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WSI Industries Reports Improved Third Quarter Results

Dépèche transmise le 21 juin 2011 par Business Wire

MINNEAPOLIS--(BUSINESS WIRE)--WSI Industries, Inc. (Nasdaq: WSCI) today reported operating results for the fiscal 2011 third quarter ended May 29, 2011.

“These improvements, as well as the continued solid performance in the remainder of our business propelled our earnings improvement in the third quarter.”

  • Net sales of $6,532,000 were up 40% from $4,657,000 in the year earlier period. Year-to-date sales of $17,742,000 were up 37% over the prior year-to-date period.
  • Net income for the fiscal 2011 third quarter rose to $397,000 or $.14 per diluted share, an increase of 151% over the prior year’s net income of $158,000 or $.06 per diluted share Year-to-date net income increased to $559,000 or $.19 per diluted share versus the prior year-to-date period of $290,000 or $.10 per diluted share.

Michael J. Pudil, chief executive officer, commented: “We are happy to report significant improvements in both our top line sales and bottom line net income results in our fiscal 2011 third quarter. Our sales growth came from all portions of our business with both our recreational vehicle market as well as our energy business reporting solid revenue increases.”

President and COO Benjamin Rashleger stated: “During our fiscal 2011 third quarter, we made significant improvements in our gross margins with respect to our newer programs. The start-up costs that we incurred in the first two quarters of fiscal 2011 are now behind us.” Rashleger continued: “These improvements, as well as the continued solid performance in the remainder of our business propelled our earnings improvement in the third quarter.” Rashleger concluded: “We remain confident with our overall prospects going forward. The combination of our current base of business, as well as potential new opportunities bode well for our future success. We feel that the revenue and earnings improvement that we realized during the fiscal 2011 third quarter was a result of the investments we have made in personnel and equipment, and it demonstrates that we can continue to be successful as we grow into the future.”

The Company also announced today that its Board of Directors has declared a quarterly dividend of $.04 per share. As mentioned in prior quarters, the Company believes that a consistent dividend program is a further sign of WSI’s financial strength and improved business outlook. The dividend will be payable July 19, 2011 to holders of record on July 5, 2011.

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, aerospace and defense, energy, recreational vehicles, computers, small engines, marine, bioscience and instrumentation.

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
 
Third quarter ended Three quarters ended
May 29, May 30, May 29, May 30,
2011 2010 2011 2010
Net Sales $6,532 $4,657 $17,742 $12,970
Cost of products sold 5,066   3,744   14,679   10,618  
Gross margin 1,466 913 3,063 2,352
 
Selling and administrative expense 774 583 1,976 1,644
Interest and other income (3 ) (8 ) (10 ) (25 )
Interest and other expense 75   91   223   280  
Profit (loss) from operations
before income taxes 620 247 874 453
Income taxes (benefit) 223   89   315   163  
Net earnings (loss) $397   $158   $559   $290  
 
 
Basic income (loss) per share $0.14   $0.06   $0.20   $0.10  
 
Diluted income (loss) per share $0.14   $0.06   $0.19   $0.10  
 
Weighted average number of common shares 2,835 2,805 2,823 2,800
 
Weighted average number of diluted shares 2,878 2,805 2,870 2,800
 
 
 
CONDENSED BALANCE SHEETS (Unaudited)
In thousands
 
May 29, May 30,
2011 2010
Assets:
Total Current Assets $7,945 $7,765
Property, Plant, and Equipment, net 6,897 6,740
Intangible Assets 2,368   2,862  
Total Assets $17,210   $17,367  
 
Liabilities and Shareholders' Equity:
Total current liabilities $3,011 $3,943
Long-term debt 3,889 3,954
Shareholders' equity 10,210   9,470  
Total Liabilities and Shareholders' Equity $17,110   $17,367  
 

Business Wire

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