WSI Industries Reports Profitable Fourth Quarter
16 Octubre 2017 - 4:00PM
WSI Industries, Inc. (Nasdaq: WSCI) today reported that for the
fiscal 2017 fourth quarter, the Company had sales of $8,404,000
versus the prior year’s quarter of $8,110,000 and had net income of
$90,000 or $.03 per diluted share as compared to a net loss of
$43,000 or $.01 per diluted share in the prior year’s fiscal fourth
quarter.
The Company also reported annual sales for the fiscal 2017 year
ending August 27, 2017 of $30,641,000 versus the prior year’s sales
of $35,216,000. The Company also reported a full year net loss of
$814,000, or $.28 per diluted share versus net income of $173,000
or $.06 per diluted share in the prior year.
Michael Pudil, president and chief executive officer, commented:
“We are pleased with the progress we have made in the last several
months. During the quarter, we experienced higher year over
year sales in all of our major business segments:
powersports, aerospace and energy. We were able to achieve
the improvement in our results by a combination of reduction in
overhead costs, improved productivity and an increased level of
business.”
Pudil concluded: “We continue to have success in developing new
business. With new orders that we have received, we expect
that our base of business will continue to diversify in fiscal
2018. Our focus on obtaining new customers and programs
continues to show promising results.”
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 market.
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CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)In thousands,
except per share amounts
|
Quarter ended |
|
Year ended |
|
August 27, |
|
August 28, |
|
August 27, |
|
August 28, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Net Sales |
|
$8,404 |
|
|
|
$8,110 |
|
|
|
$30,641 |
|
|
|
$35,216 |
|
Cost of products
sold |
|
7,503 |
|
|
|
7,672 |
|
|
|
28,195 |
|
|
|
32,292 |
|
Gross margin |
|
901 |
|
|
|
438 |
|
|
|
2,446 |
|
|
|
2,924 |
|
|
|
|
|
|
|
|
|
Selling and
administrative expense |
|
661 |
|
|
|
803 |
|
|
|
3,346 |
|
|
|
3,012 |
|
Interest and other
income |
|
(8 |
) |
|
|
(1 |
) |
|
|
(19 |
) |
|
|
(22 |
) |
Interest and other
expense |
|
69 |
|
|
|
72 |
|
|
|
423 |
|
|
|
308 |
|
|
|
|
|
|
|
|
|
Net Income (loss)
before taxes |
|
179 |
|
|
|
(436 |
) |
|
|
(1,304 |
) |
|
|
(374 |
) |
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
89 |
|
|
|
(393 |
) |
|
|
(490 |
) |
|
|
(547 |
) |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$90 |
|
|
|
($43 |
) |
|
|
($814 |
) |
|
|
$173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share |
|
$0.03 |
|
|
|
($0.01 |
) |
|
|
($0.28 |
) |
|
|
$0.06 |
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share |
|
$0.03 |
|
|
|
($0.01 |
) |
|
|
($0.28 |
) |
|
|
$0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding |
|
2,940 |
|
|
|
2,920 |
|
|
|
2,924 |
|
|
|
2,920 |
|
|
|
|
|
|
|
|
|
Weighted average number
of common and dilutive potential common shares |
|
2,940 |
|
|
|
2,920 |
|
|
|
2,924 |
|
|
|
2,928 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)In
thousands
|
|
August 27, |
|
August 28, |
|
|
|
2017 |
|
|
2016 |
Assets: |
|
|
|
|
Total Current
Assets |
|
|
$11,796 |
|
|
$10,897 |
Property, Plant, and
Equipment, Net |
|
|
10,321 |
|
|
11,461 |
Other Assets |
|
|
2,368 |
|
|
3,625 |
Total
Assets |
|
|
$24,485 |
|
|
$25,983 |
|
|
|
|
|
Liabilities and
Shareholders' Equity: |
|
|
|
|
Total Current
Liabilities |
|
|
$4,692 |
|
|
$3,815 |
Long-Term Debt |
|
|
5,442 |
|
|
6,786 |
Deferred Tax
Liabilities |
|
|
915 |
|
|
1,403 |
Shareholders'
Equity |
|
|
13,436 |
|
|
13,979 |
Total
Liabilities and Shareholders' Equity |
|
|
$24,485 |
|
|
$25,983 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)In
thousands
|
|
Year Ended |
|
|
August 27, |
|
August 28, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
Cash flows from
operating activities (1) |
|
|
$3,129 |
|
|
|
$2,978 |
|
Cash used in investing
activities |
|
|
(806 |
) |
|
|
(378 |
) |
Cash used in financing
activities |
|
|
(215 |
) |
|
|
(3,011 |
) |
Net increase (decrease)
in cash and cash equivalents |
|
|
2,108 |
|
|
|
(411 |
) |
|
|
|
|
|
Cash and cash
equivalents at beginning of period |
|
|
3,739 |
|
|
|
4,150 |
|
|
|
|
|
|
Cash and cash
equivalents at end of period |
|
|
$5,847 |
|
|
|
$3,739 |
|
(1)
Cash flows from operating activities includes non-cash adjustments
for depreciation and stock option compensation expense of $2,109
and $2,001 at August 27, 2017 and August 28, 2016,
respectively. |
For additional information:
Michael J. Pudil (President & CEO) or Paul D. Sheely (CFO) 763-295-9202
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