CUDAHY, Wis., Oct. 10 /PRNewswire/ -- Ladish Co., Inc. (Nasdaq: LDSH)
(http://www.ladishco.com) today reported 2001 third quarter net income of
$4.3 million on sales of $59.5 million, resulting in diluted earnings per
share of $0.33. For the same period in 2000, net income was $3.8 million on
sales of $58.4 million. Diluted earnings per share were $0.28. For the nine
months ending September 30, 2001 sales were $196.4 million, representing a
15% increase over 2000.
Ladish will host a conference call on Friday, October 12, 2001 at
8:30 a.m. EDT to discuss the third quarter and the first nine months'
performance for 2001. The telephone number to call to participate in the
conference call is (800) 450-0819.
For the Three Months For the Nine Months
Ended September 30 Ended September 30
(Dollars in thousands,
except earnings per share)
2001 2000 2001 2000
Net sales $59,524 $58,399 $196,412 $170,665
Cost of goods 52,071 49,763 169,878 145,053
Gross profit 7,453 8,636 26,534 25,612
SG&A 1,558 3,538 8,214 8,482
Operating income 5,895 5,098 18,320 17,130
Interest expense & other 508 507 1,428 1,395
Pretax income 5,387 4,591 16,892 15,735
Taxes 1,077 826 3,378 2,832
Net income $4,310 $3,765 $13,514 $12,903
EBITDA $8,564 $9,493 $29,331 $29,181
Basic earnings per share $0.33 $0.29 $1.04 $0.98
Basic weighted
average shares
outstanding 12,965,055 12,889,319 12,933,924 13,128,964
Diluted earnings
per share $0.33 $0.28 $1.03 $0.94
Diluted weighted
average shares
outstanding 13,225,001 13,647,165 13,172,065 13,778,539
September 30 December 31
(Dollars in thousands) 2001 2000
Cash $2,738 $3,521
Accounts receivable $44,451 $38,615
Inventory $56,758 $54,942
Net PP&E $99,015 $97,825
Total Assets $214,216 $205,763
Accounts payable $25,225 $25,057
Accrued liabilities $18,338 $21,523
Senior debt $30,000 $25,000
Pensions $2,481 $8,074
Postretirement benefits $43,037 $44,427
Stockholders' equity $100,530 $87,138
"We are pleased with the 15% sales increase in the first nine months of
2001 and the stability reflected in the third quarter," says Kerry L. Woody,
Ladish's President and CEO. "While year-to-date Ladish experienced a
6% increase in backlog, the Company initiated actions during the third quarter
to prepare for the anticipated slowdown in commercial aerospace forecasted for
2002. However, as throughout the industry, the magnitude of the impact
resulting from the events of September 11 are yet to be fully known."
Looking forward to the remainder of 2001 and into the near future, Woody
stated, "Our strategy has been to 'manage for the cycles' and we are confident
that even with a 20% reduction in sales due to the attack of September 11,
Ladish has positioned itself well to best manage through this difficult
period. We are prepared to be responsive to the expected dynamic requirements
of our commercial and military customers. With present short-term challenges
before us, we look confidently at the long term demand for aerospace as still
quite strong."
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 for Ladish Co., Inc.,
+1-414-747-2935, or fax, +1-414-747-2890
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