Ladish Co., Inc. (NASDAQ: LDSH)
Fourth Quarter Year-End
-- Sales were $83.2 million -- Sales were $350 million
-- Net Income was $7.0 million, -- Net Income was $6.6 million,
or $0.44 per share or $0.42 per share
-- $10.0 million of Cash from -- $58.3 million of Cash from
Operations Operations
Ladish Co., Inc. (www.ladishco.com) (NASDAQ: LDSH) today
reported 2009 fourth quarter sales of $83.2 million in comparison
to $112.5 million of sales in the fourth quarter of 2008. The
Company had net earnings of $7.0 million, resulting in per share
net income of $0.44 for the fourth quarter of 2009, compared to net
income of $9.6 million, or $0.60 per share, in the same period of
2008.
"The 2009 fourth quarter results signal the early stages of a
recovery from the lows we experienced in the third quarter of this
year. A modest 9% Q3-to-Q4 revenue increase combined with improved
operating efficiencies returned us to double digit gross profits as
a percentage of sales," said Gary J. Vroman, Ladish's President and
CEO. "Better performance from all of our domestic operating units
enabled us to finish the fourth quarter with $3.3 million of
pre-tax income. The Company also benefited in the fourth quarter
from the reversal of a $5.3 million valuation allowance which
contributed to a tax benefit of $3.7 million, resulting in $7.0
million of net income, or earnings of $0.44 per share on a fully
diluted basis."
"This was a difficult year, with sales down 25% from 2008
levels, but every Ladish division successfully managed through the
myriad of economic challenges they faced. Cost control measures
coupled with operational improvements helped us overcome the loss
of incremental sales and still finish the year with positive
earnings," remarked Vroman. "The impact of these efforts is
reflected in the fourth quarter results as well as the $58.3
million of positive cash from operations generated in 2009. Our
order levels hit a low point in July, but we have recovered to end
the year with a $504 million backlog."
"Looking ahead to 2010, we are guardedly optimistic most of the
inventory de-stocking is over," observed Vroman. "As OEM build
rates more closely reflect order levels, we can confidently say the
worst is behind us. We anticipate relatively stable business
conditions throughout the first half of the year. After a few
months of moving 'sideways,' we believe the second half of 2010 can
bring opportunities for growth. Our manufacturing facilities have
available capacity, and our employees are poised to take care of
our customers' increasing demand."
For the Three Months For the Year Ended
Ended December 31 December 31
(Dollars in thousands, ------------------------ ------------------------
except per share data) 2009 2008 2009 2008
----------- ----------- ----------- -----------
Net sales $ 83,216 $ 112,549 $ 349,832 $ 469,466
Cost of goods sold 74,512 101,767 322,745 410,163
----------- ----------- ----------- -----------
Gross profit 8,704 10,782 27,087 59,303
SG&A expense 3,832 4,444 17,839 19,765
----------- ----------- ----------- -----------
Operating income 4,872 6,338 9,248 39,538
Interest expense (1,456) (953) (5,050) (1,971)
Other (97) 1,511 (1,062) 683
----------- ----------- ----------- -----------
Pretax income 3,319 6,896 3,136 38,250
Income tax provision
(benefit) (3,669) (2,778) (3,441) 5,876
Noncontrolling interest
in subsidiary (12) 106 (64) 169
----------- ----------- ----------- -----------
Net income $ 7,000 $ 9,568 $ 6,641 $ 32,205
=========== =========== =========== ===========
Basic earnings per
share $ 0.44 $ 0.60 $ 0.42 $ 2.15
Basic weighted average
shares outstanding 15,903,004 15,901,216 15,901,833 14,998,437
Diluted earnings per
share $ 0.44 $ 0.60 $ 0.42 $ 2.15
Diluted weighted
average shares
outstanding 15,903,682 15,902,647 15,902,246 15,000,844
December 31 December 31
(Dollars in thousands) 2009 2008
------------ ------------
Cash and cash equivalents $ 19,917 $ 4,903
Accounts receivable, net 59,382 78,673
Inventory 92,697 129,307
Net PP&E 198,436 199,269
Other 99,629 97,314
------------ ------------
Total assets $ 470,061 $ 509,466
============ ============
Accounts payable $ 24,971 $ 39,020
Accrued liabilities 15,400 23,388
Senior bank debt - 28,900
Senior notes 90,000 90,000
Pensions 79,343 70,825
Postretirement benefits 33,679 33,256
Equity 226,668 224,077
------------ ------------
Total liabilities & equity $ 470,061 $ 509,466
Ladish will host a conference call on Tuesday, February 2, 2010
at 9:00 a.m. EST to discuss the fourth quarter and year-end
performance for 2009. The telephone number to call to participate
in the conference call is (866) 439-4712, then enter PIN Code
560018# when prompted.
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 blibby@libbycom.com
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