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 9, 2006
 
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 9, 2006 Curtiss-Wright Corporation (the “Company” ) issued a press release announcing financial results for the fourth quarter and full year ended December 31, 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, February 10, 2006 at 9:00am EDT for management to discuss the Company's 2005 performance and 2006 guidance. Martin R. Benante, Chairman and CEO, and Glenn E. 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 13861977. 
 
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 9, 2006	

 
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 9, 2006

 
3

 
 
EXHIBIT INDEX
 
Exhibit
Number	 	Description	 	
 	 	 	 	
99.1	 	Press Release, dated February 9, 2006.	 	

 
4

 

		

NEWS RELEASE

FOR IMMEDIATE RELEASE
 
CURTISS-WRIGHT REPORTS 2005 FINANCIAL RESULTS
- - -
Full Year and Fourth Quarter Sales up 18% and 13%, Respectively
Full Year and Fourth Quarter Net Earnings up 16% & 24%, Respectively
Tenth Consecutive Year of Revenue Growth
 
Backlog at Record Level
 
ROSELAND, NJ – February 9, 2006 – Curtiss-Wright Corporation (NYSE: CW) today reports financial results for the full year and quarter ended December 31, 2005. The highlights are as follows:
 
Fourth Quarter 2005 Operating Highlights
 
•	Net sales for the fourth quarter of 2005 increased 13% to $317.9 million from $281.1 million in the fourth quarter of 2004.	
 
•	Operating income in the fourth quarter of 2005 increased 31% to $44.9 million from $34.3 million in the fourth quarter of 2004. In the fourth quarter of 2004, the Company incurred approximately $4.4 million of costs related to the increase in an environmental reserve for a superfund site.	
 
•	Net earnings for the fourth quarter of 2005 increased 24% to $25.3 million, or $1.15 per diluted share, from $20.4 million, or $0.94 per diluted share, in the fourth quarter of 2004. The net earnings for the fourth quarter of 2004 included nonrecurring tax benefits of $1.2 million (approximately $0.06 per diluted share).	
 
•	New orders received in the fourth quarter of 2005 were $373.2 million, up 18% compared to the fourth quarter of 2004.	

 

Curtiss-Wright Corporation, Page 2

Full Year 2005 Operating Highlights
 
•	Net sales for the full year 2005 increased 18% to $1,130.9 million from $955.0 million in 2004.	
 
•	Operating income in 2005 increased 25% to $138.0 million from $110.3 million in 2004. Operating income in 2005 includes a gain of $2.8 million related to the sale of non-operating property. The Company incurred approximately $0.5 million and $1.7 million of consulting costs related to compliance with Sarbanes-Oxley Section 404 in 2005 and 2004, respectively.	
 
•	Net earnings in 2005 increased 16% to $75.3 million, or $3.44 per diluted share, from $65.1 million, or $3.02 per diluted share, in 2004. The increase in the 2005 net earnings included a $5.1 million after-tax increase in interest expense (approximately $0.23 per diluted share). The net earnings for 2004 included nonrecurring tax benefits of $3.4 million (approximately $0.16 per diluted share).	
 
•	New orders received in 2005 were $1,261.2 million, up 26% compared to 2004. Backlog increased 28% to a new record high of $805.6 million at December 31, 2005 from $627.7 million at December 31, 2004.	
 
“We are pleased to report our tenth consecutive year of revenue growth along with higher operating income and earnings in 2005,” commented Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. “We also experienced strong overall organic operating income growth, led by our Metal Treatment segment at 21%, followed by the Motion Control and Flow Control segments which grew 15% and 10%, respectively, in 2005. Our diversification strategy has provided growth in 2005 for both our defense markets, which grew 19%, and commercial and industrial markets, which grew 17%, over the prior year period. Our backlog is at a new record level, which provides us with good momentum heading into 2006. Over the last five years, Curtiss-Wright has delivered a compounded annual growth rates of 28% in sales, 17% in operating income, and 11% in earnings per share. During this same time, our total shareholder return was 20%, which has outperformed the broad market indices and was one of the top performances in the aerospace and defense industry. Achievement of these results during a time in which we acquired over 30 businesses is a strong indication of our ability to integrate acquisitions quickly and profitably.”

Curtiss-Wright Corporation, Page 3

Sales
 
Sales growth in 2005 for the fourth quarter and full year as compared to 2004 was driven by organic growth in most of our base businesses and by contributions from acquisitions. Overall organic growth was 8% for both the quarter and full year ended December 31, 2005 over the prior year periods. The organic sales growth in the fourth quarter of 2005 was spread equally across all of our segments, with Flow Control at 8% and Metal Treatment and Motion Control both at 7%. Acquisitions made in 2004 and 2005 contributed $15.8 million and $100.5 million in incremental sales for the quarter and full year ended December 31, 2005, respectively, over the comparable periods in 2004.
 
