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Curtiss-Wright Reports Second Quarter and Six Month 2010 Financial Results

July 29, 2010

Net Sales Increase 3%; Net Earnings Increase 6%; Diluted Earnings Per Share of $0.56; Increases Free Cash Flow Guidance

PARSIPPANY, N.J., Jul 29, 2010 (GlobeNewswire via COMTEX News Network) -- Curtiss-Wright Corporation (NYSE:CW) today reports financial results for the second quarter and six months ended June 30, 2010. The highlights are as follows (For discussion purposes the term "organic" excludes the year over year impact of foreign currency translation and the results of our acquisitions and divestitures over the past twelve months):

Second Quarter 2010 Operating Highlights

  • Net sales increased 3% to $462 million from $447 million in 2009;
  • Operating income decreased less than 1% to $43 million from $44 million in 2009; organic operating income, which excludes $3 million of negative foreign currency translation, increased 6% to $47 million from $44 million in 2009;
  • Net earnings increased 6% to $26 million, or $0.56 per diluted share, from $24 million, or $0.54 per diluted share, in 2009; and
  • New orders were $392 million, down 3% from 2009.

Six Months 2010 Operating Highlights

  • Net sales increased 4% to $904 million from $871 million in 2009;
  • Operating income was essentially flat and amounted to $75 million in 2010 and 2009; organic operating income, which excludes $7 million of negative foreign currency translation, increased 10% to $82 million from $75 million in 2009;
  • Net earnings increased 5% to $42 million, or $0.91 per diluted share, from $40 million, or $0.88 per diluted share, in 2009; and
  • New orders were $894 million, up 4% compared to 2009. At June 30, 2010, our backlog was $1.61 billion, down slightly from $1.63 billion at December 31, 2009.

"We are pleased to report a solid second quarter with increased revenues and net earnings as compared to the prior year," commented Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. "This is particularly impressive when you consider we overcame more than $3 million of foreign currency translation that negatively impacted our operating income. Our strong operational performance and the benefits of our cost reduction and restructuring programs resulted in organic operating income growth and organic operating margin expansion in excess of 100 basis points in each of our three segments during the second quarter of 2010.

"From a market perspective, sales in our commercial markets increased 6%, led by a strong rebound in our general industrial market and solid gains in commercial aerospace. Our defense markets were flat overall as growth in both our aerospace and naval defense markets were offset by an anticipated decline in ground defense. We continue to see early signs of a positive recovery in markets that are sensitive to general economic conditions and are encouraged by the strong level of sales, particularly in our general industrial market, which grew 39% over the prior year quarter. "

Sales

Sales of $462 million in the second quarter of 2010 increased $15 million, or 3%, as compared to the prior year period. The sales increase was driven by higher organic sales of $11 million and $4 million of incremental sales from our 2009 and 2010 acquisitions of Skyquest Systems Ltd., Hybricon Corporation, and Specialist Electronics Services, Ltd. The organic sales increase was generated by a 13% and 3% improvement in our Metal Treatment and Flow Control segments, respectively, but was partially offset by a 2% decline in our Motion Control segment.

From a market perspective, our commercial markets grew 6% in the second quarter led by strong increases in our general industrial and commercial aerospace markets which grew 39% and 6%, respectively, as compared to the prior year period. These increases were partially offset by a 7% decline in our oil and gas market. Overall our defense market was essentially flat despite strong growth in both aerospace and naval defense, which grew 16% and 8%, respectively, over the prior year quarter. As expected, our ground defense market was down 39% due to the cancellation of the Future Combat Systems ("FCS") and lower sales on the Bradley platform.

Operating Income

Operating income of $43 million in the second quarter of 2010 was essentially flat with the second quarter of 2009. Organic operating income increased $3 million, or 6%, but was offset by $3 million of unfavorable foreign currency translation. Our 2009 and 2010 acquisitions had a minimal impact on operating income in the second quarter of 2010. The organic operating income growth was generated across all three of our segments with increases of 52% in Metal Treatment, 17% in Flow Control and 6% in Motion Control. These increases were partially reduced by higher non-segment operating costs.

