Attached files
| file | filename |
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| 8-K - FORM 8-K - LADISH CO INC | c07334e8vk.htm |
Exhibit 99(a)
NEWS
For:
|
From: | |||||
| Ladish Co., Inc. | Libby Communications | |||||
| 5481 South Packard Avenue | 1414 East Harbour Towne Circle | |||||
| Cudahy, WI 53110 | Muskegon, MI 49441 | |||||
Contact:
|
Wayne E. Larsen | Contact: | William J. Libby | |||
| 414-747-2935 | 231-755-4111 | |||||
| 414-747-2602 Fax | 231-755-4144 Fax | |||||
Release date: 26 October 2010
Ladish Reports Net Sales of $100 Million for 3rd Quarter 2010
Cudahy, WI—Ladish Co., Inc. (www.ladishco.com) (Nasdaq: LDSH) today reported 2010 third quarter
sales of $100.3 million in comparison to $76.2 million of sales in the third quarter of 2009. The
Company reported net income of $6.2 million, resulting in diluted earnings per share of $0.40 for
the third quarter of 2010, versus a loss of $(2.2) million, or $(0.14) per share, in the same
period of 2009.
Ladish will host a conference call on Wednesday, October 27, 2010 at 9:00 a.m. EDT to discuss the
third quarter performance for 2010. To access the conference call, dial (866) 551-3680 and enter
the PIN Code 3014395# when prompted.
| For the Three Months | For the Nine Months | |||||||||||||||
| Ended September 30 | Ended September 30 | |||||||||||||||
| (Dollars in thousands, except per share data) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Net sales |
$ | 100,280 | $ | 76,191 | $ | 298,635 | $ | 266,616 | ||||||||
Cost of goods sold |
84,018 | 71,469 | 252,012 | 248,233 | ||||||||||||
Gross profit |
16,262 | 4,722 | 46,623 | 18,383 | ||||||||||||
SG&A expense |
4,529 | 5,692 | 12,761 | 14,007 | ||||||||||||
Operating income |
11,733 | (970 | ) | 33,862 | 4,376 | |||||||||||
Interest expense |
(1,363 | ) | (1,428 | ) | (4,257 | ) | (3,594 | ) | ||||||||
Other, net |
(300 | ) | (632 | ) | 354 | (965 | ) | |||||||||
Pretax income (loss) |
10,070 | (3,030 | ) | 29,959 | (183 | ) | ||||||||||
Income tax provision (benefit) |
3,855 | (780 | ) | 10,833 | 228 | |||||||||||
Noncontrolling interest in subsidiary earnings (loss) |
(3 | ) | (41 | ) | 22 | (52 | ) | |||||||||
Net income (loss) |
$ | 6,218 | $ | (2,209 | ) | $ | 19,104 | $ | (359 | ) | ||||||
Basic earnings (loss) per share |
$ | 0.40 | $ | (0.14 | ) | $ | 1.21 | $ | (0.02 | ) | ||||||
Basic weighted average shares outstanding |
15,703,799 | 15,901,877 | 15,754,554 | 15,901,439 | ||||||||||||
Diluted earnings (loss) per share |
$ | 0.40 | $ | (0.14 | ) | $ | 1.21 | $ | (0.02 | ) | ||||||
Diluted weighted average shares outstanding |
15,704,935 | 15,901,877 | 15,755,826 | 15,901,439 | ||||||||||||
| more | LCI-10-09 |
NEWS
| September 30 | December 31 | |||||||
| (Dollars in thousands) | 2010 | 2009 | ||||||
Cash and cash equivalents |
$ | 26,774 | $ | 19,917 | ||||
Accounts receivable, net |
77,322 | 59,382 | ||||||
Inventory |
100,852 | 92,697 | ||||||
Net PP&E |
195,425 | 198,436 | ||||||
Other |
90,053 | 99,082 | ||||||
Total assets |
$ | 490,426 | $ | 469,514 | ||||
Accounts payable |
$ | 33,130 | $ | 23,613 | ||||
Accrued liabilities |
22,113 | 16,758 | ||||||
Senior notes |
84,285 | 90,000 | ||||||
Pensions |
76,392 | 79,343 | ||||||
Postretirement benefits |
32,875 | 33,679 | ||||||
Equity |
241,631 | 226,121 | ||||||
Total liabilities & equity |
$ | 490,426 | $ | 469,514 | ||||
“Ladish produced strong third quarter sales and earnings, consistent with the pattern we set in the
first half of 2010,” said Gary J. Vroman, Ladish President & CEO. “We are especially pleased that
all of our business units are performing well, outpacing both last year and our expectations for
this year. This $0.40 of EPS in the third quarter is right in line with our expectations, and the
$1.21 of EPS for the first nine months confirms our business is solid. Now we’re poised for
growth. We continue to generate positive cash flow while requirements expand, and our balance
sheet is robust. Our employees have stepped up impressively over the past 18 months, and these
financial results are an indication of our Company’s true potential.”
“Our view of the next 90 days is unchanged from before. We expect relatively stable fourth quarter
demand as we prepare for the anticipated rise in business next year. Every product group -
forgings, castings, and machining — has new opportunities lined up in 2011 which will drive growth.
Contract backlog has risen every month this year, to its present $537 million level at the end of
September. We look forward to 2011, and we are ready to go.”
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.
| # # # # | LCI-10-09 |