"One of the advantages of this material is that it lends itself to a varietyof diverse applications, from mechanical parts and composites to electricalinsulation and adhesive bonding," said Rob Bryant, a NASA Langley seniorresearcher and inventor of the material.In July 2004, NASA licensed the patented insulation technology to MedtronicInc., a Minneapolis-based medical technology company. Medtronic Inc.incorporated the material into its Attain Ability left-heart lead, which theU.S. Food and Drug Administration recently approved.The use of this NASA-developed material in a medical implant is the latest ina long line of medical applications that have benefited from NASA technology."Langley Research Center's Soluble Imide is an excellent example of howtaxpayer investment in NASA materials research has resulted in a directbenefit beyond the aerospace sector by extending the quality of life throughmedical technology," Bryant said. Heart failure occurs when the heart muscle is unable to pump effectively tomeet the body's need for blood and oxygen.
It is a chronic and progressivecondition that affects more than five million Americans and more than 22million individuals worldwide. Cardiac resynchronization therapy, or CRT, isdesigned to coordinate the contraction of the heart's two lower chambers andimprove the heart's efficiency to increase blood flow to the body.CRT devices, which are stopwatch-sized, are implanted into the chest andconnected to the heart by leads, such as the Attain Ability left-heart lead. Alead is a special wire that delivers energy from a CRT to the heart muscle.Electrical impulses generated by CRTs resynchronize heartbeats and improveblood flow. The NASA insulation material makes possible the compact and flexible design ofMedtronic's CRT lead, one of the thinnest left-heart leads available. Placinga lead in the heart is widely recognized by physicians as the most challengingaspect of implanting CRT devices. The narrow design allows physicians tochoose between different sites on the heart to deliver optimal therapy. Thelead is delivered by an inner catheter, a feature that helps physicians placethe lead directly in difficult-to-reach areas of the heart Clinical studiesin the U.S.
and Canada showed physicians were successful in placing the AttainAbility lead 96.4 percent of the time.The Langley Research Center's Soluble Imide was featured in Spinoff 2008 --NASA's annual premier publication featuring successfully commercialized NASAtechnology. For more than 40 years, the NASA Innovative Partnerships Programhas facilitated the transfer of NASA technology to the private sector,benefiting global competition and the economy. Since 1976, Spinoff hasfeatured 40 to 50 of these commercial products annually. In 1995, R&D Magazine selected the resin for an R&D 100 award as one of thetop 100 technical innovations of the year.NASA Television is airing a Video File demonstrating the technology. For NASATV streaming video, downlink and scheduling information, visit: http:// more information about Langley Research Center's Soluble Imide, visit: http:// Alexander of NASA Headquarters, Washington, +1-202-358-1761,, or Chris Rink of NASA's Langley Research Center,Hampton, Va., +1-757-864-6786, . WESTFORD, Mass.--(Business Wire)--Kadant Inc. (NYSE:KAI) reported revenues from continuing operations of $65.0million in the first quarter of 2009, a decrease of $20.9 million, or 24percent, compared to $85.9 million in the first quarter of 2008.
Revenues in thefirst quarter of 2009 included a $7.0 million, or 8 percent, decrease fromforeign currency translation. Operating income from continuing operations in thefirst quarter of 2009 was $0.2 million, a $7.4 million, or 97 percent, decreasecompared to $7.6 million in the first quarter of 2008. Included in operatingincome from continuing operations in the first quarter of 2009 was $0.8 millionin restructuring costs compared to a net gain from restructuring costs and otherincome of $0.5 million in the first quarter of 2008, most of which wasassociated with a gain on the sale of assets. Net loss in the first quarter of2009 was $2.9 million, or $.23 per diluted share, versus net income of $5.1million, or $.36 per diluted share, in the first quarter of 2008. Net loss inthe first quarter of 2009 includes a $2.6 million incremental tax provision, or$.21 per diluted share, and a $0.5 million, or $.04 per diluted share, after-taxrestructuring charge. The incremental tax provision in the first quarter of 2009is due to applying a valuation allowance to certain deferred tax assets and theCompany`s inability to record a tax benefit on losses in the U.S.
as a result ofthe Company`s cumulative loss position in the U.S. caused by the large goodwillimpairment charge recorded in the fourth quarter of 2008. Adjusted net income, anon-GAAP measure, in the first quarter of 2009 was $0.2 million, or $.02 perdiluted share, compared to $4.8 million, or $.34 per diluted share, in the firstquarter of 2008. Adjusted Net Income and Adjusted Diluted Earnings per Share (EPS) Reconciliation (non-GAAP)Three Months EndedThree Months EndedApril 4, 2009 March 29, 2008($ in millions)Diluted EPS($ in millions)Diluted EPSNet (Loss) Income Attributable to Kadant and Diluted EPS, as reported$ (2.9)$ (.23)$ 5.1$ .36 Adjustments for the following:Incremental tax provision2.6.21-- Net restructuring costs and other income, net of tax 0.5.04(0.3)(.02) Adjusted Net Income and Adjusted Diluted EPS $ 0.2$ .02$ 4.8$ .34"Although we met our diluted EPS guidance on an adjusted basis, our firstquarter 2009 results clearly reflect the tough economic environment facing ourcustomers," said William A Rainville, chairman and chief executive officer ofKadant. "The exceptionally low operating rates of paper producers and the desireof our customers to conserve cash have resulted in weak bookings of replacementparts, consumables, and especially capital equipment across all of our majorproduct lines.