WSI Industries, Inc. (Nasdaq: WSCI) today reported sales for the full year fiscal 2011 of $24,963,000, an increase of 33% over the prior year’s sales of $18,827,000. The Company also reported an increase of 41% in full year net income to $899,000 or $.31 per diluted share versus $637,000 or $.23 per diluted share in fiscal 2010.
Fiscal fourth quarter sales of $7,221,000 were an increase of 23% over the prior year’s quarter of $5,856,000. The Company’s net income in the current year’s fourth quarter of $340,000 or $.12 per diluted share was equivalent to the prior year’s fourth quarter of $348,000 or $.12 per diluted share.
Benjamin Rashleger, president and chief operating officer, commented: “A year ago we reported positive results for our fiscal 2010, and that we believed our fiscal 2011 would be better.” He noted that in fiscal 2011 the Company accomplished the following:
- Reinstated the dividend program at an annualized rate of $.16 per share.
- Increased sales and net income by 33% and 41%, respectively, over the prior year.
- Increased cash balances and maintained the Company’s solid financial position.
- Increased our presence in our energy business with a new customer that has awarded us several programs related to the shale fracturing segment.
- Added two new product lines in our recreational vehicle market which were an element of a year over year sales increase of 39% in this business.
- Invested $1.7 million in property and equipment during fiscal 2011 with an additional investment of $1.4 million occurring in the first quarter of fiscal 2012.
- Invested in our human resource capital by increasing our headcount by one-third in the past year.
- Increased our share price by 61% in fiscal 2011, which followed a 38% increase in share price in fiscal 2010.
Rashleger continued: “WSI has had several exciting recent developments. We announced last month we have been able to diversify our energy business, as well as our overall industry balance, in addition to expanding our overall business. We have continued to invest in our Company in order to support our new and existing customers with additional capacity, expansion of our capabilities, and key additions to our team, while still being able to improve and maintain overall profit, generate cash flow from operations, and reward our shareholders with a quarterly dividend.” Rashleger concluded: “We will continue to look to capture new opportunities and further diversify our industry and customer exposure to ensure our business will remain secure. We are fortunate to have additional opportunities in front of us that will help us meet these goals. We must also remain focused on execution while providing the best value for our customers. We remain confident that fiscal 2012 will build on our success of fiscal 2011, and we will continue to remain focused on building a world class contract manufacturing business.”