CUDAHY, Wis., Jan. 29 /PRNewswire-FirstCall/ --
Ladish Co., Inc. (Nasdaq: LDSH) (http://www.ladishco.com) today reported 2002 net
income was $1.6 million on sales of $188.5 million. Diluted earnings per
share were $0.13. During the fourth quarter of 2002 the Company experienced a
($0.02) loss per share, largely attributable to a decrease in sales and an
inventory adjustment.
Ladish will host a conference call on Friday, January 31, 2003 at
9:00 a.m. EST to discuss the Company's performance for 2002. The telephone
number to call to participate in the conference call is (800) 255-9448.
For the Three Months For the Twelve Months
Ended December 31, Ended December 31,
(Dollars in thousands,
except earnings per share) 2002 2001 2002 2001
Net sales $44,289 $56,005 $188,544 $252,417
Cost of goods 42,763 48,728 176,163 218,606
Gross profit 1,526 7,277 12,381 33,811
SG&A 2,353 2,838 9,085 11,052
Operating income (827) 4,439 3,296 22,759
Interest expense & other 360 816 1,616 2,244
Pretax income (loss) (1,187) 3,623 1,680 20,515
Taxes (benefit) (983) 1,305 49 7,386
Net income (loss) $ (204) $ 2,318 $ 1,631 $ 13,129
Basic earnings per share ($0.02) $ 0.18 $ 0.13 $ 1.01
Basic weighted average
shares outstanding 13,023,393 12,976,060 13,002,224 12,944,545
Diluted earnings per share ($0.02) $0.18 $0.12 $1.00
Diluted weighted average
shares outstanding 13,078,586 13,101,569 13,113,203 13,154,528
December 31,
(Dollars in thousands) 2002 2001
Cash $8,959 $3,962
Accounts receivable 32,237 37,719
Inventory 45,849 53,059
Capital expenditures 11,475 18,958
Total Assets $225,810 $232,670
Accounts payable $17,134 $21,235
Senior debt 30,000 30,000
Pensions 11,993 2,752
Postretirement benefits 41,056 42,594
Stockholders' equity $118,369 $126,337
"A 25% reduction in sales was experienced despite increases in military
business. The sales downturn combined with the conclusion of certain
profitable programs and continued margin pressures from customers made 2002 an
extremely challenging year for Ladish," says Kerry L Woody, Ladish's President
and CEO. "The results for the fourth quarter were negatively impacted by a
pre-tax charge of $0.9 million for the reduction in inventory valuations at
our Stowe subsidiary. Given the impact upon Ladish of the downturn in the
commercial aerospace industry in 2002, we focused our efforts on reducing the
cost structure of the operations for the near and long term. In addition, we
were able to capitalize on market opportunities at Pacific Cast while
strengthening our capital position."
Looking forward to 2003, Woody remarked, "Based upon the build forecasts
of our customer base, we do not anticipate a recovery in the commercial
aerospace market during the year. As we work our way through a most difficult
commercial aerospace downturn, we will continue to focus on reducing our cost
structure, and on improving our responsiveness to our customers. With our
100th anniversary rapidly approaching, we are mindful of the fact Ladish has
managed through difficult cycles before and we will emerge from the current
downturn in a position to take advantage of the recovery."
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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CONTACT:
Wayne E. Larsen of Ladish Co., Inc.,
+1-414-747-2935, or fax, +1-414-747-2890; or William J. Libby of
Libby Communications, +1-203-431-8480, or fax, +1-203-431-6132,
for Ladish Co., Inc.
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