This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Webco Industries, Inc. Reports Fiscal 2013 First Quarter Results

Webco Industries, Inc. (OTC: WEBC) today reported results for its fiscal 2013 first quarter ended October 31, 2012.

For its fiscal 2013 first quarter, the Company reported net income of $1.7 million, or $2.19 per diluted share, compared to net income of $2.8 million, or $3.63 per diluted share, for the same quarter in fiscal 2012. Net sales for the first quarter of fiscal 2013 were $116.4 million, a 10.2 percent decrease from the $129.6 million of sales in last year’s first quarter. Results for the first quarter of fiscal year 2013 include a $1.1 million impairment charge to cost of sales on manufacturing equipment and $0.2 million in non-cash pre-tax losses related to the interest swap contract, whereas the first quarter of the prior year included a $1.9 million non-cash pre-tax loss on the interest swap contract.

Gross profit for the first quarter of fiscal 2013 was $9.9 million, or 8.5 percent of net sales, compared to $13.0 million, or 10.0 percent of net sales, for the first quarter of fiscal 2012. Gross profit for the first quarter of fiscal 2013 was negatively impacted by the $1.1 million impairment charge and a weaker spot pricing market and less favorable product mix than in the same quarter of fiscal 2012.

Dana S. Weber, Chief Executive Officer, commented, “Fiscal 2013 has started with lower volume, a weaker spot pricing market and suboptimal product mix than in fiscal year 2012. We hope for the return of more favorable conditions as fiscal year 2013 progresses, but continue to monitor domestic and international economic and political uncertainty. We have deployed significant capital over the last 18 months, and plan to continue to invest strategically in our industry. We are constructing a platform for long-term organic growth opportunities that are consistent with our niche strategy.”

Selling, general and administrative expenses in the first quarter of fiscal 2013 were $6.0 million, compared to $5.4 million in the first quarter of the prior year. The increase in SG&A costs relates to a $0.4 million reversal of bad debt expense that occurred in the first quarter of fiscal 2012.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.39 -1.50%
FB $116.01 -0.62%
GOOG $689.45 -0.23%
TSLA $240.64 -2.90%
YHOO $36.30 -0.79%


Chart of I:DJI
DOW 17,691.74 -139.02 -0.78%
S&P 500 2,054.89 -20.92 -1.01%
NASDAQ 4,749.08 -56.2110 -1.17%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs