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): February 3, 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))
 
1

 
 
SECTION 2 – FINANCIAL INFORMATION
 
Item 2.02.    Results of Operations and Financial Condition .	
 
On February 3, 2005 Curtiss-Wright Corporation (the “Company” ) issued a press release announcing financial results for the fourth quarter and year ended December 31, 2004. A copy of this press release is attached hereto as Exhibit 99.1. A conference call and webcast presentation will be held on Friday, February 4, 2005, at 10:00am ET for management to discuss the company's first quarter performance and future outlook. Martin Benante, Chairman and CEO, and Glenn Tynan, CFO, will host the call.
 
The financial release and access to the webcast will be posted on Curtiss-Wright's website at www.curtisswright.com. For those unable to participate, the conference call will be available for replay for 30 days by calling (888) 346-3949 (Domestic) and (404) 260-5385 (International), and enter confirmation code #20050106130687 and PIN #.0204055 The webcast replay will also be available for 30 days on the company's website beginning one hour after the call takes place.
 
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 February 3, 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: February 3, 2005

 
3

 
 
EXHIBIT INDEX
 
Exhibit
Number	 	Description	 	
 	 	 	 	
          99.1	 	Press Release, dated February 3, 2005.	 	

 
4

 

 

NEWS RELEASE

FOR IMMEDIATE RELEASE
CURTISS-WRIGHT REPORTS 2004 FINANCIAL RESULTS
- - -
Full Year and Fourth Quarter Sales up 28% and 45%, Respectively
Full Year and Fourth Quarter Earnings up 30% & 56%, Respectively
Ninth Consecutive Year of Revenue Growth

Backlog at Record Level
ROSELAND, NJ – February 3, 2005 – Curtiss-Wright Corporation (NYSE: CW, CW.B) today reports financial results for the full year and quarter ended December 31, 2004. The highlights are as follows:
Fourth Quarter 2004 Operating Highlights

Ÿ	Net sales for the fourth quarter of 2004 increased 45% to $281.1 million from $193.7 million in the fourth quarter of 2003. Acquisitions made in the fourth quarter of 2003 and in 2004 contributed $52.8 million in incremental sales in the fourth quarter of 2004.	

Ÿ	Operating income in the fourth quarter of 2004 increased 49% to $38.8 million from $26.1 million in the fourth quarter of 2003. Acquisitions made in the fourth quarter of 2003 and in 2004 contributed $3.6 million in incremental operating income in the fourth quarter of 2004. The increase in operating income was achieved despite absorbing approximately $0.8 million of costs in the quarter related to compliance with Sarbanes-Oxley Section 404.	

Ÿ	Net earnings for the fourth quarter of 2004 increased 56% to $23.1 million, or $1.06 per diluted share, from $14.8 million, or $0.70 per diluted share, in the fourth quarter of 2003 (adjusted for the 2-for-1 stock split in December 2003). The net earnings for the fourth quarter of 2004 included nonrecurring tax benefits of $1.2 million (approximately $0.06 per diluted share) resulting from a favorable IRS appeals settlement and research and development tax credits. In addition, the increase in net earnings in the fourth quarter of 2004 was achieved despite the absorption of Sarbanes-Oxley compliance costs (approximately $0.02 per diluted share).	

Ÿ	New orders received in the fourth quarter of 2004 were $315.7 million, up 40% compared to the fourth quarter of 2003.	

Curtiss-Wright Corporation, Page 2
Full Year 2004 Operating Highlights

Ÿ	Net sales for the full year 2004 increased 28% to $955.0 million from $746.1 million in 2003. Acquisitions made in 2003 and 2004 contributed $154.2 million in incremental sales in 2004 as compared to 2003.	

Ÿ	Operating income in 2004 increased 29% to $115.1 million from $89.3 million in 2003. Acquisitions made in 2003 and 2004 contributed $11.0 million in incremental operating income in 2004 as compared to 2003. The increase in operating income was achieved despite a $2.1 million decrease in pension income and approximately $2.5 million of incremental costs related to compliance with Sarbanes-Oxley Section 404 in 2004 as compared to 2003.	