In our base businesses, higher sales from our Flow Control segment to the oil and gas and U.S. Navy markets, higher sales from our Motion Control segment to the global ground defense, aerospace defense, and global commercial aerospace markets, and higher sales from our Metal Treatment segment of global shot peening services, all contributed to the organic growth. In addition, foreign currency translation unfavorably impacted sales by $3.3 million for the quarter ended December 31, 2005 and favorably impacted sales by $1.2 million for the full year ended December 31, 2005, as compared to the prior year periods.
 
Operating Income
 
Operating income in 2005 for the fourth quarter and full year increased 31% and 25%, respectively, over the 2004 prior year periods. The increases were due to higher sales volumes, previously implemented cost control initiatives, and favorable sales mix. Overall, organic operating income growth was 30% and 21% for the quarter and full year ended December 31, 2005, respectively, compared to the prior year periods. The strong quarterly operating income performance was led by our Motion Control and Metal Treatment segments, which produced organic growth of 23% and 22%, respectively, while the Flow Control segment grew organically by 12%, as compared to the prior year period.
 
On a consolidated basis, our operating margin was 14.1% in the fourth quarter of 2005 versus 12.2% in the prior year. All segments posted operating margin improvement in the fourth quarter of 2005 versus the prior year, led by our Metal Treatment segment. Our full year consolidated operating margin was 12.2% for 2005, up considerably from 11.6% in 2004, however, we experienced favorable results in 2005 as compared to 2004 from lower environmental remediation costs of $4.5 million, a gain on the sale of property for $2.8 million, and lower costs associated with Sarbanes-Oxley Section 404 compliance. These favorable impacts were partially offset by increased pension expense and additional infrastructure costs incurred to support our business growth. The overall segment operating margins were flat year-over-year at 12.3%. In addition to the strong organic operating income growth in the segments, foreign currency translation unfavorably impacted operating income by $0.6 million for the quarter ended December 31, 2005 and favorably impacted operating income by $0.2 million for the full year ended December 31, 2005, compared to the prior year periods.

Curtiss-Wright Corporation, Page 4

 
Net Earnings
 
Net earnings increased 24% and 16% for the quarter and full year ended December 31, 2005, respectively, over the comparable prior year periods. This improvement was achieved by strong operating income from our business segments, which increased $7.7 million and $22.0 million for the quarter and full year ended December 31, 2005, respectively, over the prior year periods.
 
These improvements were offset by higher interest expense associated with the debt incurred to fund our acquisition program and from higher interest rates. Net earnings for 2004 included nonrecurring tax benefits totaling $3.4 million.
 
Segment Performance
 
Flow Control – Sales for the fourth quarter of 2005 were $130.7 million, up 10% over the comparable period last year, principally due to solid organic growth of 8% in the base businesses, and contribution from the fourth quarter 2004 acquisition. The improvement in sales was mainly due to higher sales to the oil and gas market, led by the higher demand for our coker valve products. Higher sales of electronic products, such as the digital signal processing cards used on Naval ships, and JP-5 valve and ball valve products used on aircraft carriers and submarines, respectively, also contributed to the organic growth in 2005. Foreign currency translation had minimal impact on sales in the fourth quarter of 2005 as compared to the prior year period.
 
Operating income for this segment increased 13% in the fourth quarter of 2005 compared to the prior year period. The improvement was due to strong organic growth of 12%, lead by higher sales volume and favorable sales mix of our oil and gas products, higher volume of our U.S. Navy products, and previously implemented cost reduction initiatives.
 
Motion Control – Sales for the fourth quarter of 2005 of $137.3 million increased 18% over last year, principally due to the contribution from the 2005 acquisition, which contributed $12.9 million of incremental sales in the fourth quarter of 2005. Sales from the base businesses increased 7% in the fourth quarter of 2005 as compared to the prior year period. This organic growth was due to higher electronic sales to the global ground defense market, led by higher sales of spares for the Bradley Fighting Vehicle and higher drive systems spares to the European defense market. New orders for the AN-APR 39 Radar Warning System and production work on the F-22 drove sales increases in our defense aerospace market. Higher commercial aerospace aftermarket sales from our repair and overhaul and integrated sensors businesses also contributed to the organic growth. In addition, foreign currency translation unfavorably impacted sales of this business segment by $2.1 million in the fourth quarter of 2005 as compared to the prior year period.
 
