CUDAHY, Wis., July 17 /PRNewswire-FirstCall/ --
Ladish Co., Inc. (Nasdaq: LDSH) (http://www.ladishco.com) today reported 2002
second quarter net income of $0.8 million on sales of $48.3 million, resulting
in diluted earnings per share of $0.06. For the first six months 2002, net
income was $1.58 million on sales of $101.5 million. Diluted earnings per
share were $0.12.
Ladish will host a conference call on Friday, July 19, 2002 at 9:00 a.m.
EDT to discuss the second quarter and first half performance for 2002. The
telephone number to call to participate in the conference call is
(800) 451-7724.
For the Three Months For the Six Months
Ended June 30 Ended June 30
(Dollars in thousands,
except earnings per share) 2002 2001 2002 2001
Net sales $48,309 $69,025 $101,465 $136,888
Cost of goods 44,397 58,602 93,327 117,807
Gross profit 3,912 10,423 8,138 19,081
SG&A 2,505 3,655 5,320 6,656
Operating income 1,407 6,768 2,818 12,425
Interest expense & other 413 445 796 920
Pretax income 994 6,323 2,022 11,505
Taxes 219 1,265 445 2,301
Net income $775 $5,058 $1,577 $9,204
EBITDA $5,531 $11,183 $10,867 $20,767
Basic earnings per share $0.06 $0.39 $0.12 $0.71
Basic weighted average
shares outstanding 12,987,560 12,923,664 12,981,842 12,918,101
Diluted earnings
per share $0.06 $0.38 $0.12 $0.70
Diluted weighted average
shares outstanding 13,170,879 13,163,554 13,144,887 13,145,340
June 30 December 31,
(Dollars in thousands) 2002 2001
Cash $3,963 $3,962
Accounts receivable $33,661 $37,719
Inventory $50,050 $53,059
Net PP&E $102,250 $102,283
Total Assets $207,423 $210,750
Accounts payable $17,224 $21,235
Accrued liabilities $13,637 $14,608
Senior debt $30,000 $30,000
Pensions $2,634 $2,579
Postretirement benefits $41,716 $42,594
Stockholders' equity $107,061 $104,590
"The ongoing weakness in the commercial aerospace industry accounts for
the reduction in sales for the second quarter and the first six months," says
Kerry L Woody, Ladish's President and CEO. "Earnings have been negatively
impacted by the sales downturn, significant pricing pressures from the
commercial aerospace industry and an unfavorable product mix."
Looking forward, Woody remarked, "The remainder of 2002 will continue to
be a year of reduced aerospace demand with industry predictions varying as to
when the commercial aerospace market will rebound. However, Ladish has
maintained profitability through an unprecedented industry slowdown. We will
continue to reduce our cost structure and capitalize on those opportunities
that do exist during this difficult period."
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
Company News On-Call:
http://www.prnewswire.com/comp/131444.html
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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