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
 
Date of Report (Date of earliest event reported): October 27, 2005
 
CURTISS WRIGHT CORPORATION
( Exact Name of Registrant as Specified in Its Charter)

Delaware	 
1-134
 	 
13-0612970
 	
State or Other
Jurisdiction of
Incorporation or
Organization	Commission File
Number	IRS Employer
Identification No.

 	
 	 	
  4 Becker Farm Road	 	
  Roseland, New Jersey	07068	
  Address of Principal Executive Offices	Zip Code	

Registrant's telephone number, including area code: (973) 597-4700
_______________

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))

 

 
 
SECTION 2 – FINANCIAL INFORMATION
 
ITEM 2.02.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION .	
 
On October 27, 2005 Curtiss-Wright Corporation (the “Company” ) issued a press release announcing financial results for the third quarter ended September 30, 2005. A copy of this press release is attached hereto as Exhibit 99.1.  A conference call and webcast presentation will be held on Friday, October 28, 2005, at 9:00am EDT for management to discuss the Company's third quarter performance and future outlook. Martin Benante, Chairman and CEO, and Glenn Tynan, CFO, will host the call.
 
The financial press release and access to the webcast are posted on Curtiss-Wright's website at http://www.curtisswright.com.  For those unable to participate, a webcast replay will be available for 90 days on the Company's website beginning one hour after the call takes place. A conference call replay will also be available for 30 days by dialing (888) 286-8010 (Domestic) or (617) 801-6888 (International), and entering Pass code 63864682. 
The information contained in this Current Report, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this report shall not be incorporated by reference into any filing of the registrant with the SEC, whether made before or after the date hereof, regardless of any general incorporation language in such filings.
 
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
 
 	(a) Not applicable.	
 
 	(b) Not applicable.	
 
 	(c) Exhibits.	
 
 	99.1 Press Release dated October 27, 2005	

 
2

 

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

 	       CURTISS WRIGHT CORPORATION	
 	 	
 	By: /s/ Glenn E. Tynan	
 	       Glenn E. Tynan	
 	       Vice-President and	
 	       Chief Financial Officer	

   
 
Date: October 27, 2005

 
3

 
 
EXHIBIT INDEX
 
Exhibit
Number	 	Description	 	
 	 	 	 	
99.1	 	Press Release, dated October 27, 2005.	 	

 
4

 

		

 	FOR IMMEDIATE RELEASE	
 	 	
CURTISS-WRIGHT REPORTS 2005 THIRD QUARTER AND NINE
MONTH FINANCIAL RESULTS
-   - -
Sales Increased 15%, Operating Income 27%, and Net Earnings 19% in the Third Quarter
of 2005, Respectively;
Backlog at Record Level
ROSELAND, NJ – October 27, 2005 – Curtiss-Wright Corporation (NYSE: CW) today reports financial results for the third quarter and nine months ended September 30, 2005. The highlights are as follows:
Third Quarter 2005 Operating Highlights

Ÿ	Net sales for the third quarter of 2005 increased 15% to $271.4 million from $236.6 million in the third quarter of 2004.	
	 	
Ÿ	Operating income in the third quarter of 2005 increased 27% to $32.4 million from $25.5 million in the third quarter of 2004. In the third quarter of 2004, the Company incurred approximately $1.3 million of costs related to compliance with Sarbanes-Oxley Section 404.	
	 	
Ÿ	Net earnings for the third quarter of 2005 increased 19% to $17.5 million, or $0.80 per diluted share, from $14.7 million, or $0.68 per diluted share, in the third quarter of 2004. The increase in the 2005 third quarter net earnings included a $1.1 million after-tax increase in interest expense (approximately $0.05 per diluted share). The net earnings for the third quarter of 2004 include a tax benefit of $0.6 million (approximately $0.03 per diluted share).	
	 	
Ÿ	New orders received in the third quarter of 2005 were $277.2 million, up 16% compared to the third quarter of 2004.	
Nine Months 2005 Operating Highlights

Ÿ	Net sales for the first nine months of 2005 increased 21% to $813.0 million from $673.9 million in the first nine months of 2004.	

