CUDAHY, Wis., April 25 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(http://www.ladishco.com) (Nasdaq: LDSH) today reported 2006 first quarter sales
of $95.0 million in comparison to $65.1 million of sales in the first
quarter of 2005. The Company reported net income of $7.632 million,
resulting in diluted earnings per share of $0.54 for the first quarter of
2006, versus a net income of $2.658 million or $0.19 per share, in the same
period of 2005.
    Ladish will host a conference call on Thursday, April 27, 2006 at 2:00
p.m. EDT to discuss the first quarter performance for 2006. The telephone
number to call to participate in the conference call is (888) 695-0608.
                                                        For the Three Months
                                                           Ended March 31
    (Dollars in thousands, except per share data)       2006           2005

    Net sales                                        $95,006        $65,094
    Cost of goods sold                                77,638         57,831
    Gross profit                                      17,368          7,263
    SG&A expense                                       4,304          2,584
    Operating income                                  13,064          4,679
    Interest expense & other                            (793)          (461)
    Pretax income                                     12,271          4,218
    Income tax provision                               4,540          1,560
    Minority interest in net earnings of
     subsidiary                                           99              -
    Net income                                        $7,632         $2,658
    Basic earnings per share                           $0.54          $0.19
    Basic weighted average shares outstanding     14,015,088     13,676,585
    Diluted earnings per share                         $0.54          $0.19
    Diluted weighted average shares outstanding   14,150,903     13,828,728


                                                      March 31    December 31
                  (Dollars in thousands)                2006           2005

    Cash                                                $760        $14,494
    Accounts receivable                               74,455         51,497
    Inventory                                         90,655         78,151
    Net PP&E                                         103,559         99,425
    Other                                             47,706         52,462
    Total assets                                    $317,135       $296,029

    Accounts payable                                 $46,029        $41,665
    Accrued liabilities                               12,751         10,213
    Senior bank debt                                  33,900         27,000
    Senior notes                                      18,000         18,000
    Notes payable                                      1,912              -
    Pensions                                          44,370         46,203
    Postretirement benefits                           35,145         35,479
    Stockholders' equity                             125,028        117,469
    Total liabilities and equities                  $317,135       $296,029
    "The 46% sales increase in the first three months of 2006 compared to
the first quarter of 2005 is due to the continued improvement of the jet
engine and aerospace industries, a full quarter of ZKM sales 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 from incremental sales growth along
with cost reductions, the Company's operations improved in the first
quarter of 2006 as gross margins were 18.3% in contrast to 11.2% in the
first quarter of 2005. All of our operating units contributed to the
improvement in first quarter 2006 results and were ahead of expectations."
    Looking forward to the remainder of 2006, Woody remarked, "Under the
current conditions we see the sales opportunity continuing to improve this
year and we expect a more balanced product mix going forward, although we
expect a decline in missile and rocket component sales from the 2005 level.
We had a backlog of $502 million at the end of the first quarter of 2006 in
contrast to $332 million at the end of the same period in 2005. The
recovery of our industry is clearly under way and we expect it to continue.
As our markets expand, our priority will be on responding to our customers'
requirements while simultaneously working to improve our internal operating
efficiencies, assuring availability of critical raw materials and managing
the growth of our working capital."
    Ladish Co., Inc. is a leading producer of highly engineered,
technically advanced metal components for the jet engine, aerospace and
general industrial markets. Ladish is headquartered in Cudahy, Wisconsin
with operations in Wisconsin, Oregon, Connecticut and Poland. 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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