Ladish Co., Inc. (NASDAQ: LDSH)
-- Sales were $114.1 million
-- Net Income was $9.4 million
-- EPS $0.60
Ladish Co., Inc. (www.ladishco.com) (NASDAQ: LDSH) today
reported 2011 first quarter sales of $114.1 million in comparison
to $98.9 million of sales in the first quarter of 2010. The Company
had net earnings of $9.4 million, resulting in per share net income
of $0.60 for the first quarter of 2011, compared to net income of
$5.3 million, or $0.34 per share, in the same period of 2010.
"We're off to a solid start in 2011 with these improved first
quarter results," said Gary J. Vroman, Ladish's President and CEO.
"It's good to see our sales up by 15% over last year, and we are
very pleased about the 77% increase in net income. That tells us we
have managed the growth effectively, keeping operating expenses
under control and benefiting from better fixed cost
absorption."
"Every business unit contributed positively in the first three
months of this year," remarked Vroman. "Our employees have done a
fine job of serving our customers as we prepare for even more
growth in the months and years ahead."
"Demand for our products is robust," observed Vroman. "Year to
date, new orders have exceeded sales, driving our backlog up to
$603 million, versus $503 million at the same time last year. This
20% increase in our order board bodes well for continued financial
success in future periods."
For the Three Months Ended
March 31
--------------------------
(Dollars in thousands, except per share data) 2011 2010
------------ ------------
Net sales $ 114,120 $ 98,948
Cost of goods sold 95,312 85,285
------------ ------------
Gross profit 18,808 13,663
SG&A expense 4,605 4,200
------------ ------------
Operating income 14,203 9,463
Interest expense 1,343 1,475
Other (income) (26) (250)
------------ ------------
Pretax income 12,886 8,238
Income tax provision 3,425 2,886
Noncontrolling interest in subsidiary 19 4
------------ ------------
Net income $ 9,442 $ 5,348
============ ============
Basic earnings per share $ 0.60 $ 0.34
Basic weighted average shares outstanding 15,707,552 15,858,560
Diluted earnings per share $ 0.60 $ 0.34
Diluted weighted average shares outstanding 15,707,552 15,859,650
March 31 December 31
(Dollars in thousands) 2011 2010
------------- -------------
Cash and cash equivalents $ 25,240 $ 23,335
Accounts receivable, net 91,607 82,364
Inventory 109,063 100,693
Net PP&E 195,264 195,653
Other 83,512 83,523
------------- -------------
Total assets $ 504,686 $ 485,568
Accounts payable $ 34,460 $ 27,317
Accrued liabilities 19,985 19,929
Senior notes 84,285 84,285
Pensions 68,654 67,843
Postretirement benefits 33,718 33,717
Equity 263,584 252,477
------------- -------------
Total liabilities & equity $ 504,686 $ 485,568
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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