Moog Reports Fiscal '09 Fourth Quarter and Year-End Earnings

EAST AURORA, N.Y., Nov. 5 /PRNewswire-FirstCall/ -- Moog Inc. (NYSE: MOG.A and
MOG.B) announced today fiscal year 2009 sales of $1.849 billion, net earnings
of $85 million and earnings per share of $1.98. The Company's sales and
earnings were both impacted by the global recession. Sales for the year were
down 3% and earnings were down 29% compared to last year.

For the fourth quarter, sales of $504 million were up 3% from last year, while
net earnings of $15.2 million and earnings per share of $.35 were just about
half of last year's earnings levels. Earnings in the quarter were impacted by
a higher cost sales mix and a $5 million charge for restructuring expense.

Aircraft sales for the year were $664 million, down 1% from the year previous.
Military aircraft sales, of $417 million, were up 5% with sales increases on
the F-18 fighter, the V-22 tilt rotor, the Blackhawk helicopter and the Indian
Light Combat Aircraft (LCA). Military aftermarket sales were also strong at
$135 million, up 11%. Commercial aircraft sales for the year of $214 million
were down 21%. Sales to Boeing Commercial were impacted by their two-month
strike. Sales to business jet manufacturers were $39 million, down 38%, and
aftermarket revenue of $82 million was down 8% from a year ago. The Company's
new navigational aids product line had sales of $33 million and benefitted
from the 2009 acquisition of Fernau Avionics. In the fourth quarter, Aircraft
sales of $177 million were the same as last year. Once again, military
aircraft sales were up 5%, the result of increases on the F-18, F-15 and the
LCA. Commercial aircraft revenues in the quarter of $56 million were down
21%. Boeing Commercial revenues were down 12% and business jet sales were
one-third of last year's level.

The Space and Defense segment was largely unaffected by the recession and had
a very strong year. Sales of $275 million were up 8%. Sales of positioning
controls for satellites and steering controls for satellite launch vehicles
were up $13 million to a total of $75 million. The tactical missile business
at $31 million was also up 18%. Vibration controls, naval applications and
homeland security product lines produced a $20 million increase over last
year. These product lines have had the benefit of recent acquisitions. Space
and Defense fourth quarter sales were $70 million, up 12% from a year ago.
The growth was driven by satellite controls, tactical missiles, naval
applications and homeland security.

Sales for the year in the Industrial Systems segment were $455 million, a 15%
decline, despite the addition of $69 million in revenue from recent
acquisitions in the wind energy market. Sales were down for the year in all
the capital equipment markets including plastics and metal forming machinery,
motion simulators, steel mills and test equipment. Sales in the fourth
quarter of $138 million were up 1% but included $49 million in revenue from
the acquisitions. Sales of products in capital equipment markets were down by
40%.

In the Components Group, sales for the year of $346 million and for the fourth
quarter of $89 million were both within 1% of last year's level. The pattern
was the same in both the year and the quarter. Sales were strong in the
aircraft and space and defense markets. Marine sales have slowed down
reflecting reduced equipment orders for offshore oil drilling equipment.
Sales in the medical market were down slightly and sales of industrial
products ran at 75% of last year's level.

For the year, the Medical Devices segment generated sales of $111 million, up
7% from last year. For the quarter, sales in Medical Devices of $31 million
were up 19% from a year ago. Two recent acquisitions, Ethox and Aitecs,
accounted for the increases.

Year-end backlog of $1.1 billion was up $236 million, or 27%, from a year ago.

The Company updated its guidance for FY 2010. The current forecast has sales
of $2.120 billion, net earnings of $103 million, and earnings per share of
$2.25, a 14% increase over fiscal '09. The Company suggests a range of plus
or minus $.10 per share around the 2010 earnings per share projection.

"When we entered fiscal '09 we hoped that the global recession would not have
much impact on our Company," said R.T. Brady, Chairman and CEO. "It didn't
turn out that way. Our sales in the industrial markets, in business jets, and
in medical devices all felt the effect. Our folks on the front line met the
challenge. In the midst of the worst recession since the '30's, our Company
had net earnings of 4.6% of sales. We've adjusted to the current market
conditions and we're ready to resume growth in 2010."

Moog Inc. is a worldwide designer, manufacturer, and integrator of precision
control components and systems. Moog's high-performance systems control
military and commercial aircraft, satellites and space vehicles, launch
vehicles, missiles, automated industrial machinery, wind energy, marine and
medical equipment. Additional information about the company can be found at
www.moog.com.

