- Increased sales and net income by 30% and 64%, respectively, over the prior year.
- Increased working capital by $1.1 million and maintained the Company’s solid financial position.
- Increased our energy business revenues by 78% over the prior year.
- Increased revenues in our recreational vehicle market by 19% over the prior year.
- Invested $3.7 million in property and equipment during fiscal 2012.
- Invested in our human resource capital by increasing our headcount by 17% in the past year.
- Increased our share price by 35% in fiscal 2012, which followed a 61% increase in share price in fiscal 2011 and a 38% increase in fiscal 2010.
- Paid a cash dividend at an annualized rate of $.16 per share.
- Broke ground on a new $3.5 million, 47,000 square foot expansion that will double the Company’s manufacturing space.
- Signed agreements with our largest customer that extended through 2014 our agreement to provide parts on three different programs and also awarded us a new program that will commence production in the summer of 2013.
- Signed agreements with two existing aerospace customers, both of which run through 2017.
The Company also announced today that its Board of Directors has declared a quarterly dividend of $.04 per share. The dividend will be payable November 15, 2012 to holders of record on November 1, 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 market. 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|
|Quarter ended||Year ended|
|August 26,||August 28,||August 26,||August 28,|
|Cost of products sold||8,099||5,849||26,692||20,528|
|Selling and administrative expense||850||784||3,160||2,760|
|Interest and other income||(1||)||(8||)||(14||)||(19||)|
|Interest and other expense||80||65||316||289|
|Net Income before taxes||937||531||2,302||1,405|
|Income tax expense (benefit)||337||191||829||506|
|Net income (loss)||$600||$340||$1,473||$899|
|Basic earnings (loss) per share||$0.21||$0.12||$0.52||$0.32|
|Diluted earnings (loss) per share||$0.21||$0.12||$0.51||$0.31|
|Weighted average number of common shares outstanding||2,856||2,835||2,849||2,826|
|Weighted average number of common and dilutive potential common shares||2,913||2,897||2,903||2,877|
|CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)|
|August 26,||August 28,|
|Total Current Assets||$11,391||$8,711|
|Property, Plant, and Equipment, net||9,315||7,078|
|Liabilities and Shareholders' Equity:|
|Total current liabilities||$4,974||$3,427|
|Deferred tax liabilities||970||308|
|Total Liabilities and Shareholders' Equity||$23,074||$18,157|