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): July 28, 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 July 28, 2005 Curtiss-Wright Corporation (the “Company” ) issued a press release announcing financial results for the second quarter ended June 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, July 29, 2005, at 9:00 am 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 press release and access to the webcast will be 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 Passcode 64059609.
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 5.02 DEPARTURE OF PRINCIPAL OFFICER
Kevin McClurg resigned, effective August 3, 2005, as Corporate Controller of Curtiss-Wright Corporation (the "Company"), and will leave the Company to pursue other interests.
 
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
 
(a) Not applicable.	
 
(b) Not applicable.	
 
(c) Exhibits.	
 
99.1 Press Release dated July 28, 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: July 28, 2005

 
3

 
 
EXHIBIT INDEX
 
Exhibit
Number	 	Description	 	
 	 	 	 	
     99.1	 	Press Release, dated July 28, 2005.	 	

 
4

 

 

FOR IMMEDIATE RELEASE
 
CURTISS-WRIGHT REPORTS 2005 SECOND QUARTER AND SIX MONTH FINANCIAL RESULTS
- - -
 
Sales Increased 27%, Operating Income 31%, and Net Earnings 37% in the Second Quarter of 2005, Respectively
 
Full Year Guidance Increased
 
ROSELAND, NJ – July 28, 2005 – Curtiss-Wright Corporation (NYSE: CW) today reports financial results for the second quarter and six months ended June 30, 2005. The highlights are as follows:
 
Second Quarter 2005 Operating Highlights
 
•	Net sales for the second quarter of 2005 increased 27% to $283.2 million from $222.4 million in the second quarter of 2004. Acquisitions made since March 31, 2004 contributed $31.6 million in incremental sales in the second quarter of 2005.	
 
•	Operating income in the second quarter of 2005 increased 31% to $33.2 million from $25.4 million in the second quarter of 2004. Acquisitions made since March 31, 2004 contributed $1.1 million in incremental operating income in the second quarter of 2005.	
 
•	Net earnings for the second quarter of 2005 increased 25% to $17.9 million, or $0.82 per diluted share, from $14.3 million, or $0.67 per diluted share, in the second quarter of 2004. The increase in the 2005 second quarter net earnings was achieved despite a $1.1 million after-tax increase in interest expense (approximately $0.05 per diluted share).	
 
•	New orders received in the second quarter of 2005 were $284.9 million, up 37% compared to the second quarter of 2004.	

 

 
Curtiss-Wright
4 Becker Farm Road, Roseland, NJ 07068
(973) 597-4700 • FAX (973) 597-4799
www.curtisswright.com

Curtiss-Wright Corporation, Page 2

Six Months 2005 Operating Highlights
 
•	Net sales for the first six months of 2005 increased 24% to $541.7 million from $437.4 million in the first six months of 2004. Acquisitions made in 2005 and 2004 contributed $67.4 million in incremental sales in the first six months of 2005.	
 
•	Operating income in the first six months of 2005 increased 20% to $60.7 million from $50.6 million in the first six months of 2004. Acquisitions made in 2005 and 2004 contributed $1.2 million in incremental operating income in the first six months of 2005. Operating income in the first six months of 2005 included a gain of $2.8 million related to the sale of non-operating property.	
 
•	Net earnings for the first six months of 2005 increased 8% to $32.5 million, or $1.49 per diluted share, from $29.9 million, or $1.40 per diluted share, in the first six months of 2004. The increase in the 2005 net earnings was achieved despite a $2.4 million after-tax increase in interest expense (approximately $0.11 per diluted share).	
 
•	New orders received in the first six months of 2005 were $610.8 million, up 38% compared to the first six months of 2004. At June 30, 2005, backlog was $740.6 million, up 18% from $627.7 million at December 31, 2004.	

“We are pleased to report increased sales, operating income, and net earnings for the second quarter and first half of 2005,” commented Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. “Our new orders were strong for the first half of 2005 which provides us with good momentum for the second half of the year and into 2006. We experienced strong overall organic sales and operating income growth of 8% and 17%, respectively, in the first half of 2005. The strong organic sales growth was in the oil and gas, commercial aerospace, and power generation markets. Many of our military programs are progressing through the procurement cycle and we expect a ramp-up in the second half of the year. In addition, we continue to progress on several developmental contracts that generally produce lower margins than production contracts; however, these contracts should provide us future opportunities. We are continuing to integrate our acquisitions and experienced some integration costs; however, these integration efforts are beginning to produce reduced costs and improved profitability that is expected to continue throughout the remainder of the year.”
 
