CUDAHY, Wis., Nov. 6 /PRNewswire-FirstCall/ --
Ladish Co., Inc. (Nasdaq: LDSHE) (http://www.ladishco.com) today reported 2002
third quarter net income of $0.7 million on sales of $42.8 million, resulting
in diluted earnings per share of $0.05. For the first nine months 2002, net
income was $1.8 million on sales of $144.3 million. Diluted earnings per
share for the nine-month period were $0.14.
Ladish will host a conference call on Friday, November 8, 2002 at 9:00
a.m. EST to discuss the third quarter and first nine month performance for
2002. The telephone number to call to participate in the conference call is
(800) 451-7724.
For the Three Months For the Nine Months
Ended September 30 Ended September 30
(Dollars in thousands,
except earnings
per share)
2002 2001 2002 2001
Net sales $42,790 $59,524 $144,255 $196,412
Cost of goods 39,919 52,071 133,400 169,878
Gross profit 2,871 7,453 10,855 26,534
SG&A 1,394 1,558 6,732 8,214
Operating income 1,477 5,895 4,123 18,320
Interest expense & other 460 508 1,256 1,428
Pretax income 1,017 5,387 2,867 16,892
Income taxes 366 1,940 1,032 6,081
Net income $651 $3,447 $1,835 $10,811
EBITDA $4,691 $8,564 $15,386 $29,331
Basic earnings per
share $0.05 $0.27 $0.14 $0.84
Basic weighted average
shares outstanding 13,021,156 12,965,055 12,995,090 12,933,924
Diluted earnings per
share $0.05 $0.26 $0.14 $0.82
Diluted weighted average
shares outstanding 13,083,790 13,225,001 13,124,664 13,172,065
September 30 December 31,
(Dollars in thousands) 2002 2001
Cash $5,851 $3,962
Accounts receivable $33,413 $37,719
Inventory $48,412 $53,059
Net PP&E $99,524 $102,283
Total Assets $227,480 $232,670
Accounts payable $16,132 $21,235
Accrued liabilities $13,692 $14,608
Senior debt $30,000 $30,000
Pensions $2,692 $2,599
Postretirement benefits $36,115 $37,286
Stockholders' equity $128,247 $126,337
"The ongoing weakness in the commercial aerospace industry accounts for
the reduction in sales for the third quarter and the first nine months of
2002," says Kerry L Woody, Ladish's President and CEO. "Earnings have been
negatively impacted by the sales downturn, material reductions in margin
opportunity by the commercial aerospace industry and an unfavorable product
mix."
Looking forward, Woody remarked, "The remainder of 2002 will continue to
be a year of markedly reduced aerospace demand with industry predictions
varying as to when the commercial aerospace market will rebound. We do not
anticipate a significant improvement in our market in the near term. However,
Ladish has maintained profitability and positive cash flow through an
unprecedented industry slowdown. We will continue to reduce our cost
structure, focus on serving our customers and capitalize on those
opportunities that do exist during this difficult period."
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 LDSHE.
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 and unanticipated 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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CONTACT:
Wayne E. Larsen of Ladish Co., Inc.,
+1-414-747-2935, fax - +1-414-747-2890; William J. Libby of Libby
Communications, +1-203-431-8480, fax - +1-203-431-6132, for
Ladish Co., Inc.
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