Ladish Reports Sales of $113.6 Million and Net Income of $10.8 Million for 2nd Quarter 2007

CUDAHY, Wis., July 24 /PRNewswire-FirstCall/ -- Ladish Co., Inc. (http://www.ladishco.com) (Nasdaq: LDSH) today reported 2007 second quarter sales of $113.6 million, a 26% improvement over $90.2 million of sales in the second quarter of 2006. The Company had a net income of $10.8 million, resulting in diluted earnings per share of $0.74 for the second quarter of 2007 versus net income of $8.5 million and $0.60 per share in the same period of 2006. First half 2007 sales of $211.3 million reflect 14% growth over 2006, with $16.5 million of net income, $1.14 diluted earnings per share in 2007, in contrast to $16.1 million of net income, $1.14 diluted earnings per share, in 2006.

Ladish will host a conference call on Wednesday, July 25, 2007 at 9:00 a.m. EDT to discuss the second quarter performance for 2007. The telephone number to call to participate in the conference call is (866) 550-6338.

                                 For the Three Months       For the Six Months
                                   Ended June 30               Ended June 30
    (Dollars in thousands,
     except earnings per share)
                                 2007         2006           2007         2006
    Net sales                $113,594      $90,173       $211,260     $185,179
    Cost of goods sold         91,649       71,001        175,625      148,639
    Gross profit               21,945       19,172         35,635       36,540
    SG&A expense                4,106        4,834          8,048        9,138
    Operating income           17,839       14,338         27,587       27,402
    Interest expense & other      630        1,028          1,236        1,821
    Pretax income              17,209       13,310         26,351       25,581
    Income tax provision        6,438        4,747          9,802        9,287
    Minority interest in net
      earnings of subsidiary       10           61             20          160
    Net income                $10,761       $8,502        $16,529     $ 16,134
    Basic earnings per share    $0.74        $0.60          $1.14        $1.15
    Basic weighted average
      shares outstanding   14,508,242   14,130,599     14,502,785   14,073,162
    Diluted earnings per
      share                     $0.74        $0.60          $1.14        $1.14
    Diluted weighted average
      shares outstanding   14,552,210   14,180,709     14,546,843   14,166,124


                                                        June 30    December 31
    (Dollars in thousands)                                2007           2006
    Cash                                                 $6,470         $3,431
    Accounts receivable                                  81,498         69,144
    Inventory                                           108,085        106,736
    Net PP&E                                            124,232        112,096
    Other                                                37,186         37,199
    Total assets                                       $357,471       $328,606

    Accounts payable                                    $41,570        $32,933
    Accrued liabilities                                  17,454         15,602
    Senior bank debt                                         --          2,100
    Senior notes                                         52,000         52,000
    Pensions                                             27,767         35,510
    Postretirement benefits                              36,864         37,791
    Stockholders' equity                                181,816        152,670
    Total liabilities and equity                       $357,471       $328,606

"With a 26% improvement in sales and a 27% growth in net income over the second quarter of 2006, the second quarter of 2007 reflected a strong performance at Ladish and a great recovery from the equipment issues which impacted the first quarter," says Kerry L. Woody, Ladish President and CEO. "The sales increase was due to continued strong demand in all of the markets served by Ladish. The increased profitability was the result of better absorption of fixed costs through incremental sales, an improved product mix and the contribution from our cost reduction initiatives."

"Completing the first half of the year with $211 million in sales sets the stage for a robust year," observed Mr. Woody. "The second half of 2007 presents the annual challenge of fewer production days, but with $256 million of orders in the first half easily outpacing shipments and $543 million of contract backlog, we remain optimistic about the remainder of 2007 and beyond. In the second quarter we continued to book additional aerospace orders at our Polish subsidiary ZKM. Our capacity expansion projects, particularly the new isothermal forging press, remain on schedule as we position the company for future demand."

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, Oregon, Connecticut 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.