Cautionary Statement

Information included herein or incorporated by reference that does not consist
of historical facts, including statements accompanied by or containing words
such as "may," "will," "should," "believes," "expects," "expected," "intends,"
"plans," "projects," "approximate," "estimates," "predicts," "potential,"
"outlook," "forecast," "anticipates," "presume" and "assume," are
forward-looking statements. Such forward-looking statements are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. These statements are not guarantees of future performance and are
subject to several factors, risks and uncertainties, the impact or occurrence
of which could cause actual results to differ materially from the expected
results described in the forward-looking statements. These important factors,
risks and uncertainties include (i) fluctuations in general business cycles
for commercial aircraft, military aircraft, space and defense products,
industrial capital goods and medical devices, (ii) our dependence on
government contracts that may not be fully funded or may be terminated, (iii)
our dependence on certain major customers, such as The Boeing Company and
Lockheed Martin, for a significant percentage of our sales, (iv) the
possibility that the demand for our products may be reduced if we are unable
to adapt to technological change, (v) intense competition which may require us
to lower prices or offer more favorable terms of sale, (vi) our significant
indebtedness, which could limit our operational and financial flexibility,
(vii) the possibility that new product and research and development efforts
may not be successful which could reduce our sales and profits, (viii)
increased cash funding requirements for pension plans, which could occur in
future years based on assumptions used for our defined benefit pension plans,
including returns on plan assets and discount rates, (ix) a write-off of all
or part of our goodwill or intangible assets, which could adversely affect our
operating results and net worth and cause us to violate covenants in our bank
agreements, (x) the potential for substantial fines and penalties or
suspension or debarment from future contracts in the event we do not comply
with regulations relating to defense industry contracting, (xi) the potential
for cost overruns on development jobs and fixed price contracts and the risk
that actual results may differ from estimates used in contract accounting,
(xii) the possibility that our subcontractors may fail to perform their
contractual obligations, which may adversely affect our contract performance
and our ability to obtain future business, (xiii) our ability to successfully
identify and consummate acquisitions, and integrate the acquired businesses
and the risks associated with acquisitions, including the risks that the
acquired businesses do not perform in accordance with our expectations, and
that we assume unknown liabilities in connection with the acquired businesses
for which we are not indemnified, (xiv) our dependence on our management team
and key personnel, (xv) the possibility of a catastrophic loss of one or more
of our manufacturing facilities, (xvi) the possibility that future terror
attacks, war or other civil disturbances could negatively impact our business,
(xvii) that our operations in foreign countries could expose us to political
risks and adverse changes in local, legal, tax and regulatory schemes, (xviii)
the possibility that government regulation could limit our ability to sell our
products outside the United States, (xix) product quality or patient safety
issues with respect to our medical devices business that could lead to product
recalls, withdrawal from certain markets, delays in the introduction of new
products, sanctions, litigation, declining sales or actions of regulatory
bodies and government authorities, (xx) the impact of product liability claims
related to our products used in applications where failure can result in
significant property damage, injury or death and in damage to our reputation,
(xxi) the possibility that litigation may result unfavorably to us, (xxii) our
ability to adequately enforce our intellectual property rights and the
possibility that third parties will assert intellectual property rights that
prevent or restrict our ability to manufacture, sell, distribute or use our
products or technology, (xxiii) foreign currency fluctuations in those
countries in which we do business and other risks associated with
international operations, (xxiv) the cost of compliance with environmental
laws, (xxv) the risk of losses resulting from maintaining significant amounts
of cash and cash equivalents at financial institutions that are in excess of
amounts insured by governments, (xxvi) the inability to modify, to refinance
or to utilize amounts available to us under our credit facilities given
uncertainties in the credit markets, (xxvii) our ability to meet our credit
facilities' restrictive covenants, breach of which could result in a default
under our credit agreements and (xxviii) the risk that our credit rating is
lowered or that other action is taken by credit rating agencies, or other
third parties, that negatively impacts our credit rating or creditworthiness,
(xxix) our customer's inability to pay us due to adverse economic conditions
or their inability to access available credit. The factors identified above
are not exhaustive. New factors, risks and uncertainties may emerge from time
to time that may affect the forward-looking statements made herein. Given
these factors, risks and uncertainties, investors should not place undue
reliance on forward-looking statements as predictive of future results. We
disclaim any obligation to update the forward-looking statements made in this
release.

