CUDAHY, Wis., Oct. 31 /PRNewswire-FirstCall/ --
Ladish Co., Inc. (Nasdaq: LDSH) (http://www.ladishco.com) announced today that
it has completed the restatement of its financial statements for the fiscal
years ending December 31, 1999, 2000 and 2001 and for the subsequent interim
periods in 2002. In connection with the restatement, Ladish has filed an
amended Form 10-K for 1999-2001 and amended Forms 10-Q for the first two
quarters of 2002 with the Securities and Exchange Commission.
The restatement was necessitated by the Company's decision to recognize
the benefit of its net operating loss carryforwards and other deferred tax
assets as of December 31, 1999 and to reverse in full the valuation allowance
which had been established against those deferred tax assets in prior years.
"As we indicated in prior filings and press releases, the restatement resulted
in an increase to both earnings and stockholders' equity in 1999 along with a
reduction in net income in subsequent periods due to the utilization of higher
effective tax rates than previously reported," said Wayne E. Larsen, Vice
President Law/Finance. "The historical pretax income of the Company was not
impacted by this restatement nor was there any change to Ladish's cash flow or
actual tax liability due to the continued use of the loss carryforwards."
KPMG LLP has completed their reaudits of the 1999, 2000 and 2001 financial
statements and has finished their reviews of the subsequent 2002 periods.
"With a compliant Form 10-Q/A now on file for the second quarter of 2002, we
are confident we have addressed all concerns regarding the Company's filing
status and can continue to focus on operating the Company in a challenging
aerospace market," said Kerry L. Woody, President and CEO.
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. The recognition of deferred tax
assets can imply certain assumptions regarding future profitability. The
Company is making no representation with respect to future earnings by this
accounting change and can provide no assurance there will be no further
adjustments as a result of the reaudits.
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
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