Ÿ	Net earnings in 2004 increased 30% to $67.7 million, or $3.14 per diluted share, from $52.3 million, or $2.50 per diluted share, in 2003 (adjusted for the 2-for-1 stock split in December 2003). The net earnings for 2004 included nonrecurring tax benefits of $3.4 million (approximately $0.16 per diluted share). In addition, the increase in 2004 net earnings was achieved despite a decrease in pension income (approximately $0.06 per diluted share) and incremental Sarbanes-Oxley costs (approximately $0.07 per diluted share).	

Ÿ	New orders received in 2004 were $998.9 million, up 34% compared to 2003. Backlog increased 24% to a new record high of $627.7 million at December 31, 2004 from $505.5 million at December 31, 2003.	

“We are pleased to report our ninth consecutive year of revenue growth along with higher operating income and earnings in 2004,” commented Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. “Over the last five years Curtiss-Wright has delivered a compounded annual growth rate in sales of 27%, operating income of 22% and earnings per share of 20%. During this same time, our total shareholder return was 28%, which is much better than the relative indices and at the top of the aerospace and defense industries. Achievement of these results during a time frame during which we acquired over 30 businesses is a strong indicator of our ability to integrate acquisitions quickly and profitably. Our diversification strategy has provided growth in 2004 for both our defense markets, which grew 30%, and commercial and industrial markets, which grew 26%, over the prior year period. We also experienced strong organic sales growth of 21% from our Metal Treatment segment, and strong organic operating income growth in our Metal Treatment and Motion Control segments, which grew 55% and 22%, respectively, in 2004.”

Curtiss-Wright Corporation, Page 3
Sales
Sales growth in 2004 for the fourth quarter and full year as compared to 2003 was driven by contributions from acquisitions and organic growth in some of our base businesses. Acquisitions made in 2003 and 2004 have contributed $52.8 million and $154.2 million in incremental sales for the quarter and full year ended December 31, 2004, respectively, over the comparable periods in 2003. The remaining base businesses experienced organic growth of 18% and 7% for the quarter and full year ended December 31, 2004, respectively, over the prior year periods. The organic sales growth in the fourth quarter of 2004 was driven by our Flow Control and Metal Treatment segments, which experienced organic growth of 29% and 19%, respectively, compared to the prior year period. Our Motion Control segment grew 6% organically in fourth quarter of 2004 as compared to the prior year period.
In our base businesses, higher sales from our Metal Treatment segment of global shot peening services, higher sales from our Flow Control segment to the commercial power generation and oil and gas markets, and higher domestic military aerospace and global commercial aerospace aftermarket sales from our Motion Control segment, all contributed to the organic growth. In addition, foreign currency translation favorably impacted sales by $3.9 million and $15.8 million for the quarter and full year ended December 31, 2004, respectively, compared to the prior year periods.
Operating Income
Operating income in 2004 for the fourth quarter and full year increased 48% and 29%, respectively, over the 2003 prior year periods. The increases were due to higher sales volumes, favorable sales mix, reduction in certain reserve requirements, and previously implemented cost control initiatives. Overall, organic operating income growth was 32% and 19% for the quarter and full year ended December 31, 2004, respectively, compared to the prior year periods. The strong quarterly operating income performance was lead by our Flow Control segment, which produced organic growth of 42%, while the Metal Treatment and Motion Control segments grew organically by 20% and 18%, respectively, as compared to the prior year period. The segment operating income growth was achieved despite the absorption of costs associated with Sarbanes-Oxley Rule 404 compliance.
The higher segment operating income was partially offset by lower pension income of $0.2 million and $2.1 million for the quarter and full year ended December 31, 2004, respectively, over the comparable prior year periods. In addition, foreign currency translation favorably impacted operating income by $0.9 million and $2.9 million for the quarter and full year ended December 31, 2004, respectively, compared to the prior year periods.
On a consolidated basis, our operating margin was 13.8% in the fourth quarter of 2004 versus 13.5% in the prior year. Our full year operating margin was 12.1% for 2004 and 12.0% for 2003. Our operating margins continue to be adversely affected by higher amortization expense due to our robust acquisition activity over the past couple of years.

