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WSI Industries New Business Update & Earnings Release Date

Dépèche transmise le 15 septembre 2011 par Business Wire

MINNEAPOLIS--(BUSINESS WIRE)--WSI Industries, Inc. (Nasdaq: WSCI) today provided an update on its current business. Highlights included:

“With today’s announcements, we feel the combination of both our existing and new business opportunities provide a favorable outlook for our 2012 fiscal year.”

  • Diversification in our energy business with the addition of two customers.
  • An initial $5 million sales order for the shale fracturing segment.
  • Capital equipment additions totaling $1.25 million.
  • Continued strength in WSI’s other key markets.

President and COO Benjamin Rashleger commented: “We are pleased to be able to provide a positive update on our overall business. We had previously announced a new customer in the energy sector, of which our initial focus was with two different programs. With one of these programs, we have recently received a $5 million order, with deliveries starting immediately. In addition, they have also expanded their business with us to include several additional complex tight tolerance parts, of which we are beginning to ramp up production. We are very excited about the overall opportunity this customer brings to WSI. This customer is a leader in providing solutions to the shale fracturing industry. In addition, we have received an order from a former energy customer that involves parts for the well drilling segment of the oil industry. The addition of the programs in the shale fracturing field and the well drilling segment provides diversity to our energy business. The commencement of business with these customers has expanded our focus in the energy field to include drilling rigs, blow-out protection, and well fracturing.”

Rashleger continued: “With the growth in our energy business, we have also purchased and completed the installation of approximately $1.25 million in new equipment. These equipment purchases are a result of both new orders as well as providing additional capacity for current and future business. In addition, one of the new pieces of equipment provides additional machining technologies to WSI, further expanding the capabilities and services we offer to our customers. Along with the equipment purchases, we continue to appropriately add staff to support our business demands.” Rashleger further stated: “With this update we don’t want to overlook our other markets, including our recreational vehicle market, which remains strong. We have recently shipped our first product to our largest customer’s new facility in Mexico, while we simultaneously continue to source some of our components from Asia. WSI is committed to being a global organization in order to provide the best value for our customers.”

Rashleger concluded: “With today’s announcements, we feel the combination of both our existing and new business opportunities provide a favorable outlook for our 2012 fiscal year.”

WSI Industries also announced that it expects to release its fiscal 2011 fourth quarter and year-to-date financial results after the market close on October 20, 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.

Business Wire

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