CUDAHY, Wis., Sept. 27 /PRNewswire-FirstCall/ --
Ladish Co., Inc. (Nasdaq: LDSH) (http://www.ladishco.com) announced today that
it will recognize the benefit of net operating loss carryforwards and other
net deferred tax assets as of December 31, 1999 by reversing in full, a
valuation allowance which had been provided against net deferred tax assets in
previous years.  The Company reached this decision after completing a
comprehensive re-evaluation of its historical accounting for its net operating
loss carry forwards and other net deferred tax assets, consultation with the
Audit Committee of the Board of Directors and its auditors, KPMG LLP.  In
order to effect this change the Company will restate its financial statements
for 1999, 2000 and 2001 and subsequent 2002 interim periods.
    Previously the benefit of the Company's net operating losses had been
recognized only as utilized to reduce income taxes payable.  "The effect of
the restatement will be to increase both earnings and equity in 1999, the year
of recognition, and reduce net income in 2000, 2001 and subsequent periods,"
said Wayne E. Larsen, Vice President Law/Finance.  "Our net income will
reflect an effective tax rate of approximately 39% which is higher than the
previously reported tax rate."  Larsen went on to explain, "None of these
adjustments affect our income before taxes in any period, our cash flow or our
actual tax liability."
    The Company is working diligently to complete the restatements of the
Company's financial statements for 1999, 2000, 2001 and subsequent 2002
interim periods and expects to file amended reports as soon as possible after
KPMG LLP completes their audits of the restated financial statements.  KPMG
LLP has been engaged to complete audits of the restated annual financial
statements and reviews of the restated subsequent 2002 periods.  Larsen said
Ladish personnel and KPMG LLP staff are working vigorously to accomplish their
tasks and expect to have them completed as soon as possible.

    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.  The recognition of deferred tax
assets can imply certain assumptions regarding future profitability.  The
Company is making no representation with respect to future earnings by this
accounting change and can provide no assurance there will be no further
adjustments as a result of the reaudits.

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