04	Filed 2015-08-12
10-Q	2015-04-04	Filed 2015-05-13
10-K	2015-01-03	Filed 2015-03-18
10-Q	2014-09-27	Filed 2014-11-05
10-Q	2014-06-28	Filed 2014-08-06
10-Q	2014-03-29	Filed 2014-05-07
10-K	2013-12-28	Filed 2014-03-12
10-Q	2013-09-28	Filed 2013-11-07
10-Q	2013-06-29	Filed 2013-08-07
10-Q	2013-03-30	Filed 2013-05-08
10-K	2012-12-29	Filed 2013-03-13
10-Q	2012-09-29	Filed 2012-11-07
10-Q	2012-06-30	Filed 2012-08-08
10-Q	2012-03-31	Filed 2012-05-09
10-K	2011-12-31	Filed 2012-03-14
10-Q	2011-10-26	Filed 2011-11-09
10-Q	2011-07-02	Filed 2011-08-11
10-Q	2011-04-02	Filed 2011-05-11
10-K	2011-01-01	Filed 2011-03-17
10-Q	2010-10-02	Filed 2010-11-10
10-Q	2010-07-03	Filed 2010-08-12
10-Q	2010-04-03	Filed 2010-05-12
10-K	2010-01-02	Filed 2010-03-16

8-K	2020-07-28	Earnings, Regulation FD, Exhibits
8-K	2020-06-18
8-K	2020-05-12
8-K	2020-04-29
8-K	2020-04-22
8-K	2020-02-12
8-K	2019-10-29
8-K	2019-07-30
8-K	2019-05-17
8-K	2019-04-29
8-K	2019-03-06
8-K	2019-02-13
8-K	2018-12-31
8-K	2018-12-14
8-K	2018-12-09
8-K	2018-12-05
8-K	2018-10-29
8-K	2018-07-30
8-K	2018-07-06
8-K	2018-05-16
8-K	2018-04-30
8-K	2018-04-30
8-K	2018-03-07
8-K	2018-02-15
8-K	2018-02-15

EX-31.1	kaiform10q2q2020ex311.htm
EX-31.2	kaiform10q2q2020ex312.htm
EX-32	kaiform10q2q2020ex32.htm

KAI 10Q Quarterly Report

Kadant Earnings 2020-06-27