CUDAHY, Wis., Jan. 23 /PRNewswire-FirstCall/ --
Ladish Co., Inc. (Nasdaq: LDSH) (http://www.ladishco.com) today reported 2001
fourth quarter net income of $2.9 million on sales of $56.0 million, resulting
in diluted earnings per share of $0.22. For fiscal 2001, net income was
$16.4 million on sales of $252.4 million. Diluted earnings per share were
$1.25.
Ladish will host a conference call on Friday, January 25, 2002 at
9:00 a.m. EST to discuss the fourth quarter and annual performance for 2001.
The telephone number to call to participate in the conference call is
(800) 288-8976.
For the Three Months For the Twelve Months
Ended December 31 Ended December 31
2001 2000 2001 2000
(Dollars in thousands,
except earnings per share)
Net sales $56,005 $59,483 $252,417 $230,148
Cost of goods 48,728 50,604 218,606 195,657
Gross profit 7,277 8,879 33,811 34,491
SG&A 2,838 3,257 11,052 11,739
Operating income 4,439 5,622 22,759 22,752
Interest expense & other 816 494 2,244 1,889
Pretax income 3,623 5,128 20,515 20,863
Taxes 725 923 4,103 3,755
Net income $2,898 $4,205 16,412 $17,108
EBITDA $7,992 $7,906 37,323 $37,087
Basic earnings per share $0.22 $0.33 $1.27 $1.31
Basic weighted average
shares outstanding 12,976,060 12,915,027 12,944,545 13,075,188
Diluted earnings per share $0.22 $0.32 $1.25 $1.25
Diluted weighted average
shares outstanding 13,101,569 13,339,844 13,154,528 13,668,574
December 31
(Dollars in thousands) 2001 2000
Cash $3,962 $3,521
Accounts receivable $37,719 $38,615
Inventory $53,059 $54,942
Net PP&E $102,283 $97,825
Total Assets $210,750 $205,763
Accounts payable $21,235 $25,057
Accrued liabilities $14,608 $21,523
Senior debt $30,000 $25,000
Pensions $2,579 $8,089
Postretirement benefits $42,594 $44,427
Stockholders' equity $104,590 $87,138
"We are pleased with the 10% increase in sales in 2001," says Kerry L
Woody, Ladish's President and CEO. "The improvement Ladish experienced in
sales in 2001 was diminished by the decline in profitability for the year due
to energy costs in the first quarter of the year and pricing pressures from
customers, with the resulting margin contractions. The September 11 attacks
negatively impacted both sales and profitability in the fourth quarter and for
the year as a whole."
Looking forward, Woody remarked, "2002 will be a year of reduced aerospace
demand. However, Ladish is a veteran of industry ups and downs and has the
experience to manage through the aftermath of the devastating September 11
attacks. We will draw upon our unique technology, entrenched market presence,
solid financials and resourcefulness of our people to persevere during this
unprecedented period."
Ladish Co., Inc. is a leading producer of highly engineered, technically
advanced components for the jet engine, aerospace and general industrial
markets. Ladish is headquartered in Cudahy, Wisconsin with operations in
Wisconsin, Oregon and Connecticut. 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,
anticipated slowdowns 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.
SOURCE Ladish Co., Inc.
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Related links:
http://www.ladishco.com
CONTACT:
Wayne E. Larsen of Ladish Co., Inc.,
+1-414-747-2935, fax: +1-414-747-2890; or William J. Libby of
Libby Associates, +1-203-431-8480, fax: +1-203-431-6132, for
Ladish Co., Inc.
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