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10-Q: WOODWARD, INC.

(EDGAR Online via COMTEX) -- Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations (Amounts in thousands, except per share amounts)

Forward Looking Statements

This Quarterly Report on Form 10-Q, including "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements regarding future events and our future results within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are statements that are deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of management. Words such as "anticipate," "believe," "estimate," "seek," "goal," "expect," "forecast," "intend," "continue," "outlook," "plan," "project," "target," "strive," "can," "could," "may," "should," "will," "would," variations of such words, and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characteristics of future events or circumstances are forward-looking statements. Forward-looking statements may include, among others, statements relating to:

� future sales, earnings, cash flow, uses of cash, and other measures of financial performance;

� descriptions of our plans and expectations for future operations;

� plans and expectations relating to the performance of our joint venture with General Electric Company;

� investments in new campuses, business sites and related business developments;

� the effect of economic trends or growth;

� the effect of changes in the level of activity in particular industries or markets;

� the scope, nature, or impact of acquisition activity and integration of such acquisition into our business;

� the research, development, production, and support of new products and services;

� new business opportunities;

� restructuring and alignment costs and savings;

� our plans, objectives, expectations and intentions with respect to business opportunities that may be available to us;

� our liquidity, including our ability to meet capital spending requirements and operations;

� future repurchases of common stock;

� future levels of indebtedness and capital spending;

� the stability of financial institutions, including those lending to us; and

� pension and other postretirement plan assumptions and future contributions.

Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including:

� a decline in business with, or financial distress of, our significant customers;

� global economic uncertainty and instability in the financial markets;

� our ability to manage product liability claims, product recalls or other liabilities associated with the products and services that we provide;

� our ability to obtain financing, on acceptable terms or at all, to implement our business plans, complete acquisitions, or otherwise take advantage of business opportunities or respond to business pressures;

� the long sales cycle, customer evaluation process, and implementation period of some of our products and services;

� our ability to implement and realize the intended effects of any restructuring and alignment efforts;

� our ability to successfully manage competitive factors, including prices, promotional incentives, competitor product development, industry consolidation, and commodity and other input cost increases;

� our ability to manage our expenses and product mix while responding to sales increases or decreases;

� the ability of our subcontractors to perform contractual obligations and our suppliers to provide us with materials of sufficient quality or quantity required to meet our production needs at favorable prices or at all;

� our ability to monitor our technological expertise and the success of, and/or costs associated with, our product development activities;

� consolidation in the aerospace market and our participation in a strategic joint venture with General Electric Company may make it more difficult to secure long-term sales in certain aerospace markets;

� our ability to integrate acquisitions and manage costs related thereto;

� our debt obligations, our debt service requirements, and our ability to operate our business, pursue business strategies and incur additional debt in light of covenants contained in our outstanding debt agreements;

� our ability to manage additional tax expense and exposures;

� risks related to our U.S. Government contracting activities, including liabilities resulting from legal and regulatory proceedings, inquiries, or investigations related to such activities;

� the potential of a significant reduction in defense sales due to decreases in the amount of U.S. Federal defense spending or other specific budget cuts impacting defense programs in which we participate;

� changes in government spending patterns, priorities, subsidy programs and/or regulatory requirements;

� future impairment charges resulting from changes in the estimates of fair value of reporting units or of long-lived assets;

� future results of our subsidiaries;

� environmental liabilities related to manufacturing activities and/or real estate acquisitions;

� our continued access to a stable workforce and favorable labor relations with our employees;

� physical and other risks related to our operations and suppliers, including natural disasters, which could disrupt production;

� our ability to successfully manage regulatory, tax, and legal matters (including the adequacy of amounts accrued for contingencies, the U.S. Foreign Corrupt Practices Act, and product liability, patent, and intellectual property matters);

� risks related to our common stock, including changes in prices and trading volumes;

� risks from operating internationally, including the impact on reported earnings from fluctuations in foreign currency exchange rates, and compliance with and changes in the legal and regulatory environments of the United States and the countries in which we operate;

� fair value of defined benefit plan assets and assumptions used in determining our retirement pension and other postretirement benefit obligations and related expenses including, among others, discount rates and investment return on pension assets;

� industry risks, including changes in commodity prices for oil, natural gas, and other minerals, unforeseen events that may reduce commercial aviation, and changing emissions standards;

� our operations may be adversely affected by information systems interruptions or intrusions; and

� certain provisions of our charter documents and Delaware law that could discourage or prevent others from acquiring our company.

These factors are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed or forecast in our forward-looking statements. Other factors are discussed under the caption "Risk Factors" in Part I, Item 1A in our most recent Annual Report on Form...


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