In the second quarter of 2010, our segment organic operating margin was 11.5%, a 130 basis point improvement as compared to the prior year period. The margin improvement was due to higher volumes and favorable absorption primarily in our Metal Treatment segment, savings generated from our cost reduction and restructuring programs, and improved productivity and cost performance on certain long-term contracts. Non-segment operating costs of $6 million in the second quarter of 2010 increased by $4 million as compared with prior year period mainly due to foreign exchange transactional gains in the prior year that did not recur in the current year, as well as higher pension and medical costs.

Net Earnings

Net earnings for the second quarter of 2010 increased 6% from the comparable prior year period. The improvement was mainly due to lower interest expense and a lower effective tax rate. Lower interest expense for the second quarter of 2010 was due to lower average debt levels as compared to the prior year period. Our effective tax rate for the second quarter of 2010 was 32.0% versus 34.4% for the second quarter of 2009. The lower effective tax rate in 2010 was due to the additional tax benefit received from the domestic manufacturing deduction.

Cash Flow

Our free cash flow was $14 million for the second quarter of 2010, a $32 million decrease as compared to the prior year period. Net cash provided by operating activities in the second quarter of 2010 was $26 million, a decrease of $42 million from the prior year. This decrease was mainly due to higher progress payments of approximately $30 million on our AP1000 program in the prior year and higher unbilled receivables on long-term contracts. Capital expenditures were $11 million in the second quarter of 2010 versus $21 million in the comparable prior year period. The AP1000 program accounted for the majority of the decrease as our facility expansion was completed in the fourth quarter of 2009.

Segment Performance

Flow Control -- Sales for the second quarter of 2010 were $252 million, an increase of $9 million, or 4%, over the prior year period. This was mainly driven by strong double digit growth in our naval defense market. In addition, favorable foreign currency translation added $1 million or 1% to the sales increase during the second quarter.

The higher sales in our naval defense market were led by strong increases in the Virginia class submarine and Ford Class Aircraft Carrier programs, most notably for our Electro-Magnetic Aircraft Launching System ("EMALS"). In addition, we had higher sales for our helicopter handling systems. These increases were partially offset by a reduction in production on the DDG1000 destroyer program. Organic sales in our commercial markets were essentially flat, as strong growth in our general industrial market was mostly offset by a decline in the oil and gas market. The increase in the general industrial market resulted from higher demand of industrial control products to the industrial heating, ventilation, and air conditioning ("HVAC") industry. The sales decline in our oil and gas market was due to delays in new order placement for our traditional valve products, which was largely offset by an increase in sales of our coker valve products.

Operating income in the second quarter of 2010 was $25 million, an increase of $3 million, or 14%, over the comparable prior year period. Excluding negative foreign currency translation of $1 million in the second quarter of 2010, operating income and operating margin increased by 17% and 120 basis points, respectively, over the prior year period. This improvement was due to improved productivity and cost performance on certain long-term contracts, savings generated by our cost reduction and restructuring programs, improved cost absorption resulting from higher volumes, and higher gross margins from our prior year acquisitions, which are usually lower in the early years of ownership.

Motion Control -- Sales for the second quarter of 2010 were $156 million and were essentially flat with the prior year. Organic sales decreased $3 million, or 2%, as compared to the prior year period, largely due to a decline in our ground defense market. In addition, unfavorable foreign currency translation reduced sales by $1 million in the second quarter. These decreases were offset by $4 million of incremental sales from our 2009 and 2010 acquisitions.

Sales in our defense markets were lower despite a strong performance in aerospace defense, primarily from higher sales of our embedded computing products on the Global Hawk Unmanned Aerial Vehicle program, as well as higher demand for integrated sensor products on international aircraft and helicopter programs. This increase was more than offset by a decline in ground defense mainly driven by the cancellation of the FCS program, as well as lower sales of embedded computing products primarily for the Bradley Fighting vehicle. Our commercial markets experienced strong organic sales growth driven in particular by our general industrial market which more than doubled from the prior year quarter, due to improving economic conditions. In addition, commercial aerospace had higher sales due to increased demand for our integrated sensor products as our customers replenished inventory that was depleted in the prior year, as well as increased production on the Boeing 787 program.

