Ladish Co., Inc. has reported that 2005 net income was $13.7 million on sales of $266.8 million. During the fourth quarter of 2005 the Company had income of $0.22 per share in comparison to a $0.09 income per share in the fourth quarter of 2004.
"2005 was a milestone year for Ladish. It was gratifying that we could celebrate the company's 100th anniversary in a year that featured sustained profitability, record-breaking order activity, and sales backlog, and a strategic foreign acquisition," says Kerry L. Woody, Ladish's President and CEO.
"Ladish's $266.8 million of sales in 2005 represented a 28% increase over 2004. Correspondingly, 2005 net income of $13.7 million reflected a 265% improvement over the prior year," Woody noted. "The sales growth we experienced in 2005 is attributed to the expanding international aerospace market along with a robust demand from our industrial customers."
$70.4 million of sales in the final quarter is another high for Ladish. The growth in sales in the fourth quarter is partially due to the timing of the purchase of the forging operation HSW-Zaklad Kuznia Matrycowa (ZKM), located in Stalowa Wola, Poland. With a November 17th closing, Ladish recognized approximately $6.2 million of ZKM's sales in the fourth quarter.
Fourth quarter net income in 2005 was negatively impacted by higher energy costs, the company reported.
"We are optimistic about the opportunities available to Ladish in 2006,” Woody commented. “With a contract backlog of over $450 million, Ladish has the ability to continue to improve its performance through the incremental sales growth. During fiscal 2006 Ladish will begin the process of moving ZKM toward the aerospace arena. We also expect to capitalize on the skills and capacity growth provided by the acquisition of Valley Machining.
"With the known and projected growth in the aerospace markets served by Ladish and our participation in key programs such as the Rolls-Royce Trent family of engines and GE's engine programs, we are excited about Ladish's prospects for both the near and long term," Woody observed.
The company's forging operations include Cudahy Forging in Cudahy, WI, and ZKM in Poland. For more information about the company, go to the website www.ladishco.com