FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
(Mark One)
[X] Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of
1934
For the Fiscal Year ended December 31, 1998
[ ] Transition Report Pursuant to Section 15(d) of the Securities Exchange
Act of 1934
For the Transition Period from __________ to __________
Commission File Number: 0-23539
Ladish Co., Inc. Savings and Deferral Investment Plan and
Ladish Co., Inc. Hourly Employees Savings and Deferral Investment Plan
( Full title of the plan )
Ladish Co., Inc.
5481 South Packard Avenue
Cudahy, Wisconsin 53110
(414) 747-2611
(Name of Issuer of the Securities Held Pursuant to the
Plan and the Address of its Principal Executive Offices)
<PAGE>
LADISH CO., INC. SAVINGS AND DEFERRAL
INVESTMENT PLAN
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 1998 AND 1997
TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
<PAGE>
LADISH CO., INC. SAVINGS AND DEFERRAL
INVESTMENT PLAN
FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
TABLE OF CONTENTS
-----------------
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
FINANCIAL STATEMENTS
Statements of Net Assets Available for Plan Benefits-December 31, 1998
and 1997
Statement of Changes in Net Assets Available for Plan Benefits for the
Year Ended December 31, 1998
NOTES TO FINANCIAL STATEMENTS
SCHEDULES SUPPORTING FINANCIAL STATEMENTS
Schedule I: Item 27a--Schedule of Assets Held for Investment
Purposes--December 31, 1998
Schedule II: Item 27d--Schedule of 5% Reportable Transactions for the
Year Ended December 31, 1998
<PAGE>
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Ladish Co., Inc.:
We have audited the accompanying statements of net assets available for plan
benefits of Ladish Co., Inc. Savings and Deferral Investment Plan as of December
31, 1998 and 1997, and the related statement of changes in net assets available
for plan benefits for the year ended December 31, 1998. These financial
statements and the supplemental schedules referred to below are the
responsibility of the plan administrator. Our responsibility is to express an
opinion on these financial statements and supplemental schedules based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of Ladish Co.,
Inc. Savings and Deferral Investment Plan as of December 31, 1998 and 1997, and
the changes in its net assets available for plan benefits for the year ended
December 31, 1998, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules, as listed in
the accompanying table of contents, are presented for purposes of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedules have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ Arthur Andersen LLP
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
May 28, 1999.
<PAGE>
<TABLE>
LADISH CO., INC. SAVINGS AND DEFERRAL
INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1998
<CAPTION>
American American American
American Express Express Express
Express IDS IDS IDS New Templeton
Income Bond Mutual Dimensions Foreign
Fund Fund Fund Fund Fund
--------------- --------------- --------------- ----------------- ---------------
<S> <C> <C> <C> <C> <C>
INVESTMENTS, at fair market value:
Common Trust Funds $ 3,741,346 $ - $ - $ - $ -
Mutual Funds - 737,269 2,790,147 7,384,825 809,269
Common Stock - - - - -
Participant Loans - - - - -
--------------- -------------- --------------- ----------------- --------------
Total investments 3,741,346 737,269 2,790,147 7,384,825 809,269
LIABILITIES - - (7,906) (37,989) -
PENDING TRANSFER BETWEEN FUNDS 2,856 - - - (2,856)
--------------- -------------- --------------- ----------------- --------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 3,744,202 $ 737,269 $ 2,782,241 $ 7,346,836 $ 806,413
=============== ============== =============== ================= ==============
<CAPTION>
Ladish
Stock Loan
Fund Fund Total
------------ ------------- ----------------
<S> <C> <C> <C>
INVESTMENTS, at fair market value:
Common Trust Funds $ - $ - $ 3,741,346
Mutual Funds - - 11,721,510
Common Stock 21,702 - 21,702
Participant Loans - 158,865 158,865
------------ ------------- ----------------
Total investments 21,702 158,865 15,643,423
LIABILITIES - - (45,895)
PENDING TRANSFER BETWEEN FUNDS - - -
------------ ------------- ----------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 21,702 $ 158,865 $ 15,597,528
============ ============= ================
The accompanying notes to financial statements are an integral part of this financial statement.
</TABLE>
<PAGE>
<TABLE>
LADISH CO., INC. SAVINGS AND DEFERRAL
INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1997
<CAPTION>
American American American
American Express Express Express
Express IDS IDS IDS New Templeton
Income Bond Mutual Dimensions Foreign
Fund Fund Fund Fund Fund Total
--------------- ------------- --------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at fair market value:
Common Trust Funds $ 3,545,434 $ - $ - $ - $ - $ 3,545,434
Mutual Funds - 510,294 2,659,879 5,660,100 981,452 9,811,725
--------------- ------------- --------------- --------------- ------------- --------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 3,545,434 $ 510,294 $ 2,659,879 $ 5,660,100 $ 981,452 $ 13,357,159
=============== ============= =============== =============== ============= ==============
The accompanying notes to financial statements are an integral part of this financial statement.
</TABLE>
<PAGE>
<TABLE>
LADISH CO., INC. SAVINGS AND DEFERRAL
INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1998
<CAPTION>
American American American
American Express Express Express
Express IDS IDS IDS New Templeton
Income Bond Mutual Dimensions Foreign
Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ------------
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
<S> <C> <C> <C> <C> <C>
Investment income-
Net appreciation (depreciation) in fair value
of investments $ 207,173 $ (15,769) $ (133,059) $ 1,206,302 $ (130,557)
Interest and dividends - 49,909 378,893 426,140 77,918
------------ ------------ ------------ ------------ ------------
Total investment income 207,173 34,140 245,834 1,632,442 (52,639)
Employee contributions 189,793 37,261 174,597 461,933 88,015
------------ ------------ ------------ ------------ ------------
Total additions 396,966 71,401 420,431 2,094,375 35,376
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants 328,545 24,983 91,069 285,566 43,966
Administrative expenses 3,836 738 3,036 6,753 940
------------ ------------ ------------ ------------ ------------
Total deductions 332,381 25,721 94,105 292,319 44,906
------------ ------------ ------------ ------------ ------------
NET LOANS TO PARTICIPANTS (6,395) (3,967) (46,776) (86,063) (12,371)
TRANSFERS BETWEEN FUNDS AND ASSETS TRANSFERRED
FROM THE LADISH CO., INC. HOURLY EMPLOYEES SAVINGS
AND DEFERRAL INVESTMENT PLAN 140,579 185,262 (157,188) (29,257) (153,139)
------------ ------------ ------------ ------------ ------------
Net increase (decrease) 198,768 226,975 122,362 1,686,736 (175,039)
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 3,545,434 510,294 2,659,879 5,660,100 981,452
------------ ------------ ------------ ------------ ------------
End of year $ 3,744,203 $ 737,269 $ 2,782,241 $ 7,346,836 $ 806,412
============ ============ ============ ============ ============
<CAPTION>
Ladish
Stock Loan
Fund Fund Total
------------ ------------ ------------
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
<S> <C> <C> <C>
Investment income-
Net appreciation (depreciation) in fair value
of investments $ (4,326) $ - $ 1,129,764
Interest and dividends - 3,293 936,153
------------ ------------ ------------
Total investment income (4,326) 3,293 2,065,917
Employee contributions 28 - 951,627
------------ ------------ ------------
Total additions (4,298) 3,293 3,017,544
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants - - 774,129
Administrative expenses 11 - 15,314
------------ ------------ ------------
Total deductions 11 - 789,443
------------ ------------ ------------
NET LOANS TO PARTICIPANTS - 155,572 -
TRANSFERS BETWEEN FUNDS AND ASSETS TRANSFERRED
FROM THE LADISH CO., INC. HOURLY EMPLOYEES SAVINGS
AND DEFERRAL INVESTMENT PLAN 26,011 - 12,268
------------ ------------ ------------
Net increase (decrease) 21,702 158,865 2,240,369
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year - - 13,357,159
------------ ----------- ------------
End of year $ 21,702 $ 158,865 $15,597,528
============ =========== ============
The accompanying notes to financial statements are an integral part of this financial statement.
</TABLE>
<PAGE>
LADISH CO., INC. SAVINGS AND DEFERRAL
INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
(1) Description of Plan-
-------------------
The following description of the Ladish Co., Inc. (the "Company") Savings
and Deferral Investment Plan (the "Plan") is provided for general
information purposes only. More complete information regarding the Plan's
provisions may be found in the plan document.
General-
-------
The Plan is a defined contribution plan established by the Company under
the provisions of Section 401(a) of the Internal Revenue Code ("IRC"),
which includes a qualified cash or deferred arrangement as described in
Section 401(k) of the IRC, for the benefit of eligible employees of the
Company. All salaried employees who have completed three months of
service are eligible to participate. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA").
On May 30, 1997, the Company sold the Industrial Products Division
("IPD") to a third party buyer. IPD Plan participants with account
balances of less than $5,000 at the date of the sale were required to
withdraw their account balances from the Plan. IPD Plan participants with
account balances of at least $5,000 at the date of the sale were given
the option to either remain in or withdraw from the Plan.
