NEWS

For:		From:
Ladish Co., Inc. 5481 South Packard Avenue Cudahy, WI 53110		Libby Communications 95 Pin Pack Road Ridgefield, CT 06877
Contact:	Wayne E. Larsen 414-747-2935 414-747-2890 Fax	Contact:	William J. Libby 203-431-8480 203-431-6132 Fax

Release date: 21 July 2005

LADISH REPORTS SALES OF $66.5 MILLION AND NET INCOME OF $4.6 MILLION
FOR 2^ND QUARTER 2005

Cudahy, WI—Ladish Co., Inc. (www.ladishco.com) (Nasdaq: LDSH) today reported 2005 second quarter sales of $66.5 million, a 24.9% improvement over $53.3 million of sales in the second quarter of 2004. The Company had a net income of $4.63 million, resulting in diluted earnings per share of $0.33 for the second quarter of 2005 versus net income of $2.18 million and $0.17 per share in the same period of 2004. First half 2005 sales of $131.6 million reflect a 26.6% growth over 2004, with $7.29 million of net income, $0.53 per share, in contrast to $1.75 million of net income, $0.13 per share, in 2004.

Ladish will host a conference call on Monday, July 25, 2005 at 9:00 a.m. EDT to discuss the second quarter performance for 2005. The telephone number to call to participate in the conference call is (877) 236-1078.

	For the Three Months Ended June 30				For the Six Months Ended June 30
(Dollars in thousands, except earnings per share)	2005		2004		2005		2004
Net sales	$	66,533	$	53,279	$	131,627	$	103,995
Cost of goods		56,591		47,558		114,422		95,904
Gross profit		9,942		5,721		17,205		8,091
SG&A		1,961		2,142		4,545		4,500
Operating income		7,981		3,579		12,660		3,591
Interest expense & other		448		512		909		1,122
Pretax income		7,533		3,067		11,751		2,469
Taxes		2,903		889		4,463		716
Net income	$	4,630	$	2,178	$	7,288	$	1,753
Basic earnings per share	$	0.34	$	0.17	$	0.53	$	0.13
Basic weighted average shares outstanding		13,699,847		13,025,356		13,688,280		13,024,380
Diluted earnings per share	$	0.33	$	0.17	$	0.53	$	0.13
Diluted weighted average shares outstanding		13,831,563		13,126,107		13,830,209		13,111,140

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NEWS

(Dollars in thousands)	June 30 2005		December 31 2004
Cash	$	1,466	$	2,744
Accounts receivable		49,560		41,729
Inventory		63,368		51,810
Net PP&E		83,759		84,500
Other		41,921		42,604
Total Assets	$	240,074	$	223,387
Accounts payable	$	29,615	$	24,231
Accrued liabilities		9,294		7,597
Senior bank debt		1,400		--
Senior notes		24,000		24,000
Pensions		9,477		7,366
Postretirement benefits		36,626		37,769
Stockholders' equity		129,662		122,424
Total Liabilities and Equity	$	240,074	$	223,387

“The 24.9% sales increase in the second quarter of 2005 compared to the same period of 2004 is due to the continuing improvement of the aerospace industry and the growing demand of the industrial market with customers such as Caterpillar,” says Kerry L. Woody, Ladish’s President and CEO. “Due to increased sales volumes, product mix, favorable by-product sales and continued focus on cost reductions, the Company’s operations improved in the second quarter of 2005 as gross margins were 14.9% in contrast to 10.7% in the second quarter of 2004.”

Looking forward to the remainder of 2005, Woody remarked, “We remain optimistic that the aerospace recovery is sustainable. Our backlog continues to grow and reached $377 million at the end of the second quarter of 2005 in contrast to $239 million at the same date in 2004. As the recovery of our industry continues we will seek opportunities to capitalize on this upturn to grow our business and better position our company for the future. All three operating units of Ladish are experiencing an upturn in business and profitability. While we are enjoying this positive trend, our established cost reduction programs remain focused at improving the profitability of the business and enhancing our cash position while serving the needs of our customers.”

Ladish also announced that it has restructured its senior financing with the same syndicate of Lenders. The previous facility was doubled in size to $50 million and is now made up of a $35 million revolving loan and a $15 million term note. Wayne E. Larsen, Ladish Vice President Law/Finance, noted, “We are pleased to be able to capitalize on the financial strength of Ladish to structure this new credit facility. We intend to utilize this credit facility to support the continued growth of Ladish both internally and externally.”

Ladish Co., Inc. is a leading producer of highly engineered, technically advanced components for the jet engine, aerospace and general industrial markets. Ladish is headquartered in Cudahy, Wisconsin with operations in Wisconsin, Oregon and Connecticut. 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.

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