Curtiss-Wright Corporation, Page 4
Net Earnings
Net earnings increased 56% and 30% for the quarter and full year ended December 31, 2004, respectively, over the comparable prior year periods. This was achieved as a result of strong operating income from our business segments, which increased $11.7 million and $28.4 million for the quarter and full year ended December 31, 2004, respectively, over the prior year periods.
Net earnings for 2004 includes nonrecurring tax benefits totaling $3.4 million. These improvements were offset by higher interest expense associated with the debt incurred to fund our acquisition program and from higher interest rates.
Segment Performance
Flow Control – Sales for the fourth quarter of 2004 were $118.3 million, up 51% over the comparable period last year, principally due to strong organic growth of 29% in the base businesses, and from the contributions from the 2004 acquisitions. Higher sales of flow control and electronic products to the U.S. Navy, higher sales of valves, pumps, other electromechanical products, and field services to the commercial power generation market, and higher sales of valves to the oil and gas market, all contributed to the organic growth in 2004. Sales of this business segment also benefited from favorable foreign currency translation of $0.5 million in the fourth quarter of 2004 as compared to the prior year period.
Operating income for this segment increased 58% in the fourth quarter of 2004 compared to the prior year period. The improvement was due to strong organic growth of 42%, lead by higher sales volume of our U.S. Navy, commercial power generation, and oil and gas products, favorable sales mix, and previously implemented cost reduction initiatives. The organic operating income increase is also due to inventory write-offs in 2003 that did not reoccur in 2004.
Motion Control – Sales for the fourth quarter of 2004 of $115.9 million increased 49% over last year, principally due to the contributions from the 2003 and 2004 acquisitions, which contributed $33.1 million of incremental sales in the fourth quarter of 2004. Sales from the base businesses increased 6% in the fourth quarter of 2004 as compared to the prior year period. This organic growth increase was due to higher electronic military aerospace sales and higher commercial aerospace aftermarket sales from our repair and overhaul and integrated sensors businesses. This improvement was partially offset by lower ground defense sales associated with the Bradley Fighting Vehicle and lower commercial aerospace OEM sales. Sales of this business segment also benefited from favorable foreign currency translation of $1.9 million in the fourth quarter of 2004 as compared to the prior year period.
Operating income for this segment increased 40% for the fourth quarter of 2004 compared to the prior year period. The improvement was driven by higher sales volume previously mentioned, favorable sales mix, and previously implemented cost control initiatives. This segment also benefited from reductions in reserve requirements at its European integrated sensors business.

Curtiss-Wright Corporation, Page 5
Metal Treatment – Sales for the fourth quarter of 2004 of $46.8 million were 24% higher than the comparable period last year. The improvement was mainly due to organic growth of 19% driven by higher overall shot peening revenues to the European aerospace and automotive markets, and the contributions from the 2004 acquisitions. This segment also experienced organic growth in the coatings and heat treating businesses. Favorable foreign currency translation positively impacted sales by $1.5 million in the fourth quarter of 2004 as compared to the prior year period.
Operating income increased 23% for the fourth quarter of 2004 as compared to the prior year period. Operating income improved in our shot peening businesses primarily as a result of higher sales volume, especially for our higher margin laser peening business. In addition, favorable sales mix, cost reduction programs, and favorable foreign currency translation also contributed to the higher operating income.
2005 Management Guidance
For the full year 2005, management expects to achieve revenues in the range of $1.05 billion to $1.10 billion, operating income in the range of $130-$138 million, which includes $2 million of pension expense from the Curtiss-Wright pension plan, and earnings per share in the range of $3.24 to $3.45 per share. This guidance reflects our expectations of 10-15% growth in revenue, 15-20% growth in operating income, and 10-15% growth in EPS, excluding $0.16 per share of nonrecurring tax benefits reported in 2004.
Full year free cash flow (defined as cash flow from operating activities less capital expenditures) is expected to be between $55 and $60 million for 2005.
EPS guidance is based on an estimated fully diluted shares outstanding of 22 million shares for the full year 2005. 2005 guidance includes an estimate for costs associated with the continuation of Sarbanes-Oxley compliance, but it does not include estimates for compliance with the new accounting rules for the expensing of equity-based compensation costs and it does not assume any acquisitions which may be completed in 2005.
Mr. Benante concluded, “In 2004, we continued to demonstrate our ability to generate long-term shareholder value by growing our sales and earnings. Over the past several years our operating income has been growing faster than our sales while we executed a very active, yet disciplined, acquisition program. Our strong performance in 2004 once again demonstrates our ability to execute our strategy and achieve our financial targets. Our successful growth is the result of our diversification and ability to deliver the high performance, technologically advanced products for which Curtiss-Wright is world renowned. We continue to experience increasing demand for our new technologies, many of which are only at the beginning of their life cycles, which should continue to provide superior returns to our shareholders into the future. Our diversification strategy, the continued successful integration of our acquisitions, and ongoing emphasis on technology will continue to generate growth opportunities in each of our three business segments in 2005 and beyond.”

