CUDAHY, Wisc., April 22 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(http://www.ladishco.com) (Nasdaq: LDSH) today reported 2004 first quarter sales of
$50.7 million in comparison to $47.3 million of sales in the first quarter of
2003.  The Company experienced a net loss of $0.425 million, resulting in a
diluted loss per share of $0.03 for the first quarter of 2004 versus net
income of $0.574 million in the same period of 2003.

    Ladish will host a conference call on Monday, April 26, 2004 at 9:00 a.m.
EDT to discuss the first quarter performance for 2004.  The telephone number
to call to participate in the conference call is (800) 362-0595.


                                                      For the Three Months
                                                         Ended March 31
    (Dollars in thousands, except per share data)
                                                       2004           2003
    Net sales                                        $50,716        $47,307
    Cost of goods                                     48,346         45,291
    Gross profit                                       2,370          2,016
    SG&A                                               2,358          1,122
    Operating income                                      12            894
    Interest expense & other                            (610)          (523)
    Pretax income (loss)                                (598)           371
    Taxes (Benefit)                                     (173)          (203)
    Net income (loss)                                  $(425)          $574
    Basic earnings (loss) per share                   $(0.03)         $0.04
    Basic weighted average shares outstanding     13,023,393     13,023,393
    Diluted earnings (loss) per share                $(0.03)          $0.04
    Diluted weighted average shares outstanding   13,023,393     13,047,966


                                                     March 31     December 31
    (Dollars in thousands)                             2004           2003

    Cash                                              $8,660        $10,981
    Accounts receivable                              $36,282        $29,683
    Inventory                                        $46,698        $43,845
    Net PP&E                                         $88,088        $89,991
    Other                                            $36,415        $35,820
    Total Assets                                    $222,502       $216,642

    Accounts payable                                 $19,721        $13,205
    Accrued liabilities                               $8,645         $7,546
    Senior notes                                     $30,000        $30,000
    Pensions                                          $8,144         $9,120
    Postretirement benefits                          $39,485        $39,811
    Stockholders' equity                            $116,298       $116,723

    "The 7% sales increase in the first three months of 2004 compared to the
first quarter of 2003 is due to the modest improvement of the commercial
airline industry and the overall strengthening of the economy," says Kerry L.
Woody, Ladish's President and CEO.  "Due to increased sales volumes and better
absorption along with cost reductions, the Company's operations improved in
the first quarter as gross margins were 4.7% in contrast to 4.3% in the first
quarter of 2003.  However, the first quarter of 2003 also benefited from a
favorable excise tax settlement of $1.25 million.  Thus, on a comparable basis
without the excise tax benefit, the first quarter of 2004 results reflect
year-over-year improvement due to the Company's ongoing cost reduction
efforts."
    Looking forward to the remainder of 2004, Woody remarked, "Under the
current conditions we see the sales opportunity continuing to improve this
year and we expect a more favorable product mix going forward.  We had a
backlog of $227 million at the end of the first quarter of 2004 in contrast to
$198 million at the same period in 2003.  The recovery of our industry appears
to have begun but we expect it to proceed slowly.  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,
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.

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