Sales
 
Sales growth in 2005 for the three and six months ended June 30 th compared to 2004 was mainly driven by the contributions from our 2004 and 2005 acquisitions and organic growth in some of our base businesses. Acquisitions made since March 31, 2004 contributed $31.6 million and $67.4 million in incremental sales for the quarter and six months ended June 30, 2005, respectively, over the comparable prior year periods. The base businesses generated overall organic growth of 12% and 8% for the three and six months ended June 30, 2005, respectively, over the prior year

Curtiss-Wright Corporation, Page 3

periods. This organic sales growth was led by our Metal Treatment segment, which experienced strong organic growth of 13%, followed by our Motion Control and Flow Control segments at 8% and 5%, respectively, for the first six months of 2005.
 
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 global commercial aerospace, general industrial, and military aerospace markets, and higher sales from our Flow Control segment to the oil and gas and commercial power generation markets, all contributed to the organic growth in the first six months of 2005. In addition, foreign currency translation favorably impacted sales by $2.1 million and $4.3 million for the three and six months ended June 30, 2005, compared to the prior year periods.
 
Operating Income
 
Operating income for the three and six months ended June 30, 2005 increased 31% and 20%, respectively, over the 2004 prior year periods. The increases were due to higher sales volumes, favorable sales mix, and previously implemented cost control initiatives. Overall, operating income organic growth was 24% and 17% for the three and six months ended June 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, which grew 23% and 17% for the three and six months ended June 30, 2005, respectively, over the prior year periods. Operating income for the six months ended June 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 Plans of $0.5 million and $0.9 million for the three and six months ended June 30, 2005, respectively, over the comparable prior year periods. In addition, foreign currency translation favorably impacted operating income by $0.3 million and $0.7 million for the three and six months ended June 30, 2005, respectively, compared to the prior year periods.
 
Net Earnings
 
Net earnings increased 25% and 8% for the three and six months ended June 30, 2005, respectively, over the comparable prior year periods. The improvement was due to strong operating income from our business segments, which increased $8.5 million and $7.7 million for the three and six months ended June 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 second quarter and first six months of 2005 by $1.1 million and $2.4 million, respectively.

Curtiss-Wright Corporation, Page 4

 
 
Segment Performance
 
Flow Control – Sales for the second quarter of 2005 were $114.3 million, up 33% over the comparable period last year due to solid organic growth and the contributions from the 2004 acquisitions. Sales from the base businesses increased 12% in the second 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 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 $0.5 million in the second quarter of 2005 compared to the prior year period.
 
Operating income for this segment increased 47% in the second quarter of 2005 compared to the prior year period. 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 second quarter of 2005 of $117.9 million increased 29% over last year, principally due to solid organic growth and the contributions from the 2004 and 2005 acquisitions. Sales from the base businesses increased 14% in the second 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, higher sales of industrial sensor products, and higher sales of embedded computing products to the defense aerospace market, as compared to the prior year period. Partially offsetting these increases are lower sales of F-16 spares, and lower sales of tilting train systems in Europe due to expiration of this program in 2004. Sales of this business segment also benefited from favorable foreign currency translation of $1.0 million in the second quarter of 2005 as compared to the prior year period.
 
Operating income for this segment increased 27% for the second quarter of 2005 compared to the prior year period. The increase was driven primarily by higher sales volume mentioned above and previously implemented cost control initiatives. The improvement was partially offset by less favorable sales mix resulting from decreased higher margin sales, such as the F-16 spares and tilting train program, and higher development work which generate lower margins. In addition, this segment continued to experience some business consolidation costs in the embedded computing group; however, these integration efforts have begun to produce reduced costs and improved profitability which are expected to continue in the future.
 
