Ladish Co. Inc. (LDSH, Financial) filed Quarterly Report for the period ended 2009-06-30.
Ladish Co. Inc. engineers produces and markets high-strength high-technology forged and cast metal components for a wide variety of load-bearing and fatigue-resisting applications in the jet engine aerospace and industrial markets. Ladish Co. Inc. has a market cap of $186 million; its shares were traded at around $11.7 with a P/E ratio of 8.2 and P/S ratio of 0.4. Ladish Co. Inc. had an annual average earning growth of 7.2% over the past 10 years.
The Companys Series B and Series C Notes contain financial covenants which (a) limit the incurrence of certain additional debt; (b) require a certain level of consolidated net worth; (c) require a minimum fixed charges coverage ratio; and (d) require a limited amount of funded debt to consolidated adjusted cash flow. The covenant on incurrence of additional debt limits funded debt to 60% of total capitalization. At June 30, 2009, funded debt at Ladish was at 26% of total capitalization. This covenant also limits priority debt to 20% of adjusted net worth. Ladish had no priority debt at June 30, 2009. The covenant on adjusted net worth requires a minimum of $111,306. At June 30, 2009, Ladish had $255,626 of adjusted net worth. The covenant on fixed charges coverage ratio requires that consolidated cash flow to fixed charges be a minimum of 2.00. The Companys fixed charges coverage ratio at June 30, 2009 was 12.17. The final covenant on funded debt to consolidated cash flow allows for a maximum level of 4.00. At June 30, 2009, the Companys actual level was 2.14. The Note Agreement for the Series B and Series C Notes also contains customary representations and warranties and events of default.
The Company and a syndicate of lenders have entered into a revolving credit facility (the Facility) which was most recently renewed on April 10, 2009. The Facility consists of a $35,000 unsecured revolving line of credit which bears interest at a rate of LIBOR plus 2.00% or at a base rate. At June 30, 2009, there were no borrowings under the Facility and $35,000 was available pursuant to the terms of the Facility. The Facility has a maturity date of April 9, 2010.
Read the The complete ReportLDSH is in the portfolios of John Keeley of Keeley Fund Management.
Ladish Co. Inc. engineers produces and markets high-strength high-technology forged and cast metal components for a wide variety of load-bearing and fatigue-resisting applications in the jet engine aerospace and industrial markets. Ladish Co. Inc. has a market cap of $186 million; its shares were traded at around $11.7 with a P/E ratio of 8.2 and P/S ratio of 0.4. Ladish Co. Inc. had an annual average earning growth of 7.2% over the past 10 years.
Highlight of Business Operations:
In December 2003, the Medicare Prescription Drug, Improvement and Modernization Act of 2003 was enacted. The Company has concluded that certain benefits provided by its postretirement benefit plan are actuarially equivalent to Medicare Part D under the Act and has filed a refund request with the Claims Management Services, a division of the Health and Human Services Department. In the first six months of 2009 and 2008, respectively, the Company received refunds of $159 and $166.The Companys Series B and Series C Notes contain financial covenants which (a) limit the incurrence of certain additional debt; (b) require a certain level of consolidated net worth; (c) require a minimum fixed charges coverage ratio; and (d) require a limited amount of funded debt to consolidated adjusted cash flow. The covenant on incurrence of additional debt limits funded debt to 60% of total capitalization. At June 30, 2009, funded debt at Ladish was at 26% of total capitalization. This covenant also limits priority debt to 20% of adjusted net worth. Ladish had no priority debt at June 30, 2009. The covenant on adjusted net worth requires a minimum of $111,306. At June 30, 2009, Ladish had $255,626 of adjusted net worth. The covenant on fixed charges coverage ratio requires that consolidated cash flow to fixed charges be a minimum of 2.00. The Companys fixed charges coverage ratio at June 30, 2009 was 12.17. The final covenant on funded debt to consolidated cash flow allows for a maximum level of 4.00. At June 30, 2009, the Companys actual level was 2.14. The Note Agreement for the Series B and Series C Notes also contains customary representations and warranties and events of default.
The Company and a syndicate of lenders have entered into a revolving credit facility (the Facility) which was most recently renewed on April 10, 2009. The Facility consists of a $35,000 unsecured revolving line of credit which bears interest at a rate of LIBOR plus 2.00% or at a base rate. At June 30, 2009, there were no borrowings under the Facility and $35,000 was available pursuant to the terms of the Facility. The Facility has a maturity date of April 9, 2010.
Read the The complete ReportLDSH is in the portfolios of John Keeley of Keeley Fund Management.
