Ladish Reports Net Sales of $98.9 Million for 1st Quarter 2010
17 April 2010 - 2:00AM
Marketwired
Ladish Co., Inc. (www.ladishco.com) (NASDAQ: LDSH) today reported
2010 first quarter sales of $98.9 million in comparison to $105.7
million of sales in the first quarter of 2009. The Company reported
net income of $5.3 million, resulting in diluted earnings per share
of $0.34 for the first quarter of 2010, versus a net income of $1.2
million, or $0.08 per share, in the same period of 2009.
Ladish will host a conference call on Monday, April 19, 2010 at
9:00 a.m. EDT to discuss the first quarter performance for 2010. To
access the conference call, dial (866) 551-3680 and enter the PIN
Code 4533670# when prompted.
For the Three Months Ended March 31
-----------------------------------
(Dollars in thousands, except per
share data) 2010 2009
---------------- ----------------
Net sales $98,948 $105,739
Cost of goods sold 85,285 98,415
---------------- ----------------
Gross profit 13,663 7,324
SG&A expense 4,200 4,042
---------------- ----------------
Operating income 9,463 3,282
Interest expense (1,475) (845)
Other, net 250 (434)
---------------- ----------------
Pretax income 8,238 2,003
Income tax provision 2,886 803
Noncontrolling interest in
subsidiary earnings 4 -
---------------- ----------------
Net income $ 5,348 $ 1,200
================ ================
Basic earnings per share $0.34 $0.08
Basic weighted average shares
outstanding 15,858,560 15,901,216
Diluted earnings per share $0.34 $0.08
Diluted weighted average shares
outstanding 15,859,650 15,901,247
March 31 December 31
(Dollars in thousands) 2010 2009
--------------- ---------------
Cash and cash equivalents $ 26,508 $ 19,917
Accounts receivable, net 73,214 59,382
Inventory 86,669 92,697
Net PP&E 196,558 198,436
Other 95,509 99,082
--------------- ---------------
Total assets $478,458 $469,514
-------------------------- --------------- ---------------
Accounts payable $ 26,916 $ 23,613
Accrued liabilities 18,982 16,758
Senior notes 90,000 90,000
Pensions 80,672 79,343
Postretirement benefits 33,523 33,679
Equity 228,365 226,121
--------------- ---------------
Total liabilities & equity $478,458 $469,514
"Ladish's improved earnings in the first quarter of 2010 are the
result of our continued cost savings coupled with some modest
aerospace and industrial sales improvements," said Gary J. Vroman,
Ladish President and CEO. "Despite a 6% reduction in revenues
versus the first quarter of 2009, earnings were up more than four
times last year's levels. Favorable mix, improved productivity,
lower utility costs, and a recovering by-product market all
contributed toward a strong quarter. Employees throughout the
family of Ladish businesses continued to hold down inventories and
control costs during a period of increasing demand. And we
maintained our focus on working capital, generating $11.7 million
in cash from operations in the first three months of 2010."
"As we plan for the rest of 2010, we remain guardedly
optimistic," observed Vroman. "We began the year convinced the
recovery will take time to fully develop and we have not varied
from that opinion. Although our aerospace and industrial markets
have shown signs of strengthening, the jet engine market, our
largest, has stabilized, but is not yet growing. We continue to
expect a stronger rebound will come later in the year. Our backlog
remains strong at $503 million and order activity is beginning to
improve."
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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