CUDAHY, Wis., April 10 /PRNewswire-FirstCall/ --
Ladish Co., Inc. (Nasdaq: LDSH) (http://www.ladishco.com) today reported 2003 first
quarter net income of $0.574 million on sales of $47.3 million, resulting in
diluted earnings per share of $0.04. For the same period in 2002, net income
was $0.603 million on sales of $53.2 million. Diluted earnings per share were
$0.05.
Ladish will host a conference call on Monday, April 14, 2003 at 9:00 a.m.
EDT to discuss the first quarter performance for 2003. The telephone number
to call to participate in the conference call is (800) 362-0571.
For the Three Months
Ended March 31
(Dollars in thousands, except
earnings per share)
2003 2002
Net sales $47,307 $53,156
Cost of goods 45,291 49,007
Gross profit 2,016 4,149
SG&A 1,122 2,824
Operating income 894 1,325
Interest expense & other 523 383
Pretax income 371 942
Taxes (Credit) (203) 339
Net income $574 $603
Basic earnings per share $0.04 $0.05
Basic weighted average shares outstanding 13,023,393 12,976,060
Diluted earnings per share $0.04 $0.05
Diluted weighted average shares outstanding 13,047,966 13,118,831
March 31 December 31
(Dollars in thousands) 2003 2002
Cash $5,714 $8,959
Accounts receivable $39,107 $32,237
Inventory $49,274 $45,849
Net PP&E $96,492 $98,492
Total Assets $231,198 $225,810
Accounts payable $23,022 $17,134
Accrued liabilities $6,873 $6,660
Senior notes $30,000 $30,000
Pensions $11,069 $11,993
Postretirement benefits $40,697 $41,056
Stockholders' equity $118,943 $118,369
"The sales decline in the first three months of 2003 is directly tied to
the continuing weakness of the commercial airline industry further impacted by
the war in Iraq," says Kerry L. Woody, Ladish's President and CEO. "The
minimal reduction in earnings in the first three months of 2003 in comparison
to 2002 is attributable to continuing cost improvements, a favorable excise
tax settlement of $1.25 million with the IRS and an export sales tax credit,
partially offset by significantly increased energy costs of $0.76 million."
Looking forward to the remainder of 2003, Woody remarked, "Under the
current conditions we do not see the sales opportunity significantly improving
this year. Although we had a backlog of $198 million at the end of the first
quarter we are cautious with regard to demand for the second half of the year
as we cannot predict at what point the industry will recover in this sagging
economy. In the interim, established cost reduction programs are focused at
keeping the business profitable and improving our cash position while serving
the needs of our customers."
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, fax - +1-414-747-2890; or William J. Libby of
Libby Communications, +1-203-431-8480, fax - +1-203-431-6132, for
Ladish Co., Inc.
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