CUDAHY, Wis., Feb. 5 /PRNewswire-FirstCall/ — Ladish Co., Inc. (NASDAQ:LDSH) (www.ladishco.com) today reported 2007 net income was $32.3 million, or $2.22 of diluted earnings per share, on sales of $424.6 million. During the fourth quarter of 2007 the Company had diluted earnings per share of $0.64 in comparison to $0.42 in the fourth quarter of 2006.
Ladish will host a conference call on Wednesday, February 6, 2008 at 9:00 a.m. EST to discuss the Company’s performance for 2007. The telephone number to call to participate in the conference call is (877) 856-1969.
For the Three Months For the Year
Ended December 31, Ended December 31,
(Dollars in thousands,
except earnings per share) 2007 2006 2007 2006Net sales $108,344 $93,447 $424,631 $369,290
Cost of goods 90,081 78,089 355,628 302,123
Gross profit 18,263 15,358 69,003 67,167
SG&A 4,539 4,486 16,684 18,207
Operating income 13,724 10,872 52,319 48,960
Interest expense & other 386 1,310 2,165 4,266
Pretax income 13,338 9,562 50,154 44,694
Income tax provision 4,028 3,632 17,798 16,034
Minority interest in
subsidiary earnings 30 (4) 68 179
Net income $9,280 $5,934 $32,288 $28,481
Basic earnings per share $0.64 $0.42 $2.22 $2.01
Basic weighted average
shares outstanding 14,534,467 14,200,967 14,516,120 14,136,946
Diluted earnings per
share $0.64 $0.42 $2.22 $2.00
Diluted weighted average
shares outstanding 14,558,269 14,245,636 14,550,258 14,205,641December 31,
(Dollars in thousands) 2007 2006Cash and cash equivalents $5,952 $3,431
Accounts receivable, net 75,226 69,144
Inventory 118,187 106,736
Net PP&E 144,110 112,096
Other 37,976 37,199
Total Assets $381,451 $328,606Accounts payable $42,116 $32,933
Accrued liabilities 18,343 15,602
Senior bank debt 7,500 2,100
Senior notes 46,000 52,000
Pensions 30,484 35,510
Postretirement benefits 35,454 37,791
Stockholders’ equity 201,554 152,670
Total Liabilities and Equity $381,451 $328,606
“Ladish finished 2007 with $108.3 million of net sales in the fourth quarter, a 16% improvement over 2006. Fourth quarter net income of $9.3 million was a 56% gain over the same period in 2006. These fourth quarter results ensured that 2007 was another strong year for Ladish. With a 15% increase in sales to $424.6 million and a 13% increase in net income to $32.3 million, Ladish’s 2007 performance continued the solid trend of year-over-year improved results,” says Kerry L. Woody, Ladish’s President and CEO. “The robust growth in sales and profitability was driven by increased demand in all three markets served by Ladish along with our continued drive to reduce costs and improve productivity. While general aerospace sales reflected the largest growth with a 47% improvement over 2006, sales of jet engine components and general industrial components also expanded from 2006 levels.”
“The outlook for 2008 and beyond is optimistic. Contract backlog at December 31, 2007 was a record $611 million in comparison to $500 million at the end of 2006,” observed Mr. Woody. “Progress continues on the new 12,500-ton isothermal press in Wisconsin which we expect to be installed by the end of the second quarter. Our titanium investment casting business will grow in 2008 and into the future with the added capacity of a new furnace and facility expansion in our Albany, Oregon facility along with the start-up of a complementary casting operation in Mexico. The development of an aerospace forging business at ZKM continues as we are also developing value-added machining and inspection capabilities in Poland. The continued strength of aerospace markets worldwide provides the basis for Ladish to drive its improved performance in the future.”
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, Connecticut 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, unanticipated 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.
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Source: Ladish Co., Inc.
