WSI Industries Reports 43% Increase in Sales & 310% Increase in Net Income
January 03 2013 - 1:50PM
Business Wire
WSI Industries, Inc. (Nasdaq: WSCI) today reported sales for its
fiscal 2013 first quarter ending November 25, 2012 of $8,584,000, a
43% increase versus the prior year amount of $5,987,000. Net income
for the fiscal 2013 first quarter was $431,000 or $.15 per diluted
share which represented a 310% increase over the prior year quarter
of $105,000 or $.04 per diluted share.
Benjamin Rashleger, president and chief executive officer,
commented: “We began fiscal 2013 with significant momentum carried
over from the last two quarters of fiscal 2012. With our fiscal
2013 first quarter, we have completed a third consecutive quarter
where our quarterly sales have increased by 38% or more year over
year.” Rashleger further stated: “While we have experienced some
significant improvements over the past few quarters in our year
over year earnings, we have experienced some softening in our
energy business, and expect to see some near term impact due to
this softening, especially when considering that our second quarter
historically is our slowest quarter for the year due to seasonal
market conditions with some of our key customers. That said, we
continue to have confidence in our business for the remainder of
our fiscal 2013 and believe our team has demonstrated the ability
to identify and deliver profitable growth over the long term.”
Rashleger concluded: “We are also pleased to report that our
building expansion is going as planned and we look forward to
utilizing the space in the coming months. We view the new addition
as an excellent market advantage as it will allow us to approach
prospective customers with larger outsourcing needs with a readily
available site. We are currently anticipating that we will consume
one-third of the new space almost immediately after it is
completed, and it is a critical component of our ability to
continue to expand and develop our 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 January 31, 2013 to holders of record on January 17,
2013.
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
First quarter ended November 25, November 27, 2012 2011 Net Sales
$8,584 $5,987 Cost of products sold 7,102 5,059 Gross
margin 1,482 928 Selling and administrative expense 728 690
Interest and other income (1 ) (2 ) Interest and other expense 81
76 Earnings from operations before income taxes 674
164 Income taxes 243 59 Net earnings $431 $105
Basic earnings (loss) per share $0.15 $0.04
Diluted earnings (loss) per share $0.15 $0.04
Weighted average number of common shares
outstanding
2,869 2,838
Weighted average number of dilutive common
shares outstanding
2,948 2,898 CONDENSED BALANCE SHEETS (Unaudited) In
thousands November 25, November 27, 2012 2011 Assets: Total Current
Assets $10,596 $8,501 Property, Plant, and Equipment, net 10,334
8,335 Intangible Assets, net 2,368 2,368 Total Assets
$23,298 $19,204 Liabilities and Shareholders'
Equity: Total current liabilities $4,574 $3,440 Long-term debt
5,546 4,877 Deferred tax liabilities 1,213 377 Shareholders' equity
11,965 10,510 Total Liabilities and Shareholders'
Equity $23,298 $19,204
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