CUDAHY, Wis., Oct. 19 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(http://www.ladishco.com) (Nasdaq: LDSH) today reported 2005 third quarter
sales of $64.8 million, a 27% improvement over $51.1 million of sales in the
third quarter of 2004. The Company had a net income of $3.28 million,
resulting in diluted earnings per share of $0.23 for the third quarter of 2005
versus net income of $0.82 million and $0.06 per share in the same period of
2004.
First nine months of 2005 sales of $196.5 million also reflect a 27%
growth over 2004, with $10.6 million of net income, $0.76 per share, in
contrast to $2.6 million of net income, $0.19 per share, in 2004.
Ladish's third quarter and nine-month results were negatively impacted by
$2 million and $1.6 million, respectively, of non-cash stock compensation
charges associated with FASB Interpretation No. 44 ("FIN44"). The impact of
these changes on third quarter net income was $1.26 million or $0.09 per share
and on the nine-month net income was $0.99 million or $0.07 per share.
Ladish will host a conference call on Monday, October 24, 2005 at 9:00
a.m. EDT to discuss the third quarter performance for 2005. The telephone
number to call to participate in the conference call is (877) 236-1078.
For the Three Months For the Nine Months
Ended September 30 Ended September 30
(Dollars in thousands,
except earnings
per share) 2005 2004 2005 2004
Net sales $ 64,832 $ 51,076 $196,459 $155,071
Cost of sales 54,578 46,840 169,000 142,744
Gross profit 10,254 4,236 27,459 12,327
SG&A 4,436 2,177 8,981 6,677
Operating income 5,818 2,059 18,478 5,650
Interest expense
& other 498 457 1,407 1,579
Pretax income 5,320 1,602 17,071 4,071
Income taxes 2,044 786 6,507 1,502
Net income $3,276 $816 $ 10,564 $2,569
Basic earnings
per share $0.24 $0.06 $0.77 $0.19
Basic weighted
average shares
outstanding 13,797,349 13,479,208 13,725,036 13,177,655
Diluted earnings
per share $0.23 $0.06 $0.76 $0.19
Diluted weighted
average shares
outstanding 13,989,775 13,573,969 13,883,798 13,267,082
September 30 December 31
(Dollars in thousands) 2005 2004
Cash and cash equivalents $5,761 $2,744
Accounts receivable, net 48,297 41,729
Inventories 68,478 51,810
Net PP&E 82,650 84,500
Other 43,358 42,604
Total Assets $248,544 $223,387
Accounts payable $25,094 $24,231
Accrued liabilities 7,494 7,597
Senior bank debt 15,000 --
Senior notes 18,000 24,000
Pensions 10,269 7,366
Postretirement benefits 36,150 37,769
Stockholders' equity 136,537 122,424
Total Liabilities and Equity $248,544 $223,387
"The consistent 27% sales growth Ladish experienced in the third quarter
is a further indication of the strength of the recovery of the international
aerospace industry," says Kerry L. Woody, Ladish's President & CEO. "In spite
of the non-cash impact of FIN44, our earnings are continuing to grow as the
increased sales offer better absorption of fixed costs, an improved product
mix and the benefits from cost improvement activities. In the third quarter
of 2005, we have been able to leverage all of those factors and increase our
gross profit margin to 15.8%."
"As we near the conclusion of Ladish's 100th anniversary year, the future
aerospace market prospects continue to look favorable," noted Mr. Woody. "Our
contract backlog as of September 30, 2005 is an all time high at $395 million,
as it continued to grow with over $83 million of new orders in the third
quarter."
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,
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, +1-414-747-2935, Fax -
+1-414-747-2890, or William J. Libby, +1-203-431-8480, Fax -
+1-203-431-6132, both for Ladish Co., Inc.
|
