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Ladish Co. Inc. Reports Operating Results (10-Q)

May 05, 2011 | About:

Ladish Co. Inc. (LDSH) filed Quarterly Report for the period ended 2011-03-31.

Ladish Co. Inc. has a market cap of $875.6 million; its shares were traded at around $55.74 with a P/E ratio of 29.6 and P/S ratio of 2.2. Ladish Co. Inc. had an annual average earning growth of 22.5% over the past 10 years.

Highlight of Business Operations:

Cash in excess of daily requirements is invested in marketable securities consisting of commercial paper and money market instruments which mature in three months or less. Such investments are deemed to be cash equivalents due to the high liquidity and short term duration of such money market accounts. The Company maintains deposits in financial institutions that consistently exceed the current FDIC limit of $250. At March 31, 2011, the Companys deposits exceeded the current FDIC limit by $24,990. The Company has not experienced any losses in such accounts and management believes the Company is not at significant risk. Outstanding payroll and accounts payable checks related to certain bank accounts are recorded as accounts payable on the balance sheets. These checks amounted to $227 and $1,848 as of March 31, 2011 and December 31, 2010, respectively.

Sales revenue is recognized when the title and risk of loss have passed to the customer, there is pervasive evidence of an arrangement, delivery has occurred or the services have been provided, the sales price is determinable and collectibility is reasonably assured. This occurs at the time of shipment. Net sales include freight out as well as reductions for returns and allowances, and sales discounts. Progress payments on contracts are recognized as reductions of the related inventory costs. Progress payments in excess of inventory costs are reflected as a liability. The Company does not recognize revenue from the disposal of by-products. Any proceeds received from by-product disposal are considered an offset to cost of sales. The Company recognized by-product credits of $3,746 and $2,816 in the three-month periods ended March 31, 2011 and 2010, respectively. The Company generally grants uncollateralized credit to customers on an individual basis based upon the customers financial condition and credit history. Credit is typically on net 30-day terms and progress payments are frequently required for customers with long production cycles to minimize credit risk. The Companys allowance for doubtful accounts is based on a review of sales reports, open deduction reports, trends in collections, historical experience and existing economic conditions. Bad debt write-offs occur upon notice of insolvency or other evidence of business closure.

The year-to-date income tax provision of $3,425 for 2011 was based on an annualized combined federal, state and foreign effective rate of 26.6%, which differed from the statutory federal rate of 35% due primarily to a discreet true-up adjustment of $1,085 to 2010 deferred taxes to reflect a lower effective state tax rate. In 2010, the Company had a tax provision of $2,886, or 35.0%.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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