Metal Treatment – Sales for the second quarter of 2005 of $51.0 million were 14% 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 and automotive markets. Favorable

Curtiss-Wright Corporation, Page 5

foreign currency translation positively impacted sales by $0.6 million in the second quarter of 2005 as compared to the prior year period.
Operating income increased 23% for the second quarter of 2005 as compared to the prior year period, primarily as a result of the higher sales volume. Favorable foreign currency translation also contributed to the increase in operating income.
 
2005 Management Guidance
 
We are increasing our 2005 full-year guidance to reflect improved market conditions and incorporate our 2005 acquisition. We expect revenues in the range of $1.10 billion to $1.15 billion, operating income in the range of $135 - $145 million, and earnings per share in the range of $3.30 to $3.50 per share. This guidance reflects our expectations of 15-20% growth in revenue and operating income, and 10–15% growth in EPS. EPS guidance is based on estimated fully diluted shares outstanding of 22 million shares for the full year 2005.
 
Mr. Benante concluded, “In 2005, we will once again demonstrate our ability to generate long-term shareholder value by growing our sales and earnings. Our historical performance demonstrates our ability to execute our strategy and achieve our financial targets. Our strong performance in the first half of 2005 continues this trend. We expect the second half of 2005 to be even stronger 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 beginning of their life cycles, should continue to generate growth opportunities in each of our three business segments in 2005 and beyond.”
 
**********
The Company will host a conference call to discuss the second quarter 2005 results at 9:00 EST Friday, July 29, 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
June 30,	 	Six Months Ended
June 30,	 	Three Months
Change	 	Six Months
Change	 	
	2005		2004		2005		2004		$		%    		$		%    		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net sales	 	 	$	283,193	 	$	222,428	 	$	541,680	 	$	437,361	 	$	60,765	 	 	27.32	%	$	104,319	 	 	23.85	%	
Cost of sales	 	 	 	182,894	 	 	146,406	 	 	355,612	 	 	289,744	 	 	36,488	 	 	24.92	%	 	65,868	 	 	22.73	%	

  Gross profit	 	 	 	100,299	 	 	76,022	 	 	186,068	 	 	147,617	 	 	24,277	 	 	31.93	%	 	38,451	 	 	26.05	%	
Research & development expenses	 	 	 	11,580	 	 	7,754	 	 	21,808	 	 	15,966	 	 	3,826	 	 	49.34	%	 	5,842	 	 	36.59	%	
Selling expenses	 	 	 	17,971	 	 	14,743	 	 	34,895	 	 	27,347	 	 	3,228	 	 	21.90	%	 	7,548	 	 	27.60	%	
General and administrative expenses	 	 	 	36,501	 	 	27,789	 	 	69,969	 	 	53,038	 	 	8,712	 	 	31.35	%	 	16,931	 	 	31.92	%	
Environmental remediation and administrative	 	 	
   expenses, net	 	 	 	573	 	 	51	 	 	656	 	 	291	 	 	522	 	 	1023.53	%	 	365	 	 	125.43	%	
Pension expense (income), net	 	 	 	500	 	 	42	 	 	1,000	 	 	82	 	 	458	 	 	1090.48	%	 	918	 	 	1119.51	%	
(Gain) Loss on sale of real estate and fixed assets	 	 	 	(12	)	 	230	 	 	(2,925	)	 	317	 	 	(242	)	 	-105.22	%	 	(3,242	)	 	1022.71	%	

  Operating income	 	 	 	33,186	 	 	25,413	 	 	60,665	 	 	50,576	 	 	7,773	 	 	30.59	%	 	10,089	 	 	19.95	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expenses), net	 	 	 	(576	)	 	523	 	 	(700	)	 	121	 	 	(1,099	)	 	-210.13	%	 	(821	)	 	-678.51	%	
Interest expense	 	 	 	(4,778	)	 	(3,018	)	 	(9,081	)	 	(5,283	)	 	(1,760	)	 	58.32	%	 	(3,798	)	 	71.89	%	

Earnings before income taxes	 	 	 	27,832	 	 	22,918	 	 	50,884	 	 	45,414	 	 	4,914	 	 	21.44	%	 	5,470	 	 	12.04	%	
Provision for income taxes	 	 	 	9,898	 	 	8,594	 	 	18,427	 	 	15,481	 	 	1,304	 	 	15.17	%	 	2,946	 	 	19.03	%	

