Ladish Reports Sales of $67.9 Million for 1st Quarter 2001, 24% Increase Over 1st Quarter 2000

Apr 16, 2001, 01:00 ET from Ladish Co., Inc.

    CUDAHY, Wis., April 16 /PRNewswire/ -- Ladish Co., Inc. (Nasdaq:   LDSH)
 (http://www.ladishco.com) today reported 2001 first quarter net income of
 $4.1 million on sales of $67.9 million, resulting in diluted earnings per
 share of $0.32.  For the same period in 2000, net income was $4.9 million on
 sales of $54.9 million.  Diluted earnings per share were $0.35.
     Ladish will host a conference call on Wednesday, April 18, 2001 at
 4:30 p.m. EDT to discuss the first quarter and annual performance for 2001.
 The telephone number to call to participate in the conference call is
 (800) 260-0719.
 
                                                       For the Three Months
                                                           Ended March 31
      (Dollars in thousands, except earnings per share)
                                                        2001           2000
     Net sales                                        $67,863        $54,852
     Cost of goods                                     59,205         46,249
     Gross profit                                       8,658          8,603
     SG&A                                               3,001          2,228
     Operating income                                   5,657          6,375
     Interest expense & other                             475            408
     Pretax income                                      5,182          5,967
     Taxes                                              1,036          1,074
     Net income                                        $4,146         $4,893
     EBITDA                                            $9,584        $10,150
     Basic earnings per share                           $0.32          $0.36
     Basic weighted average shares outstanding     12,912,477     13,464,804
     Diluted earnings per share                         $0.32          $0.35
     Diluted weighted average shares outstanding   13,091,533     14,015,573
 
                                                     March 31       December 31
      (Dollars in thousands)                           2001            2000
     Cash                                                $394         $3,521
     Accounts receivable                              $46,576        $38,615
     Inventory                                        $56,564        $54,942
     Net PP&E                                         $97,604        $97,825
     Total Assets                                    $212,941       $205,763
     Accounts payable                                 $27,741        $25,057
     Accrued liabilities                              $19,664        $21,523
     Senior debt                                      $31,520        $25,000
     Pensions                                          $6,193         $8,089
     Postretirement benefits                          $44,047        $44,427
     Stockholders' equity                             $89,147        $87,138
 
     "The 24% sales increase in the first three months of 2001 demonstrates why
 we are confident Ladish will have a strong year," says Kerry L. Woody,
 Ladish's President and CEO.  "The improvement Ladish experienced in sales was
 attributable to the continuing strength of our aerospace markets.  The
 reduction in earnings in the first three months of 2001 in comparison to 2000
 is attributable to artificially low labor costs in 2000 due to the work
 stoppage at Cudahy and significantly higher energy costs in 2001.  But for
 those two factors, earnings in the first quarter of 2001 would have increased
 at a percentage similar to the sales increase."
     Looking forward to the remainder of 2001, Woody remarked, "We remain
 optimistic regarding sales and earnings growth in 2001.  However, we do not
 see the energy situation improving in 2001.  With a backlog of $280 million at
 the end of the first quarter and the expansion underway at Pacific Cast
 Technologies, Ladish is well positioned for 2001 and beyond."
 
     Ladish Co., Inc. is a leading producer of highly engineered, technically
 advanced components for the jet engine, aerospace and general industrial
 markets. Ladish is headquartered in Cudahy, Wisconsin with operations in
 Wisconsin, Oregon and Connecticut.  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,
 anticipated slowdowns 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.
 
 

SOURCE Ladish Co., Inc.
    CUDAHY, Wis., April 16 /PRNewswire/ -- Ladish Co., Inc. (Nasdaq:   LDSH)
 (http://www.ladishco.com) today reported 2001 first quarter net income of
 $4.1 million on sales of $67.9 million, resulting in diluted earnings per
 share of $0.32.  For the same period in 2000, net income was $4.9 million on
 sales of $54.9 million.  Diluted earnings per share were $0.35.
     Ladish will host a conference call on Wednesday, April 18, 2001 at
 4:30 p.m. EDT to discuss the first quarter and annual performance for 2001.
 The telephone number to call to participate in the conference call is
 (800) 260-0719.
 
                                                       For the Three Months
                                                           Ended March 31
      (Dollars in thousands, except earnings per share)
                                                        2001           2000
     Net sales                                        $67,863        $54,852
     Cost of goods                                     59,205         46,249
     Gross profit                                       8,658          8,603
     SG&A                                               3,001          2,228
     Operating income                                   5,657          6,375
     Interest expense & other                             475            408
     Pretax income                                      5,182          5,967
     Taxes                                              1,036          1,074
     Net income                                        $4,146         $4,893
     EBITDA                                            $9,584        $10,150
     Basic earnings per share                           $0.32          $0.36
     Basic weighted average shares outstanding     12,912,477     13,464,804
     Diluted earnings per share                         $0.32          $0.35
     Diluted weighted average shares outstanding   13,091,533     14,015,573
 
                                                     March 31       December 31
      (Dollars in thousands)                           2001            2000
     Cash                                                $394         $3,521
     Accounts receivable                              $46,576        $38,615
     Inventory                                        $56,564        $54,942
     Net PP&E                                         $97,604        $97,825
     Total Assets                                    $212,941       $205,763
     Accounts payable                                 $27,741        $25,057
     Accrued liabilities                              $19,664        $21,523
     Senior debt                                      $31,520        $25,000
     Pensions                                          $6,193         $8,089
     Postretirement benefits                          $44,047        $44,427
     Stockholders' equity                             $89,147        $87,138
 
     "The 24% sales increase in the first three months of 2001 demonstrates why
 we are confident Ladish will have a strong year," says Kerry L. Woody,
 Ladish's President and CEO.  "The improvement Ladish experienced in sales was
 attributable to the continuing strength of our aerospace markets.  The
 reduction in earnings in the first three months of 2001 in comparison to 2000
 is attributable to artificially low labor costs in 2000 due to the work
 stoppage at Cudahy and significantly higher energy costs in 2001.  But for
 those two factors, earnings in the first quarter of 2001 would have increased
 at a percentage similar to the sales increase."
     Looking forward to the remainder of 2001, Woody remarked, "We remain
 optimistic regarding sales and earnings growth in 2001.  However, we do not
 see the energy situation improving in 2001.  With a backlog of $280 million at
 the end of the first quarter and the expansion underway at Pacific Cast
 Technologies, Ladish is well positioned for 2001 and beyond."
 
     Ladish Co., Inc. is a leading producer of highly engineered, technically
 advanced components for the jet engine, aerospace and general industrial
 markets. Ladish is headquartered in Cudahy, Wisconsin with operations in
 Wisconsin, Oregon and Connecticut.  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,
 anticipated slowdowns 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.
 
 SOURCE  Ladish Co., Inc.