Dépêches
WSI Industries Reports Strong Increase in First Quarter Sales
Dépèche transmise le 5 janvier 2011 par Business Wire
MINNEAPOLIS--(BUSINESS WIRE)--WSI Industries, Inc. (Nasdaq: WSCI) today reported sales for its fiscal 2011 first quarter ending November 28, 2010 of $5,528,000, a 29.9% increase versus the prior year amount of $4,254,000. Net income for the fiscal 2011 first quarter was $69,000 or $.02 per diluted share versus $163,000 or $.04 per diluted share in the prior year first quarter.
“In its fiscal 2011 first quarter, WSI experienced a strong sales increase of almost 30% led in large measure by our ATV and motorcycle markets.”
Michael J. Pudil, chief executive officer, commented: “In its fiscal 2011 first quarter, WSI experienced a strong sales increase of almost 30% led in large measure by our ATV and motorcycle markets.” Pudil continued: “While we were profitable during the quarter with earnings at $.02 per diluted share, our results were negatively impacted by start-up costs with new customers.” Pudil concluded: “While our outlook for fiscal 2011 is somewhat tempered by the results in our fiscal 2011 first quarter, we remain optimistic about the balance of the fiscal year.”
Benjamin Rashleger, president and chief operating officer, added: “In prior communications we announced new programs in the energy sector as well as with a major defense contractor. While the roll-out of these programs is slower than we had anticipated, we are optimistic of their long-term positive impact on WSI. We consider the start-up costs with these customers to be investments that will provide future returns.” Rashleger concluded: “We are also pleased to report additional investments in capital equipment were made during the quarter that not only increased our capacities but further expanded our machining capabilities.”
The Company also announced today that its Board of Directors has declared a quarterly dividend of $.04 per share. As mentioned last quarter, 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 February 2, 2011 to holders of record on January 19, 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 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 28, | November 29, | |||||||||
2010 | 2009 | |||||||||
Net Sales | $ | 5,528 | $ | 4,254 | ||||||
Cost of products sold | 4,798 | 3,472 | ||||||||
Gross margin | 730 | 782 | ||||||||
Selling and administrative expense | 595 | 530 | ||||||||
Interest and other income | (5 | ) | (8 | ) | ||||||
Interest and other expense | 71 | 97 | ||||||||
Earnings from operations | ||||||||||
before income taxes | 69 | 163 | ||||||||
Income taxes | 25 | 59 | ||||||||
Net earnings | $ | 44 | $ | 104 | ||||||
Basic earnings (loss) per share | $ | 0.02 | $ | 0.04 | ||||||
Diluted earnings (loss) per share | $ | 0.02 | $ | 0.04 | ||||||
Weighted average number of common | ||||||||||
shares outstanding | 2,808 | 2,794 | ||||||||
Weighted average number of | ||||||||||
dilutive common shares outstanding | 2,856 | 2,794 | ||||||||
CONDENSED BALANCE SHEETS (Unaudited) | ||||||||||
In thousands | ||||||||||
November 28, | November 29, | |||||||||
2010 | 2009 | |||||||||
Assets: | ||||||||||
Total Current Assets | $ | 7,671 | $ | 7,629 | ||||||
Property, Plant, and Equipment, net | 6,880 | 7,250 | ||||||||
Intangible Assets, net | 2,573 | 2,954 | ||||||||
Total Assets | $ | 17,124 | $ | 17,833 | ||||||
Liabilities and Shareholders' Equity: | ||||||||||
Total current liabilities | $ | 3,336 | $ | 3,976 | ||||||
Long-term debt | 4,002 | 4,675 | ||||||||
Shareholders' equity | 9,786 | 9,182 | ||||||||
Total Liabilities and Shareholders' Equity | $ | 17,124 | $ | 17,833 |
- 07:07 A la découverte de PLAY Airlines
- 02/07 Début de l'Open de France STOL
- 30/06 Espace Air Passion remet en vol un Fauvel AV-22s
- 30/06 Elixir Aircraft reçoit un prêt de la société Total Energies
- 30/06 Silk Way West Airlines signe une commande pour des Airbus A350F
- 30/06 Qatar Airways et Airlink signent un accord de partage de codes
- 30/06 Transavia France opère un vol avec 30% de carburant d’aviation durable
- 30/06 Chypre commande six H145M pour sa garde nationale
- 30/06 Air Austral propose des vols vers la Thaïlande toute l'année
- 30/06 L'aéroport de Toulouse-Francazal fête ses 10 ans
- 25/06 Premier vol d'un hélicoptère propulsé uniquement par du carburant durable
- 25/06 L’Espagne commande 20 Eurofighter
- 25/06 Premier vol d'un ATR avec 100 % de carburant durable
- 25/06 Transavia renforce son programme de vols vers l’Algérie
- 25/06 French bee lance sa ligne entre Paris et Miami
- 24/06Le régiment de Chasse 2/30 Normandie-Niémen fête ses 80 ans
- 22/06 MULM 2022 : Informations pratiques et billetterie
- 22/06 Premier saut en wingsuit depuis un avion électrique et solaire
- 21/06 L'Airbus A321XLR décolle pour la première fois
- 21/06 Nice Côte d’Azur se connecte à Abou Dhabi