Ladish Revises Tax Provision
February 10 2010 - 2:00PM
Marketwired
Ladish Co., Inc. (www.ladishco.com) (NASDAQ: LDSH) today reported
revised net earnings and earnings per share amounts for the three
months and year ended December 31, 2009 to reflect a revision to
the Company's income tax benefit for such periods. The amounts of
the Company's income tax benefit for the three months and year
ended December 31, 2009 were reduced by $0.547 million to $3.122
million and $2.894 million, respectively, from the amounts
announced in the Company's February 1, 2010 earnings release. As a
result, basic and diluted earnings per share were reduced by $0.03
and $0.04 per share for the three months and year ended December
31, 2009, respectively. The following table reflects the Company's
revised income tax provision (benefit), net income and earnings per
share for the three months and year ended December 31, 2009, as
well as the amounts for the comparable periods of 2008.
For the Three Months For the Year
Ended December 31 Ended December 31
(Dollars in thousands, -----------------------------------------------
except per share data) 2009 2008 2009 2008
---------- ---------- ---------- -----------
Pretax income $ 3,319 $ 6,896 $ 3,136 $ 38,250
Income tax provision
(benefit) (3,122) (2,778) (2,894) 5,876
Noncontrolling interest in
subsidiary (12) 106 (64) 169
---------- ---------- ---------- -----------
Net income $ 6,453 $ 9,568 $ 6,094 $ 32,205
========== ========== ========== ===========
Basic earnings per share $ 0.41 $ 0.60 $ 0.38 $ 2.15
Basic weighted average
shares outstanding 15,903,004 15,901,216 15,901,833 14,998,437
Diluted earnings per share $ 0.41 $ 0.60 $ 0.38 $ 2.15
Diluted weighted average
shares outstanding 15,903,682 15,902,647 15,902,246 15,000,844
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.
Contact: Wayne E. Larsen 414-747-2935 414-747-2602 Fax William
J. Libby 231-755-4111 231-755-4144 Fax
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