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WSI Industries Reports Second Quarter Results

Stocks in this article: WSCI

The Company also announced today that its Board of Directors has declared a quarterly dividend of $.04 per share. The dividend will be payable April 16, 2013 to holders of record on April 2, 2013.

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.

The statements included herein which are not historical or current facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. There are certain important factors which could cause actual results to differ materially from those anticipated by some of the statements made herein, including the Company’s ability to retain current programs and obtain additional manufacturing programs, and other factors detailed in the Company’s filings with the Securities and Exchange Commission.

 

WSI INDUSTRIES, INC.

               
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
In thousands, except per share amounts
 
Second quarter ended First six months ended
February 24, February 26, February 24, February 26,
2013 2012 2013 2012
Net Sales $ 7,178 $ 7,021 $ 15,762 $ 13,008
Cost of products sold   6,406     5,974     13,508     11,033  
Gross margin 772 1,047 2,254 1,975
 
Selling and administrative expense 605 711 1,332 1,401
Interest and other income (1 ) (11 ) (2 ) (13 )
Interest and other expense   81     80     163     156  

Profit (loss) from operations before income taxes

87 267 761 431
Income taxes   31     96     274     155  
 
Net earnings (loss) $ 56   $ 171   $ 487   $ 276  
 
 
Basic earnings (loss) per share $ 0.02   $ 0.06   $ 0.17   $ 0.10  
 
Diluted earnings (loss) per share $ 0.02   $ 0.06   $ 0.17   $ 0.10  
 

Weighted average number of common shares

2,884 2,848 2,877 2,843
 

Weighted average number of dilutive common shares outstanding

2,939 2,891 2,943 2,894
 
 
CONDENSED BALANCE SHEETS (Unaudited)
In thousands
 
February 24, February 26,
2013 2012
Assets:
Total Current Assets $ 10,629 $ 8,847
Property, Plant, and Equipment, net 11,899 8,453
Intangible Assets   2,368     2,368  
Total Assets $ 24,896   $ 19,668  
 
Liabilities and Shareholders' Equity:
Total current liabilities $ 6,522 $ 3,808
Long-term debt 5,179 4,915
Deferred tax liabilities 1,187 357
Shareholders' equity   12,008     10,588  

Total Liabilities and Shareholders' Equity

$ 24,896   $ 19,668  
 




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