Curtiss-Wright Corporation, Page 2

Ÿ	Operating income in the first nine months of 2005 increased 22% to $93.1 million from $76.0 million in the first nine months of 2004. Operating income in the first nine months of 2005 includes a gain of $2.8 million related to the sale of non-operating property. In the first nine months of 2004, the Company incurred approximately $1.7 million of costs related to compliance with Sarbanes-Oxley Section 404.	
	 	
Ÿ	Net earnings for the first nine months of 2005 increased 12% to $50.0 million, or $2.28 per diluted share, from $44.7 million, or $2.08 per diluted share in the first nine months of 2004. The increase in the 2005 net earnings included a $3.5 million after-tax increase in interest expense (approximately $0.16 per diluted share).	
	 	
Ÿ	New orders received in the first nine months of 2005 were $888.0 million, up 30% compared to the first nine months of 2004. At September 30, 2005, backlog increased 20% to a new record high of $752.1 million from $627.7 million at December 31, 2004.	
“We are pleased to report higher sales, operating income, and net earnings for the third quarter and first nine months of 2005,” commented Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. “Our new orders were strong for the first nine months of 2005 and our backlog is at a new record level, which provides us with good momentum for the rest of the year and into 2006. We experienced strong overall organic growth in sales and operating income of 8% and 19%, respectively, in the first nine months of 2005. Our strong organic sales growth occurred primarily in the oil and gas and commercial and defense aerospace markets. Many of our military programs are progressing through the procurement cycle and we expect a ramp-up in the fourth quarter of this year. In addition, we continue to progress on several developmental contracts that should provide us future opportunities with improved profitability. We are continuing to integrate our acquisitions and these integration efforts are beginning to improve profitability that is expected to continue throughout the remainder of the year and into the future.” 
Sales
Sales growth in 2005 for the three and nine months ended September 30, 2005 compared to 2004 was achieved through a combination of organic growth in some of our base businesses and the contributions from our 2004 and 2005 acquisitions. Overall organic growth was 8% for both the three and nine months ended September 30, 2005 over the prior year periods. This organic sales growth was led by our Metal Treatment segment, which experienced strong organic growth of 11%, followed by our Motion Control and Flow Control segments at 7% and 6%, respectively, for the first nine months of 2005. Acquisitions made since June 30, 2004 contributed $17.3 million and $84.8 million in incremental sales for the quarter and nine months ended September 30, 2005, respectively, over the comparable prior year periods.
In our base businesses, higher sales from our Metal Treatment segment of global shot peening services, higher sales from our Motion Control segment to the military aerospace, global commercial aerospace OEM and repair and overhaul, and general industrial markets, and higher

Curtiss-Wright Corporation, Page 3
sales from our Flow Control segment to the oil and gas market, all contributed to the organic growth in the first nine months of 2005. In addition, foreign currency translation favorably impacted sales by $0.2 million and $4.5 million for the three and nine months ended September 30, 2005, as compared to the prior year periods.
Operating Income
Operating income for the three and nine months ended September 30, 2005 increased 27% and 22%, respectively, over the 2004 prior year periods. The increases were due to higher sales volumes and previously implemented cost control initiatives. Our consolidated operating income margins were 12.0% and 11.5% for the three and nine months ended September 30, 2005, respectively, an improvement over the comparable prior year periods. Overall, organic operating income organic growth was 28% and 19% for the three and nine months ended September 30, 2005, respectively, compared to the prior year periods. All three operating segments experienced strong organic operating income growth, led by our Metal Treatment segment, at 28% and 19% for the three and nine months ended September 30, 2005, respectively, over the prior year periods. Operating income for the nine months ended September 30, 2005 includes a gain of $2.8 million related to the sale of non-operating property. The higher segment operating income was partially offset by higher pension expense from the Curtiss-Wright Pension Plans of $0.2 million and $1.1 million for the three and nine months ended September 30, 2005, respectively, over the comparable prior year periods. In addition, foreign currency translation favorably impacted operating income by $0.1 million and $0.9 million for the three and nine months ended September 30, 2005, respectively, compared to the prior year periods.
Net Earnings
Net earnings increased 19% and 12% for the three and nine months ended September 30, 2005, respectively, over the comparable prior year periods. The improvement was due to strong operating income from our business segments, which increased $6.6 million and $14.3 million for the three and nine months ended September 30, 2005, respectively, over the prior year periods. Curtiss-Wright achieved strong growth in the oil and gas, shot peening, military aerospace, and commercial power generation markets. Higher interest expense, due to both higher debt levels and higher interest rates, lowered net earnings in the third quarter and first nine months of 2005 by $1.1 million and $3.5 million, respectively.
Segment Performance
Flow Control – Sales for the third quarter of 2005 were $112.1 million, up 19% over the comparable period last year due to solid organic growth and the contributions from the 2004 acquisitions. Sales from the base businesses increased 10% in the third quarter of 2005 as compared to the prior year period. The organic sales growth was primarily from higher sales to the oil and gas market, led by higher demand for the Coker valve products, and higher sales of valves

