WSI Industries, Inc. (Nasdaq:WSCI) today reported sales for its fiscal 2011 second quarter ending February 27, 2011 of $5,682,000 versus the prior year amount of $4,060,000, or an increase of 40% over the prior year quarter. Year-to-date sales for the six months ended February 27, 2011 totaled $11,210,000, an increase of 35% versus $8,314,000 in the prior year. The Company recorded net income of $118,000 or $.04 per diluted share in the fiscal 2011 second quarter as compared to net income of $28,000 or $.01 per diluted share in the prior year quarter. For the year-to-date period ended February 27, 2011 the Company’s net income totaled $162,000 or $.06 per diluted share as opposed to net income of $132,000 or $.05 per diluted share in the prior year-to-date period.
Michael J. Pudil, chief executive officer, commented: “We are pleased by our significant top line revenue increase in the fiscal 2011 second quarter. Our sales improvement came in large part from increases in our energy business as well as our ATV and motorcycle business. Our bottom line results are also improved from the second quarter a year ago.” Pudil concluded: “The ATV and motorcycle segment remains a dynamic business for WSI. In coming quarters we will be increasing volume for two new product lines of our ATV business while at the same time phasing out a part of our motorcycle business. While the long-term impact of these program changes is anticipated to be positive, there is a potential of some near-term downside in the overall ATV and motorcycle business.”
Benjamin Rashleger, president and chief operating officer, added: “We are confident about the remainder of fiscal 2011. As we have previously announced, we have successfully landed new programs with new customers. In addition, we have excellent prospects for new customers and new business and we are hopeful that we will continue to add to our success.” Rashleger concluded: “In recent months we have invested heavily in both equipment and manpower at WSI. Our investments include over $1.2 million in capital equipment as well as increasing our workforce by 40%. We are optimistic that these investments will translate into bottom line results.”