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WSI Industries Reports 24% Increase In Second Quarter Sales, 45% Increase In Net Income & 5 Year Agreement With Aerospace Customer

Stocks in this article: WSCI

WSI Industries, Inc. (Nasdaq: WSCI) today reported sales for its fiscal 2012 second quarter ending February 26, 2012 of $7,021,000 versus the prior year amount of $5,682,000, or an increase of 24% over the prior year quarter. Year-to-date sales for the six months ended February 26, 2012 totaled $13,008,000, an increase of 16% versus $11,210,000 in the prior year. The Company reported net income of $171,000 or $.06 per diluted share for the fiscal 2012 second quarter which was an increase of 45% over the prior year quarter amount of $118,000. Year-to-date income also rose with the Company reporting fiscal earnings of $276,000 or $.10 per diluted share versus $162,000 or $.06 per diluted share in the prior year which represented an increase of 70%.

Benjamin Rashleger, president and chief executive officer, commented: “We are pleased to report increases in both our top line sales and bottom line profit in our fiscal 2012 second quarter and year-to-date financials. This is our seventh consecutive quarter of year over year quarterly sales growth.” Rashleger continued: “Our sales growth has been supported by increases in both our recreational vehicle business and our energy business. We continue to experience growth in our existing recreational vehicle lines, and at the same time we are also expanding our scope by adding newly awarded programs and product lines that will benefit us in the coming years. Our energy business has also grown with the increase in that market coming primarily from our product lines in the shale fracturing business.” Rashleger concluded: “As we have stated previously, we continue to invest in both capital equipment as well as adding new employees. These investments necessitate up-front costs and inefficiencies that have impacted our income statement. However, we reiterate our previous guidance that we expect our full year fiscal 2012 to exceed the prior year in both sales and net income.”

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