Curtiss-Wright Corporation, Page 4
and development contract work to the U.S. Navy. The improvement was partially offset by lower sales of electromechanical pump products to the U.S. Navy due to the timing of customer driven delivery schedules. Sales of this business segment also benefited from favorable foreign currency translation of $0.3 million in the third quarter of 2005 compared to the prior year period.
Operating income for this segment increased 40% in the third quarter of 2005 compared to the prior year period mainly due to the strong organic operating income growth of 32%. The improvement was due to the higher sales volume and favorable sales mix for our oil and gas products, previously implemented cost control initiatives, higher sales volume for our valve products to the U.S. Navy, and the contributions from the 2004 acquisitions.
Motion Control – Sales for the third quarter of 2005 of $110.2 million increased 13% over last year, principally due to organic growth and the contributions from the 2004 and 2005 acquisitions. Sales from the base businesses increased 4% in the third quarter of 2005 as compared to the prior year period. This organic sales growth was due primarily to higher sales of OEM and spares products and repair and overhaul services to the commercial aerospace market and increased F/A-22 production and F-16 spares sales to the military aerospace market, as compared to the prior year period. Partially offsetting these increases are lower sales of embedded computing products to the aerospace and ground defense markets. Foreign currency translation had minimal negative impact on sales for the third quarter of 2005 as compared to the prior year period.
Operating income for this segment increased 8% for the third quarter of 2005 compared to the prior year period mainly due to the strong organic operating income growth of 15%. The increase was driven primarily by higher sales volume mentioned above and previously implemented cost control initiatives. The improvement was partially offset by cost overruns on certain military contract work, mainly for the 767 Tanker program.
Metal Treatment – Sales for the third quarter of 2005 of $49.0 million were 10% higher than the comparable period last year. The improvement, all of which was organic, was driven by higher global shot peening revenues from the aerospace market. In addition, sales for the coatings division also increased due to improved economic conditions. Foreign currency translation negatively impacted sales by $0.1 million in the third quarter of 2005 as compared to the prior year period.
Operating income increased 27% for the third quarter of 2005 as compared to the prior year period, primarily as a result of the higher sales volume and lower medical insurance costs.
Mr. Benante concluded, “In 2005, we continue to demonstrate our ability to generate long-term shareholder value by growing our sales and earnings. Our historical performance has demonstrated our ability to execute our strategy and achieve our financial targets. Our strong performance in 2005 continues this trend as we have grown operating profit at a pace greater than our sales. We expect the fourth quarter of 2005 to be strong as many of our defense programs ramp up, our commercial markets continue to strengthen, and we realize the benefits of integration efforts. Our diversification strategy and emphasis on new technologies, many of which are only at the

Curtiss-Wright Corporation, Page 5
beginning of their life cycles, should continue to generate growth opportunities in each of our three business segments for the remainder of 2005 and beyond.”
2005 Management Guidance
We are tightening our full year 2005 guidance range to reflect current market conditions. We expect to achieve revenues in the range of $1,100 million to $1,125 million, operating income in the range of $135 - $140 million, which includes $2 million of pension expense from the Curtiss-Wright Pension Plans, and earnings per share in the range of $3.30 to $3.45 per share. Events occurred in the third quarter which will impact our annual results. First is the Boeing strike. Second is a procurement decision by the U.S. Navy to only acquire one new Recovery Assist, Secure and Traverse (RAST) system in 2005. Previously, the U.S. Navy had indicated that three new systems would be purchased in 2005 which we included in our previous guidance. The revised guidance above reflects the expected impact of these two previously unforeseen events.
This guidance reflects our expectations of 15-20% growth in revenue, 20-25% growth in operating income, and 10 – 15% growth in EPS. EPS guidance is based on estimated fully diluted shares outstanding of 22 million for the full year 2005. Full year free cash flow (cash flow from operating activities less capital expenditures) is expected to be between $40 and $50 million for 2005.

