WSI Industries, Inc. (Nasdaq: WSCI) today reported sales for the fourth quarter ended August 29, 2010, of $5,856,000 versus the prior year fiscal 2009 fourth quarter of $3,993,000, or an increase of 47%. The Company’s net income in the current year’s fourth quarter was $348,000 or $.12 per diluted share as compared to the prior year’s quarter of $35,000 or $.01 per diluted share.
For the full year, sales for fiscal 2010 were $18,827,000, a slight increase over the prior year amount of $18,766,000. For fiscal 2010 the Company experienced net income of $637,000 or $.23 per diluted share compared to the prior year’s net loss of $159,000 or $.06 loss per diluted share.
Michael J. Pudil, chief executive officer, commented: “We are pleased to report a dramatic increase in sales and earnings in our fiscal 2010 fourth quarter as compared to the same period last year. WSI experienced a surge in activity in our fourth quarter, and due to the steps we have taken to streamline our costs and improve efficiencies, we were able to capitalize on the increase in activity. Looking forward, we anticipate that overall fiscal 2011 will also show improvement from fiscal 2010.”
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 17, 2010 to holders of record on November 3, 2010. Pudil commented: “We are also pleased to announce the reinstatement of the dividend program that was suspended in January 2009 because of uncertain economic conditions. We believe that a consistent dividend program is a further sign of WSI’s financial strength and improved business outlook. It is our objective to reward our shareholders with cash dividends as well as increasing share appreciation while, at the same time, maintaining our strong financial position. We believe the dividend program helps us accomplish these goals.”