WSI Industries Reports Fiscal 2018 First Quarter Financial Results
20 Dezembro 2017 - 7:30PM
Sales & Earnings Increase Over Prior
Year
WSI Industries, Inc. (Nasdaq:WSCI) today reported sales for its
fiscal 2018 first quarter ending November 26, 2017 of $7,529,000,
an increase of 19% versus the prior year amount of
$6,330,000. The Company also reported net income for the
fiscal 2018 first quarter of $86,000 or $.03 per diluted share
versus a net loss of $322,000 or $.11 per diluted share in the
prior year quarter.
Michael Pudil, president and chief executive officer, commented:
“We are pleased with our results from our fiscal 2018 first
quarter. We experienced an increase in sales in all of our
major business segments and also returned to profitability versus
the prior year’s fiscal first quarter. In our prior year
fiscal 2017 first quarter, our primary customer shutdown one of
their production facilities which negatively affected our sales and
earnings in that quarter. The Company experienced a similar
shutdown in the fiscal 2018 first quarter with its customer, but we
were more effective in managing our production in this year’s
quarter which aided the bottom line.” Pudil continued:
“Our sales in our energy business, aerospace and other industrial
business also grew in the fiscal 2018 first quarter. In
particular, our energy business grew 526% while aerospace and
industrial grew 61%. Both segments were aided by new
customers and new programs.”
Pudil concluded: “We remain optimistic about the balance
of fiscal 2018 but realize that much needs to be done. We
continue to gain traction in our sales efforts with new customers,
and we are bringing in new programs that should benefit us during
fiscal 2018. We recognize the tremendous effort that has been
put forth by our employees in the gains that we have made.”
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 automotive, avionics and
aerospace, energy, recreational powersports 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 |
|
|
First quarter ended |
|
November 26, |
|
November 27, |
|
|
2017 |
|
|
|
2016 |
|
Net Sales |
$ |
7,529 |
|
|
$ |
6,330 |
|
Cost of products
sold |
|
6,630 |
|
|
|
6,022 |
|
Gross margin |
|
899 |
|
|
|
308 |
|
|
|
|
|
Selling and
administrative expense |
|
691 |
|
|
|
761 |
|
Interest and other
income |
|
(9 |
) |
|
|
(2 |
) |
Interest and other
expense |
|
78 |
|
|
|
68 |
|
Earnings (loss) from
operations before income taxes |
|
139 |
|
|
|
(519 |
) |
Income tax expense
(benefit) |
|
53 |
|
|
|
(197 |
) |
Net income (loss) |
$ |
86 |
|
|
$ |
(322 |
) |
|
|
|
|
Basic earnings (loss)
per share |
$ |
0.03 |
|
|
$ |
(0.11 |
) |
|
|
|
|
Diluted earnings (loss)
per share |
$ |
0.03 |
|
|
$ |
(0.11 |
) |
|
|
|
|
Weighted average number
of common shares outstanding |
|
2,936 |
|
|
|
2,920 |
|
|
|
|
|
Weighted average number
of dilutive common shares outstanding |
|
2,939 |
|
|
|
2,920 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)In
thousands
|
November 26, |
|
November 27, |
|
2017 |
|
2016 |
Assets: |
|
|
|
Total current
assets |
$ |
13,117 |
|
$ |
10,062 |
Property, plant, and
equipment, net |
|
10,856 |
|
|
11,023 |
Other assets |
|
2,369 |
|
|
3,624 |
Total
Assets |
$ |
26,342 |
|
$ |
24,709 |
|
|
|
|
Liabilities and
Shareholders' Equity: |
|
|
|
Total current
liabilities |
$ |
5,611 |
|
$ |
3,425 |
Long-term debt |
|
6,209 |
|
|
6,395 |
Deferred tax
liabilities |
|
1,129 |
|
|
1,206 |
Shareholders'
equity |
|
13,393 |
|
|
13,683 |
Total
Liabilities and Shareholders' Equity |
$ |
26,342 |
|
$ |
24,709 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)In
thousands
|
November 26, |
|
November 27, |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
Cash flows from
operating activities (1) |
$ |
401 |
|
|
$ |
1,878 |
|
Cash from (used in)
investing activities |
|
118 |
|
|
|
(15 |
) |
Cash used in financing
activities |
|
(379 |
) |
|
|
(384 |
) |
Net increase in cash
and cash equivalents |
|
140 |
|
|
|
1,479 |
|
|
|
|
|
Cash and cash
equivalents at beginning of period |
|
5,847 |
|
|
|
3,739 |
|
|
|
|
|
Cash and cash
equivalents at end of period |
$ |
5,987 |
|
|
$ |
5,218 |
|
|
(1) Cash flows from operating activities includes non-cash
adjustments for depreciation, deferred taxes and stock option
compensation expense of $549 and $284 at November 26, 2017 and
November 27, 2016, respectively.
For additional information:Michael J. Pudil (President &
CEO) or Paul D. Sheely (CFO)763-295-9202
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