Ladish will host a conference call on
For the Three Months For the Nine Months Ended September 30 Ended September 30 (Dollars in thousands, except earnings per share) 2008 2007 2008 2007 Net sales $120,761 $105,027 $356,917 $316,287 Cost of goods sold 102,568 89,922 308,396 265,547 Gross profit 18,193 15,105 48,521 50,740 SG&A expense 6,077 4,097 15,321 12,145 Operating income 12,116 11,008 33,200 38,595 Interest expense (338) (572) (1,018) (2,078) Other income (expense), net 56 29 (828) 299 Pretax income 11,834 10,465 31,354 36,816 Income tax provision 1,373 3,968 8,654 13,770 Minority interest in net earnings of subsidiary 26 18 63 38 Net income $10,435 $6,479 $22,637 $23,008 Basic earnings per share $0.70 $0.45 $1.54 $1.59 Basic weighted average shares outstanding 14,979,002 14,524,010 14,695,315 14,509,938 Diluted earnings per share $0.70 $0.45 $1.54 $1.58 Diluted weighted average shares outstanding 14,981,118 14,548,642 14,698,048 14,547,521 September 30 December 31 (Dollars in thousands) 2008 2007 Cash $5,939 $5,952 Accounts receivable 85,625 75,226 Inventory 143,025 118,187 Net PP&E 193,010 144,110 Goodwill 52,852 8,931 Other 33,137 29,045 Total assets $513,588 $381,451 Accounts payable $54,589 $42,116 Accrued liabilities 26,060 18,343 Senior bank debt 26,200 7,500 Senior notes 90,000 46,000 Pensions 23,910 30,484 Postretirement benefits 34,191 35,454 Stockholders' equity 258,638 201,554 Total liabilities and equity $513,588 $381,451
"With revenue of
"The results for the first nine months of 2008 were similar to the same
period in 2007. A positive 13% sales increase over the same period in 2007,
but flat earnings due to many of the same factors which negatively impacted
the first and second quarters. Our outlook for the future remains very
positive, with near-term planning to address the events at Boeing and the
related uncertainties on the timing of production rates. Our backlog is at
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
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.
SOURCE Ladish Co., Inc.