CUDAHY, Wis., Feb. 14 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(Nasdaq: LDSH) (http://www.ladishco.com ) today reported 2004 net income was
$3.8 million on sales of $208.7 million. During the fourth quarter of 2004
the Company had income of $0.09 per share in comparison to a $(0.06) loss per
share in the fourth quarter of 2003.
Ladish will host a conference call on Wednesday, February 16, 2005 at 9:00
a.m. EST to discuss the Company's performance for 2004. The telephone number
to call to participate in the conference call is (877)-236-1078.
For the Three Months For the Twelve Months
Ended December 31, Ended December 31,
(Dollars in thousands,
except earnings per share) 2004 2003 2004 2003
Net sales $53,636 $41,343 $208,707 $179,927
Cost of goods 47,908 40,845 190,652 169,999
Gross profit 5,728 498 18,055 9,928
SG&A 3,623 2,170 10,300 8,724
Operating income (loss) 2,105 (1,672) 7,755 1,204
Interest expense & other 452 579 2,031 2,151
Pretax income (loss) 1,653 (2,251) 5,724 (947)
Tax expense (benefit) 468 (1,445) 1,970 (966)
Net income (loss) $1,185 $(806) $3,754 $19
Basic earnings (loss)
per share $0.09 $(0.06) $0.28 $0.00
Basic weighted average
shares outstanding 13,605,843 13,023,393 13,285,582 13,023,393
Diluted earnings
(loss) per share $0.09 $(0.06) $0.28 $0.00
Diluted weighted average
shares outstanding 13,746,876 13,023,393 13,387,911 13,057,703
December 31,
(Dollars in thousands) 2004 2003
Cash $2,744 $10,981
Accounts receivable 41,729 29,683
Inventory 51,810 43,845
Total Assets $223,387 $216,642
Accounts payable $24,230 $13,205
Senior debt 24,000 30,000
Pensions 7,366 9,120
Postretirement benefits 37,769 39,811
Stockholders' equity 122,424 116,723
Capital expenditures $5,225 $4,259
"Year 2004 represented the early stages of a turnaround for both the
aerospace and industrial markets served by Ladish and we are pleased that
Ladish was able to service customer demand and demonstrate a significant
improvement in sales and earnings," says Kerry L. Woody, Ladish's President
and CEO. "The fourth quarter results reflect a substantive improvement over
2003, especially in view of the unusual charges in 2004 of $0.7 million for
Sarbanes-Oxley documentation and a non-cash expense of $0.5 million from FIN
44. The results for the year reflect the steps Ladish took during the last
several years to manage through the market cycle."
Looking forward to 2005, Woody remarked, "Based upon the contract backlog
and the rate of new orders in 2004, we are optimistic that the recovery in the
aerospace and industrial markets we experienced in 2004 will continue. Our new
order volume in 2004 and year-end contract backlog both showed significant
improvement over 2003. Also, the success we had in 2004 in reducing our cost
structure and improving our responsiveness to our customers should enable us
to leverage these gains as our sales grow in 2005. As we celebrate our 100th
anniversary, we are mindful of the fact Ladish has sustained sound performance
through many difficult cycles. Every employee, active and retired, takes great
pride in this milestone."
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,
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, Fax +1-414-747-2890; William J. Libby of Libby
Communications, +1-203-431-8480, Fax +1-203-431-6132, for Ladish
Co., Inc.
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