CUDAHY, Wis., April 16 /PRNewswire/ -- Ladish Co., Inc. (Nasdaq: LDSH)
(http://www.ladishco.com) today reported 2001 first quarter net income of
$4.1 million on sales of $67.9 million, resulting in diluted earnings per
share of $0.32. For the same period in 2000, net income was $4.9 million on
sales of $54.9 million. Diluted earnings per share were $0.35.
Ladish will host a conference call on Wednesday, April 18, 2001 at
4:30 p.m. EDT to discuss the first quarter and annual performance for 2001.
The telephone number to call to participate in the conference call is
(800) 260-0719.
For the Three Months
Ended March 31
(Dollars in thousands, except earnings per share)
2001 2000
Net sales $67,863 $54,852
Cost of goods 59,205 46,249
Gross profit 8,658 8,603
SG&A 3,001 2,228
Operating income 5,657 6,375
Interest expense & other 475 408
Pretax income 5,182 5,967
Taxes 1,036 1,074
Net income $4,146 $4,893
EBITDA $9,584 $10,150
Basic earnings per share $0.32 $0.36
Basic weighted average shares outstanding 12,912,477 13,464,804
Diluted earnings per share $0.32 $0.35
Diluted weighted average shares outstanding 13,091,533 14,015,573
March 31 December 31
(Dollars in thousands) 2001 2000
Cash $394 $3,521
Accounts receivable $46,576 $38,615
Inventory $56,564 $54,942
Net PP&E $97,604 $97,825
Total Assets $212,941 $205,763
Accounts payable $27,741 $25,057
Accrued liabilities $19,664 $21,523
Senior debt $31,520 $25,000
Pensions $6,193 $8,089
Postretirement benefits $44,047 $44,427
Stockholders' equity $89,147 $87,138
"The 24% sales increase in the first three months of 2001 demonstrates why
we are confident Ladish will have a strong year," says Kerry L. Woody,
Ladish's President and CEO. "The improvement Ladish experienced in sales was
attributable to the continuing strength of our aerospace markets. The
reduction in earnings in the first three months of 2001 in comparison to 2000
is attributable to artificially low labor costs in 2000 due to the work
stoppage at Cudahy and significantly higher energy costs in 2001. But for
those two factors, earnings in the first quarter of 2001 would have increased
at a percentage similar to the sales increase."
Looking forward to the remainder of 2001, Woody remarked, "We remain
optimistic regarding sales and earnings growth in 2001. However, we do not
see the energy situation improving in 2001. With a backlog of $280 million at
the end of the first quarter and the expansion underway at Pacific Cast
Technologies, Ladish is well positioned for 2001 and beyond."
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:
http://www.ladishco.com
Company News On-Call:
http://www.prnewswire.com/comp/131444.html or fax,
800-758-5804, ext. 131444
CONTACT:
Wayne E. Larsen of Ladish Co., Inc.,
414-747-2935, fax - 414-747-2890; or William J. Libby of Libby
Communications, 203-431-8480, fax - 203-431-6132, for Ladish Co.,
Inc.
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