Curtiss-Wright Corporation, Page 6
**********
The Company will host a conference call to discuss the 2004 results at 10:00 EST Friday, February 4, 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 7
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)

	Three Months Ended
December 31,	Twelve Months Ended
December 31,	Three Months
Change	Twelve Months
Change		
	2004
	2003
	2004
	2003
	$
	%
	$
	%
		
Net sales	 	 	$	281,104	 	$	193,663	 	$	955,039	 	$	746,071	 	$	87,441	 	 	45.15	%	$	208,968	 	 	28.01	%		
Cost of sales	 	 	 	180,067	 	 	125,476	 	 	624,536	 	 	505,153	 	 	54,591	 	 	43.51	%	 	119,383	 	 	23.63	%		
																
  Gross profit	 	 	 	101,037	 	 	68,187	 	 	330,503	 	 	240,918	 	 	32,850	 	 	48.18	%	 	89,585	 	 	37.18	%		
										
Research & development expenses	 	 	 	9,416	 	 	5,617	 	 	33,825	 	 	22,111	 	 	3,799	 	 	67.63	%	 	11,714	 	 	52.98	%		
Selling expenses	 	 	 	16,888	 	 	9,929	 	 	61,648	 	 	38,816	 	 	6,959	 	 	70.09	%	 	22,832	 	 	58.82	%		
General and administrative expenses	 	 	 	35,455	 	 	25,529	 	 	118,526	 	 	90,849	 	 	9,926	 	 	38.88	%	 	27,677	 	 	30.46	%		
Environmental remediation and administrative	 	 		
   expenses, net	 	 	 	394	 	 	1,043	 	 	885	 	 	1,423	 	 	(649	)	 	N/A	 	 	(538	)	 	N/A	 		
Pension expense (income), net	 	 	 	123	 	 	(31	)	 	500	 	 	(1,611	)	 	154	 	 	-496.77	%	 	2,111	 	 	-131.04	%		
																
  Operating income	 	 	 	38,761	 	 	26,100	 	 	115,119	 	 	89,330	 	 	12,661	 	 	48.51	%	 	25,789	 	 	28.87	%		
Other income (expenses), net	 	 	 	76	 	 	207	 	 	65	 	 	389	 	 	(131	)	 	-63.29	%	 	(324	)	 	-83.29	%		
Interest expense	 	 	 	(3,613	)	 	(2,757	)	 	(12,031	)	 	(5,663	)	 	(856	)	 	31.05	%	 	(6,368	)	 	112.45	%		
																
Earnings before income taxes	 	 	 	35,224	 	 	23,550	 	 	103,153	 	 	84,056	 	 	11,674	 	 	49.57	%	 	19,097	 	 	22.72	%		
Provision for income taxes	 	 	 	12,171	 	 	8,796	 	 	35,447	 	 	31,788	 	 	3,375	 	 	38.37	%	 	3,659	 	 	11.51	%		
																
Net earnings	 	 	$	23,053	 	$	14,754	 	$	67,706	 	$	52,268	 	$	8,299	 	 	56.25	%	$	15,438	 	 	29.54	%		
																
