CUDAHY, Wis., Oct. 16 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(http://www.ladishco.com) (Nasdaq: LDSH) today reported 2003 third quarter net income
of $0.178 million on sales of $42.2 million, resulting in diluted earnings per
share of $0.01. For the same period in 2002, net income was $0.651 million on
sales of $42.8 million. Diluted earnings per share were $0.05.
Ladish will host a conference call on Monday, October 20, 2003 at
9:00 a.m. EDT to discuss the third quarter performance for 2003. The
telephone number to call to participate in the conference call is
(800) 362-0595.
For the Three For the Nine
Months Ended Months Ended
September 30 September 30
2003 2002 2003 2002
(Dollars in thousands,
except earnings per
share)
Net sales $42,222 $42,790 $138,584 $144,255
Cost of goods 39,071 39,919 129,154 133,400
Gross profit 3,151 2,871 9,430 10,855
SG&A 2,149 1,394 6,554 6,732
Operating income 1,002 1,477 2,876 4,123
Interest expense &
other 556 460 1,572 1,256
Pretax income 446 1,017 1,304 2,867
Taxes 268 366 479 1,032
Net income $178 $651 $825 $1,835
Basic earnings per
share $0.01 $0.05 $0.06 $0.14
Basic weighted
average shares
outstanding 13,023,393 13,021,156 13,023,393 12,995,090
Diluted earnings per
share $0.01 $0.05 $0.06 $0.14
Diluted weighted
average shares
outstanding 13,050,917 13,083,790 13,049,188 13,124,664
September 30 December 31
(Dollars in thousands) 2003 2002
Cash $7,312 $8,959
Accounts receivable $33,837 $32,237
Inventory $50,235 $45,849
Net PP&E $92,253 $98,492
Total Assets $224,179 $225,810
Accounts payable $18,268 $17,134
Accrued liabilities $7,399 $6,660
Senior notes $30,000 $30,000
Pensions $8,802 $11,993
Postretirement benefits $40,065 $41,056
Stockholders' equity $119,064 $118,369
"The decline in sales in the third quarter of 2003 reflects the Company's
decision to shutdown operations for an additional week in July in response to
the continuing weakness of the commercial airline industry," says Kerry L.
Woody, Ladish's President and CEO. "The improvement in gross income in the
third quarter of 2003 in comparison to 2002 is attributable to continuing cost
improvements. We are pleased to have successfully concluded negotiation of a
new three-year contract with our remaining operations workforce." Woody also
commented, "The difference in the third quarter SG&A expense between 2003 and
2002 is largely attributable to a $0.7 million credit in 2002 from the
application of FIN 44 to the Company's stock options."
Looking forward to the remainder of 2003, Woody remarked, "Under the
current conditions we do not see the sales opportunity improving this year.
Although we had our backlog improve to the level of $211 million at the end of
the third quarter we are cautious with regard to demand for the remainder of
the year and looking forward to 2004. We cannot predict at what point the
commercial aerospace industry will recover in this sagging economy. In the
interim, established cost reduction programs are focused at keeping the
business profitable and improving 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,
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., Inc.,
+1-414-747-2935, 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., Inc.
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