Moog Inc.
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in thousands, except per share data)

Three Months Ended Twelve Months Ended
October 3, September 27, October 3, September 27,
2009 2008 2009 2008
--------- ------------ --------- ------------

Net sales $504,335 $490,846 $1,848,918 $1,902,666
Cost of sales 366,405 337,388 1,311,618 1,293,452
------- ------- --------- ---------
Gross profit 137,930 153,458 537,300 609,214
------- ------- ------- -------

Research and
development 27,895 28,913 100,022 109,599
Selling, general
and administrative 72,623 75,302 281,173 294,936
Restructuring
expense 5,121 - 15,067 -
Interest 10,827 9,683 39,321 37,739
Equity in earnings
of LTi and other 170 651 (8,844) (1,095)
--- --- ------ ------
116,636 114,549 426,739 441,179
------- ------- ------- -------

Earnings before
income taxes 21,294 38,909 110,561 168,035

Income taxes 6,107 7,255 25,516 48,967
----- ----- ------ ------

Net earnings $15,187 $31,654 $85,045 $119,068
======= ======= ======= ========

Net earnings per share

Basic $0.36 $0.74 $2.00 $2.79
===== ===== ===== =====

Diluted $0.35 $0.73 $1.98 $2.75
===== ===== ===== =====

Average common
shares outstanding

Basic 42,672,736 42,684,157 42,598,321 42,604,268
========== ========== ========== ==========

Diluted 42,973,141 43,277,694 42,906,495 43,256,888
========== ========== ========== ==========

Moog Inc.
CONSOLIDATED SALES AND OPERATING PROFIT
(dollars in thousands)

Three Months Ended Twelve Months Ended
October 3, September 27, October 3, September 27,
2009 2008 2009 2008
---- ---- ---- ----

Net Sales

Aircraft Controls $176,737 $176,349 $663,463 $672,930

Space and Defense
Controls 70,046 62,377 274,501 253,266

Industrial Systems 137,630 136,335 454,629 532,098

Components 89,088 89,837 345,509 340,941

Medical Devices 30,834 25,948 110,816 103,431
------ ------ ------- -------

Net sales $504,335 $490,846 $1,848,918 $1,902,666
======== ======== ========== ==========

Operating Profit
(Loss) and Margins

Aircraft Controls $11,343 $13,449 $52,349 $54,979
6.4% 7.6% 7.9% 8.2%

Space and Defense
Controls 9,523 5,963 40,018 29,261
13.6% 9.6% 14.6% 11.6%

Industrial Systems 7,627 16,708 30,797 73,467
5.5% 12.3% 6.8% 13.8%

Components 10,932 16,073 55,671 60,644
12.3% 17.9% 16.1% 17.8%

Medical Devices (763) 2,148 (7,425) 9,062
(2.5%) 8.3% (6.7%) 8.8%
---- --- ---- ---
Total operating
profit 38,662 54,341 171,410 227,413
7.7% 11.1% 9.3% 12.0%

Deductions from
Operating Profit

Interest expense 10,827 9,683 39,321 37,739

Equity-based
compensation
expense 1,031 857 5,682 4,551

Corporate expenses
and other 5,510 4,892 15,846 17,088
----- ----- ------ ------

Earnings before
Income Taxes $21,294 $38,909 $110,561 $168,035

Moog Inc.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)

October 3, September 27,
2009 2008
---- ----

Cash $81,493 $86,814

Receivables 547,571 517,361

Inventories 484,261 408,295

Other current assets 97,073 77,915
------ ------

Total current assets 1,210,398 1,090,385

Property, plant and equipment 481,726 428,120

Goodwill and intangible assets 918,770 635,490

Other non-current assets 23,423 73,252
------ ------
Total assets $2,634,317 $2,227,247
========== ==========

Notes payable $16,971 $7,579

Current installments of long-term debt 1,541 1,487

Contract loss reserves 50,190 20,536

Other current liabilities 377,559 347,491
------- -------

Total current liabilities 446,261 377,093

Long-term debt 814,574 661,994

Other long-term liabilities 308,449 193,750
------- -------

Total liabilities 1,569,284 1,232,837

Shareholders' equity 1,065,033 994,410
--------- -------
Total liabilities and
shareholders' equity $2,634,317 $2,227,247
========== ==========

SOURCE Moog Inc.

Ann Marie Luhr of Moog, +1-716-687-4225