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"Ladish results for the second quarter of 2009 reflect the rapid decline in demand in virtually all of the markets we serve. The $84.7 million of net sales in the period was 19.9% lower than first quarter 2009 levels due to the production delays at the airframers, schedule adjustments and destocking of inventory from the jet engine manufacturers and a significant slowdown in the industrial portion of our business," says Kerry L. Woody, Ladish's President and CEO. "The step-down in sales placed severe pressure on second quarter earnings and the entire first half. In the first half of 2009, we have experienced a number of significant challenges to earnings, key of which include a $6.3 million decline in by-product sales, a $2.2 million increase in pension expense, a $1.0 million charge for employment reductions and separations, a $1.1 million increase in depreciation, and $1.5 million in added interest expense. On a positive note, through ongoing cost reductions and working capital improvements, we generated approximately $37.2 million in operating cash flow in the first half which allowed us to eliminate $30.6 million of short-term debt."
"Looking forward for the remainder of 2009, we expect our markets to remain challenging as world aerospace market demands remain anemic and we work our way through the current recession," remarked Woody. "In response to this challenge, we will continue our drive to reduce costs to stay ahead of the downturn and direct our focus to available opportunities. During the course of our 104-year history, Ladish has experienced a number of economic downturns and emerged from each one fully positioned to take advantage of the recovery which followed. We are confident that continued cost-out actions will provide incremental gains as the aerospace and industrial markets recover."
For the Three Months For the Six Months
Ended June 30 Ended June 30
---------------------------------------------
(Dollars in thousands,
except per share data) 2009 2008 2009 2008
---- ---- ---- ----
Net sales $84,686 $118,959 $190,425 $236,156
Cost of goods sold 78,349 103,452 176,764 205,828
------ ------- ------- -------
Gross profit 6,337 15,507 13,661 30,328
SG&A expense 4,273 4,841 8,315 9,244
----- ----- ----- -----
Operating income 2,064 10,666 5,346 21,084
Interest expense (1,321) (241) (2,166) (680)
Other 101 (475) (333) (884)
--- ----- ----- -----
Pretax income 844 9,950 2,847 19,520
Income tax provision 205 3,711 1,008 7,281
Noncontrolling interest in
subsidiary (11) 20 (11) 37
---- -- ---- --
Net income $650 $6,219 $1,850 $12,202
==== ====== ====== =======
Basic earnings per share $0.04 $0.43 $0.12 $0.84
Basic weighted average
shares outstanding 15,901,216 14,559,467 15,901,216 14,551,912
Diluted earnings per share $0.04 $0.43 $0.12 $0.84
Diluted weighted average
shares outstanding 15,901,539 14,562,338 15,901,393 14,554,954
---------------------------------------------------
June 30 December 31
(Dollars in thousands) 2009 2008
---- ----
Cash and cash equivalents $4,070 $4,903
Accounts receivable, net 58,453 78,673
Inventory 107,936 129,307
Net PP&E 197,902 199,269
Other 94,132 97,314
------ ------
Total assets $462,493 $509,466
---------------------------------------------------
Accounts payable $27,337 $39,020
Accrued liabilities 17,702 23,388
Senior bank debt - 28,900
Senior notes 90,000 90,000
Pensions 71,828 70,825
Postretirement benefits 32,206 33,256
Equity 223,420 224,077
------- -------
Total liabilities & equity $462,493 $509,466
Ladish will host a conference call on Thursday, July 30, 2009 at 9:00 a.m. EDT to discuss the second quarter performance for 2009. The telephone number to call to participate in the conference call is (866) 551-3680, then enter PIN Code 5270297# when prompted.
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.
http://www.ladishco.com
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