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8-K - FORM 8-K - LADISH CO INC | c12197e8vk.htm |
Exhibit 99(a)
NEWS |
For:
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From: | |||||
Ladish Co., Inc. | Libby Communications | |||||
5481 South Packard Avenue | 1414 East Harbour Towne Circle | |||||
Cudahy, WI 53110 | Muskegon, MI 49441 | |||||
Contact:
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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 | |||||
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Sales were $104.5 million | | Sales were $403.1 million | |||
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Pretax Income was $11.7 million | | Pretax Income was $41.6 million | |||
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EPS $0.40 | | EPS $1.61 |
Cudahy, WILadish 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, Ladishs 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 companys ability to
achieve the synergies and value creation that are contemplated by the parties, ATIs ability to
promptly and effectively integrate Ladishs business, and the diversion of management time on
transaction-related issues. Additional examples of forward-looking statements include information
concerning ATIs, Ladishs or the combined companys 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
ATIs and Ladishs 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 |