CUDAHY, Wis., Feb. 8 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(Nasdaq: LDSH) (http://www.ladishco.com) today reported 2006 net income was $28.5
million, or $2.00 of diluted earnings per share, on sales of $369.3
million. During the fourth quarter of 2006, with a 38% effective tax rate,
the Company had diluted earnings per share of $0.42 in comparison to $0.22
in the fourth quarter of 2005.
Ladish will host a conference call on Friday, February 9, 2007 at 9:00
a.m. EST to discuss the Company's performance for 2006. The telephone
number to call to participate in the conference call is (800) 967-7135.
For the Three Months For the Year
Ended December 31, Ended December 31,
(Dollars in thousands,
except earnings per
share) 2006 2005 2006 2005
Net sales $93,447 $70,382 $369,290 $266,841
Cost of goods 78,089 61,807 302,123 230,807
Gross profit 15,358 8,575 67,167 36,034
SG&A 4,486 3,206 18,207 12,187
Operating income 10,872 5,369 48,960 23,847
Interest expense & other 1,310 564 4,266 1,971
Pretax income 9,562 4,805 44,694 21,876
Income tax provision 3,632 1,617 16,034 8,124
Minority interest in
subsidiary earnings (4) 37 179 37
Net income $5,934 $3,151 $28,481 $13,715
Basic earnings per share $0.42 $0.23 $2.01 $1.00
Basic weighted average
shares outstanding 14,200,967 13,949,392 14,136,946 13,781,586
Diluted earnings per
share $0.42 $0.22 $2.00 $0.98
Diluted weighted
average shares
outstanding 14,245,636 14,072,920 14,205,641 13,931,539
December 31,
(Dollars in 2006 2005
thousands)
Cash and cash
equivalents $3,431 $14,494
Accounts receivable, net 69,144 51,497
Inventory 106,736 78,151
Net PP&E 112,096 99,425
Other 37,199 52,462
Total Assets $328,606 $296,029
Accounts payable $32,933 $41,665
Accrued liabilities 15,602 10,213
Senior bank debt 2,100 27,000
Senior notes 52,000 18,000
Pensions 35,510 46,203
Postretirement
benefits 37,791 35,479
Stockholders' equity 152,670 117,469
Total Liabilities and
Equity $328,606 $296,029
"2006 was a very good year for Ladish. With a 38% increase in sales to
$369.3 million and a 105% increase in operating income to $49.0 million,
Ladish's 2006 performance expanded upon the solid trend we established in
2005," says Kerry L. Woody, Ladish's President and CEO. "The robust growth
in sales and profitability was driven by increased demand in all three
markets served by Ladish. While industrial sales reflected the largest
growth with a 146% improvement over 2005, largely due to the acquisition of
ZKM, sales of jet engine components and general aerospace components were
each up more than 25%."
All of the operating units of Ladish demonstrated significant
improvement in 2006 over their 2005 results. The additions of ZKM and
Valley Machining contributed to the sales increase and additional
profitability. Both of these acquired companies ended 2006 operating more
efficiently than at the beginning of the year along with having capacity
and capabilities expanded at each location.
"The outlook for 2007 and beyond is optimistic. New long-term
agreements with key customers begin in 2007. Contract backlog at December
31, 2006 was $500 million in comparison to $457 million at the end of
2005," observed Mr. Woody. "Progress continues on the new 12,500-ton
isothermal press in Wisconsin and on the development of an aerospace
forging business at ZKM. The continued strength of the domestic and
international aerospace markets provides the basis for Ladish to drive its
improved performance in the future."
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, Connecticut 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, unanticipated 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, or fax, +1-414-747-2890; or William J. Libby of
Libby Communications, +1-231-755-4111, or fax, +1-231-755-4144,
for Ladish Co., Inc.
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