Operating income for this segment increased 25% for the fourth quarter of 2005 compared to the prior year period. The improvement was driven by higher sales volume previously mentioned, favorable sales mix within our European drive system business, and previously implemented cost control initiatives.

Curtiss-Wright Corporation, Page 5

Metal Treatment – Sales for the fourth quarter of 2005 of $49.9 million were 7% higher than the comparable period last year. The improvement, all of which was organic, was driven by higher global shot peening revenues due mainly to production work on wing skin components to the commercial aerospace market. This segment also experienced organic growth in the coatings and heat treating businesses due to improved economic conditions. Foreign currency translation unfavorably impacted sales by $1.2 million in the fourth quarter of 2005 as compared to the prior year period.
Operating income increased 22% for the fourth quarter of 2005 as compared to the prior year period. Operating income improved due to increased sales volume in our shot peening division, favorable sales mix in our coatings division, and general administrative cost reduction programs. Foreign currency translation negatively impacted operating income for the fourth quarter of 2005 as compared to the prior year period.
 
2006 Management Guidance
 
For the full year 2006, management expects to achieve total revenues to be in the range of $1.225 billion and $1.250 billion, an increase of 8 to 10 percent over 2005.  We anticipate operating income in the range of $155 million to $162 million, including $5 million of pension expense, which is a 12 to 17 percent increase over 2005.  We are forecasting earnings per share on a pre-split basis between $3.60 and $3.80 per fully diluted share, or 5 to 10 percent EPS growth.  Our EPS guidance assumes an average of 22.5 million shares outstanding. In addition, we are expecting free cash flow, defined as cash flow from operations less capital expenditures, to be between $65 million and $70 million in 2006. 
 
Mr. Benante concluded, “In 2005, 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 2005 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 strong returns to our shareholders into the future. Our diversification strategy, the continued successful integration of our acquisitions, and ongoing emphasis on technology should continue to generate growth opportunities in each of our three business segments in 2006 and beyond.”
 
**********
The Company will host a conference call to discuss the 2005 results at 9:00 EST Friday, February 10, 2006. 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
December 31,		Twelve Months Ended
December 31,		Three Months
Change		Twelve Months
Change		
	2005		2004		2005		2004		$		%		$		%		
Net sales	 	 	$	317,893	 	 	$	281,104	 	 	$	1,130,928	 	 	$	955,039	 	 	$	36,789	 	 	 	13.09	%	 	$	175,889	 	 	 	18.42	%	 	
Cost of sales	 	 	 	206,964	 	 	 	180,067	 	 	 	740,416	 	 	 	624,536	 	 	 	26,897	 	 	 	14.94	%	 	 	115,880	 	 	 	18.55	%	 	
  Gross profit	 	 	 	110,929	 	 	 	101,037	 	 	 	390,512	 	 	 	330,503	 	 	 	9,892	 	 	 	9.79	%	 	 	60,009	 	 	 	18.16	%	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research & development expenses	 	 	 	9,369	 	 	 	9,416	 	 	 	39,681	 	 	 	33,825	 	 	 	(47	)	 	 	-0.50	% 	 	 	5,856	 	 	 	17.31	%	 	
Selling expenses	 	 	 	18,054	 	 	 	16,511	 	 	 	69,687	 	 	 	61,648	 	 	 	1,543	 	 	 	9.35	%	 	 	8,039	 	 	 	13.04	%	 	
General and administrative expenses	 	 	 	38,467	 	 	 	35,199	 	 	 	144,982	 	 	 	118,270	 	 	 	3,268	 	 	 	9.28	%	 	 	26,712	 	 	 	22.59	%	 	
Environmental remediation and
   administrative expenses, net	 	 	 	(26	)	 	 	4,794	 	 	 	818	 	 	 	5,285	 	 	 	(4,820	)	 	 	-100.54	% 	 	 	(4,467	)	 	 	-84.52	% 	 	
Loss (Gain) on sale of real estate and fixed assets, net	 	 	 	189	 	 	 	823	 	 	 	(2,638	)	 	 	1,134	 	 	 	(634	)	 	 	-77.04	% 	 	 	(3,772	)	 	 	332.63	%	 	
 	
