WSI Industries Reports Fiscal 2018 Second Quarter Results & Reinstates Dividend
19 Marzo 2018 - 1:15PM
WSI Industries, Inc. (Nasdaq:WSCI) today reported sales for its
fiscal 2018 second quarter ending February 25, 2018 of $8,554,000
versus the prior year amount of $6,314,000, or an increase of
35%. Year-to-date sales for the twenty-six weeks ended
February 25, 2018 totaled $16,083,000 versus $12,644,000 in the
prior year, or an increase of 27%. The Company reported net
income of $529,000 for the fiscal 2018 second quarter or $.18 per
diluted share as compared to the prior year net loss of $362,000 or
$.12 per diluted share. Year-to-date, the Company had net
income for the first two quarters of $615,000 or $.21 per diluted
share versus a net loss of $685,000 or $.23 per diluted share in
the prior year. Included in the fiscal 2018 second quarter
and year-to-date earnings is an income tax benefit of approximately
$600,000 related to the revaluation of the Company’s net deferred
tax liability due to the passage of H.R.1, known as the “Tax Cuts
and Jobs Act”.
Michael Pudil, president and chief executive officer, commented:
“We are delighted to report that our fiscal 2018 second quarter
sales were up 35% as compared to the prior fiscal second quarter.
Our recreational powersports sales increased 27% in the fiscal 2018
second quarter. More importantly, our sales in our
diversified group which includes energy, aerospace and defense, and
industrial markets continued to accelerate and increased 92%
year-to-date versus the prior year. These increases in sales
directly affected our bottom line and we are pleased to report our
year-to-date pretax income increased by $1.1 million over the prior
year.” Pudil concluded: “We are excited and optimistic
about our future. We have a twenty plus year relationship
with our major customer that provides us with a solid base of
business going forward and that, in combination with the continued
growth in our diversified business, leads us to believe that our
results will continue to improve.”
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 17, 2018 to holders of record on April 3,
2018. Pudil commented: “We are also pleased to announce the
reinstatement of our dividend program. WSI has a solid balance
sheet and believes that it sees the stability ahead that will
support a dividend. We believe that a consistent dividend
program is a further sign of WSI’s financial strength and improved
business outlook. It is our objective to reward our
shareholders with cash dividends as well as increasing share
appreciation while, at the same time, maintaining our strong
financial position. We believe the dividend program helps us
accomplish these goals.”
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.
For additional information:Michael Pudil (President
& CEO) or Paul D. Sheely (CFO)763-295-9202
|
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. |
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|
WSI INDUSTRIES, INC. |
|
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) |
In
thousands, except per share amounts |
|
|
|
|
|
|
|
|
Second quarter ended |
|
Twenty-six weeks ended |
|
|
February 25, |
|
February 26, |
|
February 25, |
|
February 26, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net Sales |
|
$ |
8,554 |
|
|
$ |
6,314 |
|
|
$ |
16,083 |
|
|
$ |
12,644 |
|
Cost of products
sold |
|
|
7,675 |
|
|
|
6,107 |
|
|
|
14,305 |
|
|
|
12,130 |
|
Gross margin |
|
|
879 |
|
|
|
207 |
|
|
|
1,778 |
|
|
|
514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
administrative expense |
|
|
962 |
|
|
|
721 |
|
|
|
1,653 |
|
|
|
1,482 |
|
Interest and other
income |
|
|
(20 |
) |
|
|
(1 |
) |
|
|
(28 |
) |
|
|
(3 |
) |
Interest and other
expense |
|
|
71 |
|
|
|
66 |
|
|
|
149 |
|
|
|
134 |
|
Earnings (loss) from
operations before income taxes |
|
|
(134 |
) |
|
|
(579 |
) |
|
|
4 |
|
|
|
(1,099 |
) |
Income tax expense
(benefit) |
|
|
(663 |
) |
|
|
(217 |
) |
|
|
(611 |
) |
|
|
(414 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) |
|
$ |
529 |
|
|
$ |
(362 |
) |
|
$ |
615 |
|
|
$ |
(685 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share |
|
$ |
0.18 |
|
|
$ |
(0.12 |
) |
|
$ |
0.21 |
|
|
$ |
(0.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share |
|
$ |
0.18 |
|
|
$ |
(0.12 |
) |
|
$ |
0.21 |
|
|
$ |
(0.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares |
|
|
2,963 |
|
|
|
2,920 |
|
|
|
2,950 |
|
|
|
2,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of dilutive common shares outstanding |
|
|
2,988 |
|
|
|
2,920 |
|
|
|
2,963 |
|
|
|
2,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED BALANCE
SHEETS (Unaudited) |
|
|
|
|
In thousands |
|
|
|
|
|
|
February 25, |
|
February 26, |
|
|
|
2018 |
|
|
|
2017 |
|
Assets: |
|
|
|
|
|
|
|
|
Total current
assets |
|
$ |
12,036 |
|
|
$ |
13,353 |
|
Property, plant, and
equipment, net |
|
|
10,650 |
|
|
|
12,040 |
|
Intangible assets |
|
|
2,368 |
|
|
|
2,377 |
|
Total
Assets |
|
$ |
25,054 |
|
|
$ |
27,770 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity: |
|
|
|
|
|
|
|
|
Total current
liabilities |
|
$ |
4,579 |
|
|
$ |
4,652 |
|
Long-term debt |
|
|
5,929 |
|
|
|
7,572 |
|
Deferred tax
liabilities |
|
|
465 |
|
|
|
1,683 |
|
Shareholders'
equity |
|
|
14,081 |
|
|
|
13,863 |
|
Total
Liabilities and Shareholders' Equity |
|
$ |
25,054 |
|
|
$ |
27,770 |
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) |
In
thousands |
|
|
|
Twenty-six weeks ended |
|
|
February 25, |
|
February 26, |
|
|
2018 |
|
2017 |
|
|
|
|
|
Cash flows from
operating activities (1) |
|
$ |
(892 |
) |
|
$ |
2,792 |
|
Cash used in investing
activities |
|
|
(80 |
) |
|
|
(74 |
) |
Cash used in financing
activities |
|
|
(803 |
) |
|
|
(1,004 |
) |
Net increase (decrease)
in cash and cash equivalents |
|
|
(1,775 |
) |
|
|
1,714 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period |
|
|
5,847 |
|
|
|
4,150 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period |
|
$ |
4,072 |
|
|
$ |
5,864 |
|
|
|
|
|
|
|
|
|
|
(1) Cash flows from operating activities includes non-cash
adjustments for depreciation, deferred taxes and stock option
compensation expense of $493 and $561 at February 25, 2018 and
February 26, 2017, respectively.
Grafico Azioni Wsi Industries Inc. (delisted) (NASDAQ:WSCI)
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Da Mag 2024 a Giu 2024
Grafico Azioni Wsi Industries Inc. (delisted) (NASDAQ:WSCI)
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Da Giu 2023 a Giu 2024