CUDAHY, Wis., Oct. 21 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(http://www.ladishco.com) (Nasdaq: LDSH) today reported 2004 third quarter
sales of $51.1 million, a 21% improvement over $42.2 million of sales in the
third quarter of 2003. The Company had a net income of $0.816 million,
resulting in diluted earnings per share of $0.06 for the third quarter of 2004
versus net income of $0.178 million and $0.01 per share in the same period of
2003. First nine months 2004 sales of $155.1 million reflect 11.9% growth
over 2003, with $2.6 million of net income, $0.19 per share, in contrast to
$0.825 million of net income, $0.06 per share, in 2003.
Ladish will host a conference call on Monday, October 25, 2004 at 9:00
a.m. EDT to discuss the third quarter performance for 2004. The telephone
number to call to participate in the conference call is (800) 905-0392.
For the Three Months For the Nine Months
Ended September 30 Ended September 30
(Dollars in thousands,
except per share data) 2004 2003 2004 2003
Net sales $51,076 $42,222 $155,071 $138,584
Cost of goods 46,840 39,071 142,744 129,154
Gross profit 4,236 3,151 12,327 9,430
SG&A 2,177 2,149 6,677 6,554
Operating income 2,059 1,002 5,650 2,876
Interest expense & other 457 556 1,579 1,572
Pretax income 1,602 446 4,071 1,304
Taxes 786 268 1,502 479
Net income $816 $178 $2,569 $825
Basic earnings per
share $0.06 $0.01 $0.19 $0.06
Basic weighted
average
shares
outstanding 13,479,208 13,023,393 13,177,655 13,023,393
Diluted earnings
per share $0.06 $0.01 $0.19 $0.06
Diluted weighted
average shares
outstanding 13,573,969 13,050,917 13,267,082 13,049,188
September 30 December 31
(Dollars in thousands) 2004 2003
Cash $6,097 $10,981
Accounts receivable $36,950 $29,683
Inventory $48,977 $43,845
Net PP&E $85,954 $89,991
Total Assets $224,268 $216,642
Accounts payable $22,564 $13,205
Accrued liabilities $8,789 $7,546
Senior notes $24,000 $30,000
Pensions $6,536 $9,120
Postretirement benefits $38,161 $39,811
Stockholders' equity $124,058 $116,723
"The 21% sales increase in the third quarter of 2004 compared to the same
period of 2003 reflects the continuing improvement of the commercial airline
industry, continued strength in defense spending and the growing demand of
industrial markets with customers such as Caterpillar," says Kerry L. Woody,
Ladish's President and CEO. "Due to increased sales volumes and continued
focus on cost reductions, the Company's operations improved in the third
quarter as gross margins were 8.3% in contrast to 7.5% in the third quarter of
2003."
Looking forward to the remainder of 2004, Woody remarked, "Under the
current conditions we see the sales opportunity continuing to improve this
year and we expect a more predictable product mix going forward. Our backlog
continues to grow and reached $270 million at the end of the third quarter of
2004 in contrast to $211 million at the same period in 2003. The recovery of
our industry has begun and we anticipate it will proceed. All three operating
units of Ladish are experiencing an upturn in business. To further capitalize
on this positive trend, our established cost reduction programs remain focused
at improving the profitability of the business and enhancing 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,
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, the effect of
foreign currency fluctuations, raw material prices, taxes, legal and
regulatory issues including the documentation for Section 404 of the
Sarbanes-Oxley Act.
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, 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., Inc.
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