WSI Industries, Inc. (Nasdaq: WSCI) today reported sales for its fiscal 2012 second quarter ending February 26, 2012 of $7,021,000 versus the prior year amount of $5,682,000, or an increase of 24% over the prior year quarter. Year-to-date sales for the six months ended February 26, 2012 totaled $13,008,000, an increase of 16% versus $11,210,000 in the prior year. The Company reported net income of $171,000 or $.06 per diluted share for the fiscal 2012 second quarter which was an increase of 45% over the prior year quarter amount of $118,000. Year-to-date income also rose with the Company reporting fiscal earnings of $276,000 or $.10 per diluted share versus $162,000 or $.06 per diluted share in the prior year which represented an increase of 70%.
Benjamin Rashleger, president and chief executive officer, commented: “We are pleased to report increases in both our top line sales and bottom line profit in our fiscal 2012 second quarter and year-to-date financials. This is our seventh consecutive quarter of year over year quarterly sales growth.” Rashleger continued: “Our sales growth has been supported by increases in both our recreational vehicle business and our energy business. We continue to experience growth in our existing recreational vehicle lines, and at the same time we are also expanding our scope by adding newly awarded programs and product lines that will benefit us in the coming years. Our energy business has also grown with the increase in that market coming primarily from our product lines in the shale fracturing business.” Rashleger concluded: “As we have stated previously, we continue to invest in both capital equipment as well as adding new employees. These investments necessitate up-front costs and inefficiencies that have impacted our income statement. However, we reiterate our previous guidance that we expect our full year fiscal 2012 to exceed the prior year in both sales and net income.”
The Company also announced that it has signed a five year agreement with an existing aerospace customer to continue to provide them parts. Rashleger commented: “This agreement provides further solidification of our business foundation, as well as providing for industry and customer diversification.”
The Company also announced today that its Board of Directors has declared a quarterly dividend of $.04 per share. The dividend will be payable April 18, 2012 to holders of record on April 4, 2012.
WSI Industries, Inc. is a leading contract manufacturer that specializes in the machining of complex, high-precision parts for a wide range of industries, including avionics and aerospace, energy, recreational vehicles, small engines, marine, bioscience and the defense markets.
The statements included herein which are not historical or current facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. There are certain important factors which could cause actual results to differ materially from those anticipated by some of the statements made herein, including the Company’s ability to retain current programs and obtain additional manufacturing programs, and other factors detailed in the Company’s filings with the Securities and Exchange Commission.
WSI INDUSTRIES, INC.
|CONSOLIDATED STATEMENT OF OPERATIONS||(Unaudited)|
|In thousands, except per share amounts|
|Second quarter ended||First six months ended|
|February 26,||February 27,||February 26,||February 27,|
|Cost of products sold||5,974||4,816||11,033||9,614|
|Selling and administrative expense||711||607||1,401||1,200|
|Interest and other income||(11||)||(3||)||(13||)||(6||)|
|Interest and other expense||80||78||156||149|
Profit (loss) from operations before income taxes
|Net earnings (loss)||$||171||$||118||$||276||$||162|
|Basic earnings (loss) per share||$||0.06||$||0.04||$||0.10||$||0.06|
|Diluted earnings (loss) per share||$||0.06||$||0.04||$||0.10||$||0.06|
Weighted average number of common shares
Weighted average number of dilutive common shares outstanding
|CONDENSED BALANCE SHEETS (Unaudited)|
|February 26,||February 27,|
|Total Current Assets||$||8,847||$||7,450|
|Property, Plant, and Equipment, net||8,453||7,177|
|Liabilities and Shareholders' Equity:|
|Total current liabilities||$||3,808||$||3,162|
|Deferred tax liabilities||357||-|
|Total Liabilities and Shareholders' Equity||$||19,668||$||17,134|
Benjamin Rashleger, President & CEO, 763-295-9202
Paul D. Sheely, CFO, 763-295-9202
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