Basic earnings per share	 	 	$	1.08	 	$	0.71	 	$	3.19	 	$	2.53	 		
										
Diluted earnings per share	 	 	$	1.06	 	$	0.70	 	$	3.14	 	$	2.50	 		
										
Dividends per share	 	 	$	0.09	 	$	0.09	 	$	0.36	 	$	0.32	 		
										
Weighted average shares outstanding:	 	 		
   Basic	 	 	 	21,418	 	 	20,735	 	 	21,196	 	 	20,640	 		
   Diluted	 	 	 	21,762	 	 	21,064	 	 	21,547	 	 	20,887	 		
Share and per share amounts have been restated to reflect the Corporation’s 2-for-1 stock split on December 17, 2003.

Curtiss-Wright Corporation, Page 8
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)

	December 31,		December 31,		Change	
	2004
		2003
		$
	%
	
Assets	 	 	 		 	 		 	 		 	 		 	
  Current Assets:	 	 		
     Cash and cash equivalents	 	 	$	41,038	 	$	98,672	 	$	(57,634	)	 	-58.4	%	
     Receivables, net	 	 	 	214,084	 	 	143,362	 	 	70,722	 	 	49.3	%	
     Inventories, net	 	 	 	115,979	 	 	97,880	 	 	18,099	 	 	18.5	%	
     Deferred income taxes	 	 	 	25,693	 	 	23,630	 	 	2,063	 	 	8.7	%	
     Other current assets	 	 	 	12,460	 	 	10,979	 	 	1,481	 	 	13.5	%	
								
       Total current assets	 	 	 	409,254	 	 	374,523	 	 	34,731	 	 	9.3	%	
								
  Property, plant, and equipment, net	 	 	 	265,243	 	 	238,139	 	 	27,104	 	 	11.4	%	
  Prepaid pension costs	 	 	 	77,802	 	 	77,877	 	 	(75	)	 	-0.1	%	
  Goodwill, net	 	 	 	364,313	 	 	220,058	 	 	144,255	 	 	65.6	%	
  Other intangible assets, net	 	 	 	140,369	 	 	48,268	 	 	92,101	 	 	190.8	%	
  Other assets	 	 	 	21,459	 	 	14,800	 	 	6,659	 	 	45.0	%	
								
        Total Assets	 	 	$	1,278,440	 	$	973,665	 	$	304,775	 	 	31.3	%	
								
Liabilities	 	 		
  Current Liabilities:	 	 		
     Short-term debt	 	 	$	1,630	 	$	997	 	$	633	 	 	63.5	%	
     Accounts payable	 	 	 	65,364	 	 	43,776	 	 	21,588	 	 	49.3	%	
     Accrued expenses	 	 	 	63,413	 	 	44,938	 	 	18,475	 	 	41.1	%	
     Income taxes payable	 	 	 	13,895	 	 	6,748	 	 	7,147	 	 	105.9	%	
     Other current liabilities	 	 	 	52,793	 	 	39,424	 	 	13,369	 	 	33.9	%	
								
       Total current liabilities	 	 	 	197,095	 	 	135,883	 	 	61,212	 	 	45.0	%	
  Long-term debt	 	 	 	340,860	 	 	224,151	 	 	116,709	 	 	52.1	%	
  Deferred income taxes	 	 	 	41,803	 	 	21,798	 	 	20,005	 	 	91.8	%	
  Accrued pension & other postretirement benefit costs	 	 	 	80,612	 	 	75,633	 	 	4,979	 	 	6.6	%	
  Long-term portion of environmental reserves	 	 	 	18,956	 	 	21,083	 	 	(2,127	)	 	-10.1	%	
  Other liabilities	 	 	 	20,860	 	 	16,236	 	 	4,624	 	 	28.5	%	
								
