CUDAHY, Wis., Oct. 27 /PRNewswire-FirstCall/ -- Ladish Co., Inc. ( www.ladishco.com ) (Nasdaq: LDSH) today reported 2008 third quarter sales of $121 million, a 15% improvement over $105 million of sales in the third quarter of 2007. The Company had a net income of $10.4 million, resulting in diluted earnings per share of $0.70 for the third quarter of 2008 versus net income of $6.5 million and $0.45 per share in the same period of 2007. First nine months 2008 sales of $357 million reflect a 13% growth over 2007, with $23 million of net income, $1.54 diluted earnings per share in 2008, in contrast to $23 million of net income, $1.58 diluted earnings per share, in 2007.

Ladish will host a conference call on Tuesday, October 28, 2008 at 9:00 a.m. EDT to discuss the third quarter performance for 2008. The telephone number to call to participate in the conference call is (877) 856-1968.





                              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 $121 million, the third quarter of 2008 was another example of period over period and year over year sales growth for Ladish," said Kerry L. Woody, Ladish President and CEO. "Our recent acquisitions, Chen-Tech and Aerex, have both provided positive results since their respective closings in the third quarter. We were also able to recognize a significant federal tax credit of approximately $5.3 million in the period which reduced our effective tax rate to 11.6% in the quarter. This full credit was offset by an additional $1 million of related professional fees which is reflected in our higher SG&A expenses in the quarter."

"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 $673 million and product demand remains strong. The organic growth programs we have undertaken are nearing completion and will contribute in the forthcoming year. The new isothermal press has been assembled and cycled in the third quarter with tryout production planned in December. Pacific Cast's new furnace and expansion are well under way with release for production by year-end. Our recent acquisitions of Aerex and Chen-Tech are already providing positive contributions to both earnings and cash flow."

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.

SOURCE Ladish Co., Inc.