SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the Quarter Ended March 31, 2010
 Commission File Number 1-34495
 Ladish Co., Inc.
 (Exact name of registrant as specified in its charter)
 Wisconsin
    
    31-1145953(State or other Jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 5481 South Packard Avenue, Cudahy, Wisconsin
    
    53110(Address of principal executive offices)
    
    (Zip Code)
 (414) 747-2611  (Registrants telephone number, including area code)
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 Yes o No þ
  Class
    
    Outstanding at March 31, 2010Common Stock, $0.01 Par Value
    
    15,703,004




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PART I  FINANCIAL INFORMATION
  Page 2 of 14




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Ladish Co., Inc.  Condensed Consolidated Statements of Operations
  For the Three MonthsEnded March 31,(unaudited)2010
    
    
    2009Net sales
    
    $
    98,948
    
    
    $
    105,739Cost of sales
    
    
    85,285
    
    
    
    98,415Gross profit
    
    
    13,663
    
    
    
    7,324Selling, general and administrative expenses
    
    
    4,200
    
    
    
    4,042Income from operations
    
    
    9,463
    
    
    
    3,282Other income (expense):Interest expense
    
    
    (1,475
    )
    
    
    (845
    )Other, net
    
    
    250
    
    
    
    (434
    )Income before income tax provision
    
    
    8,238
    
    
    
    2,003Income tax provision
    
    
    2,886
    
    
    
    803Net income
    
    
    5,352
    
    
    
    1,200Noncontrolling interest in net earnings of subsidiary
    
    
    4
    
    
    
    Net income attributable to the controlling interest
    
    $
    5,348
    
    
    $
    1,200Basic earnings per share
    
    $
    0.34
    
    
    $
    0.08Diluted earnings per share
    
    $
    0.34
    
    
    $
    0.08Basic weighted average shares outstanding
    
    
    15,858,560
    
    
    
    15,901,216Diluted weighted average shares outstanding
    
    
    15,859,650
    
    
    
    15,901,247
   Page 3 of 14




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Ladish Co., Inc.  Condensed Consolidated Balance Sheets
  March 31,
    
    
    December 31,2010
    
    
    2009(unaudited)Assets:Current assets:Cash and cash equivalents
    
    $
    26,508
    
    
    $
    19,917Accounts receivable, less allowance of $75 at each date
    
    
    73,214
    
    
    
    59,382Inventories
    
    
    86,669
    
    
    
    92,697Deferred income taxes
    
    
    5,145
    
    
    
    5,144Prepaid expenses and other current assets
    
    
    4,147
    
    
    
    6,118Total current assets
    
    
    195,683
    
    
    
    183,258Property, plant and equipment:Land and improvements
    
    
    6,908
    
    
    
    6,905Buildings and improvements
    
    
    60,492
    
    
    
    60,416Machinery and equipment
    
    
    241,669
    
    
    
    240,352Construction in progress
    
    
    58,861
    
    
    
    58,451367,930
    
    
    
    366,124Less  accumulated depreciation
    
    
    (171,372
    )
    
    
    (167,688
    )Net property, plant and equipment
    
    
    196,558
    
    
    
    198,436Deferred income taxes
    
    
    24,928
    
    
    
    26,522Goodwill
    
    
    37,571
    
    
    
    37,571Other intangible assets, net
    
    
    19,365
    
    
    
    19,465Other assets
    
    
    4,353
    
    
    
    4,262Total assets
    
    $
    478,458
    
    
    $
    469,514Liabilities:Current liabilities:Accounts payable
    
    $
    26,916
    
    
    $
    23,613Senior notes
    
    
    5,714
    
    
    
    5,714Accrued liabilities:Pensions
    
    
    273
    
    
    
    259Postretirement benefits
    
    
    3,464
    
    
    
    3,464Officers deferred compensation
    
    
    155
    
    
    
    155Wages and salaries
    
    
    5,721
    
    
    
    3,314Taxes, other than income taxes
    
    
    624
    
    
    
    289Interest
    
    
    1,181
    
    
    
    1,355Profit sharing
    
    
    513
    
    
    
    611Paid progress billings
    
    
    995
    
    
    
    2,428Other
    
    
    5,738
    
    
    
    4,541Total current liabilities
    
    
    51,294
    
    
    
    45,743Noncurrent liabilities:Senior notes
    
    
    84,286
    
    
    
    84,286Pensions
    
    
    70,797
    
    
    
    69,653Postretirement benefits
    
    
    30,059
    
    
    
    30,215Officers deferred compensation
    
    
    9,447
    
    
    
    9,276Other noncurrent liabilities
    
    
    4,210
    
    
    
    4,220Total liabilities
    
    
    250,093
    
    
    
    243,393Equity:Stockholders equity:Common stock  authorized 100,000,000, issued 15,907,552 shares at each
date of $.01 par value
    
    
    159
    
    
    
    159Additional paid-in capital
    
    
    153,292
    
    
    
    153,292Retained earnings
    
    
    150,726
    
    
    
    145,378Treasury stock, 204,548 and 4,548 shares of common stock at each date at cost
    
    
    (3,283
    )
    
    
    (33
    )Accumulated other comprehensive loss
    
    
    (73,071
    )
    
    
    (73,214
    )Total stockholders equity
    
    
    227,823
    
    
    
    225,582Noncontrolling interest in equity of subsidiary
    
    
    542
    
    
    
    539Total equity
    
    
    228,365
    
    
    
    226,121Total liabilities and equity
    
    $
    478,458
    
    
    $
    469,514
   Page 4 of 14




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Ladish Co., Inc.  Condensed Consolidated Statements of Cash Flows
  For the Three MonthsEnded March 31,(unaudited)2010
    
