Cudahy, Wis., April 28 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(http://www.ladishco.com) (Nasdaq: LDSH) today reported 2008 first quarter
sales of $117.2 million in comparison to $97.7 million of sales in the
first quarter of 2007. The Company reported net income of $6.0 million,
resulting in diluted earnings per share of $0.41 for the first quarter of
2008, versus a net income of $5.8 million, or $0.40 per share, in the same
period of 2007.
Ladish will host a conference call on Tuesday, April 29, 2008 at 9:00
a.m. EDT to discuss the first quarter performance for 2008. The telephone
number to call to participate in the conference call is (877) 874-1569.
For the Three Months
Ended March 31
(Dollars in thousands, except per share data) 2008 2007
Net sales $117,197 $97,666
Cost of goods sold 102,376 83,976
Gross profit 14,821 13,690
SG&A expense 4,403 3,942
Operating income 10,418 9,748
Interest expense & other 848 606
Pretax income 9,570 9,142
Income tax provision 3,570 3,364
Minority interest in subsidiary earnings 17 10
Net income $5,983 $5,768
Basic earnings per share $0.41 $0.40
Basic weighted average shares outstanding 14,544,357 14,497,267
Diluted earnings per share $0.41 $0.40
Diluted weighted average shares
outstanding 14,547,570 14,541,415
March 31 December 31
(Dollars in thousands) 2008 2007
Cash and cash equivalents $7,168 $5,952
Accounts receivable, net 81,197 75,226
Inventory 120,063 118,187
Net PP&E 151,634 144,110
Other 38,900 37,976
Total assets $398,962 $381,451
Accounts payable $47,675 $42,116
Accrued liabilities 16,549 18,343
Senior bank debt 11,100 7,500
Senior notes 46,000 46,000
Pensions 30,701 30,484
Postretirement benefits 35,140 35,454
Stockholders' equity 211,797 201,554
Total liabilities & equity $398,962 $381,451
"In the first quarter of 2008, we booked over $132 million of new
orders as our contract backlog grew to a new record high of over $630
million. First quarter of 2008 sales levels were 20% higher than first
quarter of 2007 and in line with what we had expected for the period.
However, earnings for the period were below our expectations as product mix
shifted to accommodate customer build schedules and our employment costs
increased as we accelerated the placement of new employees to support the
additional sales growth. Unexpected severe weather and a surge in energy
costs had a negative impact on our profits. Higher year-over-year raw
material prices -- even though passed through to customers -- lower returns
on by-products and delayed tooling sales were also dilutive to margins,"
says Kerry L. Woody, Ladish's President and CEO.
Looking forward to the remainder of 2008, Woody remarked, "We remain
optimistic about the strength of the markets we serve. Our capacity
expansion projects, the new isothermal press in Wisconsin and the plant
expansion with new furnace capacity in Oregon, are well underway and will
support our growth in 2009 and beyond. As the strength of our industry
continues, we are capitalizing on the upturn to grow our business,
internally driving capacity expansions and externally seeking opportunities
through strategic acquisitions. These combined efforts will better position
our company for the future. We expect all Ladish operating units to
experience continued growth in business and profitability. While we are
enjoying this positive trend, our established cost reduction programs
remain focused on sustaining the profitability of the business and
improving our cash position while serving our customers."
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.
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, +1-414-747-2890, Fax; or William J. Libby of
Libby Communications for Ladish Co., Inc., +1-231-755-4111,
+1-231-755-4144, Fax
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