Operating income for the second quarter of 2010 amounted to $18 million, a decrease of $1 million, or 6%, as compared to the prior year period. Organic operating income increased $1 million, or 6%, as compared to the prior year quarter, mainly due to savings generated from our cost reduction and restructuring programs, but was offset by unfavorable foreign currency translation of $2 million. Acquisitions had a minimal impact on the second quarter of 2010. Organic operating margin improved to 13.5%, an increase of 100 basis points over the comparable prior year quarter. This improvement was mainly due to savings generated from our cost reduction and restructuring programs.

Metal Treatment -- Sales for the second quarter of 2010 were $55 million, an increase of $5 million, or 11%, as compared to the prior year period. Sales increased by $6 million, or 13%, excluding foreign currency translation which negatively impacted sales by $1 million in the second quarter of 2010. Sales increased across most major markets, most notably higher shot peening sales to the commercial aerospace and general industrial/automotive markets, higher heat treating sales to the general industrial market, and higher coatings sales to the general industrial/automotive market.

Operating income in the second quarter of 2010 amounted to $6 million, an increase of $2 million, or 45%, as compared to the prior year period. Operating margin, excluding $0.3 million of unfavorable foreign currency translation, amounted to 12.2%, a 310 basis point improvement over the prior year. This significant improvement was primarily driven by higher volumes resulting in favorable absorption of fixed overhead costs in our shot peening and heat treating businesses and savings generated from our cost reduction and restructuring programs.

Full Year 2010 Guidance

The Company reaffirms its full year 2010 financial guidance as follows:

  *   Total Sales                       $1.80 - $1.85 billion
  *   Operating Income                  $176 - $ 183 million
  *   Effective Tax Rate                34.0%
  *   Diluted Earnings Per Share        $2.15 - $2.25
  *   Diluted Shares Outstanding        46.5 million

The Company is updating its full year 2010 free cash flow guidance as follows:

   *   Free Cash Flow   $85 - $95 million (previously $75 - $85 million) 

Mr. Benante concluded, "I am pleased that we are able to increase our free cash flow guidance for the full year of 2010. Our second quarter results were modestly better than our expectations and if the positive trends continue, we expect to be at the high end of our guidance range for the year despite having to absorb an estimated $0.06 per share of unplanned negative foreign currency translation for the full year 2010. We continue to focus on cost reduction and restructuring programs across the company, which should enhance profitability for the second half of 2010 and better position our portfolio of highly engineered products for long-term success as the economy gains momentum. In addition, our backlog and capitalization remain strong and we expect to continue to demonstrate our ability to produce long-term organic growth while strategically reinvesting in both our technologies and select acquisitions in order to enhance our portfolio and market diversification."

Analytical Definitions

Organic results exclude the impact of year over year foreign currency translation and the results of our acquisitions and divestitures over the past twelve months.

The term "incremental" is used to highlight the net impact acquisitions and divestitures had on the current year results, for which there is no comparable prior year period.

Free cash flow is defined as cash flow from operations less capital expenditures.

The Company will host a conference call to discuss the second quarter 2010 results at 10:00 A.M. EDT Friday, July 30, 2010. A live webcast of the call can be heard on the Internet by visiting the company's website at curtisswright2014.q4web.com and clicking on the investor information page or by visiting other websites that provide links to corporate webcasts.

                                CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
                         CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
                                   (In thousands, except per share data)

                                 Three Months Ended
                                                                       Six Months Ended
                                      June 30,            Change           June 30,            Change

                                   2010      2009       $        %      2010      2009       $        %
                                 --------  --------  -------  ------  --------  --------  -------  ------

  Net sales                      $462,165  $447,371  $14,794    3.3%  $903,940  $871,163  $32,777    3.8%

  Cost of sales                   307,782   302,789    4,993           611,573   590,821   20,752
                                 --------  --------  -------    1.6%  --------  --------  -------    3.5%
   Gross profit                   154,383   144,582    9,801    6.8%   292,367   280,342   12,025    4.3%