Employee contributions-
----------------------
Amounts up to 20% (18% from April 1, 1997 to March 31, 1998 and 15% prior
to April 1, 1997) of a participant's compensation as defined in the Plan
agreement, can be contributed in any combination of after-tax and
before-tax contributions. Before-tax contributions result in a reduction
of the participant's income for purposes of Federal and State taxes,
while after-tax contributions do not result in any reduction.
Contributions made to the Plan are fully vested and nonforfeitable at all
times.
Participant accounts-
--------------------
Individual accounts are maintained for each participant reflecting the
participant's before-tax and after-tax contributions, rollover
contributions, Company matching contributions, and account earnings. The
Plan's income and any related administrative expenses are allocated to
participant accounts based on the proportionate value of the
participant's account to the total market value of all accounts.
<PAGE>
Investments-
-----------
Participants may direct their contributions in 1% increments between five
investment options. Participants may reallocate current and future
contributions between investment options daily. Changes in the amount of
each pay period contribution can be made once per quarter. A brief
description of each investment option is provided below:
o American Express Income Fund - This fund is currently invested in
a series of insurance investment contracts, bank investment
contracts, and other stable value contracts and high quality cash
investments. The objective of this fund is to preserve principal
and provide income.
o American Express IDS Bond Fund - This fund invests in investment
grade corporate debt securities with some exposure to the
high-yield market. The objective of the fund is to provide current
income while conserving the value of the investment.
o American Express IDS Mutual Fund - This fund divides its
investments between common stocks, bonds and preferred stocks. No
more than 65% of the fund's total assets will be invested in
common stocks and no less than 35% in bonds and money market
instruments. The objective of this fund is to provide a balance of
growth of capital and current income.
o American Express IDS New Dimensions Fund - This fund invests in
medium-to-large size capitalization growth stocks that have growth
rates of 15% to 20% or more. The objective of this fund is
long-term growth of capital.
o Templeton Foreign Fund - This fund invests in stocks and debt
obligations of companies and governments outside the United
States. The objective of this fund is long-term growth of capital.
o Ladish Stock Fund - This fund invests primarily in common stock of
the Company. Participants were able to invest in this fund
beginning August 1, 1998.
Participant loans-
-----------------
Beginning on January 1, 1998, a participant may borrow the lesser of
$50,000 or 50% of his or her vested account balance. Loans are repayable
through payroll deductions over periods ranging up to 60 months. The
interest rate is determined at the issuance of the loan at a rate
equivalent with prevailing interest rates charged by a professional
lender and is fixed over the life of the note. The interest rates on
outstanding loans at December 31, 1998, ranged from 8.75% to 9.50%.
(2) Significant Accounting Policies-
-------------------------------
Basis of accounting-
-------------------
The accompanying financial statements have been prepared using the
accrual method of accounting.
<PAGE>
Accounting estimates-
--------------------
The preparation of these financial statements required the use of certain
estimates by management in determining the Plan's assets, liabilities,
additions and deductions. Actual results may differ from these estimates.
Net appreciation (depreciation) in fair market value of investments-
-------------------------------------------------------------------
Net realized and unrealized appreciation (depreciation) is recorded in
the accompanying statement of changes in net assets available for plan
benefits as net appreciation (depreciation) in fair value of investments.
Valuation of investments-
------------------------
The investments of the trust are maintained in common trust funds and
registered investment companies (mutual funds), and with the exception of
the Templeton Foreign Fund are managed by the Trustee. The funds are
stated at the value per unit used for the purpose of admission and
withdrawal at the valuation date, which approximates market value as
determined by the Trustee.
Administrative fees and related expenses-
----------------------------------------
All expenses incurred in the administration of the Plan are paid by the
Plan with the exception of legal and accounting fees, which are paid by
the Company.
(3) Benefits Paid to Participants-
-----------------------------
A participant, while employed, may withdraw all or a portion of his or
her after-tax contribution account and may also withdraw all or a portion
of his or her before-tax contribution in the event of demonstrated
financial hardship as defined by the Plan. Loans are not permitted under
the Plan. After age 59-1/2, a participant may withdraw the vested portion
of this account.
All account withdrawals are subject to a minimum withdrawal of $1,000 or
100% of the account value, whichever is less. Participants who make
withdrawals are not permitted to make contributions to the Plan for six
months after the date of withdrawal. Participants making hardship
withdrawals are not permitted to contribute to the Plan for 12 months
after the date of the hardship withdrawal.
Payment of benefits is to be made upon termination due to retirement,
disability, death, or other voluntary or involuntary termination of
employment. Distribution of account balances is made as a lump sum
payment in cash.
(4) Tax Status-
----------
Although the Plan has received a favorable determination letter dated
September 8, 1995 from the Internal Revenue Service, it has not been
updated for the latest Plan amendments. However, the plan administrator
and legal counsel believe that the Plan was designed and
<PAGE>
operated in compliance with the applicable requirements of the IRC.
Therefore, they believe that the Plan was qualified and the related trust
was tax-exempt for the years ended December 31, 1998 and 1997.
(5) Plan Termination-
----------------
Although the Company has not expressed any intent to terminate the Plan,
it may do so at any time. The Administrative Committee of the Company
shall determine whether such accounts are to be immediately distributed,
remain invested in the trust funds until the termination of the affected
participant, or whether other methods of disposition of the accounts
should be used.
(6) Related Party Transactions-
--------------------------
The Plan regularly invests in common trust funds and mutual funds managed
by the Trustee. These transactions are not considered prohibited
transactions by statutory exemptions under ERISA regulations.
<PAGE>
AMERICAN
EXPRESS
Financial Schedule I
Advisors
FORM 5500 SCHEDULE G WORKSHEET FOR BANK: AMERICAN EXPRESS TRUST COMPANY PAGE 7
FOR PLAN YEAR 1/1/98 THROUGH 12/31/98
NAME: LADISH CO., INC. SALARIED
PART I - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
========================================================
<TABLE>
<CAPTION>
(B) CUSIP (C) DESCRIPTION (D) COST (E) CURRENT VALUE
--------- --------------- -------- -----------------
GENERAL INVESTMENTS
<S> <C> <C> <C> <C>
9900075T9 LADISH CO INC STOCK FUND 26,024.69 21,702.50
990008419 AET INCOME II 3,384,162.20 3,741,345.95
995900420 PARTICIPANT PROMISSORY NOTE 158,864.51 158,864.51
-------------- ---------------
TOTAL GENERAL INVESTMENTS 3,569,051.40 3,921,912.96
REGULATED INVESTMENT COMPANIES
