WSI Industries, Inc. (Nasdaq: WSCI) today reported sales for its fiscal 2012 first quarter ending November 27, 2011 of $5,987,000, an 8.3% increase versus the prior year amount of $5,528,000. Net income for the fiscal 2012 first quarter was $105,000 or $.04 per diluted share which represented a 137% increase over the prior year quarter of $44,000 or $.02 per diluted share.
Benjamin Rashleger, president and chief executive officer, commented: “We experienced a strong year over year bottom line increase in our fiscal 2012 first quarter. Sales in all of our major industries remained strong.” Rashleger further stated: “We previously announced new programs in our energy business. During our fiscal 2012 first quarter, we experienced our first deliveries in most of these new programs.” Rashleger concluded: “We expended significant resources in starting up these new programs in our fiscal 2012 first quarter. With most of these programs out of start-up and into production mode, we remain optimistic about our fiscal 2012 and anticipate that both our sales and earnings will continue to show an improvement over the full year fiscal 2011 results.”
Benjamin Rashleger also commented on the retirement of Michael Pudil who had served as the Company’s chief executive officer for 18 years. Rashleger said: “WSI and all of its employees wish to thank Mike for his leadership for all of these years. It is with a sense of sadness that we see Mike retire, but we are pleased that he will remain on the Board of Directors and look forward to his continued guidance for years to come.”
The Company also announced today that its Board of Directors has declared a quarterly dividend of $.04 per share. The dividend will be payable February 1, 2012 to holders of record on January 18, 2012.
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.