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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ladish Co., Inc. (MM) | NASDAQ:LDSH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 56.17 | 0 | 01:00:00 |
Fourth Quarter Year-End -- Sales were $104.5 million -- Sales were $403.1 million -- Pretax Income was $11.7 million -- Pretax Income was $41.6 million -- EPS $0.40 -- EPS $1.61
Ladish Co., Inc. (www.ladishco.com) (NASDAQ: LDSH) today reported 2010 fourth quarter sales of $104.5 million in comparison to $83.2 million of sales in the fourth quarter of 2009. The Company had net earnings of $6.3 million, resulting in per share net income of $0.40 for the fourth quarter of 2010, compared to net income of $6.5 million, or $0.41 per share, in the same period of 2009, but the fourth quarter of 2009 had a tax benefit of $3.1 million.
"The 2010 fourth quarter results reflect continued solid performance from each of our operating units," said Gary J. Vroman, Ladish's President and CEO. "With improved productivity, further investment in tooling and equipment, and a focus on better serving our customers, we have positioned the Company for long-term growth."
"This was a transitional year, with sales up 15% from 2009 levels. These higher sales levels, combined with operational improvements, helped us achieve significantly higher profits versus last year," remarked Vroman.
"Fourth quarter pretax income came in at more than 3.5 times the 2009 level, reflecting the impact that better absorption of fixed costs has on our business. Orders of $456 million exceeded shipments, thereby raising our year-end 2010 backlog to $556 million, an increase of 10% over 2009," Vroman said.
"Looking ahead to 2011, we are optimistic," observed Vroman. "Our internal forecast is for continued growth in our largest served markets."
For the Three Months For the Year Ended Ended December 31 December 31 ------------------------ ------------------------ (Dollars in thousands, except per share data) 2010 2009 2010 2009 ----------- ----------- ----------- ----------- Net sales $ 104,497 $ 83,216 $ 403,132 $ 349,832 Cost of goods sold 85,464 74,512 337,476 322,745 ----------- ----------- ----------- ----------- Gross profit 19,033 8,704 65,656 27,087 SG&A expense 5,910 3,832 18,671 17,839 ----------- ----------- ----------- ----------- Operating income 13,123 4,872 46,985 9,248 Interest expense (1,356) (1,456) (5,613) (5,050) Other income (expense) (113) (97) 241 (1,062) ----------- ----------- ----------- ----------- Pretax income 11,654 3,319 41,613 3,136 Income tax provision (benefit) 5,376 (3,122) 16,209 (2,894) Noncontrolling interest in subsidiary 7 (12) 29 (64) ----------- ----------- ----------- ----------- Net income $ 6,271 $ 6,453 $ 25,375 $ 6,094 =========== =========== =========== =========== Basic earnings per share $ 0.40 $ 0.41 $ 1.61 $ 0.38 Basic weighted average shares outstanding 15,705,726 15,903,004 15,742,247 15,901,833 Diluted earnings per share $ 0.40 $ 0.41 $ 1.61 $ 0.38 Diluted weighted average shares outstanding 15,705,726 15,903,682 15,743,201 15,902,246 December 31 December 31 (Dollars in thousands) 2010 2009 ------------ ------------ Cash and cash equivalents $ 23,335 $ 19,917 Accounts receivable, net 82,364 59,382 Inventory 100,693 92,697 Net PP&E 195,653 198,436 Other 83,523 99,082 ------------ ------------ Total assets $ 485,568 $ 469,514 Accounts payable $ 27,317 $ 23,613 Accrued liabilities 19,929 16,758 Senior notes 84,285 90,000 Pensions 67,843 79,343 Postretirement benefits 33,717 33,679 Equity 252,477 226,121 ------------ ------------ Total liabilities & equity $ 485,568 $ 469,514
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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