  Research & development
   expenses                        13,838    13,200      638    4.8%    27,676    26,324    1,352    5.1%
  Selling expenses                 28,520    27,415    1,105    4.0%    56,340    53,278    3,062    5.7%
  General and administrative
   expenses                        68,597    60,204    8,393           133,839   125,834    8,005
                                 --------  --------  -------   13.9%  --------  --------  -------    6.4%

   Operating income                43,428    43,763    (335)  (0.8%)    74,512    74,906    (394)  (0.5%)

  Other income, net                   384        47      337  717.0%       536       348      188   54.0%

  Interest expense                (5,700)   (6,542)      842          (11,367)  (13,482)    2,115
                                 --------  --------  -------   12.9%  --------  --------  -------   15.7%

  Earnings before income taxes     38,112    37,268      844    2.3%    63,681    61,772    1,909    3.1%

  Provision for income taxes       12,214    12,814    (600)            21,448    21,513     (65)
                                 --------  --------  -------  (4.7%)  --------  --------  -------  (0.3%)


  Net earnings                    $25,898   $24,454   $1,444           $42,233   $40,259   $1,974
                                 ========  ========  =======    5.9%  ========  ========  =======    4.9%


  Basic earnings per share         $ 0.57    $ 0.54                     $ 0.92    $ 0.89
                                 ========  ========                   ========  ========

  Diluted earnings per share       $ 0.56    $ 0.54                     $ 0.91    $ 0.88
                                 ========  ========                   ========  ========


  Dividends per share              $ 0.08    $ 0.08                     $ 0.16    $ 0.16
                                 ========  ========                   ========  ========

  Weighted average shares
   outstanding:
   Basic                           45,743    45,127                     45,691    45,063
   Diluted                         46,311    45,537                     46,233    45,504

                                       CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
                                           NON-GAAP FINANCIAL DATA (UNAUDITED)
                                                     (In thousands)

                                       Three Months Ended                               Six Months Ended
                                            June 30,                                        June 30,
                         ----------------------------------------------  ----------------------------------------------
                                                                 Change                                          Change
                            2010                2009                %       2010                2009                %
                         -----------         -----------         ------  -----------         -----------         ------
  Sales
  ---------------------
   Organic                 $ 458,619           $ 447,132           2.6%    $ 890,742           $ 870,475           2.3%
   Incremental (1)             3,857    (2)          239    (4)                7,908    (3)          688    (4)
   Foreign Currency Fav
    (Unfav) (5)                (311)                                           5,290
                         -----------         -----------                 -----------         -----------
    Total                  $ 462,165           $ 447,371           3.3%    $ 903,940           $ 871,163           3.8%

  Operating Income
  ---------------------
   Organic                  $ 46,630            $ 43,855           6.3%     $ 82,491            $ 75,222           9.7%
    OI Margin %                10.2%                9.8%          40bps         9.3%                8.6%          70bps
   Incremental (1)                 8    (2)         (92)    (4)                (852)    (3)        (316)    (4)
   Foreign Currency Fav
    (Unfav) (5)              (3,210)                                         (7,127)
                         -----------         -----------                 -----------         -----------
    Total                   $ 43,428            $ 43,763         (0.8%)     $ 74,512            $ 74,906         (0.5%)
    OI Margin %                 9.4%                9.8%         -40bps         8.2%                8.6%         -40bps

  (1) The term incremental is used to highlight the impact acquisitions had on the current year results, for which
      there was no comparable prior year data. Therefore, the results of operations for acquisitions are incremental for
      the first twelve months from the date of acquisition and are removed from our organic results. Additionally, the
      results of operations for divested business are removed from the comparable prior year period for purposes of
      calculating organic results. The remaining business are referred to as organic.

  (2) Our organic growth calculations do not include the operating results for our June 1, 2010 acquisition of Hybricon
      Corporation, June 21, 2010 acquisition of Specialist Electronics Services, Ltd. (SES), and December 18, 2009
      acquisition of Skyquest Systems Ltd.