**********	
The Company will host a conference call to discuss the third quarter 2005 results at 9:00 EST Friday, October 28, 2005. A live webcast of the call can be heard on the Internet by visiting the company’s website at www.curtisswright.com and clicking on the investor information page or by visiting other websites that provide links to corporate webcasts.
(Tables to Follow)

Curtiss-Wright Corporation, Page 6
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
 (In thousands, except per share data)

 	 	 	Three Months Ended
September 30,	 	Nine Months Ended
September 30,	 	Three Months
Change	 	Nine Months
Change	 	
 	 	 	  2005	 	2004	 	2005	 	2004	 	$	 	%	 	$	 	%	 	
 	 	 		 		 		 		 		 		 	
Net sales	 	 	$	271,355	 	$	236,574	 	$	813,035	 	$	673,935	 	$	34,781	 	 	14.70	%	$	139,100	 	 	20.64	%	
Cost of sales	 	 	 	177,840	 	 	154,725	 	 	533,452	 	 	444,469	 	 	23,115	 	 	14.94	%	 	88,983	 	 	20.02	%	
 	 	 		 		 		 		 		 	 	 		 	 	 	
  Gross profit	 	 	 	93,515	 	 	81,849	 	 	279,583	 	 	229,466	 	 	11,666	 	 	14.25	%	 	50,117	 	 	21.84	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research & development expenses	 	 	 	8,504	 	 	8,443	 	 	30,312	 	 	24,409	 	 	61	 	 	0.72	%	 	5,903	 	 	24.18	%	
Selling expenses	 	 	 	16,738	 	 	17,413	 	 	51,633	 	 	44,760	 	 	(675	)	 	-3.88	%	 	6,873	 	 	15.36	%	
General and administrative expenses	 	 	 	35,046	 	 	30,033	 	 	105,015	 	 	83,071	 	 	5,013	 	 	16.69	%	 	21,944	 	 	26.42	%	
Environmental remediation and administrative
   expenses, net	 	 	 	188	 	 	200	 	 	844	 	 	491	 	 	(12	)	 	-6.00	%	 	353	 	 	71.89	%	
Pension expense, net	 	 	 	500	 	 	295	 	 	1,500	 	 	377	 	 	205	 	 	69.49	%	 	1,123	 	 	297.88	%	
Loss (Gain) on sale of real estate and fixed assets.	 	 	 	98	 	 	(6	)	 	(2,827	)	 	311	 	 	104	 	 	-1733.33	%	 	(3,138	)	 	1009.00	%  	

  Operating income	 	 	 	32,441	 	 	25,471	 	 	93,106	 	 	76,047	 	 	6,970	 	 	27.36	%	 	17,059	 	 	22.43	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expenses), net	 	 	 	279	 	 	179	 	 	(421	)	 	300	 	 	100	 	 	55.87	%	 	(721	)	 	-240.33	%	
Interest expense	 	 	 	(4,912	)	 	(3,135	)	 	(13,993	)	 	(8,418	)	 	(1,777	)	 	56.68	%	 	(5,575	)	 	66.23	%	

Earnings before income taxes	 	 	 	27,808	 	 	22,515	 	 	78,692	 	 	67,929	 	 	5,293	 	 	23.51	%	 	10,763	 	 	15.84	%	
Provision for income taxes	 	 	 	10,289	 	 	7,795	 	 	28,716	 	 	23,276	 	 	2,494	 	 	31.99	%	 	5,440	 	 	23.37	%	

Net earnings	 	 	$	17,519	 	$	14,720	 	$	49,976	 	$	44,653	 	$	2,799	 	 	19.02	%	$	5,323	 	 	11.92	%	

