CUDAHY, Wis., July 21 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(http://www.ladishco.com) (Nasdaq: LDSH) today reported 2005 second quarter
sales of $66.5 million, a 24.9% improvement over $53.3 million of sales in the
second quarter of 2004. The Company had a net income of $4.63 million,
resulting in diluted earnings per share of $0.33 for the second quarter of
2005 versus net income of $2.18 million and $0.17 per share in the same period
of 2004. First half 2005 sales of $131.6 million reflect a 26.6% growth over
2004, with $7.29 million of net income, $0.53 per share, in contrast to $1.75
million of net income, $0.13 per share, in 2004.
Ladish will host a conference call on Monday, July 25, 2005 at 9:00 a.m.
EDT to discuss the second quarter performance for 2005. The telephone number
to call to participate in the conference call is (877) 236-1078.
For the Three For the Six
Months Months
Ended June 30 Ended June 30
(Dollars in thousands,
except earnings per share) 2005 2004 2005 2004
Net sales $66,533 $53,279 $131,627 $103,995
Cost of goods 56,591 47,558 114,422 95,904
Gross profit 9,942 5,721 17,205 8,091
SG&A 1,961 2,142 4,545 4,500
Operating income 7,981 3,579 12,660 3,591
Interest expense & other 448 512 909 1,122
Pretax income 7,533 3,067 11,751 2,469
Taxes 2,903 889 4,463 716
Net income $4,630 $2,178 $7,288 $1,753
Basic earnings per share $0.34 $0.17 $0.53 $0.13
Basic weighted average
shares outstanding 13,699,847 13,025,356 13,688,280 13,024,380
Diluted earnings per share $0.33 $0.17 $0.53 $0.13
Diluted weighted
average shares outstanding 13,831,563 13,126,107 13,830,209 13,111,140
June 30 December 31
(Dollars in thousands) 2005 2004
Cash $1,466 $2,744
Accounts receivable 49,560 41,729
Inventory 63,368 51,810
Net PP&E 83,759 84,500
Other 41,921 42,604
Total Assets $240,074 $223,387
Accounts payable $29,615 $24,231
Accrued liabilities 9,294 7,597
Senior bank debt 1,400 --
Senior notes 24,000 24,000
Pensions 9,477 7,366
Postretirement benefits 36,626 37,769
Stockholders' equity 129,662 122,424
Total Liabilities and Equity $240,074 $223,387
"The 24.9% sales increase in the second quarter of 2005 compared to the
same period of 2004 is due to the continuing improvement of the aerospace
industry and the growing demand of the industrial market with customers such
as Caterpillar," says Kerry L. Woody, Ladish's President and CEO. "Due to
increased sales volumes, product mix, favorable by-product sales and continued
focus on cost reductions, the Company's operations improved in the second
quarter of 2005 as gross margins were 14.9% in contrast to 10.7% in the second
quarter of 2004."
Looking forward to the remainder of 2005, Woody remarked, "We remain
optimistic that the aerospace recovery is sustainable. Our backlog continues
to grow and reached $377 million at the end of the second quarter of 2005 in
contrast to $239 million at the same date in 2004. As the recovery of our
industry continues we will seek opportunities to capitalize on this upturn to
grow our business and better position our company for the future. All three
operating units of Ladish are experiencing an upturn in business and
profitability. While we are enjoying this positive trend, our established
cost reduction programs remain focused at improving the profitability of the
business and enhancing our cash position while serving the needs of our
customers."
Ladish also announced that it has restructured its senior financing with
the same syndicate of Lenders. The previous facility was doubled in size to
$50 million and is now made up of a $35 million revolving loan and a $15
million term note. Wayne E. Larsen, Ladish Vice President Law/Finance, noted,
"We are pleased to be able to capitalize on the financial strength of Ladish
to structure this new credit facility. We intend to utilize this credit
facility to support the continued growth of Ladish both internally and
externally."
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.
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
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