  (3) Our organic growth calculations do not include the operating results for our June 1, 2010 acquisition of Hybricon
      Corporation, June 21, 2010 acquisition of Specialist Electronics Services, Ltd. (SES), December 18, 2009 acquisition
      of Skyquest Systems Ltd., one month of operating results for our January 16, 2009 acquisition of Nu-Torque and two
      months of operating results for our March 5, 2009 acquisition of EST Group.

  (4) We sold our Eaton product line located in Brecksville, Ohio on May 6, 2009. The results of operations for this
      business have been removed from the comparable prior year period for purposes of calculating organic results.

  (5) Organic results exclude the current period effects of foreign currency translation.

                  CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
               CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                                 (In thousands)

                               June 30,     December 31,         Change
                                 2010           2009           $         %
                             ------------  -------------  ----------  -------
  Assets
   Current Assets:
    Cash and cash
     equivalents                 $ 71,744       $ 65,010     $ 6,734    10.4%
    Receivables, net              452,822        404,539      48,283    11.9%
    Inventories, net              296,116        285,608      10,508     3.7%
    Deferred tax assets,
     net                           47,347         48,777     (1,430)   (2.9%)

    Other current assets           38,588         33,567       5,021
                             ------------  -------------  ----------    15.0%

     Total current assets         906,617        837,501      69,116
                             ------------  -------------  ----------     8.3%
   Property, plant, &
    equipment, net                388,053        401,149    (13,096)   (3.3%)
   Goodwill                       676,022        648,452      27,570     4.3%
   Other intangible assets,
    net                           247,902        242,506       5,396     2.2%
   Deferred tax assets, net         2,091          1,994          97     4.9%

   Other assets                    13,316         10,439       2,877
                             ------------  -------------  ----------    27.6%

     Total Assets              $2,234,001    $ 2,142,041    $ 91,960
                             ============  =============  ==========     4.3%

  Liabilities
   Current Liabilities:
    Current portion of
     long-term debt and
     short term debt             $ 77,704       $ 80,981   $ (3,277)   (4.0%)
    Accounts payable              114,400        129,880    (15,480)  (11.9%)
    Dividends payable               3,678             --       3,678   100.0%
    Accrued expenses               90,625         90,855       (230)   (0.3%)
    Income taxes payable            4,579          4,212         367     8.7%
    Deferred revenue              158,025        167,683     (9,658)   (5.8%)
    Other current
     liabilities                   38,715         50,708    (11,993)
                             ------------  -------------  ----------  (23.7%)
     Total current
      liabilities                 487,726        524,319    (36,593)
                             ------------  -------------  ----------   (7.0%)
   Long-term debt                 459,084        384,112      74,972    19.5%
   Deferred tax
    liabilities, net               28,284         25,549       2,735    10.7%
   Accrued pension & other
    postretirement benefit
    costs                         130,912        120,930       9,982     8.3%
   Long-term portion of
    environmental reserves         18,186         18,804       (618)   (3.3%)

   Other liabilities               41,130         41,570       (440)
                             ------------  -------------  ----------   (1.1%)

     Total Liabilities          1,165,322      1,115,284      50,038
                             ------------  -------------  ----------     4.5%

  Stockholders' Equity
   Common stock, $1 par
    value                          48,394         48,214         180     0.4%
   Additional paid-in
    capital                       118,831        111,707       7,124     6.4%
   Retained earnings            1,015,478        980,590      34,888     3.6%
   Accumulated other
    comprehensive loss           (23,582)       (19,605)     (3,977)
                             ------------  -------------  ----------  (20.3%)
                                1,159,121      1,120,906      38,215     3.4%
   Less: cost of treasury
    stock                          90,442         94,149     (3,707)
                             ------------  -------------  ----------   (3.9%)
     Total Stockholders'
      Equity                    1,068,679      1,026,757      41,922
                             ------------  -------------  ----------     4.1%
     Total Liabilities and
      Stockholders' Equity     $2,234,001    $ 2,142,041    $ 91,960
                             ============  =============  ==========     4.3%