Basic earnings per share	 	 	$	0.81	 	$	0.69	 	$	2.31	 	$	2.11	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 		 		 		 		 	 	 	 	 	 	 	 	 	
Diluted earnings per share	 	 	$	0.80	 	$	0.68	 	$	2.28	 	$	2.08	 	 	 	 	 	 	 	 	 	 	 	 	 	

Dividends per share	 	 	$	0.09	 	$	0.09	 	$	0.27	 	$	0.27	 	 	 	 	 	 	 	 	 	 	 	 	 	

Weighted average shares outstanding:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   Basic	 	 	 	21,688	 	 	21,359	 	 	21,603	 	 	21,122	 	 	 	 	 	 	 	 	 	 	 	 	 	
   Diluted	 	 	 	21,973	 	 	21,715	 	 	21,890	 	 	21,476	 	 	 	 	 	 	 	 	 	 	 	 	 	
Certain prior year information has been reclassified to conform to current presentation.

Curtiss-Wright Corporation, Page 7
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 (In thousands)

	September 30,
2005		December 31,
2004		Change	 	
					$		%	 	
 		 		 		 		 	
Assets	 	 	 	 	 	 	 	 	 	 	 	
  Current Assets:	 	 	 	 	 	 	 	 	 	 		
    Cash and cash equivalents	$	47,685	 	$	41,038	 	$	6,647	 	16.2	%	
    Receivables, net	 	245,437	 	 	214,084	 	 	31,353	 	14.6	%	
    Inventories, net	 	147,862	 	 	115,979	 	 	31,883	 	27.5	%	
    Deferred income taxes	 	26,157	 	 	25,693	 	 	464	 	1.8	%	
    Other current assets	 	9,922	 	 	12,460	 	 	(2,538	)	-20.4	%	
 		 		 		 	 	 	
      Total current assets	 	477,063	 	 	409,254	 	 	67,809	 	16.6	%	
 		 		 		 	 	 	
  Property, plant, and equipment, net	 	268,224	 	 	265,243	 	 	2,981	 	1.1	%	
  Prepaid pension costs	 	76,339	 	 	77,802	 	 	(1,463	)	-1.9	%	
  Goodwill, net	 	391,623	 	 	364,313	 	 	27,310	 	7.5	%	
  Other intangible assets, net	 	157,707	 	 	140,369	 	 	17,338	 	12.4	%	
  Other assets	 	14,226	 	 	21,459	 	 	(7,233	)	-33.7	%	
 		 		 		 	 	 	
       Total Assets	$	1,385,182	 	$	1,278,440	 	$	106,742	 	8.3	%	

Liabilities	 	 	 	 	 	 	 	 	 	 	 	
  Current Liabilities:	 	 	 	 	 	 	 	 	 	 	 	
    Short-term debt	$	909	 	$	1,630	 	$	(721	)	-44.2	%	
    Accounts payable	 	65,979	 	 	65,364	 	 	615	 	0.9	%	
    Accrued expenses	 	58,766	 	 	63,413	 	 	(4,647	)	-7.3	%	
    Income taxes payable	 	19,317	 	 	13,895	 	 	5,422	 	39.0	%	
    Other current liabilities	 	41,379	 	 	52,793	 	 	(11,414	)	-21.6	%	
 		 		 		 	 	 	
      Total current liabilities	 	186,350	 	 	197,095	 	 	(10,745	)	-5.5	%	
  Long-term debt	 	409,060	 	 	340,860	 	 	68,200	 	20.0	%	
  Deferred income taxes	 	49,050	 	 	40,043	 	 	9,007	 	22.5	%	
  Accrued pension & other postretirement benefit costs	 	73,795	 	 	80,612	 	 	(6,817	)	-8.5	%	
  Long-term portion of environmental reserves	 	22,829	 	 	23,356	 	 	(527	)	-2.3	%	
  Other liabilities	 	26,686	 	 	20,860	 	 	5,826	 	27.9	%	
 		 		 		 	 	 	
