SOURCE: Ladish Co., Inc.

Ladish Co., Inc.

April 16, 2010 12:00 ET

Ladish Reports Net Sales of $98.9 Million for 1st Quarter 2010

CUDAHY, WI--(Marketwire - April 16, 2010) - Ladish Co., Inc. (www.ladishco.com) (NASDAQ: LDSH) today reported 2010 first quarter sales of $98.9 million in comparison to $105.7 million of sales in the first quarter of 2009. The Company reported net income of $5.3 million, resulting in diluted earnings per share of $0.34 for the first quarter of 2010, versus a net income of $1.2 million, or $0.08 per share, in the same period of 2009.

Ladish will host a conference call on Monday, April 19, 2010 at 9:00 a.m. EDT to discuss the first quarter performance for 2010. To access the conference call, dial (866) 551-3680 and enter the PIN Code 4533670# when prompted.

    For the Three Months Ended March 31  
  (Dollars in thousands, except per share data) 2010   2009  
  Net sales $98,948   $105,739  
  Cost of goods sold 85,285   98,415  
  Gross profit 13,663   7,324  
  SG&A expense 4,200   4,042  
  Operating income 9,463   3,282  
  Interest expense (1,475 ) (845 )
  Other, net 250   (434 )
  Pretax income 8,238   2,003  
  Income tax provision 2,886   803  
  Noncontrolling interest in subsidiary earnings 4   -  
  Net income $ 5,348   $ 1,200  
  Basic earnings per share $0.34   $0.08  
  Basic weighted average shares outstanding 15,858,560   15,901,216  
  Diluted earnings per share $0.34   $0.08  
  Diluted weighted average shares outstanding 15,859,650   15,901,247  
         
         
    March 31   December 31
  (Dollars in thousands) 2010   2009
  Cash and cash equivalents $ 26,508   $ 19,917
  Accounts receivable, net 73,214   59,382
  Inventory 86,669   92,697
  Net PP&E 196,558   198,436
  Other 95,509   99,082
  Total assets $478,458   $469,514
  Accounts payable $ 26,916   $ 23,613
  Accrued liabilities 18,982   16,758
  Senior notes 90,000   90,000
  Pensions 80,672   79,343
  Postretirement benefits 33,523   33,679
  Equity 228,365   226,121
  Total liabilities & equity $478,458   $469,514

"Ladish's improved earnings in the first quarter of 2010 are the result of our continued cost savings coupled with some modest aerospace and industrial sales improvements," said Gary J. Vroman, Ladish President and CEO. "Despite a 6% reduction in revenues versus the first quarter of 2009, earnings were up more than four times last year's levels. Favorable mix, improved productivity, lower utility costs, and a recovering by-product market all contributed toward a strong quarter. Employees throughout the family of Ladish businesses continued to hold down inventories and control costs during a period of increasing demand. And we maintained our focus on working capital, generating $11.7 million in cash from operations in the first three months of 2010."

"As we plan for the rest of 2010, we remain guardedly optimistic," observed Vroman. "We began the year convinced the recovery will take time to fully develop and we have not varied from that opinion. Although our aerospace and industrial markets have shown signs of strengthening, the jet engine market, our largest, has stabilized, but is not yet growing. We continue to expect a stronger rebound will come later in the year. Our backlog remains strong at $503 million and order activity is beginning to improve."

Ladish Co., Inc. is a leading producer of highly engineered, technically advanced metal components for the jet engine, aerospace and general industrial markets. Ladish is headquartered in Cudahy, Wisconsin with operations in Wisconsin, California, Connecticut, Oregon and Poland. Ladish common stock trades on Nasdaq under the symbol LDSH.

This release includes forward-looking statements that are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in them. These risks and uncertainties include, but are not limited to, uncertainties in the company's major markets, the impact of competition, the effectiveness of operational changes expected to increase efficiency and productivity, worldwide economic and political conditions and the effect of foreign currency fluctuations.

Contact Information

  • Contact:
    Wayne E. Larsen
    414-747-2935
    414-747-2602 Fax

    William J. Libby
    231-755-4111
    blibby@libbycom.com