Ladish Reports Sales of $53.3 Million and Net Income of $2.2 Million for 2nd Quarter 2004

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Ladish Reports Sales of $53.3 Million and Net Income of $2.2 Million for 2nd Quarter 2004
    CUDAHY, Wis., July 23 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(http://www.ladishco.com ) (Nasdaq: LDSH) today reported 2004 second quarter
sales of $53.3 million, an 8.6% improvement over $49.1 million of sales in the
second quarter of 2003.  The Company had a net income of $2.178 million,
resulting in diluted earnings per share of $0.17 for the second quarter of
2004 versus net income of $0.073 million and $0.01 per share in the same
period of 2003.  First half 2004 sales of $104 million reflect a 7.9% growth
over 2003, with $1.75 million of net income, $0.13 per share, in contrast to
$0.65 million of net income, $0.05 per share, in 2003.
    Ladish will host a conference call on Tuesday, July 27, 2004 at 11:00 a.m.
EDT to discuss the second quarter performance for 2004.  The telephone number
to call to participate in the conference call is (800) 795-1259.

                                  For the Three Months      For the Six Months
                                      Ended June 30           Ended June 30
    (Dollars in thousands,
     except earnings per share)    2004         2003        2004         2003

    Net sales                    $53,279      $49,055    $103,995      $96,362
    Cost of goods                 47,558       44,792      95,904       90,083
    Gross profit                   5,721        4,263       8,091        6,279
    SG&A                           2,142        3,283       4,500        4,405
    Operating income               3,579          980       3,591        1,874
    Interest expense & other         512          493       1,122        1,016
    Pretax income                  3,067          487       2,469          858
    Taxes                            889          414         716          211
    Net income                    $2,178          $73      $1,753         $647
    Basic earnings per share       $0.17        $0.01       $0.13        $0.05
    Basic weighted average
     shares outstanding       13,025,356   13,023,393  13,024,380   13,023,393
    Diluted earnings per
     share                         $0.17        $0.01       $0.13        $0.05
    Diluted weighted average
     shares outstanding       13,126,107  13,048,680   13,111,140   13,048,323


                                                 June 30         December 31
     (Dollars in thousands)                        2004              2003

    Cash                                          $9,834           $10,981
    Accounts receivable                          $36,102           $29,683
    Inventory                                    $44,873           $43,845
    Net PP&E                                     $86,336           $89,991
    Total Assets                                $221,673          $216,642

    Accounts payable                             $15,903           $13,205
    Accrued liabilities                           $9,307            $7,546
    Senior notes                                 $30,000           $30,000
    Pensions                                      $8,962            $9,120
    Postretirement benefits                      $38,800           $39,811
    Stockholders' equity                        $118,517          $116,723

    "The 8.6% sales increase in the second quarter of 2004 compared to the
same period of 2003 is due to the continuing improvement of the commercial
airline 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 and continued focus on cost reductions,
the Company's operations improved in the second quarter as gross margins were
10.7% in contrast to 8.7% in the second quarter of 2003."
    Looking forward to the remainder of 2004, Woody remarked, "Under the
current conditions we see the sales opportunity continuing to improve this
year and we expect a more favorable product mix going forward.  Our backlog
continues to grow and reached $239 million at the end of the second quarter of
2004 in contrast to $195 million at the same period in 2003.  The recovery of
our industry has begun and we expect it to proceed.  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 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.
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.