Ladish Co., Inc. (NASDAQ: LDSH)
Fourth Quarter Year-End
-- Sales were $104.5 million -- Sales were $403.1 million
-- Pretax Income was $11.7 million -- Pretax Income was $41.6 million
-- EPS $0.40 -- EPS $1.61
Ladish Co., Inc. (www.ladishco.com) (NASDAQ: LDSH) today
reported 2010 fourth quarter sales of $104.5 million in comparison
to $83.2 million of sales in the fourth quarter of 2009. The
Company had net earnings of $6.3 million, resulting in per share
net income of $0.40 for the fourth quarter of 2010, compared to net
income of $6.5 million, or $0.41 per share, in the same period of
2009, but the fourth quarter of 2009 had a tax benefit of $3.1
million.
"The 2010 fourth quarter results reflect continued solid
performance from each of our operating units," said Gary J. Vroman,
Ladish's President and CEO. "With improved productivity, further
investment in tooling and equipment, and a focus on better serving
our customers, we have positioned the Company for long-term
growth."
"This was a transitional year, with sales up 15% from 2009
levels. These higher sales levels, combined with operational
improvements, helped us achieve significantly higher profits versus
last year," remarked Vroman.
"Fourth quarter pretax income came in at more than 3.5 times the
2009 level, reflecting the impact that better absorption of fixed
costs has on our business. Orders of $456 million exceeded
shipments, thereby raising our year-end 2010 backlog to $556
million, an increase of 10% over 2009," Vroman said.
"Looking ahead to 2011, we are optimistic," observed Vroman.
"Our internal forecast is for continued growth in our largest
served markets."
For the Three Months For the Year Ended
Ended December 31 December 31
------------------------ ------------------------
(Dollars in thousands,
except per share data) 2010 2009 2010 2009
----------- ----------- ----------- -----------
Net sales $ 104,497 $ 83,216 $ 403,132 $ 349,832
Cost of goods sold 85,464 74,512 337,476 322,745
----------- ----------- ----------- -----------
Gross profit 19,033 8,704 65,656 27,087
SG&A expense 5,910 3,832 18,671 17,839
----------- ----------- ----------- -----------
Operating income 13,123 4,872 46,985 9,248
Interest expense (1,356) (1,456) (5,613) (5,050)
Other income (expense) (113) (97) 241 (1,062)
----------- ----------- ----------- -----------
Pretax income 11,654 3,319 41,613 3,136
Income tax provision
(benefit) 5,376 (3,122) 16,209 (2,894)
Noncontrolling interest
in subsidiary 7 (12) 29 (64)
----------- ----------- ----------- -----------
Net income $ 6,271 $ 6,453 $ 25,375 $ 6,094
=========== =========== =========== ===========
Basic earnings per
share $ 0.40 $ 0.41 $ 1.61 $ 0.38
Basic weighted average
shares outstanding 15,705,726 15,903,004 15,742,247 15,901,833
Diluted earnings per
share $ 0.40 $ 0.41 $ 1.61 $ 0.38
Diluted weighted
average shares
outstanding 15,705,726 15,903,682 15,743,201 15,902,246
December 31 December 31
(Dollars in thousands) 2010 2009
------------ ------------
Cash and cash equivalents $ 23,335 $ 19,917
Accounts receivable, net 82,364 59,382
Inventory 100,693 92,697
Net PP&E 195,653 198,436
Other 83,523 99,082
------------ ------------
Total assets $ 485,568 $ 469,514
Accounts payable $ 27,317 $ 23,613
Accrued liabilities 19,929 16,758
Senior notes 84,285 90,000
Pensions 67,843 79,343
Postretirement benefits 33,717 33,679
Equity 252,477 226,121
------------ ------------
Total liabilities & equity $ 485,568 $ 469,514
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.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release include
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve a number of risk and uncertainties, and actual
results or events may differ materially from those projected or
implied in those statements. Examples include statements regarding
the parties' ability to consummate the proposed transaction and
timing thereof, the benefits and impact of the proposed
transaction, including effects on cash flow or earnings, the
combined company's ability to achieve the synergies and value
creation that are contemplated by the parties, ATI's ability to
promptly and effectively integrate Ladish's business, and the
diversion of management time on transaction-related issues.
Additional examples of forward-looking statements include
information concerning ATI's, Ladish's or the combined company's
outlook, anticipated revenues or results of operations, and the
anticipated benefits expected to be realized in connection
therewith, as well as any other statement that does not directly
relate to any historical or current fact.
These forward-looking statements often include words such as
"believe," "expect," "project," "anticipate," "intend," "plan,"
"estimate," "seek," "will," "may," "would," "should," "could,"
"forecast" or similar expressions. These statements are based on
certain assumptions that ATI and Ladish have made in light of their
experience in the industry as well as their perceptions of
historical trends, current conditions, expected future developments
and other factors that they believe are appropriate in these
circumstances. ATI and Ladish believe these judgments are
reasonable, but you should understand that no assurances can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
impact they will have on the results of operations or financial
conditions of ATI, Ladish or the combined company, due to a variety
of important factors, both positive and negative. Among other
items, such factors could include the ability of the parties to
obtain all necessary regulatory consents to the proposed
transaction; the overall strength and stability of general economic
conditions, both in the United States and in global markets,
including the timing and strength of the current recovery; the
effect of significant changes in the competitive environment,
including as a result of industry consolidation, and the effect of
competition in the parties' respective markets; their ability to
achieve cost savings and efficiencies and realize opportunities to
increase productivity and profitability; their ability to
accurately estimate future levels of business activity and adjust
operations accordingly; impact of a major disruption in their
communication or centralized information networks or payment
systems; and changes in the existing, or the adoption of new, laws,
regulations, policies or other activities of governments, agencies
and similar organizations where such actions may materially affect
their operations or the cost thereof.
ATI and Ladish caution you that you should not rely unduly on
these forward-looking statements, which reflect their current
beliefs and are based on information currently available. Neither
ATI nor Ladish undertakes any obligation to update or revise any
forward-looking statements as of any future date. Additional
information concerning these statements and other factors can be
found in ATI's and Ladish's filings with the SEC, including the
respective Annual Reports on Form 10-K, the quarterly reports on
Form 10-Q, current reports on Form 8-K and other documents ATI or
Ladish have filed.
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 231-755-4144 Fax
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