  Operating income	 	 	 	44,876	 	 	 	34,294	 	 	 	137,982	 	 	 	110,341	 	 	 	10,582	 	 	 	30.86	%	 	 	27,641	 	 	 	25.05	%	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expenses), net	 	 	 	720	 	 	 	143	 	 	 	299	 	 	 	443	 	 	 	577	 	 	 	403.50	%	 	 	(144	)	 	 	-32.51	% 	 	
Interest expense	 	 	 	(5,990	)	 	 	(3,613	)	 	 	(19,983	)	 	 	(12,031	)	 	 	(2,377	)	 	 	65.79	%	 	 	(7,952	)	 	 	66.10	%	 	
	
Earnings before income taxes	 	 	 	39,606	 	 	 	30,824	 	 	 	118,298	 	 	 	98,753	 	 	 	8,782	 	 	 	28.49	%	 	 	19,545	 	 	 	19.79	%	 	
Provision for income taxes	 	 	 	14,302	 	 	 	10,411	 	 	 	43,018	 	 	 	33,687	 	 	 	3,891	 	 	 	37.37	%	 	 	9,331	 	 	 	27.70	%	 	
	
Net earnings	 	 	$	25,304	 	 	$	20,413	 	 	$	75,280	 	 	$	65,066	 	 	$	4,891	 	 	 	23.96	%	 	$	10,214	 	 	 	15.70	%	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	$	1.16	 	 	$	0.95	 	 	$	3.48	 	 	$	3.07	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	 	 	$	1.15	 	 	$	0.94	 	 	$	3.44	 	 	$	3.02	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

Dividends per share	 	 	$	0.12	 	 	$	0.09	 	 	$	0.39	 	 	$	0.36	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

Weighted average shares outstanding:	 	 	
   Basic	 	 	 	21,740	 	 	 	21,418	 	 	 	21,635	 	 	 	21,196	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   Diluted	 	 	 	21,996	 	 	 	21,762	 	 	 	21,914	 	 	 	21,547	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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)

 
 	 	 	 
  December 31,  	 	 	 
 
December 31,  	 	 	              Change	
	 	2005	 	 	  2004	 	 	  $	 	%	
Assets	 	 	 	 	 	 	 	 	 	 	
Current Assets:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	59,021	 	 	 	$	41,038	 	 	 	$	17,983	 	 	 	43.8	%	
Receivables, net	 	 	244,689	 	 	 	 	214,084	 	 	 	 	30,605	 	 	 	14.3	%	
Inventories, net	 	 	146,297	 	 	 	 	115,979	 	 	 	 	30,318	 	 	 	26.1	%	
Deferred income taxes	 	 	28,844	 	 	 	 	25,693	 	 	 	 	3,151	 	 	 	12.3	%	
Other current assets	 	 	11,615	 	 	 	 	12,460	 	 	 	 	(845	)	 	 	-6.8	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total current assets	 	 	490,466	 	 	 	 	409,254	 	 	 	 	81,212	 	 	 	19.8	%	
Property, plant, and equipment, net	 	 	274,821	 	 	 	 	265,243	 	 	 	 	9,578	 	 	 	3.6	%	
Prepaid pension costs	 	 	76,002	 	 	 	 	77,802	 	 	 	 	(1,800	)	 	 	-2.3	%	
Goodwill, net	 	 	388,158	 	 	 	 	364,313	 	 	 	 	23,845	 	 	 	6.5	%	
Other intangible assets, net	 	 	158,267	 	 	 	 	140,369	 	 	 	 	17,898	 	 	 	12.8	%	
Other assets	 	 	12,571	 	 	 	 	21,459	 	 	 	 	(8,888	)	 	 	-41.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Assets	 	$	1,400,285	 	 	 	$	1,278,440	 	 	 	$	121,845	 	 	 	9.5	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Current Liabilities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Short-term debt	 	$	885	 	 	 	$	1,630	 	 	 	$	(745	)	 	 	-45.7	%	
Accounts payable	 	 	80,460	 	 	 	 	65,364	 	 	 	 	15,096	 	 	 	23.1	%	
Accrued expenses	 	 	74,252	 	 	 	 	63,413	 	 	 	 	10,839	 	 	 	17.1	%	
Income taxes payable	 	 	22,855	 	 	 	 	13,895	 	 	 	 	8,960	 	 	 	64.5	%	
Other current liabilities	 	 	43,051	 	 	 	 	52,793	 	 	 	 	(9,742	)	 	 	-18.5	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total current liabilities	 	 	221,503	 	 	 	 	197,095	 	 	 	 	24,408	 	 	 	12.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Long-term debt	 	 	364,017	 	 	 	 	340,860	 	 	 	 	23,157	 	 	 	6.8	%	
Deferred income taxes	 	 	53,570	 	 	 	 	40,043	 	 	 	 	13,527	 	 	 	33.8	%	
Accrued pension & other postretirement benefit costs	 	 	74,999	 	 	 	 	80,612	 	 	 	 	(5,613	)	 	 	-7.0	%	
Long-term portion of environmental reserves	 	 	22,645	 	 	 	 	23,356	 	 	 	 	(711	)	 	 	-3.0	%	
Other liabilities	 	 	25,331	 	 	 	 	20,860	 	 	 	 	4,471	 	 	 	21.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Liabilities	 	 	762,065	 	 	 	 	702,826	 	 	 	 	59,239	 	 	 	8.4	%	