449427301 IDS BOND FUND Y 749,863.04 737,269.36
449442409 IDS MUTUAL FUND Y 2,764,629.24 2,790,146.60
449444306 IDS NEW DIMENSIONS FUND Y 4,661,619.32 7,384,824.91
880196209 TEMPLETON FOREIGN FUND (A) 934,396.52 809,268.65
-------------- ---------------
TOTAL REGULATED INVESTMENT COMPANIES 9,110,508.12 11,721,509.52
*** GRAND TOTALS *** 12,679,559.52 15,643,422.48
</TABLE>
<PAGE>
LADISH CO., INC. SALARIED PAGE 8
JANUARY 1, 1998 THROUGH DECEMBER 31, 1998
ASSETS BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
<TABLE>
<CAPTION>
ACCOUNT FACE AMOUNT TRANSACTION
NUMBER DESCRIPTION OR SHARES COST PROCEEDS
- --------- --------------------------------- --------------- ------------------ ------------------
IDS BOND FUND Y
449427301
<S> <C> <C> <C> <C>
x DISPOSITIONS -28,517.4276 -147,139.0400 148,140.0900
IDS MUTUAL FUND Y
449442409
x DISPOSITIONS -36,583.3841 -455,959.4900 514,066.8700
IDS NEW DIMENSIONS FUND Y
449444306
x DISPOSITIONS -38,030.4199 -569,432.2000 1,001,370.9900
TEMPLETON FOREIGN FUND (A)
880196209
x DISPOSITIONS -33,368.4405 -293,274.9600 293,274.9600
LADISH CO INC STOCK FUND
9900075T9
x DISPOSITIONS -1.3710 -13.7100 10.3300
AET INCOME II
990008419
x DISPOSITIONS -45,343.7680 -820,086.2400 820,086.2400
PARTICIPANT PROMISSORY NOTE
995900420
x DISPOSITIONS -9,835.4900 -9,835.4900 9,835.4900
--------------- ------------------ -----------------
*** TOTAL DISPOSITIONS *** -191,680.3011 -2,295,741.1300 2,786,784.9700
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE G INFORMATION - PART V Schedule II
REPORTABLE TRANSACTIONS
LADISH CO., INC. SALARIED
FROM 1/1/98 TO 12/31/98
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- ---- ---------- ---------
BEGINNING MARKET VALUE 13,357,212.77
COMPARATIVE VALUE (5%) 667,860.64
---------------------- -----------------
CATEGORY 1 - SINGLE TRANSACTION EXCEEDS 5% OF VALUE
*** NO TRANSACTIONS QUALIFIED FOR THIS SECTION ***
==================================================================================================================================
CATEGORY 2 - SERIES OF TRANSACTIONS WITH SAME BROKER EXCEEDS 5% OF VALUE
*** NO TRANSACTIONS QUALIFIED FOR THIS SECTION ***
==================================================================================================================================
CATEGORY 3 - SERIES OF TRANSACTIONS IN SAME SECURITY EXCEEDS 5% OF VALUE
ISSUE: 449442409 - IDS MUTUAL FUND Y
<S> <C> <C> <C> <C> <C> <C>
01/21/98 B 2,527 13.792 0 34,852- 34,852
01/22/98 B 946 13.749 0 13,000- 13,000
01/28/98 B 2,442 13.711 0 33,483- 33,483
01/29/98 B 4,436 13.771 0 19,780- 19,780
01/30/98 B 9 13.854 0 121- 121
02/12/98 S 50 14.108 0 702 620 82
02/20/98 B 2 14.237 0 34- 34
<PAGE>
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
LADISH CO., INC. SALARIED
FROM 1/1/98 TO 12/31/98
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- ---- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
02/25/98 B 1,585 14.109 0 22,367- 22,367
03/17/98 S 213 14.638 0 3,117 2,654 463
03/20/98 B 3,344 14.683 0 49,098- 49,098
03/23/98 S 12 14.799 0 185 156 29
03/24/98 B 533 14.767 0 7,866- 7,866
03/26/98 S 4,057 14.804 0 60,061 50,566 9,495
03/30/98 B 1,776 14.631 0 25,981- 25,981
03/30/98 S 118 14.631 0 1,729 1,473 256
03/31/98 B 923 14.596 0 13,477- 13,477
04/07/98 S 988 14.820 0 14,636 12,309 2,327
04/13/98 S 146 14.700 0 2,152 1,825 327
04/15/98 B 190 14.741 0 2,797- 2,797
04/29/98 S 1 14.343 0 15 13 2
05/01/98 B 821 14.577 0 11,971- 11,971
05/06/98 B 949 14.606 0 13,863- 13,863
05/07/98 S 817 14.538 0 11,870 10,177 1,694
05/08/98 S 53 14.470 0 764 658 106
05/27/98 S 1 14.468 0 13 11 2
06/01/98 B 966 14.458 0 13,970- 13,970
06/03/98 B 1,323 14.484 0 19,166- 19,166
06/04/98 B 987 14.398 0 14,211- 14,211
06/05/98 S 145 14.452 0 2,102 1,813 289
06/08/98 B 446 14.452 0 6,446- 6,446
06/09/98 S 965 14.612 0 14,104 12,030 2,074
06/10/98 S 351 14.606 0 5,124 4,373 752
06/11/98 B 845 14.571 0 12,316- 12,316
06/12/98 S 670 14.450 0 9,680 8,349 1,331
06/23/98 S 294 14.328 0 4,217 3,668 549
06/29/98 B 1,668 14.341 0 23,925- 23,925
07/01/98 B 955 14.339 0 13,691- 13,691
07/07/98 S 2,358 14.523 0 34,245 29,389 4,856
07/09/98 S 268 14.536 0 3,900 3,344 556
07/21/98 S 2,589 14.485 0 37,503 32,269 5,234
07/22/98 S 515 14.405 0 7,418 6,419 1,000
07/27/98 S 2,146 14.222 0 30,525 26,751 3,774
07/29/98 B 374 14.127 0 5,287- 5,287
07/30/98 S 2,040 14.116 0 28,793 25,422 3,371
07/31/98 S 203 14.229 0 2,895 2,536 359
08/04/98 S 262 14.060 0 3,679 3,261 418
08/05/98 B 1,362 13.788 0 18,784- 18,784
08/11/98 S 1,360 13.806 0 18,774 16,948 1,825
08/14/98 S 42 13.733 0 582 528 54
08/18/98 S 2,001 13.801 0 27,612 24,936 2,676
09/02/98 S 760 13.154 0 10,000 9,475 525
<PAGE>
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
LADISH CO., INC. SALARIED
FROM 1/1/98 TO 12/31/98
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- -------------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
09/04/98 S 1,339 13.132 0 17,580 16,685 895
09/10/98 B 75 13.335 0 1,000- 1,000
09/14/98 S 36 13.371 0 482 450 33
09/28/98 B 1,589 13.485 0 21,434- 21,434
09/30/98 B 74 13.515 0 1,000- 1,000
10/02/98 B 1,063 13.119 0 13,945- 13,945
10/06/98 S 6,600 13.175 0 86,950 82,255 4,695
10/15/98 S 19 13.212 0 248 234 14
10/20/98 S 2,577 13.685 0 35,266 32,118 3,148
10/29/98 S 12 13.669 0 167, 152 15
11/03/98 B 957 13.957 0 13,355- 13,355
11/16/98 B 2,075 14.081 0 29,219- 29,219
11/18/98 S 54 14.149 0 768 676 91
11/25/98 S 2,384 14.445 0 34,437 29,713 4,724
12/03/98 B 906 14.408 0 13,059- 13,059
12/23/98 B 23,882 12.878 0 307,554- 307,554
12/23/98 B 15 12.878 0 188- 188
12/24/98 S 137 12.964 0 1,773 1,704 68
12/30/98 B 12 12.955 0 154- 154
-------- -------------- ------------ ---------
SUB-TOTAL 0 1,292,462 1,233,354 58,109
ISSUE: 449444306 - IDS NEW DIMENSIONS FUND Y
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
01/13/98 B 401 23.025 0 9,243- 9,243
01/21/98 S 3,578 24.059 0 86,078 53,571 32,508
01/22/98 S 126 23.848 0 3,000 1,884 1,116
01/28/98 S 736 23.692 0 17,430 11,015 6,414
01/29/98 B 2,228 23.990 0 52,460- 53,460
01/30/98 B 47 24.169 0 1,142- 1,142
02/04/98 S 510 24.749 0 12,618 7,634 4,984
02/11/98 B 22 25.030 0 541- 541
02/12/98 S 58 25.031 0 1,454 870 584
02/20/98 B 2 25.287 0 51- 51
02/25/98 B 880 25.156 0 22,143- 22,143
03/17/98 B 2,007 26.262 0 51,710- 52,710
03/20/98 S 3,710 26.467 0 98,197 55,552 42,644
03/23/98 S 7 26.596 0 197 108 84
03/24/98 S 422 26.520 0 11,196 6,321 4,875
03/26/98 B 1,707 26.804 0 45,765- 45,754
03/30/98 S 47 26.715 0 1,248 700 549
03/31/98 B 1,783 26.633 0 47,484- 47,484
04/07/98 S 1,822 27.639 0 50,355 27,279 23,076
04/15/98 S 177 27.325 0 4,823 2,643 2,180
<PAGE>
SCHEDULE G INFORMATION - PART V Schedule III
REPORTABLE TRANSACTIONS
LADISH CO., INC. SALARIED
FROM 1/1/98 TO 12/31/98
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- -------------- ------------ ---------
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
04/28/98 S 154 26.492 0 4,079 2,305 1,773
04/29/98 S 1 26.462 0 16 9 7
05/01/98 B 440 27.198 0 11,971- 11,971
05/04/98 S 108 27.342 0 2,947 1,614 1,333
05/06/98 B 1,417 27.160 0 38,499- 38,499
05/07/98 S 1,806 26.890 0 48,555 27,037 21,518
05/08/98 S 60 26.661 0 1,613 906 707
05/11/98 B 144 26.936 0 3,870- 3,870
05/15/98 B 69 27.146 0 1,877- 1,877
05/15/98 S 1,709 27.116 0 46,349 25,593 20,756
05/27/98 S 1 26.426 0 28 16 12
06/01/98 S 1,055 26.479 0 27,940 15,799 12,141
06/03/98 S 923 26.483 0 24,442 13,819 10,623
06/04/98 B 1,480 26.261 0 38,876- 38,876
06/05/98 S 205 26.599 0 5,465 3,076 2,389
06/08/98 B 1,134 26.599 0 30,170- 30,170
06/09/98 B 522 27.014 0 14,104- 14,104
06/11/98 B 684 27.002 0 18,475- 18,475
06/12/98 S 737 26.583 0 19,591 11,035 8,556
06/17/98 B 74 26.449 0 1,947- 1,947
06/23/98 S 188 26.917 0 5,066 2,818 2,248
07/01/98 B 1,319 27.861 0 36,761- 36,761
