CUDAHY, Wis., April 17 /PRNewswire-FirstCall/ --
Ladish Co., Inc. (http://www.ladishco.com) (Nasdaq: LDSH) today reported 2002
first quarter net income of $0.8 million on sales of $53.2 million, resulting
in diluted earnings per share of $0.06. For the same period in 2001, net
income was $4.1 million on sales of $67.9 million. Diluted earnings per share
were $0.32.
Ladish will host a conference call on Friday, April 19, 2002 at 8:30 a.m.
EDT to discuss the first quarter performance for 2002. The telephone number
to call to participate in the conference call is (800) 450-0785.
For the Three Months
Ended March 31
(Dollars in thousands, except earnings per share) 2002 2001
Net sales $53,156 $67,863
Cost of goods 48,930 59,205
Gross profit 4,226 8,658
SG&A 2,815 3,001
Operating income 1,411 5,657
Interest expense & other 383 475
Pretax income 1,028 5,182
Taxes 226 1,036
Net income $802 $4,146
EBITDA $5,336 $9,584
Basic earnings per share $0.06 $0.32
Basic weighted average shares outstanding 12,976,060 12,912,477
Diluted earnings per share $0.06 $0.32
Diluted weighted average shares outstanding 13,118,831 13,127,064
March 31 December 31
(Dollars in thousands) 2002 2001
Cash $1,001 $3,962
Accounts receivable $41,649 $37,719
Inventory $53,140 $53,059
Net PP&E $103,667 $102,283
Total Assets $215,681 $210,750
Accounts payable $26,308 $21,235
Accrued liabilities $13,982 $14,608
Senior notes $30,000 $30,000
Pensions $2,605 $2,579
Postretirement benefits $42,049 $42,594
Stockholders' equity $105,588 $104,590
"The sales decline in the first three months of 2002 is directly tied to
the continuing weakness of the commercial aerospace industry," says Kerry L.
Woody, Ladish's President and CEO. "The reduction in earnings in the first
three months of 2002 in comparison to 2001 is attributable to significantly
lower sales volume, unfavorable product mix and increasing margin pressure
from aerospace customers."
Looking forward to the remainder of 2002, Woody remarked, "We do not see
the sales opportunity significantly improving this year. Although we had a
backlog of $231 million at the end of the first quarter, we are cautious with
regard to demand for the second half of the year. We will continue to reduce
our costs as we serve our customers during this industry downturn."
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, 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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