CUDAHY, Wis., July 22 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(http://www.ladishco.com) (Nasdaq: LDSH) today reported 2003 second quarter net
income of $0.073 million on sales of $49.1 million, resulting in diluted
earnings per share of $0.01. For the same period in 2002, net income was
$0.581 million on sales of $48.3 million. Diluted earnings per share were
$0.04.
Ladish will host a conference call on Thursday, July 24, 2003 at 9:00 a.m.
EDT to discuss the second quarter performance for 2003. The telephone number
to call to participate in the conference call is (800) 362-0595.
For the Three Months For the Six Months
Ended June 30 Ended June 30
(Dollars in thousands,
except earnings per share) 2003 2002 2003 2002
Net sales $49,055 $48,309 $96,362 $101,465
Cost of goods 44,792 44,474 90,083 93,481
Gross profit 4,263 3,835 6,279 7,984
SG&A 3,283 2,514 4,405 5,338
Operating income 980 1,321 1,874 2,646
Interest expense & other 493 413 1,016 796
Pretax income 487 908 858 1,850
Taxes 414 327 211 666
Net income $ 73 $ 581 $ 647 $ 1,184
Basic earnings per share $0.01 $0.04 $0.05 $0.09
Basic weighted average
shares outstanding 13,023,393 12,987,560 13,023,393 12,981,842
Diluted earnings per share $0.01 $0.04 $0.05 $0.09
Diluted weighted average
shares outstanding 13,048,680 13,170,879 13,048,323 13,144,887
June 30 December 31
(Dollars in thousands) 2003 2002
Cash $6,310 $8,959
Accounts receivable $37,543 $32,237
Inventory $49,166 $45,849
Net PP&E $94,112 $98,492
Total Assets $227,836 $225,810
Accounts payable $20,085 $17,134
Accrued liabilities $7,537 $6,660
Senior notes $30,000 $30,000
Pensions $6,995 $8,958
Postretirement benefits $40,491 $41,056
Stockholders' equity $119,016 $118,369
"The sales growth in the second quarter of 2003 reflects the Company's
ability to respond to short lead time orders in spite of the continuing
weakness of the commercial airline industry," says Kerry L. Woody, Ladish's
President and CEO. "The improvement in gross income in 2003 in comparison to
2002 is attributable to continuing cost improvements. Unfortunately, the
Company had to incur an unanticipated, significant expense of $1.0 million in
the second quarter associated with the proxy contest. If not for that
unexpected expense, operating income for the second quarter would have been
$1.98 million, or 4% of sales, in comparison to $1.32 million, or 2.7% of
sales, in 2002."
Looking forward to the remainder of 2003, Woody remarked, "Under the
current conditions we do not see the sales opportunity significantly improving
this year. Although we had a backlog of $195 million at the end of the second
quarter we are cautious with regard to demand for the second half of the year
as we cannot predict at what point the commercial aerospace industry will
recover in this sagging economy. In the interim, established cost reduction
programs are focused at keeping the business profitable and improving our cash
position while serving the needs of our customers."
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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