07/07/98 S 1,213 28.414 0 34,464 18,161 16,303
07/09/98 S 384 28.777 0 11,050 5,749 5,301
07/16/98 B 96 29.128 0 2,796- 2,796
07/17/98 B 106 29.328 0 3,103- 3,103
07/21/98 B 1,275 29.417 0 37,503- 37,503
07/22/98 B 256 28.953 0 7,418- 7,418
07/27/98 B 1,086 28.112 0 30,525- 30,525
07/29/98 B 177 27.893 0 4,933- 4,933
07/30/98 B 2,218 27.626 0 61,261- 61,261
07/31/98 S 579 28.172 0 16,305 8,666 7,639
08/04/98 S 141 27.436 0 3,863 2,108 1,755
08/05/98 B 2,296 26.465 0 60,765- 60,765
08/07/98 B 35 26.852 0 944- 944
08/10/98 B 51 26.868 0 1,363- 1,363
08/11/98 B 1,416 26.760 0 37,882- 37,882
08/13/98 S 5,806 26.696 0 154,988 86,929 68,059
08/14/98 S 50 26.471 0 1,328 751 577
08/18/98 S 1,219 26.570 0 32,388 18,252 14,136
08/24/98 B 187 26.445 0 4,933- 4,933
08/25/98 S 2,186 26.554 0 58,051 32,733 25,318
08/27/98 B 29 26.520 0 763- 763
08/31/98 S 398 25.102 0 10,000 5,965 4,035
<PAGE>
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
LADISH CO., INC. SALARIED
FROM 1/1/98 TO 12/31/98
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- -------------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
09/03/98 B 4,827 24.123 0 116,451- 116,451
09/04/98 S 147 23.913 0 3,505 2,195 1,310
09/10/98 B 41 24.423 0 1,000- 1,000
09/14/98 B 514 24.394 0 12,544- 12,544
09/30/98 B 39 25.386 0 1,000- 1,000
09/30/98 B 1,691 25.298 0 42,775- 42,775
10/02/98 B 1,563 23.732 0 37,089- 37,089
10/06/98 S 1,775 23.290 0 41,347 26,582 14,765
10/14/98 B 2,292 23.358 0 53,536- 53,536
10/15/98 S 31 23.730 0 745 470 275
10/20/98 S 1,659 25.192 0 41,799 24,844 19,956
10/29/98 S 16 25.564 0 397 232 164
11/03/98 B 1,355 26.562 0 35,996- 35,996
11/04/98 S 2,282 26.367 0 60,182 34,176 26,006
11/05/98 B 186 26.566 0 4,933- 4,933
11/16/98 B 727 26.717 0 19,433- 19,433
11/18/98 S 68 27.137 0 1,841 1,016 825
11/23/98 B 685 27.640 0 18,938- 18,938
11/24/98 S 369 28.330 0 10,451 5,523 4,927
11/25/98 B 475 28.264 0 13,431- 13,431
12/01/98 B 268 27.965 0 7,500- 7,500
12/03/98 B 1,453 28.323 0 41,167- 41,167
12/15/98 B 152 27.702 0 4,205- 4,205
12/22/98 S 732 29.373 0 21,512 10,966 10,546
12/23/98 S 642 29.544 0 18,953 9,605 9,347
12/24/98 B 14,975 28.457 0 426,140- 426,140
12/24/98 S 194 28.457 0 5,521 2,905 2,616
12/30/98 B 13 28.501 0 380- 380
------- ------------ ------------ ---------
SUB-TOTAL 0 2,521,168 2,089,228 431,927
ISSUE: 990008419 - AET INCOME 11
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
01/06/98 S 1,630 17.408 0 28,375 26,531 1,843
01/21/98 S 689 17.450 0 12,027 11,219 808
01/22/98 S 974 17.453 0 17,000 15,855 1,145
01/28/98 B 17 17.470 0 297- 297
01/29/98 B 1,199 17.472 0 20,947- 20,947
01/30/98 B 7 17.475 0 121- 121
02/04/98 B 721 17.489 0 12,618- 12,618
02/12/98 S 50 17.512 0 877 815 62
02/25/98 S 1,488 17.549 0 26,106 24,214 1,892
03/05/98 B 1 17.565 0 18- 18
03/10/98 S 66 17.586 0 1,165 1,078 87
<PAGE>
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
LADISH CO., INC. SALARIED
FROM 1/1/98 TO 12/31/98
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- -------------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
03/17/98 B 727 17.607 0 12,804- 12,804
03/23/98 S 4,207 17.618 0 74,112 68,471 5,641
03/24/98 S 249 17.626 0 4,382 4,046 335
03/31/98 S 279 17.646 0 4,919 4,537 382
04/07/98 B 1,478 17.666 0 26,112- 26,112
04/13/98 S 52 17.675 0 926 853 73
04/22/98 S 169 17.709 0 3,000 2,757 243
04/28/98 B 230 17.726 0 4,079- 4,079
05/01/98 S 1,350 17.734 0 23,942 21,975 1,967
05/04/98 B 166 17.737 0 2,947- 2,947
05/06/98 B 899 17.748 0 15,964- 15,964
05/07/98 S 461 17.751 0 8,191 7,511 680
05/08/98 B 1 17.759 0 18- 18
05/08/98 S 51 17.754 0 904 828 75
05/11/98 S 218 17.757 0 3,870 3,548 323
05/27/98 S 1 17.802 0 16 14 1
06/01/98 B 157 17.817 0 2,794- 2,794
06/04/98 B 896 17.832 0 15,980- 15,980
06/05/98 S 2,661 17.834 0 47,455 43,312 4,143
06/10/98 S 3,363 17.849 0 60,033 54,746 5,287
06/17/98 S 109 17.869 0 1,947 1,774 173
06/23/98 S 191 17.886 0 3,419 3,111 308
06/24/98 S 4,610 17.889 0 82,474 75,042 7,432
07/01/98 B 925 17.910 0 16,569- 16,569
07/07/98 S 1,645 17.927 0 29,491 26,777 2,714
07/09/98 B 834 17.933 0 14,950- 14,950
07/29/98 S 459 17.990 0 8,266 7,479 787
07/30/98 S 143 17.993 0 2,573 2,327 245
08/04/98 S 380 18.007 0 6,846 6,189 658
08/05/98 B 1,442 18.010 0 25,978- 25,978
08/07/98 S 52 18.016 0 944 853 91
08/10/98 B 227 18.019 0 4,088- 4,088
08/11/98 B 4,651 18.028 0 83,841- 83,841
08/14/98 S 41 18.036 0 739 667 72
08/24/98 S 458 18.059 0 8,266 7,450 816
08/25/98 B 3,213 18.068 0 58,051- 58,051
08/31/98 B 277 18.080 0 5,000- 5,000
09/02/98 B 553 18.091 0 10,000- 10,000
09/03/98 S 6,436 18.094 0 116,451 104,757 11,694
09/04/98 B 2,123 18.097 0 38,428- 38,428
09/10/98 S 254 18.114 0 4,600 4,134 466
09/14/98 B 2,359 18.120 0 42,746- 42,746
09/22/98 B 13 18.148 0 239- 239
09/30/98 S 165 18.172 0 3,000 2,688 313
<PAGE>
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
LADISH CO., INC. SALARIED
FROM 1/1/98 TO 12/31/98
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- -------------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
10/02/98 B 879 18.178 0 15,987- 15,987
10/05/98 S 207 18.181 0 3,755 3,362 393
10/06/98 B 9,030 18.189 0 164,238- 164,238
10/14/98 S 2,939 18.213 0 53,536 47,845 5,691
10/15/98 S 165 18.216 0 3,000 2,681 319
10/20/98 B 4,763 18.230 0 86,832- 86,832
10/29/98 S 13 18.255 0 242 216 26
11/03/98 B 933 18.271 0 17,048- 17,048
11/04/98 B 3,307 18.274 0 60,428- 60,428
11/05/98 S 453 18.277 0 8,271 7,366 905
11/16/98 S 8,614 18.303 0 157,660 140,209 17,451
11/18/98 S 57 18.314 0 1,038 923 115
11/24/98 B 570 18.332 0 10,451- 10,451
12/01/98 S 545 18.353 0 10,000 8,869 1,131
12/03/98 B 537 18.358 0 9,861- 9,861
12/15/98 S 229 18.394 0 4,205 3,721 484
12/22/98 B 1,168 18.413 0 21,512- 21,512
12/23/98 B 1,039 18.416 0 19,141- 19,141
12/24/98 S 180 18.419 0 3,324 2,938 387
-------- -------------- ------------ ---------
SUB-TOTAL 0 1,651,434 1,573,775 77,658
GRAND TOTAL 0 5,464,064 4,896,357 567,704
- -----------------------------------------------------------------------------------------------------------------------------------
CATEGORY 4- SINGLE TRANSACTION WITH ONE BROKER EXCEEDS 5% OF VALUE
*** NO TRANSACTIONS QUALIFIED FOR THIS SECTION ***
<PAGE>
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
LADISH CO., INC. SALARIED
FROM 1/1/98 TO 12/31/98
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- -------------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
FOOTNOTES
* = SINGLE TRANSACTION IS 5% REPORTABLE
B = BUY TRANSACTION
S = SELL TRANSACTION
R = REINVESTMENT TRANSACTION
</TABLE>
<PAGE>
LADISH CO., INC. HOURLY EMPLOYEES
SAVINGS AND DEFERRAL INVESTMENT PLAN
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 1998 AND 1997
TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
<PAGE>
LADISH CO., INC. HOURLY EMPLOYEES
SAVINGS AND DEFERRAL INVESTMENT PLAN
FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
TABLE OF CONTENTS
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
FINANCIAL STATEMENTS
Statement of Net Assets Available for Plan Benefits-December 31, 1998 and
1997
Statement of Changes in Net Assets Available for Plan Benefits for the Year
Ended December 31, 1998
NOTES TO FINANCIAL STATEMENTS
SCHEDULES SUPPORTING FINANCIAL STATEMENTS
Schedule I: Item 27a--Schedule of Assets Held for Investment
Purposes--December 31, 1998
Schedule II: Item 27d--Schedule of 5% Reportable Transactions for the Year
Ended December 31, 1998
<PAGE>
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Ladish Co., Inc.:
We have audited the accompanying statements of net assets available for plan
benefits of Ladish Co., Inc. Hourly Employees Savings and Deferral Investment
Plan as of December 31, 1998 and 1997, and the related statement of changes in
net assets available for plan benefits for the year ended December 31, 1998.
