Ladish Reports Net Sales of $98.9 Million for 1st Quarter 2010

Cudahy, WI—Ladish Co., Inc. (www.ladishco.com) (Nasdaq: LDSH) today reported 2010 first quarter sales of $98.9 million in comparison to $105.7 million of sales in the first quarter of 2009.  The Company reported net income of $5.3 million, resulting in diluted earnings per share of $0.34 for the first quarter of 2010, versus a net income of $1.2 million, or $0.08 per share, in the same period of 2009.

Ladish will host a conference call on Monday, April 19, 2010 at 9:00 a.m. EDT to discuss the first quarter performance for 2010.  To access the conference call, dial (866) 551-3680 and enter the PIN Code 4533670# when prompted.

  For the Three Months
Ended March 31
(Dollars in thousands, except per share data)          2010          2009
Net sales     $98,948       $105,739
Cost of goods sold       85,285          98,415
Gross profit       13,663            7,324
SG&A expense         4,200            4,042
Operating income         9,463            3,282
Interest expense        (1,475)              (845)
Other, net            250              (434)
Pretax income         8,238            2,003
Income tax provision         2,886               803
Noncontrolling interest in subsidiary earnings               4                   -
Net income     $  5,348      $    1,200
Basic earnings per share         $0.34            $0.08
Basic weighted average shares outstanding 15,858,560    15,901,216
Diluted earnings per share         $0.34            $0.08
Diluted weighted average shares outstanding 15,859,650    15,901,247

  March 31 December 31
(Dollars in thousands)               2010               2009    
Cash and cash equivalents $  26,508 $  19,917
Accounts receivable, net 73,214 59,382
Inventory 86,669 92,697
Net PP&E 196,558 198,436
Other     95,509     99,082
Total assets $478,458 $469,514
Accounts payable $  26,916 $  23,613
Accrued liabilities 18,982 16,758
Senior notes 90,000 90,000
Pensions 80,672 79,343
Postretirement benefits 33,523 33,679
Equity   228,365   226,121
Total liabilities & equity $478,458 $469,514

"Ladish’s improved earnings in the first quarter of 2010 are the result of our continued cost savings coupled with some modest aerospace and industrial sales improvements," said Gary J. Vroman, Ladish President and CEO.  "Despite a 6% reduction in revenues versus the first quarter of 2009, earnings were up more than four times last year’s levels.  Favorable mix, improved productivity, lower utility costs, and a recovering by-product market all contributed toward a strong quarter.  Employees throughout the family of Ladish businesses continued to hold down inventories and control costs during a period of increasing demand.  And we maintained our focus on working capital, generating $11.7 million in cash from operations in the first three months of 2010."

"As we plan for the rest of 2010, we remain guardedly optimistic," observed Vroman.  "We began the year convinced the recovery will take time to fully develop and we have not varied from that opinion.  Although our aerospace and industrial markets have shown signs of strengthening, the jet engine market, our largest, has stabilized, but is not yet growing.  We continue to expect a stronger rebound will come later in the year.  Our backlog remains strong at $503 million and order activity is beginning to improve."

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.