CUDAHY, Wis., July 25 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(http://www.ladishco.com ) (Nasdaq: LDSH) today reported 2006 second
quarter sales of $90.2 million, a 36% improvement over $66.5 million of
sales in the second quarter of 2005. The Company had a net income of $8.5
million, resulting in diluted earnings per share of $0.60 for the second
quarter of 2006 versus net income of $4.6 million and $0.33 per share in
the same period of 2005. First half 2006 sales of $185.2 million reflect a
41% growth over 2005, with $16.1 million of net income, $1.14 per share, in
contrast to $7.3 million of net income, $0.53 per share, in 2005.
Ladish will host a conference call on Thursday, July 27, 2006 at 11:00
a.m. EDT to discuss the second quarter performance for 2006. The telephone
number to call to participate in the conference call is (866) 550-6338.
For the Three Months For the Six Months
Ended June 30 Ended June 30
(Dollars in thousands,
except earnings per share) 2006 2005 2006 2005
Net sales $90,173 $66,533 $185,179 $131,627
Cost of goods sold 71,001 56,591 148,639 114,422
Gross profit 19,172 9,942 36,540 17,205
SG&A expense 4,834 1,961 9,138 4,545
Operating income 14,338 7,981 27,402 12,660
Interest expense & other 1,028 448 1,821 909
Pretax income 13,310 7,533 25,581 11,751
Income tax provision 4,747 2,903 9,287 4,463
Minority interest in net
earnings of subsidiary 61 -- 160 --
Net income $8,502 $4,630 $ 16,134 $7,288
Basic earnings per share $0.60 $0.34 $1.15 $0.53
Basic weighted average
shares outstanding 14,130,599 13,699,847 14,073,162 13,688,280
Diluted earnings
per share $0.60 $0.33 $1.14 $0.53
Diluted weighted average
shares outstanding 14,180,709 13,831,563 14,166,124 13,830,209
June 30 December 31
(Dollars in thousands) 2006 2005
Cash $7,789 $14,494
Accounts receivable 66,828 51,497
Inventory 109,811 78,151
Net PP&E 104,687 99,425
Other 46,609 52,462
Total Assets $335,724 $296,029
Accounts payable $46,292 $41,665
Accrued liabilities 16,075 10,213
Senior bank debt -- 27,000
Senior notes 58,000 18,000
Pensions 43,416 46,203
Postretirement benefits 34,726 35,479
Stockholders' equity 137,215 117,469
Total Liabilities and Equity $335,724 $296,029
"The 36% sales increase in the second quarter of 2006 compared to the
same period of 2005 is due to the continued strength of the aerospace
industry and the integration of the acquisitions of ZKM and Valley
Machining," 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 2006 as gross margins were 21.3% in contrast to 14.9%
in the second quarter of 2005."
Looking forward to the remainder of 2006, Woody remarked, "Although the
second half of 2006 will contain raw material challenges, we remain
optimistic that the aerospace recovery is sustainable. Orders supporting
the Airbus A380 may be stretched out but we have experienced no
cancellations. Our backlog continues to grow and reached a record $526
million at the end of the second quarter of 2006 in contrast to $377
million at the same date in 2005. As the recovery of our industry continues
we are seeking opportunities to capitalize on this upturn to grow our
business both internally and externally in order to better position our
company for the future. All of the 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 sustaining the profitability of the business and improving our cash
position while serving the needs of our customers."
Ladish Co., Inc. is a leading producer of highly engineered,
technically advanced metal components for the jet engine, aerospace and
general industrial markets. Ladish is headquartered in Cudahy, Wisconsin
with operations in Wisconsin, Oregon, Connecticut and Poland. 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.
 back to top
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, +1-231-755-4111, Fax: +1-231-755-4144, for
Ladish Co., Inc.
|