These financial statements and the supplemental schedules referred to below are
the responsibility of the plan administrator. Our responsibility is to express
an opinion on these financial statements and supplemental schedules based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of Ladish Co.,
Inc. Hourly Employees Savings and Deferral Investment Plan as of December 31,
1998 and 1997, and the changes in its net assets available for plan benefits for
the year ended December 31, 1998, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules, as listed in
the accompanying table of contents, are presented for purposes of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedules have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ Arthur Andersen LLP
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
May 28, 1999.
<PAGE>
<TABLE>
LADISH CO., INC. HOURLY EMPLOYEES
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1998
<CAPTION>
American American American
American Express Express Express
Express IDS IDS IDS New Templeton Ladish
Income Bond Mutual Dimensions Foreign Stock
Fund Fund Fund Fund Fund Fund Total
------------- ---------- ----------- --------------- ---------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at fair market value:
Common Trust Funds $1,702,513 $ - $ - $ - $ - $ - $ 1,702,513
Mutual Funds - 359,031 3,324,914 9,823,525 416,787 - 13,924,257
Common Stock - - - - - 2,035 2,035
------------- ---------- ----------- -------------- ---------- ------- -----------
Total investments 1,702,513 359,031 3,324,914 9,823,525 416,787 2,035 15,628,805
CASH - - 7,906 37,989 - - 45,895
------------- ---------- ----------- -------------- ---------- ------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $1,702,513 $359,031 $3,332,820 $9,861,514 $416,787 $2,035 $15,674,700
============= ========== =========== ============== ========== ======= ===========
The accompanying notes are an integral part of this financial statement.
</TABLE>
<PAGE>
<TABLE>
LADISH CO., INC. HOURLY EMPLOYEES
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1997
American American American
American Express Express Express
Express IDS IDS IDS New Templeton
Income Bond Mutual Dimensions Foreign
Fund Fund Fund Fund Fund Total
------------ ---------- ------------ --------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at fair market value:
Common Trust Funds $1,407,023 $ - $ - $ - $ - $ 1,407,023
Mutual Funds - 272,527 2,714,125 6,505,825 454,186 9,946,663
------------ ---------- ------------ --------------- ------------- ------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $1,407,023 $272,527 $2,714,125 $6,505,825 $ 454,186 $11,353,686
============ ========== ============ =============== ============= =============
The accompanying notes are an integral part of this financial statement.
</TABLE>
<PAGE>
<TABLE>
LADISH CO., INC. HOURLY EMPLOYEES
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1998
American American
American American Express Express
Express Express IDS IDS New Templeton Ladish
Income IDS Bond Mutual Dimensions Foreign Stock
Fund Fund Fund Fund Fund Fund Total
---------- ---------- ------------ ------------ ----------- -------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income-
Net appreciation (depreciation) in
fair value of investments $ 87,874 $ (6,973) $ (163,667) $1,499,960 $ (66,070) $ (603) $ 1,350,521
Interest and dividends - 24,515 440,525 563,263 45,066 - 1,073,369
---------- ---------- ------------ ------------ ----------- -------- ------------
Total investment income 87,874 17,542 276,858 2,063,223 (21,004) (603) 2,423,890
Employee contributions 253,202 71,709 526,856 1,353,933 135,266 171 2,341,137
---------- ---------- ------------ ------------ ----------- -------- ------------
Total additions 341,076 89,251 803,714 3,417,156 114,262 (432) 4,765,027
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants 108,267 29,883 84,228 183,593 6,008 - 411,979
Administrative expenses 2,270 463 4,499 11,916 618 - 19,766
---------- ---------- ------------ ------------ ----------- -------- ------------
Total deductions 110,537 30,346 88,727 195,509 6,626 - 431,745
---------- ---------- ------------ ------------ ----------- -------- ------------
FUND TRANSFERS, INCLUDING ASSETS TRANSFERRED
TO THE LADISH CO., INC. SAVINGS AND DEFERRAL
INVESTMENT PLAN 64,951 27,599 (96,292) 134,042 (145,035) 2,467 (12,268)
---------- ---------- ------------ ------------ ----------- -------- ------------
Net increase 295,490 86,504 618,695 3,355,689 (37,399) 2,035 4,321,014
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 1,407,023 272,527 2,714,125 6,505,825 454,186 - 11,353,686
---------- ---------- ------------ ------------ ----------- -------- ------------
End of year $1,702,513 $359,031 $3,332,820 $9,861,514 $ 416,787 $2,035 $15,674,700
========== ========== ============ ============ =========== ======== ============
The accompanying notes are an integral part of this financial statement.
</TABLE>
<PAGE>
LADISH CO., INC. HOURLY EMPLOYEES
SAVINGS AND DEFERRAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
(1) Description of Plan-
-------------------
The following brief description of the Ladish Co., Inc. (the "Company")
Hourly Employees Savings and Deferral Investment Plan (the "Plan") is
provided for general information purposes only. More complete information
regarding the Plan's provisions may be found in the plan document.
General-
-------
The Plan is a defined contribution plan established by the Company under
the provisions of Section 401(a) of the Internal Revenue Code ("IRC"),
which includes a qualified cash or deferred arrangement as described in
Section 401(k) of the IRC, for the benefit of eligible employees of the
Company. All Cudahy employees who have completed six months of service and
who are covered by a collective bargaining agreement that permits
participation in the Plan are eligible to participate. The Plan is subject
to the provisions of the Employee Retirement Income Security Act of 1974,
as amended ("ERISA").
On May 30, 1997, the Company sold the Industrial Products Division ("IPD")
to a third party buyer. IPD Plan participants with account balances of less
than $5,000 at the date of the sale were required to withdraw their account
balances from the Plan. IPD Plan participants with account balances of at
least $5,000 at the date of the sale were given the option to either remain
in or withdraw from the Plan.
Employee contributions-
----------------------
Amounts up to 20% (18% from April 1,1 997 to March 31, 1998 and 15% prior
to April 1, 1997) of a participant's compensation as defined in the Plan
agreement, can be contributed in any combination of after-tax and
before-tax contributions. Before-tax contributions result in a reduction of
the participant's income for purposes of Federal and State taxes, while
after-tax contributions do not result in any reduction. Contributions made
to the Plan are fully vested and nonforfeitable at all times.
Participant accounts-
--------------------
Individual accounts are maintained for each participant reflecting the
participant's before-tax and after-tax contributions, rollover
contributions, Company matching contributions, and account earnings. The
Plan's income and any related administrative expenses are allocated to
participant accounts based on the proportionate value of the participant's
account to the total market value of all accounts.
<PAGE>
-2-
Investments-
-----------
Participants may direct their contributions in 1% increments between six
investment options. Participants may reallocate current and future
contributions between investment options daily. Changes in the amount of
each pay period contribution can be made once per quarter. A brief
description of each investment option is provide below:
o American Express Income Fund - This fund is currently invested in a
series of insurance investment contracts, bank investment contracts,
and other stable value contracts and high quality cash investments.
The objective of this fund is to preserve principal and provide
income.
o American Express IDS Bond Fund - This fund invests in investment grade
corporate debt securities with some exposure to the high-yield market.
The objective of the fund is to provide current income while
conserving the value of the investment.
o American Express IDS Mutual Fund - This fund divides its investments
between common stocks, bonds and preferred stocks. No more than 65% of
the fund's total assets will be invested in common stocks and no less
than 35% in bonds and money market instruments. The objective of this
fund is to provide a balance of growth of capital and current income.
o American Express IDS New Dimensions Fund - This fund invests in
medium-to-large size capitalization growth stocks that have growth
rates of 15% to 20% or more. The objective of this fund is long-term
growth of capital.
o Templeton Foreign Fund - This fund invests in stocks and debt
obligations of companies and governments outside the United States.
