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8-K - FORM 8-K - LADISH CO INCc12197e8vk.htm
         
Exhibit 99(a)
     
(IMAGE)   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: 9 February 2011
Ladish Announces Fourth Quarter & Year-End Results
             
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
Cudahy, WI—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.”
 
    more   LCI-11-02

 

 


 

NEWS
                                 
    For the Three Months     For the Year  
    Ended December 31     Ended 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.
 
    more   LCI-11-02

 

 


 

NEWS
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.
 
    # # # #   LCI-11-02