WSI Industries Reports Improved Full Year Results
October 17 2012 - 5:00PM
Business Wire
WSI Industries, Inc. (Nasdaq: WSCI) today reported sales for the
full year fiscal 2012 ending August 26, 2012 of $32,456,000, an
increase of 30% over the prior year’s sales of $24,963,000. The
Company also reported an increase of 64% in full year net income to
$1,473,000 or $.51 per diluted share versus $899,000 or $.31 per
diluted share in fiscal 2011.
Fiscal fourth quarter sales of $9,965,000 were an increase of
38% over the prior year’s quarter of $7,221,000. The Company’s net
income in the current year’s fourth quarter of $600,000 or $.21 per
diluted share was an increase of 76% over the prior year’s quarter
of $340,000 or $.12 per diluted share.
Benjamin Rashleger, president and chief executive officer,
commented: “A year ago we reported that our fiscal 2011 revenue was
up 33% and net income was up 41% and that we expected fiscal 2012
to be even better. We are pleased to report that our fiscal 2012
sales increase was almost equivalent to the fiscal 2011 increase,
and that our net earnings increase accelerated to a 64% improvement
over the prior year.” He noted that in fiscal 2012 the Company
accomplished the following:
- Increased sales and net income by 30%
and 64%, respectively, over the prior year.
- Increased working capital by $1.1
million and maintained the Company’s solid financial position.
- Increased our energy business revenues
by 78% over the prior year.
- Increased revenues in our recreational
vehicle market by 19% over the prior year.
- Invested $3.7 million in property and
equipment during fiscal 2012.
- Invested in our human resource capital
by increasing our headcount by 17% in the past year.
- Increased our share price by 35% in
fiscal 2012, which followed a 61% increase in share price in fiscal
2011 and a 38% increase in fiscal 2010.
- Paid a cash dividend at an annualized
rate of $.16 per share.
- Broke ground on a new $3.5 million,
47,000 square foot expansion that will double the Company’s
manufacturing space.
- Signed agreements with our largest
customer that extended through 2014 our agreement to provide parts
on three different programs and also awarded us a new program that
will commence production in the summer of 2013.
- Signed agreements with two existing
aerospace customers, both of which run through 2017.
Rashleger continued: “We are pleased to report on the continued
success of WSI in fiscal 2012. In the last two years, we have
increased sales by 72% and net earnings by 131%. We have
diversified our customer and industry base by adding business in
our energy and aerospace markets. We have aligned our investment in
equipment and employees to support our current and future growth.
As we announced in August 2012, we are expanding our existing
facilities by embarking on a $3.5 million addition to our building
that will double our size and will allow us to continue to grow. We
are excited about our future prospects, our customer’s success and
the potential of the markets we serve.” Rashleger concluded: “We
anticipate that fiscal 2013 will again show improvements in both
sales and earnings over fiscal 2012. To accomplish this, we must
remain focused on execution while providing the best value for our
customers and building a world class contract manufacturing
business.”
The Company also announced today that its Board of Directors has
declared a quarterly dividend of $.04 per share. The dividend will
be payable November 15, 2012 to holders of record on November 1,
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 market.
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 Quarter
ended Year ended August 26, August 28, August 26, August 28, 2012
2011 2012 2011 Net Sales $9,965 $7,221 $32,456 $24,963 Cost of
products sold 8,099 5,849 26,692 20,528
Gross margin 1,866 1,372 5,764 4,435 Selling and
administrative expense 850 784 3,160 2,760 Interest and other
income (1 ) (8 ) (14 ) (19 ) Interest and other expense 80
65 316 289 Net Income before taxes 937 531
2,302 1,405 Income tax expense (benefit) 337 191
829 506 Net income (loss) $600 $340
$1,473 $899 Basic earnings
(loss) per share $0.21 $0.12 $0.52 $0.32
Diluted earnings (loss) per share $0.21 $0.12
$0.51 $0.31
Weighted average number of common shares
outstanding
2,856 2,835 2,849 2,826
Weighted average number of common and
dilutive potential common shares
2,913 2,897 2,903 2,877 CONDENSED CONSOLIDATED
BALANCE SHEETS (Unaudited) In thousands
August 26,
August 28, 2012 2011 Assets: Total Current Assets $11,391 $8,711
Property, Plant, and Equipment, net 9,315 7,078 Intangible Assets
2,368 2,368 Total Assets $23,074 $18,157
Liabilities and Shareholders' Equity: Total current
liabilities $4,974 $3,427 Long-term debt 5,463 3,936 Deferred tax
liabilities 970 308 Shareholders' equity 11,667 10,486
Total Liabilities and Shareholders' Equity $23,074
$18,157
Wsi Industries Inc. (delisted) (NASDAQ:WSCI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wsi Industries Inc. (delisted) (NASDAQ:WSCI)
Historical Stock Chart
From Jul 2023 to Jul 2024