The objective of this fund is long-term growth of capital.
o Ladish Stock Fund - This fund invests primarily in common stock of the
Company. Participants were able to invest in this fund beginning
August 1, 1998.
(2) Significant Accounting Policies-
-------------------------------
Basis of accounting-
-------------------
The accompanying financial statements have been prepared using the accrual
method of accounting.
Accounting estimates-
--------------------
The preparation of these financial statements required the use of certain
estimates by management in determining the Plan's assets, liabilities,
additions and deductions. Actual results may differ from these estimates.
<PAGE>
-3-
Net appreciation (depreciation) in fair market value of investments-
-------------------------------------------------------------------
Net realized and unrealized appreciation (depreciation) is recorded in the
accompanying statement of changes in net assets available for plan benefits
as net appreciation (depreciation) in fair value of investments.
Valuation of investments-
------------------------
The investments of the trust are maintained in common trust funds and
registered investment companies (mutual funds), and with the exception of
the Templeton Foreign Fund are managed by the Trustee. The funds are stated
at the value per unit used for the purpose of admission and withdrawal at
the valuation date, which approximates market value as determined by the
Trustee.
Administrative fees and related expenses-
----------------------------------------
All expenses incurred in the administration of the Plan are paid by the
Plan with the exception of legal and accounting fees, which are paid by the
Company.
(3) Benefits Paid to Participants-
-----------------------------
A participant, while employed, may withdraw all or a portion of his or her
after-tax contribution account and may also withdraw all or a portion of
his or her before-tax contribution in the event of demonstrated financial
hardship as defined by the Plan. Loans are not permitted under the Plan.
After age 59-1/2, a participant may withdraw the vested portion of this
account.
All account withdrawals are subject to a minimum withdrawal of $1,000 or
100% of the account value, whichever is less. Participants who make
withdrawals are not permitted to make contributions to the Plan for six
months after the date of withdrawal. Participants making hardship
withdrawals are not permitted to contribute to the Plan for 12 months after
the date of the hardship withdrawal.
Payment of benefits is to be made upon termination due to retirement,
disability, death, or other voluntary or involuntary termination of
employment. Distribution of account balances is made as a lump sum payment
in cash.
(4) Tax Status-
----------
Although the Plan has received a favorable determination letter dated
September 8, 1995 from the Internal Revenue Service, it has not been
updated for the latest Plan amendments. However, the plan administrator and
legal counsel believe that the Plan was designed and
<PAGE>
-4-
operated in compliance with the applicable requirements of the IRC.
Therefore, they believe the Plan was qualified and the related trust was
tax-exempt for the years ended December 31, 1998 and 1997.
(5) Plan Termination-
----------------
Although the Company has not expressed any intent to terminate the Plan, it
may do so at any time. The Administrative Committee of the Company shall
determine whether such accounts are to be immediately distributed, remain
invested in the trust funds until the termination of the affected
participant, or whether other methods of disposition of the accounts shall
be used.
(6) Related Party Transactions-
--------------------------
The Plan regularly invests in common trust funds and mutual funds managed
by the Trustee. These transactions are not considered prohibited
transactions by statutory exemptions under ERISA regulations.
<PAGE>
Ladish Co., Inc. Hourly Employees Savings and Deferral Investment Plan
Item 27(a) - Schedule of Assets Held for Investment Purposes
Page 1 of 2
AMERICAN
EXPRESS
Financial Schedule I
Advisors
FORM 5500 SCHEDULE G WORKSHEET FOR BANK: AMERICAN EXPRESS TRUST COMPANY PAGE 7
FOR PLAN YEAR 1/1/98 THROUGH 12/31/98
NAME: LADISH CO., INC. HOURLY
PART I - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
========================================================
(B) CUSIP (C) DESCRIPTION (D) COST (E) CURRENT VALUE
--------- --------------- -------- -----------------
GENERAL INVESTMENTS
- -------------------
9900075T9 LADISH CO INC STOCK FUND 2,056.22 2,034.78
990008419 AET INCOME II 1,552,367.24 1,702,512.62
------------- -------------
TOTAL GENERAL INVESTMENTS 1,554,423.46 1,704,547.40
REGULATED INVESTMENT COMPANIES
- ------------------------------
449427301 IDS BOND FUND Y 363,985.25 359,031.02
449442409 IDS MUTUAL FUND Y 3,399,528.31 3,324,914.26
449444306 IDS NEW DIMENSIONS FUND Y 6,972,390.85 9,823,525.41
880196209 TEMPLETON FOREIGN FUND (A) 489,607.81 416,787.30
------------- -------------
TOTAL REGULATED INVESTMENT COMPANIES 11,225,512.22 13,924,257.99
***GRAND TOTALS*** 12,779,935.68 15,628,805.39
<PAGE>
AMERICAN
EXPRESS
Financial
Advisors
IDS TRUST COMPANY LADISH CO., INC. HOURLY PAGE 8
1200 NORTHSTAR WEST JANUARY 1, 1998 THROUGH DECEMBER 31, 1998
P.O. BOX 534 ASSETS BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
MINNEAPOLIS, MN 55440-0534
ACCOUNT FACE AMOUNT TRANSACTION
NUMBER DESCRIPTION OR SHARES COST PROCEEDS
- ------- ----------- ----------- ---- -----------
IDS BOND FUND Y
449427301
x DISPOSITIONS -37,064.6931 -191,249.8300 190,956.5400
IDS MUTUAL FUND Y
449442409
x DISPOSITIONS -18,137.4790 -237,784.2000 257,682.9800
IDS NEW DIMENSIONS FUND Y
449444306
x DISPOSITIONS -21,738.1239 -384,139.1000 575,537.5400
TEMPLETON FOREIGN FUND (A)
880196209
x DISPOSITIONS -17,367.9905 -178,374.4500 171,085.4200
LADISH CO INC STOCK FUND
9900075T9
x DISPOSITIONS -483.0040 -3,884.7800 3,304.9000
AET INCOME II
990008419
x DISPOSITIONS -14,604.7800 -238,687.0900 259,931.8800
***TOTAL DISPOSITIONS*** -109,396.0705 -1,234,119.4500 1,458,499.2600
<PAGE>
AMERICAN Schedule II
EXPRESS
Financial SCHEDULE G INFORMATION - PART V
Advisors REPORTABLE TRANSACTIONS
LADISH CO., INC. HOURLY PAGE 9
FROM 1/1/98 TO 12/31/98
DATE SHARES UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
BEGINNING MARKET VALUE 11,353,686.16
COMPARATIVE VALUE (5%) 567,684.31
---------------------- -------------
CATEGORY 1 - SINGLE TRANSACTION EXCEEDS 5% OF VALUE
*** NO TRANSACTIONS QUALIFIED FOR THIS SECTION ***
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