       Total Liabilities	 	 	 	700,186	 	 	494,784	 	 	205,402	 	 	41.5	%	
								
Stockholders' Equity	 	 		
  Common stock, $1 par value	 	 	 	16,646	 	 	16,611	 	 	35	 	 	0.2	%	
  Class B common stock, $1 par value	 	 	 	8,765	 	 	8,765	 	 	0	 	 	0.0	%	
  Capital surplus	 	 	 	55,885	 	 	52,998	 	 	2,887	 	 	5.4	%	
  Retained earnings	 	 	 	603,710	 	 	543,670	 	 	60,040	 	 	11.0	%	
  Unearned portion of restricted stock	 	 	 	(34	)	 	(55	)	 	21	 	 	-38.2	%	
  Accumulated other comprehensive income	 	 	 	36,797	 	 	22,634	 	 	14,163	 	 	62.6	%	
								
 	 	 	 	721,769	 	 	644,623	 	 	77,146	 	 	12.0	%	
  Less: cost of treasury stock	 	 	 	143,515	 	 	165,742	 	 	(22,227	)	 	-13.4	%	
								
       Total Stockholders' Equity	 	 	 	578,254	 	 	478,881	 	 	99,373	 	 	20.8	%	
								
        Total Liabilities and Stockholders' Equity	 	 	$	1,278,440	 	$	973,665	 	$	304,775	 	 	31.3	%	

Curtiss-Wright Corporation, Page 9
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)

	Three Months Ended
December 31,
		Twelve Months Ended
December 31,
		
	2004
		2003
		%
Change
		2004
		2003
		%
Change
		
Sales:	 	 	 		 	 		 	 		 	 		 	 		 	 		 		
Flow Control	 	 	$	118,335	 	$	78,146	 	 	51.4	%	$	388,139	 	$	341,271	 	 	13.7	%		
Motion Control	 	 	 	115,927	 	 	77,724	 	 	49.2	%	 	388,576	 	 	265,905	 	 	46.1	%		
Metal Treatment	 	 	 	46,842	 	 	37,793	 	 	23.9	%	 	178,324	 	 	138,895	 	 	28.4	%		
														
Total Sales	 	 	$	281,104	 	$	193,663	 	 	45.2	%	$	955,039	 	$	746,071	 	 	28.0	%		
Operating Income:	 	 		
Flow Control	 	 	$	15,529	 	$	9,815	 	 	58.2	%	$	44,651	 	$	39,991	 	 	11.7	%		
Motion Control	 	 	 	16,203	 	 	11,616	 	 	39.5	%	 	44,903	 	 	30,350	 	 	48.0	%		
Metal Treatment	 	 	 	7,308	 	 	5,953	 	 	22.8	%	 	28,279	 	 	19,055	 	 	48.4	%		
														
Total Segments	 	 	 	39,040	 	 	27,384	 	 	42.6	%	 	117,833	 	 	89,396	 	 	31.8	%		
Pension (Expense)/Income	 	 	 	(123	)	 	31	 	 	-496.8	%	 	(500	)	 	1,611	 	 	-131.0	%		
Corporate & Other	 	 	 	(156	)	 	(1,315	)	 	-88.1	%	 	(2,214	)	 	(1,677	)	 	32.0	%		

														
Total Operating Income	 	 	$	38,761	 	$	26,100	 	 	48.5	%	$	115,119	 	$	89,330	 	 	28.9	%		
														
Operating Margins:	 	 		
Flow Control	 	 	 	13.1%	 		12.6%	 	 	 	 		11.5%	 		11.7%		
Motion Control	 	 	 	14.0%	 		14.9%	 	 	 	 		11.6%	 		11.4%		
Metal Treatment	 	 	 	15.6%	 		15.8%	 		 	 	 	15.9%	 		13.7%		
Total Curtiss-Wright	 	 	 	13.8%	 		13.5%	 		 	 	 	12.1%	 		12.0%		

Curtiss-Wright Corporation, Page 10
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 5,600 people. More information on Curtiss-Wright can be found at www.curtisswright.com .
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Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. 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. Please refer to the Company’s current SEC filings under the Securities and Exchange Act of 1934, as amended, for further information.
This press release and additional information is available at www.curtisswright.com .
Contact:    Alexandra M. Deignan
                   (973) 597-4734
                    adeignan@curtisswright.com