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

                               Three Months Ended                 Six Months Ended
                                    June 30,                          June 30,
                        --------------------------------  --------------------------------
                                                  Change                            Change
                           2010         2009         %       2010         2009         %
                        -----------  -----------  ------  -----------  -----------  ------
  Sales:
  --------------------
  Flow Control            $ 251,855    $ 242,414    3.9%    $ 492,586    $ 472,786    4.2%
  Motion Control            155,624      155,748  (0.1%)      302,997      296,457    2.2%

  Metal Treatment            54,686       49,209              108,357      101,920
                        -----------  -----------   11.1%  -----------  -----------    6.3%

  Total Sales             $ 462,165    $ 447,371    3.3%    $ 903,940    $ 871,163    3.8%

  Operating Income:
  --------------------
  Flow Control             $ 24,855     $ 21,728   14.4%     $ 41,524     $ 35,059   18.4%
  Motion Control             18,343       19,513  (6.0%)       32,296       33,779  (4.4%)

  Metal Treatment             6,457        4,458               12,497       11,072
                        -----------  -----------   44.8%  -----------  -----------   12.9%

  Total Segments            $49,655      $45,699    8.7%     $ 86,317     $ 79,910    8.0%
  Corporate & Other         (6,227)      (1,936)  221.6%     (11,805)      (5,004)  135.9%
                        -----------  -----------          -----------  -----------
  Total Operating
   Income                  $ 43,428     $ 43,763             $ 74,512     $ 74,906
                        ===========  ===========  (0.8%)  ===========  ===========  (0.5%)

  Operating Margins:
  --------------------
  Flow Control                 9.9%         9.0%                 8.4%         7.4%
  Motion Control              11.8%        12.5%                10.7%        11.4%
  Metal Treatment             11.8%         9.1%                11.5%        10.9%
  Total Curtiss-Wright         9.4%         9.8%                 8.2%         8.6%
  Segment Margins             10.7%        10.2%                 9.5%         9.2%

                        CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
                            NON-GAAP FINANCIAL DATA (UNAUDITED)
                                       (In thousands)

                                             Three Months Ended      Six Months Ended
                                                  June 30,               June 30,
                                               2010       2009       2010         2009
                                            ---------  ---------  -----------  ----------
  Net Cash Provided by Operating
   Activities                                $ 25,585   $ 67,350      $ 2,586    $ 34,265
  Capital Expenditures                       (11,465)   (20,896)     (22,343)    (37,528)
                                            ---------  ---------  -----------  ----------
  Free Cash Flow (1)                         $ 14,120   $ 46,454   $ (19,757)   $ (3,263)
                                            =========  =========  ===========  ==========

  Cash Conversion (1)                             55%       190%        (47%)        (8%)
                                            ---------  ---------  -----------  ----------

  (1) The Corporation discloses free cash flow and cash conversion because the
      Corporation believes that they are measurements of cash flow that are available for 
      investing and financing activities. Free cash flow is defined as net cash flow
      provided by operating activities less capital expenditures. Free cash flow represents
      cash generated after paying for interest on borrowings, income taxes, capital
      expenditures, and working capital requirements, but before repaying outstanding debt
      and investing cash or utilizing debt credit lines to acquire businesses and make other
      strategic investments. Cash conversion is defined as free cash flow divided by net
      earnings. Free cash flow, as we define it, may differ from similarly named measures
      used by entities and, consequently, could be misleading unless all entities calculate
      and define free cash flow in the same manner.
 

About Curtiss-Wright

Curtiss-Wright Corporation is a diversified company headquartered in Parsippany, 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 7,500 people. More information on Curtiss-Wright can be found at curtisswright2014.q4web.com.

The Curtiss-Wright Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7709

Certain statements made in this release, including statements about future revenue, organic revenue growth, quarterly and annual revenue, net income, organic operating income growth, future business opportunities, 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, 2009, as amended, and subsequent reports filed with the Securities and Exchange Commission.

This press release and additional information is available at curtisswright2014.q4web.com.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Curtiss-Wright Corporation

CONTACT:
Curtiss-Wright Corporation
Alexandra M. Deignan
(973) 541-3734
adeignan@curtisswright.com

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