CUDAHY, Wis., April 11 /PRNewswire-FirstCall/ --
Ladish Co., Inc. (Nasdaq: LDSH) (http://www.ladishco.com) today held its 2002 annual
meeting for shareholders. At the meeting, President and CEO Kerry Woody
reported, "For Ladish, 2001 was a year which started strong with anticipated
growth opportunities for all the Company's operations. Ladish, like the rest
of the commercial aerospace supply chain, was significantly impacted in fiscal
2001 and beyond by the September 11th terrorists' attacks."
After reviewing the various Ladish operations and improvements at the
Company's three manufacturing facilities, Woody advised the shareholders,
"Given the unprecedented downturn in the commercial aerospace industry, as
well as the challenges from previously unseen margin pressures, we expect
sales under current conditions for 2002 to be in the range of $200 to
$207 million and for our earnings to be a low, single-digit percentage of
sales. Material increases in insurance prices and the general state of the
commercial aerospace industry continue to represent two largely external
challenges. However, with an order backlog of approximately $240 million, we
remain guardedly optimistic that Ladish will weather this latest cycle and be
in a position to benefit when the market recovers."
At the annual meeting, Ladish shareholders re-elected Woody, Lawrence
Bianchi, Margaret Bertelsen Hampton, Leon Kranz, Wayne Larsen, Scott Roeper
and Robert Sullivan to the Board of Directors for the coming year.
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
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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