CUDAHY, Wis., Oct. 27 /PRNewswire-FirstCall/ -- Ladish Co., Inc. (
http://www.ladishco.com ) (Nasdaq: LDSH) today reported 2008 third quarter sales
of $121 million, a 15% improvement over $105 million of sales in the third
quarter of 2007. The Company had a net income of $10.4 million, resulting
in diluted earnings per share of $0.70 for the third quarter of 2008 versus
net income of $6.5 million and $0.45 per share in the same period of 2007.
First nine months 2008 sales of $357 million reflect a 13% growth over
2007, with $23 million of net income, $1.54 diluted earnings per share in
2008, in contrast to $23 million of net income, $1.58 diluted earnings per
share, in 2007.
Ladish will host a conference call on Tuesday, October 28, 2008 at 9:00
a.m. EDT to discuss the third quarter performance for 2008. The telephone
number to call to participate in the conference call is (877) 856-1968.
For the Three Months For the Nine Months
Ended September 30 Ended September 30
(Dollars in thousands,
except earnings per share) 2008 2007 2008 2007
Net sales $120,761 $105,027 $356,917 $316,287
Cost of goods sold 102,568 89,922 308,396 265,547
Gross profit 18,193 15,105 48,521 50,740
SG&A expense 6,077 4,097 15,321 12,145
Operating income 12,116 11,008 33,200 38,595
Interest expense (338) (572) (1,018) (2,078)
Other income (expense),
net 56 29 (828) 299
Pretax income 11,834 10,465 31,354 36,816
Income tax provision 1,373 3,968 8,654 13,770
Minority interest in net
earnings of subsidiary 26 18 63 38
Net income $10,435 $6,479 $22,637 $23,008
Basic earnings per share $0.70 $0.45 $1.54 $1.59
Basic weighted average
shares outstanding 14,979,002 14,524,010 14,695,315 14,509,938
Diluted earnings
per share $0.70 $0.45 $1.54 $1.58
Diluted weighted
average shares
outstanding 14,981,118 14,548,642 14,698,048 14,547,521
September 30 December 31
(Dollars in thousands) 2008 2007
Cash $5,939 $5,952
Accounts receivable 85,625 75,226
Inventory 143,025 118,187
Net PP&E 193,010 144,110
Goodwill 52,852 8,931
Other 33,137 29,045
Total assets $513,588 $381,451
Accounts payable $54,589 $42,116
Accrued liabilities 26,060 18,343
Senior bank debt 26,200 7,500
Senior notes 90,000 46,000
Pensions 23,910 30,484
Postretirement benefits 34,191 35,454
Stockholders' equity 258,638 201,554
Total liabilities and equity $513,588 $381,451
"With revenue of $121 million, the third quarter of 2008 was another
example of period over period and year over year sales growth for Ladish,"
said Kerry L. Woody, Ladish President and CEO. "Our recent acquisitions,
Chen-Tech and Aerex, have both provided positive results since their
respective closings in the third quarter. We were also able to recognize a
significant federal tax credit of approximately $5.3 million in the period
which reduced our effective tax rate to 11.6% in the quarter. This full
credit was offset by an additional $1 million of related professional fees
which is reflected in our higher SG&A expenses in the quarter."
"The results for the first nine months of 2008 were similar to the same
period in 2007. A positive 13% sales increase over the same period in 2007,
but flat earnings due to many of the same factors which negatively impacted
the first and second quarters. Our outlook for the future remains very
positive, with near-term planning to address the events at Boeing and the
related uncertainties on the timing of production rates. Our backlog is at
$673 million and product demand remains strong. The organic growth programs
we have undertaken are nearing completion and will contribute in the
forthcoming year. The new isothermal press has been assembled and cycled in
the third quarter with tryout production planned in December. Pacific
Cast's new furnace and expansion are well under way with release for
production by year-end. Our recent acquisitions of Aerex and Chen-Tech are
already providing positive contributions to both earnings and cash flow."
Ladish Co., Inc. is a leading producer of highly engineered,
technically advanced metal components for the jet engine, aerospace and
general industrial markets. Ladish is headquartered in Cudahy, Wisconsin
with operations in Wisconsin, California, Connecticut, Oregon and Poland.
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.
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Related links:
http://www.ladishco.com
CONTACT:
Wayne E. Larsen, Ladish Co., Inc.,
+1-414-747-2935, Fax: +1-414-747-2602; William J. Libby, Libby
Communications, +1-231-755-4111, Fax: +1-231-755-4144
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