WSI Industries, Inc. (Nasdaq: WSCI) today reported operating results for the fiscal 2011 third quarter ended May 29, 2011.
- Net sales of $6,532,000 were up 40% from $4,657,000 in the year earlier period. Year-to-date sales of $17,742,000 were up 37% over the prior year-to-date period.
- Net income for the fiscal 2011 third quarter rose to $397,000 or $.14 per diluted share, an increase of 151% over the prior year’s net income of $158,000 or $.06 per diluted share Year-to-date net income increased to $559,000 or $.19 per diluted share versus the prior year-to-date period of $290,000 or $.10 per diluted share.
The Company also announced today that its Board of Directors has declared a quarterly dividend of $.04 per share. As mentioned in prior quarters, the Company believes that a consistent dividend program is a further sign of WSI’s financial strength and improved business outlook. The dividend will be payable July 19, 2011 to holders of record on July 5, 2011.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, aerospace and defense, energy, recreational vehicles, computers, small engines, marine, bioscience and instrumentation. 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|
|Third quarter ended||Three quarters ended|
|May 29,||May 30,||May 29,||May 30,|
|Cost of products sold||5,066||3,744||14,679||10,618|
|Selling and administrative expense||774||583||1,976||1,644|
|Interest and other income||(3||)||(8||)||(10||)||(25||)|
|Interest and other expense||75||91||223||280|
|Profit (loss) from operations|
|before income taxes||620||247||874||453|
|Income taxes (benefit)||223||89||315||163|
|Net earnings (loss)||$397||$158||$559||$290|
|Basic income (loss) per share||$0.14||$0.06||$0.20||$0.10|
|Diluted income (loss) per share||$0.14||$0.06||$0.19||$0.10|
|Weighted average number of common shares||2,835||2,805||2,823||2,800|
|Weighted average number of diluted shares||2,878||2,805||2,870||2,800|
|CONDENSED BALANCE SHEETS (Unaudited)|
|May 29,||May 30,|
|Total Current Assets||$7,945||$7,765|
|Property, Plant, and Equipment, net||6,897||6,740|
|Liabilities and Shareholders' Equity:|
|Total current liabilities||$3,011||$3,943|
|Total Liabilities and Shareholders' Equity||$17,110||$17,367|