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	%	
Additional paid in capital	 	 	59,806	 	 	 	 	55,885	 	 	 	 	3,921	 	 	 	7.0	%	
Retained earnings	 	 	667,892	 	 	 	 	601,070	 	 	 	 	66,822	 	 	 	11.1	%	
Unearned portion of restricted stock	 	 	(12	)	 	 	 	(34	)	 	 	 	22	 	 	 	-64.7	%	
Accumulated other comprehensive income	 	 	20,655	 	 	 	 	36,797	 	 	 	 	(16,142	)	 	 	-43.9	%	
 	 	 	773,834	 	 	 	 	719,129	 	 	 	 	54,705	 	 	 	7.6	%	
Less: cost of treasury stock	 	 	135,614	 	 	 	 	143,515	 	 	 	 	(7,901	)	 	 	-5.5	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Stockholders’ Equity	 	 	638,220	 	 	 	 	575,614	 	 	 	 	62,606	 	 	 	10.9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Liabilities and Stockholders’ Equity	 	$	1,400,285	 	 	 	$	1,278,440	 	 	 	$	121,845	 	 	 	9.5	%	

 

Curtiss-Wright Corporation, Page 8

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
 
 	 	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31, 	
 	 	2005	 	 	 	 
2004	 	 	 	%
Change	 	 	 
2005	 	 	 	 
2004	 	 	 	%
Change 	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Flow Control	 	$	130,683	 	 	 	$	118,335	 	 	 	10.4	%	 	 	$	466,546	 	 	 	$	388,139	 	 	 	20.2	%	
Motion Control	 	 	137,271	 	 	 	 	115,927	 	 	 	18.4	%	 	 	 	465,451	 	 	 	 	388,576	 	 	 	19.8	%	
Metal Treatment	 	 	49,939	 	 	 	 	46,842	 	 	 	6.6	%	 	 	 	198,931	 	 	 	 	178,324	 	 	 	11.6	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Sales	 	$	317,893	 	 	 	$	281,104	 	 	 	13.1	%	 	 	$	1,130,928	 	 	 	$	955,039	 	 	 	18.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Flow Control	 	$	17,604	 	 	 	$	15,521	 	 	 	13.4	%	 	 	$	54,509	 	 	 	$	44,451	 	 	 	22.6	%	
Motion Control	 	 	20,154	 	 	 	 	16,162	 	 	 	24.7	%	 	 	 	50,485	 	 	 	 	44,893	 	 	 	12.5	%	
Metal Treatment	 	 	8,923	 	 	 	 	7,290	 	 	 	22.4	%	 	 	 	34,470	 	 	 	 	28,111	 	 	 	22.6	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Segments	 	 	46,681	 	 	 	 	38,973	 	 	 	19.8	%	 	 	 	139,464	 	 	 	 	117,455	 	 	 	18.7	%	
Corporate & Other	 	 	(1,805	)	 	 	 	(4,679	)	 	 	-61.4	%	 	 	 	(1,482	)	 	 	 	(7,114	)	 	 	-79.2	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Operating Income	 	$	44,876	 	 	 	$	34,294	 	 	 	30.9	%	 	 	$	137,982	 	 	 	$	110,341	 	 	 	25.1	%	

Operating Margins:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Flow Control	 	 	13.5	%	 	 	 	13.1	%	 	 	 	 	 	 	 	11.7	%	 	 	 	11.5	%	 	 	 	 	
Motion Control	 	 	14.7	%	 	 	 	13.9	%	 	 	 	 	 	 	 	10.8	%	 	 	 	11.6	%	 	 	 	 	
Metal Treatment	 	 	17.9	%	 	 	 	15.6	%	 	 	 	 	 	 	 	17.3	%	 	 	 	15.8	%	 	 	 	 	
Total Curtiss-Wright	 	 	14.1	%	 	 	 	12.2	%	 	 	 	 	 	 	 	12.2	%	 	 	 	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 6,000 people. More information on Curtiss-Wright can be found at www.curtisswright.com .
 
###
 
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