LDSH Ladish Co., Inc. (MM)

Ladish Co., Inc. (www.ladishco.com) (NASDAQ: LDSH) today reported 2010 second quarter sales of $99.4 million in comparison to $84.7 million of sales in the second quarter of 2009. The Company reported net income of $7.5 million, resulting in diluted earnings per share of $0.48 for the second quarter of 2010, versus a net income of $0.65 million, or $0.04 per share, in the same period of 2009.

Ladish will host a conference call on Tuesday, July 20, 2010 at 9:00 a.m. EDT to discuss the second quarter performance for 2010. To access the conference call, dial (866) 439-4712 and enter the PIN Code 917034# when prompted.

                                For the Three             For the Six
                                    Months                  Months
                                Ended June 30            Ended June 30
                            ----------  ----------  ----------  ----------
(Dollars in thousands,
 except per share data)        2010        2009        2010        2009
                            ----------  ----------  ----------  ----------
Net sales                   $   99,407  $   84,686  $  198,355  $  190,425
Cost of goods sold              82,709      78,349     167,994     176,764
                            ----------  ----------  ----------  ----------
Gross profit                    16,698       6,337      30,361      13,661
SG&A expense                     4,032       4,273       8,232       8,315
                            ----------  ----------  ----------  ----------
Operating income                12,666       2,064      22,129       5,346
Interest expense                (1,419)     (1,321)     (2,894)     (2,166)
Other, net                         404         101         654        (333)
                            ----------  ----------  ----------  ----------
Pretax income                   11,651         844      19,889       2,847
Income tax provision             4,092         205       6,978       1,008
Noncontrolling interest in
 subsidiary earnings                21         (11)         25         (11)
                            ----------  ----------  ----------  ----------
Net income                  $    7,538  $      650  $   12,886  $    1,850
                            ==========  ==========  ==========  ==========

Basic earnings per share    $     0.48  $     0.04  $     0.82  $     0.12
Basic weighted average
 shares outstanding         15,703,004  15,901,216  15,780,352  15,901,216
Diluted earnings per share  $     0.48  $     0.04  $     0.82  $     0.12
Diluted weighted average
 shares outstanding         15,704,594  15,901,539  15,781,692  15,901,393



                                                 June 30      December 31
(Dollars in thousands)                            2010           2009
                                              -------------- --------------
Cash and cash equivalents                     $       22,984 $       19,917
Accounts receivable, net                              75,074         59,382
Inventory                                             91,956         92,697
Net PP&E                                             192,133        198,436
Other                                                 91,914         99,082
                                              -------------- --------------
Total assets                                  $      474,061 $      469,514
                                              ============== ==============
Accounts payable                              $       30,315 $       23,613
Accrued liabilities                                   20,832         16,758
Senior notes                                          84,285         90,000
Pensions                                              75,417         79,343
Postretirement benefits                               33,131         33,679
Equity                                               230,081        226,121
                                              -------------- --------------
Total liabilities & equity                    $      474,061 $      469,514

"Ladish delivered solid second quarter and first half results driven by our employees' continued focus on cost control coupled with improved operating performance," said Gary J. Vroman, Ladish President & CEO. "All of our business units contributed positively in the second quarter, and year-to-date 2010 earnings increased by $11.0 million over 2009 on sales revenues which grew a modest $7.9 million, or 4.2%. Our stand-alone second quarter EPS of $0.48 exceeds last year's $0.04 EPS by a factor of twelve. We are proud of the earnings rebound we have put together so far this year. And the balance sheet story is just as positive. Ladish generated $18.2 million of operating cash flow in the first half of 2010. We used $5.7 million of that cash to pay down long term debt, $3.2 million to buy back Ladish stock, $5.9 million on capital improvements, and increased our cash holdings by $3.1 million."

"We see the second half of 2010 as a period of transition and preparation," noted Vroman. "Customer demand looks flat for the next few months, but we know we must continue to prepare for more growth in 2011 and beyond. Our general industrial and aerospace markets have been solid, but jet engine demand has been inconsistent this year. We remain bullish on our long-term opportunities but cautious about predicting the precise rate of recovery. When commercial aerospace markets improve, jet engine requirements will firm up, and we will be ready. Our $520 million of contract backlog at the end of June positions us well for the growth expected in our served markets."

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.

Ladish Co., Inc. 5481 South Packard Avenue Cudahy, WI 53110 Contact: Wayne E. Larsen 414-747-2935 414-747-2602 Fax Libby Communications 1414 East Harbour Towne Circle Muskegon, MI 49441 Contact: William J. Libby 231-755-4111 blibby@libbycom.com