Net earnings	 	 	$	17,934	 	$	14,324	 	$	32,457	 	$	29,933	 	$	3,610	 	 	25.20	%	$	2,524	 	 	8.43	%	
 		 		 		 		 		 	 	 		 	 	 	
Basic earnings per share	 	 	$	0.83	 	$	0.68	 	$	1.51	 	$	1.42	 	 	 	 	 	 	 	 	 	 	 	 	 	
 		 		 		 		 	 	 	 	 	 	 	 	 	
Diluted earnings per share	 	 	$	0.82	 	$	0.67	 	$	1.49	 	$	1.40	 	 	 	 	 	 	 	 	 	 	 	 	 	

Dividends per share	 	 	$	0.09	 	$	0.09	 	$	0.18	 	$	0.18	 	 	 	 	 	 	 	 	 	 	 	 	 	

Weighted average shares outstanding:	 	 		
   Basic	 	 	 	21,608	 	 	21,136	 	 	21,557	 	 	21,013	 	 	 	 	 	 	 	 	 	 	 	 	 	
   Diluted	 	 	 	21,888	 	 	21,460	 	 	21,844	 	 	21,330	 	 	 	 	 	 	 	 	 	 	 	 	 	

  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)

		June 30,			December 31,			Change	 	
		2005			2004			$    			%    		
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Current Assets:	 	 		
     Cash and cash equivalents	 	 	$	47,983	 	$	41,038	 	$	6,945	 	 	16.9	%	
     Receivables, net	 	 	 	243,138	 	 	214,084	 	 	29,054	 	 	13.6	%	
     Inventories, net	 	 	 	137,370	 	 	115,979	 	 	21,391	 	 	18.4	%	
     Deferred income taxes	 	 	 	26,123	 	 	25,693	 	 	430	 	 	1.7	%	
     Other current assets	 	 	 	10,416	 	 	12,460	 	 	(2,044	)	 	-16.4	%	
 		 		 		 	 	 	
       Total current assets	 	 	 	465,030	 	 	409,254	 	 	55,776	 	 	13.6	%	
 		 		 		 	 	 	
  Property, plant, and equipment, net	 	 	 	267,619	 	 	265,243	 	 	2,376	 	 	0.9	%	
  Prepaid pension costs	 	 	 	76,865	 	 	77,802	 	 	(937	)	 	-1.2	% 	
  Goodwill, net	 	 	 	388,132	 	 	364,313	 	 	23,819	 	 	6.5	%	
  Other intangible assets, net	 	 	 	152,111	 	 	140,369	 	 	11,742	 	 	8.4	%	
  Other assets	 	 	 	17,542	 	 	21,459	 	 	(3,917	)	 	-18.3	% 	
 		 		 		 	 	 	
       Total Assets	 	 	$	1,367,299	 	$	1,278,440	 	$	88,859	 	 	7.0	%	
 		 		 		 	 	 	
Liabilities	 	 	
  Current Liabilities:	 	 		
     Short-term debt	 	 	$	934	 	$	1,630	 	$	(696	)	 	-42.7	%	
     Accounts payable	 	 	 	66,626	 	 	65,364	 	 	1,262	 	 	1.9	%	
     Accrued expenses	 	 	 	62,054	 	 	63,413	 	 	(1,359	)	 	-2.1	%	
     Income taxes payable	 	 	 	12,517	 	 	13,895	 	 	(1,378	)	 	-9.9	%	
     Other current liabilities	 	 	 	49,818	 	 	52,793	 	 	(2,975	)	 	-5.6	%	
 		 		 		 	 	 	
       Total current liabilities	 	 	 	191,949	 	 	197,095	 	 	(5,146	)	 	-2.6	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Long-term debt	 	 	 	402,561	 	 	340,860	 	 	61,701	 	 	18.1	%	
  Deferred income taxes	 	 	 	48,317	 	 	40,043	 	 	8,274	 	 	20.7	%	
  Accrued pension & other postretirement benefit costs	 	 	 	81,545	 	 	80,612	 	 	933	 	 	1.2	%	
  Long-term portion of environmental reserves	 	 	 	24,282	 	 	23,356	 	 	926	 	 	4.0	%	
  Other liabilities	 	 	 	23,267	 	 	20,860	 	 	2,407	 	 	11.5	%	
 		 		 		 	 	 	
