SOURCE: Ladish Co., Inc.

Ladish Co., Inc.

February 10, 2010 14:00 ET

Ladish Revises Tax Provision

CUDAHY, WI--(Marketwire - February 10, 2010) - Ladish Co., Inc. (www.ladishco.com) (NASDAQ: LDSH) today reported revised net earnings and earnings per share amounts for the three months and year ended December 31, 2009 to reflect a revision to the Company's income tax benefit for such periods. The amounts of the Company's income tax benefit for the three months and year ended December 31, 2009 were reduced by $0.547 million to $3.122 million and $2.894 million, respectively, from the amounts announced in the Company's February 1, 2010 earnings release. As a result, basic and diluted earnings per share were reduced by $0.03 and $0.04 per share for the three months and year ended December 31, 2009, respectively. The following table reflects the Company's revised income tax provision (benefit), net income and earnings per share for the three months and year ended December 31, 2009, as well as the amounts for the comparable periods of 2008.

                             For the Three Months         For the Year
                              Ended December 31         Ended December 31
(Dollars in thousands,      -----------------------------------------------
 except per share data)        2009        2008        2009         2008
                            ----------  ----------  ----------  -----------
Pretax income               $    3,319  $    6,896  $    3,136  $    38,250
Income tax provision
 (benefit)                      (3,122)     (2,778)     (2,894)       5,876
Noncontrolling interest in
 subsidiary                        (12)        106         (64)         169
                            ----------  ----------  ----------  -----------
Net income                  $    6,453  $    9,568  $    6,094  $    32,205
                            ==========  ==========  ==========  ===========
Basic earnings per share    $     0.41  $     0.60  $     0.38  $      2.15
Basic weighted average
 shares outstanding         15,903,004  15,901,216  15,901,833   14,998,437
Diluted earnings per share  $     0.41  $     0.60  $     0.38  $      2.15
Diluted weighted average
 shares outstanding         15,903,682  15,902,647  15,902,246   15,000,844

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
    231-755-4144 Fax