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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 |
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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1 Month Ladish Co., Inc. (MM) Chart |
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