CUDAHY, Wis., Jan. 24 /PRNewswire/ -- Ladish Co., Inc. (Nasdaq: LDSH)
(http://www.ladishco.com) today reported 2000 fourth quarter net income of
$4.2 million on sales of $59.5 million, resulting in diluted earnings per
share of $0.32. For fiscal 2000, net income was $17.1 million on sales of
$230.1 million. Diluted earnings per share were $1.25.
Ladish will host a conference call on Friday, January 26, 2001 at
9:00 a.m. EST to discuss the fourth quarter and annual performance for 2000.
The telephone number to call to participate in the conference call is
(800) 450-0788.
For the Three Months For the Twelve Months
Ended December 31 Ended December 31
(Dollars in thousands,
except earnings per share)
2000 1999 2000 1999
Net sales $59,483 $40,911 $230,148 $170,241
Cost of goods 50,604 35,232 195,657 151,065
Gross profit 8,879 5,679 34,491 19,176
SG&A 3,257 1,738 11,739 7,186
Operating income 5,622 3,941 22,752 11,990
Interest expense & other 494 154 1,889 574
Pretax income 5,128 3,787 20,863 11,416
Taxes 923 569 3,755 1,713
Net income $4,205 $3,218 $17,108 $9,703
EBITDA $7,906 $6,881 $37,087 $24,296
Basic earnings
per share $0.33 $0.24 $1.31 $0.71
Basic weighted
average
shares
outstanding 12,915,027 13,611,778 13,075,188 13,715,555
Diluted earnings
per share $0.32 $0.23 $1.25 $0.67
Diluted weighted
average
shares
outstanding 13,339,844 14,174,269 13,668,574 14,513,261
December 31
(Dollars in thousands) 2000 1999
Cash $3,521 $1,008
Accounts receivable $38,615 $25,222
Inventory $54,942 $42,427
Net PP&E $97,825 $83,207
Total Assets $205,763 $159,583
Accounts payable $25,057 $12,548
Accrued liabilities $21,523 $17,340
Senior debt $25,000 --
Pensions $8,089 $15,196
Postretirement benefits $44,427 $46,480
Stockholders' equity $87,138 $73,467
"With a 35% increase in sales combined with a 76% improvement in
profitability, fiscal 2000 was a strong year for Ladish," says Kerry L. Woody,
Ladish's President and CEO. "The improvement Ladish experienced in 2000 was
attributable to the resurgence of our aerospace markets, the strategic
acquisition of Pacific Cast Technologies in January 2000, and the commitment
to continually improving operating efficiencies at our forging operations in
Wisconsin and our machining center in Connecticut. The Company faced a
difficult challenge throughout most of 2000 from rapidly escalating energy
costs combined with restricted availability of power."
Looking forward to 2001, Woody remarked, "We are guardedly optimistic
regarding sales and earnings growth in 2001. However, we do not see the
energy situation improving in 2001. With a backlog of $271 million at the end
of 2000 and the expansion underway at Pacific Cast Technologies, Ladish is
well positioned for 2001 and beyond."
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
Company News On-Call:
http://www.prnewswire.com/comp/131444.html or fax,
800-758-5804, ext. 131444
CONTACT:
Wayne E. Larsen of Ladish Co., Inc.,
414-747-2935, fax, 414-747-2890, or William J. Libby of Libby
Communications for Ladish Co., Inc., 203-431-8480, fax,
203-431-6132
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