       Total Liabilities	 	 	 	771,921	 	 	702,826	 	 	69,095	 	 	9.8	%	

Stockholders' Equity	 	 		
  Common stock, $1 par value	 	 	 	25,447	 	 	16,646	 	 	8,801	 	 	52.9	%	
  Class B common stock, $1 par value	 	 	 	—	 	 	8,765	 	 	(8,765	)	 	-100.0	%	
  Capital surplus	 	 	 	57,360	 	 	55,885	 	 	1,475	 	 	2.6	%	
  Retained earnings	 	 	 	629,636	 	 	601,070	 	 	28,566	 	 	4.8	%	
  Unearned portion of restricted stock	 	 	 	(23	)	 	(34	)	 	11	 	 	-32.4	%	
  Accumulated other comprehensive income	 	 	 	21,311	 	 	36,797	 	 	(15,486	)	 	-42.1	%	
 		 		 		 	 	 	
 	 	 	 	733,731	 	 	719,129	 	 	14,602	 	 	2.0	%	
  Less: cost of treasury stock	 	 	 	138,353	 	 	143,515	 	 	(5,162	)	 	-3.6	%	

       Total Stockholders' Equity	 	 	 	595,378	 	 	575,614	 	 	19,764	 	 	3.4	%	

        Total Liabilities and Stockholders' Equity	 	 	$	1,367,299	 	$	1,278,440	 	$	88,859	 	 	7.0	%	

 

Curtiss-Wright Corporation, Page 8

 
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)

							
	Three Months Ended
June 30,	 	Six Months Ended
June 30,	 	
	2005	 	2004	 	%     
Change	 	2005	 	2004	 	%     
Change	 	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Flow Control	 	 	$	114,324	 	$	86,205	 	 	32.6	%	$	223,737	 	$	175,600	 	 	27.4	%	
Motion Control	 	 	 	117,854	 	 	91,578	 	 	28.7	%	 	217,938	 	 	174,922	 	 	24.6	%	
Metal Treatment	 	 	 	51,015	 	 	44,645	 	 	14.3	%	 	100,005	 	 	86,839	 	 	15.2	%	

Total Sales	 	 	$	283,193	 	$	222,428	 	 	27.3	%	$	541,680	 	$	437,361	 	 	23.9	%	
 	 	 		
Operating Income:	 	 		
Flow Control	 	 	$	12,756	 	$	8,654	 	 	47.4	%	$	23,105	 	$	19,085	 	 	21.1	%	
Motion Control	 	 	 	12,738	 	 	10,025	 	 	27.1	%	 	19,128	 	 	18,314	 	 	4.4	%	
Metal Treatment	 	 	 	9,112	 	 	7,439	 	 	22.5	%	 	16,929	 	 	14,016	 	 	20.8	%	

Total Segments	 	 	 	34,606	 	 	26,118	 	 	32.5	%	 	59,162	 	 	51,415	 	 	15.1	%	
Pension (Expense)/Income	 	 	 	(500	)	 	(42	)	 	1090.5	%	 	(1,000	)	 	(82	)	 	1119.5	%	
Corporate & Other	 	 	 	(920	)	 	(663	)	 	38.8	%	 	2,503	 	 	(757	)	 	-430.6	%	

Total Operating Income	 	 	$	33,186	 	$	25,413	 	 	30.6	%	$	60,665	 	$	50,576	 	 	19.9	%	

Operating Margins:							
Flow Control	 	 	 	11.2	%	 	10.0	%	 	 	 	 	10.3	%	 	10.9	%	 	 	 	
Motion Control	 	 	 	10.8	%	 	10.9	%	 	 	 	 	8.8	%	 	10.5	%	 	 	 	
Metal Treatment	 	 	 	17.9	%	 	16.7	%	 	 	 	 	16.9	%	 	16.1	%	 	 	 	
Total Curtiss-Wright	 	 	 	11.7	%	 	11.4	%	 	 	 	 	11.2	%	 	11.6	%	 	 	 	

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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Forward-looking statements in this release are made pursuant to the Safe Harbor provisions 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