WSI Industries Reports Fiscal 2017 THIRD Quarter Financial Results
June 22, 2017—Minneapolis, MN—WSI Industries, Inc. (Nasdaq: WSCI) today reported sales for its fiscal 2017 third quarter ending May 28, 2017 of $9,594,000 versus the prior year amount of $8,886,000, or an increase of 8%. Year-to-date sales for the period ended May 28, 2017 totaled $22,237,000 versus $27,106,000 in the prior year.
The Company also reported a net loss of $220,000 or $.08 per diluted share for the fiscal 2017 third quarter compared to net income of $78,000 or $.03 per diluted share in the prior year third quarter. Year-to-date, the Company has incurred a net loss of $904,000 or $.31 per diluted share versus net income of $216,000 or $.07 per diluted share in the prior year.
Michael Pudil, president and chief executive officer, commented: “Our third quarter income was affected by one-time expenses related to the change in CEO leadership. In addition, we also realized an impairment in equipment value in the quarter. Without these one-time costs our operations were profitable during the quarter.”
Pudil concluded: “We have an excellent existing customer base who are leaders in their respective businesses. In addition, new business efforts in aerospace, energy and industrial markets look promising. We are in a highly competitive and dynamic marketplace and I intend on WSI being a successful leader in our industry.”
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 vehicles, small engines, bioscience and the defense markets.
For additional information:
Michael J. Pudil (President & CEO) or Paul D. Sheely (CFO)
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.