CATEGORY 2 - SERIES OF TRANSACTIONS WITH SAME BROKER EXCEEDS 5% OF VALUE
*** NO TRANSACTIONS QUALIFIED FOR THIS SECTION ***
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
CATEGORY 3 - SERIES OF TRANSACTIONS IN SAME SECURITY EXCEEDS 5% OF VALUE
ISSUE: 449442409 - IDS MUTUAL FUND Y
01/15/98 B 545 13.694 0 7,466- 7,466
01/21/98 B 168 13.792 0 2,322- 2,322
01/26/98 B 66 13.588 0 902- 902
01/27/98 B 596 13.635 0 8,132- 8,132
01/28/98 S 1,033 13.711 0 14,159 13,538 621
01/29/98 B 3,894 13.771 0 53,631- 53,631
02/03/98 S 206 14.005 0 2,890 2,706 185
<PAGE>
AMERICAN
EXPRESS
Financial SCHEDULE G INFORMATION - PART V
Advisors REPORTABLE TRANSACTIONS
LADISH CO., INC. HOURLY PAGE 10
FROM 1/1/98 TO 12/31/98
DATE SHARES UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
02/04/98 B 250 14.036 0 3,505- 3,505
02/05/98 B 65 14.007 0 912- 912
02/06/98 B 398 13.981 0 5,570- 5,570
02/10/98 B 683 14.037 0 9,581- 9,581
02/12/98 S 71 14.108 0 1,002 932 71
02/18/98 S 2 14.237 0 34 31 3
02/20/98 S 21 14.178 0 303 280 23
02/24/98 B 42 14.207 0 600- 600
02/25/98 S 633 14.109 0 8,933 8,300 632
03/02/98 B 170 14.301 0 2,426- 2,426
03/03/98 S 118 14.290 0 1,690 1,550 140
03/05/98 B 490 14.276 0 6,991- 6,991
03/06/98 S 1,191 14.194 0 16,906 15,615 1,291
03/09/98 S 100 14.381 0 1,436 1,309 127
03/10/98 S 53 14.400 0 766 697 69
03/11/98 S 117 14.492 0 1,702 1,540 162
03/13/98 S 239 14.576 0 3,484 3,134 350
03/16/98 B 314 14.542 0 4,566- 4,566
03/18/98 B 2,894 14.627 0 42,325- 42,325
03/24/98 S 611 14.767 0 9,019 8,007 1,012
03/30/98 B 1,790 14.631 0 26,191- 26,191
03/30/98 S 698 14.631 0 10,216 9,154 1,062
03/31/98 B 2,720 14.596 0 39,706- 39,706
04/06/98 B 336 14.821 0 4,975- 4,975
04/07/98 S 219 14.820 0 3,246 2,871 374
04/17/98 S 466 14.692 0 6,841 6,104 737
04/22/98 S 1,372 14.737 0 20,213 17,981 2,231
04/27/98 B 146 14.566 0 2,126- 2,126
05/01/98 S 1,069 14.577 0 15,578 14,011 1,568
05/05/98 S 511 14.680 0 7,501 6,699 802
05/06/98 B 3,619 14.606 0 52,866- 52,866
05/07/98 S 1,077 14.538 0 15,659 14,121 1,538
05/08/98 S 65 14.471 0 944 855 89
05/26/98 S 54 14.607 0 785 705 80
05/27/98 S 51 14.493 0 740 669 71
05/28/98 S 198 14.450 0 2,856 2,591 265
06/04/98 B 4,128 14.398 0 59,441- 59,441
06/08/98 S 446 14.452 0 6,446 5,847 599
06/17/98 S 224 14.343 0 3,207 2,931 276
06/29/98 B 1,694 14.341 0 24,301- 24,301
07/01/98 B 2,641 14.339 0 37,864- 37,864
07/07/98 S 37 14.523 0 539 486 52
07/13/98 S 584 14.447 0 8,444 7,662 781
07/20/98 S 405 14.517 0 5,879 5,309 570
<PAGE>
AMERICAN
EXPRESS
Financial SCHEDULE G INFORMATION - PART V
Advisors REPORTABLE TRANSACTIONS
LADISH CO., INC. HOURLY PAGE 11
FROM 1/1/98 TO 12/31/98
DATE SHARES UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
07/22/98 S 924 14.405 0 13,310 12,114 1,196
07/23/98 S 3 14.418 0 42 38 4
07/28/98 S 486 14.239 0 6,915 6,367 548
08/05/98 B 3,410 13.788 0 47,024- 47,024
08/06/98 S 36 13.795 0 500 475 25
08/10/98 S 427 13.874 0 5,925 5,599 326
08/14/98 S 68 13.734 0 938 896 43
08/19/98 B 10 13.897 0 133- 133
09/02/98 S 596 13.154 0 7,843 7,817 26
09/04/98 S 14 13.137 0 189 188 0
09/09/98 B 3,893 13.419 0 52,241- 52,241
09/10/98 S 22 13.419 0 289 283 7
09/10/98 S 725 13.335 0 9,664 9,501 163
09/17/98 S 862 13.704 0 11,808 11,297 512
09/23/98 S 182 13.527 0 2,460 2,384 76
09/28/98 B 1,760 13.485 0 23,739- 23,739
10/02/98 B 2,749 13.119 0 36,059- 36,059
10/06/98 S 408 13.175 0 5,375 5,349 26
10/08/98 S 450 13.043 0 5,872 5,902 -30
10/19/98 B 72 13.658 0 988- 988
10/20/98 S 174 13.685 0 2,382 2,281 100
10/26/98 B 22 13.587 0 300- 300
10/29/98 S 16 13.663 0 216 207 9
11/03/98 B 4,458 13.957 0 62,224- 62,224
11/18/98 S 89 14.149 0 1,265 1,172 93
12/02/98 S 360 14.407 0 5,186 4,719 467
12/03/98 B 2,598 14.408 0 37,429- 37,429
12/04/98 B 545 14.291 0 7,794- 7,794
12/07/98 S 331 14.438 0 4,785 4,345 440
12/15/98 B 85 14.118 0 1,204- 1,204
12/17/98 S 81 14.233 0 1,147 1,057 90
12/23/98 B 28,443 12.878 0 366,295- 366,295
12/29/98 B 15 12.955 0 196- 196
12/30/98 S 12 12.955 0 154 156 -2
12/31/98 B 9 13.028 0 113- 113
------- ----------- --------- ------
SUB-T0TAL 0 1,289,821 1,269,920 19,900
ISSUE: 449444306 - IDS NEW DIMENSIONS FUND Y
01/05/98 B 185 23.948 0 4,438- 4,438
01/15/98 S 51 23.534 0 1,200 901 299
01/21/98 B 97 24.059 0 2,322- 2,322
01/26/98 B 37 23.520 0 879- 879
<PAGE>
AMERICAN
EXPRESS
Financial SCHEDULE G INFORMATION - PART V
Advisors REPORTABLE TRANSACTIONS
LADISH CO., INC. HOURLY PAGE 12
FROM 1/1/98 TO 12/31/98
DATE SHARES UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
01/27/98 B 1,844 23.411 0 43,171- 43,171
01/28/98 S 596 23.692 0 14,130 10,539 3,591
01/29/98 B 5,512 23.990 0 132,243- 132,243
01/30/98 B 5 24.169 0 132- 132
02/03/98 S 300 24.597 0 7,375 5,298 2,076
02/04/98 B 271 24.749 0 6,715- 6,715
02/10/98 B 386 24.796 0 9,581- 9,581
02/12/98 S 98 25.029 0 2,452 1,731 721
02/20/98 S 2 25.287 0 51 35 15
02/20/98 S 44 25.211 0 1,114 781 333
02/24/98 B 41 25.408 0 1,050- 1,050
02/25/98 B 682 25.156 0 17,164- 17,164
03/02/98 B 394 25.612 0 10,080- 10,080
03/03/98 S 73 25.531 0 1,868 1,293 575
03/05/98 B 96 25.454 0 2,445- 2,445
03/06/98 B 788 25.167 0 19,836- 19,836
03/09/98 S 146 25.655 0 3,741 2,577 1,164
03/10/98 S 39 25.533 0 1,002 693 308
03/13/98 B 221 26.003 0 5,741- 5,741
03/16/98 S 175 26.025 0 4,566 3,100 1,466
03/18/98 B 3,918 26.282 0 102,984- 102,984
03/19/98 S 51 26.349 0 1,343 901 442
03/24/98 S 164 26.520 0 4,338 2,890 1,447
03/25/98 S 530 26.832 0 14,211 9,359 4,852
03/30/98 B 760 26.715 0 20,306- 20,306
03/31/98 B 3,739 26.633 0 99,590- 99,590
04/06/98 B 175 27.522 0 4,828- 4,828
04/07/98 S 133 27.639 0 3,685 2,356 1,329
04/08/98 S 293 27.276 0 8,000 5,183 2,817
04/17/98 B 198 27.009 0 5,358- 5,358
04/20/98 B 4 27.366 0 99- 99
04/22/98 B 961 27.519 0 26,448- 26,448
04/24/98 B 1,497 27.256 0 40,804- 40,804
04/27/98 B 157 27.043 0 4,253- 4,253
05/01/98 B 573 27.198 0 15,578- 15,578
05/05/98 S 155 27.353 0 4,237 2,737 1,500
05/06/98 B 4,983 27.160 0 135,345- 135,345
05/07/98 S 154 26.890 0 4,134 2,717 1,417
05/08/98 S 94 26.660 0 2,495 1,654 841
05/13/98 B 15 27.074 0 409- 409
05/15/98 S 69 27.146 0 1,877 1,222 655
05/26/98 B 477 26.884 0 12,834- 12,834
05/27/98 S 198 26.450 0 5,229 3,493 1,735
05/28/98 S 338 26.478 0 8,955 5,977 2,979
<PAGE>
AMERICAN
EXPRESS
Financial SCHEDULE G INFORMATION - PART V
Advisors REPORTABLE TRANSACTIONS
LADISH CO., INC. HOURLY PAGE 13
FROM 1/1/98 TO 12/31/98
DATE SHARES UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
06/02/98 S 314 26.400 0 8,299 5,555 2,744
06/04/98 B 5,883 26.261 0 154,491- 154,491
06/08/98 S 1,134 26.599 0 30,170 20,043 10,126
