CUDAHY, Wis., July 18 /PRNewswire/ -- Ladish Co., Inc. (Nasdaq: LDSH)
(http://www.ladishco.com) today reported 2001 second quarter net income of
$5.1 million on sales of $69 million, resulting in diluted earnings per share
of $0.38. For the same period in 2000, net income was $4.2 million on sales
of $57.4 million. Diluted earnings per share were $0.31.
Ladish will host a conference call on Friday, July 20, 2001 at
8:30 a.m. EDT to discuss the second quarter and the first six months'
performance for 2001. The telephone number to call to participate in the
conference call is (800) 450-0788.
(Dollars in
thousands, except For the Three Months For the Six Months
earnings per share) Ended June 30 Ended June 30
2001 2000 2001 2000
Net sales $ 69,025 $ 57,414 $136,888 $112,266
Cost of goods 58,602 49,041 117,807 95,290
Gross profit 10,423 8,373 19,081 16,976
SG&A 3,655 2,716 6,656 4,944
Operating income 6,768 5,657 12,425 12,032
Interest expense & other 445 480 920 888
Pretax income 6,323 5,177 11,505 11,144
Taxes 1,265 932 2,301 2,006
Net income $5,058 $4,245 $9,204 $9,138
EBITDA $ 11,183 $9,538 $ 20,767 $ 19,688
Basic earnings
per share $0.39 $0.33 $0.71 $0.69
Basic weighted
average shares
outstanding 12,923,664 13,035,403 12,918,101 13,250,103
Diluted earnings
per share $0.38 $0.31 $0.70 $0.66
Diluted weighted
average shares
outstanding 13,163,554 13,675,514 13,145,340 13,845,543
June 30 December 31
(Dollars in thousands) 2001 2000
Cash $1,021 $3,521
Accounts receivable $45,585 $38,615
Inventory $57,759 $54,942
Net PP&E $98,380 $97,825
Total Assets $214,041 $205,763
Accounts payable $28,950 $25,057
Accrued liabilities $18,595 $21,523
Senior debt $28,075 $25,000
Pensions $3,960 $8,074
Postretirement benefits $43,389 $44,427
Stockholders' equity $96,189 $87,138
The 20% sales increase in the second quarter of 2001 demonstrates the
continued strength of Ladish's markets," says Kerry L. Woody, Ladish's
President and CEO. "The improvement in earnings in the second three months of
2001 in comparison to 2000 of $0.38 per share versus $0.31 is somewhat
understated as we incurred a charge of $543,000, or approximately $0.04 per
share, for FIN 44, based upon the positive increase in our share price during
the second quarter."
Looking forward to the remainder of 2001, Woody remarked, "We remain
optimistic regarding sales and earnings growth in 2001. The energy situation
has modestly improved and with a backlog of $290 million at the end of the
quarter, Ladish is well positioned for 2001 and beyond."
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
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.
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