CUDAHY, Wis., Aug. 28 /PRNewswire-FirstCall/ --
Ladish Co., Inc. (Nasdaq: LDSH) (http://www.ladishco.com) received a NASDAQ
Staff Determination on August 27, 2002 relating to its recently filed Form
10-Q. As disclosed in prior press releases, the Company, its Audit Committee
and the Company's former auditors, Deloitte & Touche LLP ("D&T") were not able
to come to agreement on the preferred accounting treatment for net operating
loss carryforwards prior to the filing deadline for the Company's second
quarter 10-Q. The Company disclosed in its Form 10-Q for the second quarter
and further discussed in its press release dated August 27, 2002 that its
former auditors, D&T, did not concur with the position of the Company and its
previous auditors, Arthur Andersen LLP, on the recognition of net operating
loss carryforwards as deferred tax assets. D&T's inability to determine which
prior years' earnings it believed the Company should restate allegedly
prevented D&T from completing their quarterly review.
Without D&T's completed review, NASDAQ has indicated in its Staff
Determination that it believes the Company's 10-Q was not in compliance with
the requirements of a timely 10-Q filing. The Company and its Audit Committee
are in the process of retaining a new firm of independent auditors and fully
intend to file an amended Form 10-Q(a) that will contain the necessary auditor
review and thereby fully address the issue raised in the Staff Determination.
While the Company presently is subject to delisting, the Company has requested
a hearing before a NASDAQ Listing Qualifications Panel and intends to
vigorously pursue continued listing. The Company is confident that once its
amended 10-Q(a) is filed, it will meet all listing standards.
The Company received a NASDAQ Staff Determination on August 27, 2002
indicating the Company fails to comply with the timely filing requirement(s)
for continued listing set forth in Marketplace Rule 4310(c)(14), and that its
securities are, therefore, subject to delisting from the NASDAQ National
Market. The Company has requested a hearing before a NASDAQ Listing
Qualifications Panel to review the Staff Determination. There can be no
assurance the Panel will grant the Company's request for continued listing.
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.,
+1-414-747-2935, or fax, +1-414-747-2890; or William J. Libby of
Libby Communications, +1-203-431-8480, or fax, +1-203-431-6132,
for Ladish Co.
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