06/12/98 S 637 26.583 0 16,943 11,263 5,680
06/17/98 S 137 26.449 0 3,632 2,427 1,206
07/01/98 B 3,505 27.861 0 97,640- 97,640
07/07/98 S 61 28.414 0 1,731 1,076 654
07/13/98 B 293 28.801 0 8,444- 8,444
07/20/98 S 276 29.400 0 8,128 4,885 3,243
07/22/98 B 277 28.953 0 8,011- 8,011
07/23/98 B 72 28.797 0 2,087- 2,087
07/28/98 B 244 28.312 0 6,915- 6,915
08/05/98 B 4,599 26.465 0 121,710- 121,710
08/06/98 S 19 26.630 0 500 332 168
08/10/98 B 221 26.868 0 5,925- 5,925
08/12/98 S 628 26.380 0 16,572 11,101 5,471
08/14/98 S 98 26.473 0 2,598 1,734 864
08/18/98 S 87 26.570 0 2,321 1,544 777
08/19/98 S 60 27.031 0 1,616 1,057 560
09/01/98 S 568 23.271 0 13,217 10,036 3,180
09/02/98 S 1,133 24.117 0 27,326 20,023 7,304
09/04/98 S 765 23.913 0 18,302 13,525 4,777
09/09/98 B 5,785 24.801 0 143,469- 143,469
09/10/98 S 11 24.801 0 279 199 80
09/10/98 S 926 24.423 0 22,625 16,371 6,255
09/23/98 B 172 24.991 0 4,291- 4,291
10/02/98 B 4,048 23.732 0 96,060- 96,060
10/06/98 B 231 23.290 0 5,375- 5,375
10/08/98 S 275 22.702 0 6,241 4,858 1,383
10/20/98 S 104 25.192 0 2,618 1,837 782
10/21/98 B 596 25.165 0 15,000- 15,000
10/22/98 S 682 25.377 0 17,295 12,043 5,252
10/26/98 S 1,240 25.565 0 31,695 21,909 9,787
10/29/98 S 22 25.558 0 554 383 171
11/03/98 B 6,251 26.562 0 166,032- 166,032
11/05/98 S 653 26.566 0 17,341 11,535 5,806
11/10/98 S 1,745 26.788 0 46,752 30,841 15,911
11/12/98 B 1,323 26.567 0 35,140- 35,140
11/18/98 B 715 27.137 0 19,409- 19,409
11/23/98 S 685 27.640 0 18,938 12,108 6,830
11/25/98 S 2,509 28.264 0 70,915 44,337 26,577
12/02/98 S 289 28.319 0 8,184 5,107 3,077
12/03/98 B 3,344 28.323 0 94,719- 94,719
12/04/98 S 1,122 27.783 0 31,176 19,829 11,347
<PAGE>
AMERICAN
EXPRESS
Financial SCHEDULE G INFORMATION - PART V
Advisors REPORTABLE TRANSACTIONS
LADISH CO., INC. HOURLY PAGE 14
FROM 1/1/98 TO 12/31/98
DATE SHARES UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
12/07/98 S 30 28.368 0 845 526 318
12/15/98 B 1,583 27.702 0 43,840- 43,840
12/16/98 B 475 28.215 0 13,407- 13,407
12/17/98 B 286 28.205 0 8,055- 8,055
12/18/98 B 4 28.655 0 114- 114
12/21/98 S 1,810 28.921 0 52,345 31,983 20,361
12/24/98 B 19,793 28.457 0 563,263- 563,263
12/29/98 B 1,934 28.501 0 55,134- 55,134
12/30/98 S 13 28.501 0 380 236 144
12/31/98 B 4 28.719 0 113- 113
------ --------- --------- -------
0 2,968,818 2,777,417 191,397
ISSUE: 990008419 - AET INCOME 11
01/15/98 S 359 17.433 0 6,266 5,874 392
01/26/98 S 1,645 17.458 0 28,715 26,881 1,834
01/27/98 S 466 17.467 0 8,132 7,609 523
01/28/98 B 1,619 17.470 0 28,289- 28,289
01/29/98 B 1,458 17.472 0 25,472- 25,472
02/04/98 S 780 17.489 0 13,637 12,743 894
02/10/98 S 1,094 17.507 0 19,161 17,887 1,274
02/12/98 S 28 17.512 0 487 455 33
02/20/98 S 52 17.535 0 904 843 61
02/24/98 S 237 17.546 0 4,150 3,865 285
03/02/98 S 135 17.558 0 2,372 2,208 164
03/05/98 S 398 17.572 0 6,991 6,503 489
03/06/98 B 67 17.575 0 1,182- 1,182
03/09/98 S 56 17.578 0 982 913 69
03/10/98 S 61 17.586 0 1,070 995 76
03/11/98 S 69 17.589 0 1,222 1,135 87
03/13/98 S 4 17.594 0 74 69 5
03/18/98 B 1,127 17.609 0 19,843- 19,843
03/19/98 S 159 17.612 0 2,794 2,592 201
03/24/98 B 616 17.626 0 10,857- 10,857
03/25/98 B 403 17.630 0 7,105- 7,105
03/26/98 B 402 17.632 0 7,087- 7,087
03/30/98 S 572 17.638 0 10,090 9,350 741
03/31/98 B 1,068 17.646 0 18,841- 18,841
04/06/98 S 555 17.658 0 9,803 9,073 730
04/07/98 S 747 17.666 0 13,202 12,213 989
04/22/98 S 493 17.709 0 8,735 8,062 674
04/24/98 S 1,052 17.715 0 18,630 17,188 1,443
05/05/98 S 186 17.746 0 3,300 3,039 261
<PAGE>
AMERICAN
EXPRESS
Financial SCHEDULE G INFORMATION - PART V
Advisors REPORTABLE TRANSACTIONS
LADISH CO., INC. HOURLY PAGE 15
FROM 1/1/98 TO 12/31/98
DATE SHARES UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
05/06/98 B 1,365 17.748 0 24,227- 24,227
05/07/98 S 204 17.751 0 3,623 3,336 287
05/08/98 S 25 17.754 0 445 410 35
05/13/98 B 23 17.769 0 409- 409
05/27/98 S 65 17.808 0 1,159 1,063 95
05/28/98 B 663 17.812 0 11,811- 11,811
05/29/98 B 21 17.814 0 372- 372
06/04/98 B 1,556 17.832 0 27,744- 27,744
06/05/98 S 422 17.834 0 7,524 6,895 629
06/12/98 S 92 17.854 0 1,638 1,499 139
07/01/98 B 1,021 17.910 0 18,277- 18,277
07/16/98 S 362 17.953 0 6,500 5,917 583
07/22/98 S 86 17.970 0 1,537 1,398 139
07/23/98 S 2 17.971 0 40 36 4
08/05/98 B 1,238 18.010 0 22,287- 22,287
08/12/98 B 919 18.030 0 16,572- 16,572
08/14/98 S 27 18.036 0 481 436 45
08/19/98 B 20 18.050 0 353- 353
08/31/98 B 138 18.080 0 2,494- 2,494
09/01/98 B 950 18.088 0 17,187- 17,187
09/02/98 B 507 18.091 0 9,172- 9,172
09/04/98 B 988 18.097 0 17,881- 17,881
09/09/98 B 975 18.112 0 17,657- 17,657
09/10/98 S 473 18.114 0 8,561 7,724 837
09/17/98 B 651 18.135 0 11,808- 11,808
09/23/98 S 101 18.152 0 1,831 1,649 182
10/02/98 B 971 18.178 0 17,642- 17,642
10/21/98 S 823 18.233 0 15,000 13,445 1,555
10/22/98 B 1,175 18.236 0 21,429- 21,429
10/29/98 S 6 18.255 0 109 98 11
11/03/98 B 1,833 18.271 0 33,489- 33,489
11/05/98 B 949 18.277 0 17,341- 17,341
11/18/98 S 1,284 18.314 0 23,524 20,992 2,532
11/19/98 S 1,110 18.317 0 20,333 18,141 2,191
11/25/98 B 1,830 18.335 0 33,545- 33,545
12/02/98 S 376 18.356 0 6,910 6,152 758
12/03/98 B 1,070 18.358 0 19,635- 19,635
12/07/98 B 411 18.364 0 7,541- 7,541
------- --------- --------- --------
SUB-TOTAL 0 727,481 706,237 21,247
GRAND TOTAL 0 4,986,120 4,753,574 232,544
<PAGE>
AMERICAN
EXPRESS
Financial SCHEDULE G INFORMATION - PART V
Advisors REPORTABLE TRANSACTIONS
LADISH CO., INC. HOURLY PAGE 16
FROM 1/1/98 TO 12/31/98
DATE SHARES UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
CATEGORY 4 - SINGLE TRANSACTION WITH ONE BROKER EXCEEDS 5% OF VALUE
*** NO TRANSACTIONS QUALIFIED FOR THIS SECTION ***
FOOTNOTES
---------
* = SINGLE TRANSACTION IS 5% REPORTABLE
B = BUY TRANSACTION
S = SELL TRANSACTION
R = REINVESTMENT TRANSACTION
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Ladish Co., Inc. has duly caused this Annual Report to be signed on its behalf
by the undersigned hereunto duly authorized.
LADISH CO., INC.
Date: June 25, 1999 By: /S/ WAYNE E. LARSEN
----------------------------------------
Wayne E. Larsen
Vice President Law/Finance & Secretary
(Principal Financial Officer and
Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
23 Consent of Arthur Andersen LLP
Exhibit 23
ARTHUR ANDERSEN LLP
Consent of Independent Public Accountants
As independent public accountants, we hereby consent to the incorporation of our
report included in this Form 11-K into Ladish Co., Inc.'s previously filed
Registration Statement file No. 333-53891.
/s/ Arthur Andersen LLP
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin
June 22, 1999