      Total Liabilities	 	767,770	 	 	702,826	 	 	64,944	 	9.2	%	

Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	 	
  Common stock, $1 par value	 	25,493	 	 	16,646	 	 	8,847	 	53.1	%	
  Class B common stock, $1 par value	 	—   	 	 	8,765	 	 	(8,765	)	-100.0	%	
  Additonal paid in capital	 	59,699	 	 	55,885	 	 	3,814	 	6.8	%	
  Retained earnings	 	645,195	 	 	601,070	 	 	44,125	 	7.3	%	
  Unearned portion of restricted stock	 	(17	)	 	(34	)	 	17	 	-50.0	%	
  Accumulated other comprehensive income	 	23,218	 	 	36,797	 	 	(13,579	)	-36.9	%	
 		 		 		 	 	 	
 	 	753,588	 	 	719,129	 	 	34,459	 	4.8	%	
  Less: cost of treasury stock	 	136,176	 	 	143,515	 	 	(7,339	)	-5.1	%	

      Total Stockholders’ Equity	 	617,412	 	 	575,614	 	 	41,798	 	7.3	%	

      Total Liabilities and Stockholders’ Equity	$	1,385,182	 	$	1,278,440	 	$	106,742	 	8.3	%	

Curtiss-Wright Corporation, Page 8
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
 SEGMENT INFORMATION
 (In thousands)

	Three Months Ended
September 30,	 	Nine Months Ended
September 30,		
					
	2005		2004		%
Change		2005		2004		%
Change		
 		 		 		 		 		 		 	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Flow Control	$	112,126	 	$	94,204	 	 	19.0	%	$	335,863	 	$	269,804	 	 	24.5	%	
Motion Control	 	110,242	 	 	97,727	 	 	12.8	%	 	328,180	 	 	272,649	 	 	20.4	%	
Metal Treatment	 	48,987	 	 	44,643	 	 	9.7	%	 	148,992	 	 	131,482	 	 	13.3	%	

Total Sales	$	271,355	 	$	236,574	 	 	14.7	%	$	813,035	 	$	673,935	 	 	20.6	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Flow Control	$	13,800	 	$	9,845	 	 	40.2	%	$	36,905	 	$	28,930	 	 	27.6	%	
Motion Control	 	11,203	 	 	10,417	 	 	7.5	%	 	30,331	 	 	28,731	 	 	5.6	%	
Metal Treatment	 	8,618	 	 	6,805	 	 	26.6	%	 	25,547	 	 	20,821	 	 	22.7	%	

Total Segments	 	33,621	 	 	27,067	 	 	24.2	%	 	92,783	 	 	78,482	 	 	18.2	%	
Pension Expense	 	(500	)	 	(295	)	 	69.5	%	 	(1,500	)	 	(377	)	 	297.9	%	
Corporate & Other	 	(680	)	 	(1,301	)	 	-47.7	%	 	1,823	 	 	(2,058	)	 	-188.6	%	

 		 		 		 		 		 		 	
Total Operating Income	$	32,441	 	$	25,471	 	 	27.4	%	$	93,106	 	$	76,047	 	 	22.4	%	

Operating Margins:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Flow Control	 	12.3	%	 	10.5	%	 	 	 	 	11.0	%	 	10.7	%	 	 	 	
Motion Control	 	10.2	%	 	10.7	%	 	 	 	 	9.2	%	 	10.5	%	 	 	 	
Metal Treatment	 	17.6	%	 	15.2	%	 	 	 	 	17.1	%	 	15.8	%	 	 	 	
Total Curtiss-Wright	 	12.0	%	 	10.8	%	 			 	11.5	%	 	11.3	%	 	 	 	

Curtiss-Wright Corporation, Page 9
About Curtiss-Wright
Curtiss-Wright Corporation is a diversified company headquartered in Roseland, New Jersey. The Company designs, manufactures and overhauls products for motion control and flow control applications and provides a variety of metal treatment services. The firm employs approximately 5,900 people. More information on Curtiss-Wright can be found at www.curtisswright.com.
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Certain statements made in this release, including statements about future revenue, organic revenue growth, annual revenue, net income, organic operating income growth, future business opportunities, and cost saving initiatives, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management’s expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2004 and subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information is available at www.curtisswright.com.

Contact:	Alexandra M. Deignan   
(973) 597-4734           
adeignan@curtisswright.com