CUDAHY, Wis., April 20 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(http://www.ladishco.com) (Nasdaq: LDSH) today reported 2005 first quarter
sales of $65.1 million in comparison to $50.7 million of sales in the first
quarter of 2004. The Company reported a net income of $2.658 million,
resulting in diluted earnings per share of $0.19 for the first quarter of
2005, versus a net loss of $0.425 million or $(0.03) per share, in the same
period of 2004.
Ladish will host a conference call on Friday, April 22, 2005 at 9:00 a.m.
EDT to discuss the first quarter performance for 2005. The telephone number
to call to participate in the conference call is (877) 236-1078.
For the Three Months
Ended March 31
(Dollars in thousands, except per share data) 2005 2004
Net sales $65,094 $50,716
Cost of goods sold 57,831 48,346
Gross profit 7,263 2,370
SG&A expense 2,584 2,358
Operating income 4,679 12
Interest expense & other (461) (610)
Pretax income (loss) 4,218 (598)
Tax expense (benefit) 1,560 (173)
Net income (loss) $2,658 $(425)
Basic earnings (loss) per share $0.19 $(0.03)
Basic weighted average shares outstanding 13,676,585 13,023,393
Diluted earnings (loss) per share $0.19 $(0.03)
Diluted weighted average shares outstanding 13,828,728 13,023,393
March 31 December 31
(Dollars in thousands) 2005 2004
Cash $320 $2,744
Accounts receivable 49,294 41,729
Inventory 55,485 51,810
Net PP&E 84,374 84,500
Other 42,896 42,604
Total assets $232,369 $223,387
Accounts payable $29,009 $24,231
Accrued liabilities $7,676 $7,461
Bank debt $500 $ -
Senior notes $24,000 $24,000
Pensions $8,516 $7,366
Postretirement benefits $37,164 $37,769
Stockholders' equity $125,368 $122,424
"The 28% sales increase in the first three months of 2005 compared to the
first quarter of 2004 is due to the continued improvement of the jet engine
and aerospace industries and the overall strengthening of the economy," says
Kerry L. Woody, Ladish's President and CEO. "Due to increased sales volumes,
higher prices for by-products and better cost absorption along with cost
reductions, the Company's operations improved in the first quarter of 2005 as
gross margins were 11.2% in contrast to 4.7% in the first quarter of 2004.
The first quarter of 2005 also benefited from revenue for program development
of approximately $1.1 million for work previously completed. On a comparable
basis, even without that program, the first quarter of 2005 results reflect
year-over-year improvement due to the Company's increased sales and cost
absorption."
Looking forward to the remainder of 2005, Woody remarked, "Under the
current conditions we see the sales opportunity continuing to improve this
year and we expect a balanced product mix going forward. We had a backlog of
$332 million at the end of the first quarter of 2005 in contrast to $227
million at the end of the same period in 2004. The recovery of our industry
appears to have begun and we expect it to proceed. As market demand continues
to grow, we will remain focused on the challenges of raw material availability
while improving Ladish's operating performance and being responsive to the
demands of our customer base."
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,
uncertainties 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.
 back to top
Related links:
http://www.ladishco.com
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.
|