    
    2009CASH FLOWS FROM OPERATING ACTIVITIES:Net income attributable to the controlling interest
    
    $
    5,348
    
    
    $
    1,200Adjustments to reconcile net income to net cash
provided by (used in) operating activities:Depreciation
    
    
    3,838
    
    
    
    3,835Amortization of intangibles
    
    
    100
    
    
    
    136Non-cash deferred compensation
    
    
    93
    
    
    
    (133
    )Deferred income taxes
    
    
    1,560
    
    
    
    383Noncontrolling interest in net earnings of subsidiary
    
    
    4
    
    
    
    Gain on purchase of stock  noncontrolling interest
    
    
    
    
    
    
    (16
    )(Gain) Loss on disposal of property, plant and equipment
    
    
    (22
    )
    
    
    298Changes in assets and liabilities:Accounts receivable
    
    
    (13,811
    )
    
    
    5,330Inventories
    
    
    6,043
    
    
    
    6,185Other assets
    
    
    1,888
    
    
    
    (672
    )Accounts payable and accrued liabilities
    
    
    5,530
    
    
    
    (4,178
    )Other liabilities
    
    
    1,144
    
    
    
    1,359Net cash provided by operating activities
    
    
    11,715
    
    
    
    13,727CASH FLOWS FROM INVESTING ACTIVITIES:Additions to property, plant and equipment
    
    
    (1,929
    )
    
    
    (4,475
    )Proceeds from sale of property, plant and equipment
    
    
    48
    
    
    
    32Purchase of ZKM stock  noncontrolling interest
    
    
    
    
    
    
    (32
    )Net cash used in investing activities
    
    
    (1,881
    )
    
    
    (4,475
    )CASH FLOWS FROM FINANCING ACTIVITIES:Repayment of Facility
    
    
    
    
    
    
    (10,700
    )Retirement of capital lease obligations
    
    
    
    
    
    
    (97
    )Purchase of treasury stock
    
    
    (3,250
    )
    
    
    Net cash used in financing activities
    
    
    (3,250
    )
    
    
    (10,797
    )Effect of exchange rate changes on cash and cash equivalents
    
    
    7
    
    
    
    (467
    )INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    6,591
    
    
    
    (2,012
    )CASH AND CASH EQUIVALENTS, beginning of period
    
    
    19,917
    
    
    
    4,903CASH AND CASH EQUIVALENTS, end of period
    
    $
    26,508
    
    
    $
    2,891
   Page 5 of 14




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Ladish Co., Inc.  Notes to Condensed Consolidated Financial Statements
  Basis of Presentation
     Inventories
 March 31,
    
    
    December 31,2010
    
    
    2009Raw materials
    
    $
    13,915
    
    
    $
    18,038Work-in-process and finished goods
    
    
    75,975
    
    
    
    77,209Less progress payments
    
    
    (3,221
    )
    
    
    (2,550
    )Total inventories
    
    $
    86,669
    
    
    $
    92,697
 Interest and Income Tax Payments
 For the Three MonthsEnded March 31,2010
    
    
    2009Interest paid
    
    $
    1,686
    
    
    $
    1,754Income taxes paid
    
    
    204
    
    
    
    94
  Page 6 of 14




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Cash and Cash Equivalents
  Revenue Recognition
  Income Taxes
  Pension and Postretirement Benefits
  OtherPension Benefits
    
    
    Postretirement Benefits2010
    
    
    2009
    
    
    2010
    
    
    2009Service cost
    
    $
    401
    
    
    $
    337
    
    
    $
    57
    
    
    $
    48Interest cost
    
    
    2,731
    
    
    
    2,963
    
    
    
    413
    
    
    
    476Expected return on plan assets
    
    
    (3,059
    )
    
    
    (3,316
    )
    
    
    
    
    
    
    Amortization of prior service cost
    
    
    123
    
    
    
    98
    
    
    
    3
    
    
    
    3Amortization of the net loss
    
    
    2,043
    
    
    
    1,318
    
    
    
    25
    
    
    
    1Net periodic benefit cost
    
    $
    2,239
    
    
    $
    1,400
    
    
    $
    498
    
    
    $
    528
  Page 7 of 14




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Debt
        Page 8 of 14




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Earnings Per Share
  Stockholders Equity
  Legal Proceedings
    Page 9 of 14




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New Accounting Pronouncements
  Subsequent Events
    Page 10 of 14




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MANAGEMENTS DISCUSSION
AND ANALYSIS OF RESULTS OF OPERATIONS AND
CHANGES IN FINANCIAL POSITION
 RESULTS OF OPERATIONS
 First Quarter 2010 Compared to First Quarter 2009
       Liquidity and Capital Resources
   Page 11 of 14




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Page 12 of 14




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Item 3. Quantitative and Qualitative Disclosures about Market Risk
   
    
    Market conditions and demand for the Companys products
    
    Interest rates and capital costs
    
    Unstable governments and business conditions in emerging
economies
    
    Legal, regulatory and environmental issues
    
    Health care costs
    
    Competition
    
    Technologies
    
    Raw material and
energy prices
    
    Taxes
  Item 4. Controls and Procedures
   Page 13 of 14




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PART II  OTHER INFORMATION
 Item 4. Submission of Matters to a Vote of Security Holders
  Item 5. Other Information
  Item 6. Exhibits
    SIGNATURES
  LADISH CO., INC.Date:      April 26, 2010
    By:
    /s/  Wayne E. LarsenWayne E. LarsenVice President Law/Finance
& Secretary  Page 14 of 14