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April 1, 2010
WSI Industries Receives General Dynamics Outstanding
Supplier Award
WSI Industries Inc. is pleased to announce receipt of the prestigious General Dynamics Armament and Technical Products Outstanding Supplier Performance 2009 Award. The award was presented on site to the entire
WSI organization by Mr. Patrick S. Harger, Director of Quality and Ms. Michelle Hall, Sr. Supplier Quality Engineer on behalf of General Dynamics Detection Systems SBU. WSI ranks amongst only five suppliers to have received the esteemed award for 2009 in both categories of quality and delivery performance.
March 25, 2010
WSI Industries, Inc. Reports Second Quarter Sales & Earnings
WSI Industries, Inc. today reported sales for its fiscal 2010 second quarter ending February 28, 2010 of $4,060,000 versus the prior year amount of $4,001,000. Year-to-date sales for the six months ended February 28, 2010 totaled $8,314,000 versus $10,037,000 in the prior year. The Company recorded net income of $28,000 or $.01 per diluted share in the fiscal 2010 second quarter as compared to a net loss of $307,000 or $.11 per diluted share in the prior year quarter. For the year-to-date period ended February 28, 2010 the Company’s net income totaled $132,000 or $.05 per diluted share as opposed to a net loss of $206,000 or $.07 per diluted share in the prior year-to-date period.
Michael J. Pudil, chief executive officer, commented: “We are encouraged by our bottom line results in our fiscal 2010 second quarter. Our net income of $28,000 versus the prior year loss on similar sales volumes can be attributed in part to the steps we have taken over the past year to streamline our cost structure.” Pudil went on to say: “Our overall sales remain mixed. We had some encouraging signs in our fiscal second quarter with our ATV and Motorcycle business which experienced an increase in sales over the prior year quarter, but our total sales were hampered by lower sales from our energy sector.”
Benjamin Rashleger, president and chief operating officer, added: “We continue to remain focused on executing our strategy to expand our business. We recently announced the addition of Lars Ossmo as a business development manager with our sales and marketing group. Mr. Ossmo’s primary responsibility will be to find new sales opportunities for WSI and, with his addition, we now have five individuals on our sales and business management team. We are confident that we have the right balance of people to best allow us to focus on generating new opportunities for WSI, as well as take care of our existing customer base.” Rashleger continued: “It is critical at this time of economic uncertainty to remain diligent in our business development efforts and to promote an environment focused on growth while providing a wide range of tools to our business development managers to aid in their search for new business opportunities. We are making good progress in revamping our branding and marketing communication strategy, and our intention is to develop a brand platform that will put WSI at the forefront of our industry. Included in our marketing and branding strategy is a complete redesign of our website to make it current with the latest technologies, as well as to better communicate and promote our key strengths, values and capabilities. We anticipate our new site will be launched in the next few months.” Rashleger concluded: “Coinciding with our new business objectives is a continued focus on operational excellence. We are consistently evaluating and working to improve our internal systems and processes to insure we are providing a superior value to our customers.”
March 8, 2010
WSI Industries, Inc. Welcomes Lars Ossmo
WSI Industries, Inc. today reported the addition of Lars Ossmo as Business Development Manager. Mr. Ossmo’s position will be focused on the acquisition of new customers and business.
Benjamin Rashleger, president & chief operating officer, commented: “We are very pleased with the addition of Lars Ossmo to WSI Industries. Lars has 35 years of overall sales experience that includes many years of direct experience in the precision machining industry. His addition to our organization will bring valued depth to our sales development efforts.” Rashleger concluded: “The addition of Lars demonstrates WSI’s commitment to locating and securing new business. In addition to bringing in Lars, we have initiated a new marketing and branding effort, and we are confident that we are positioning our organization to best support our focus on generating new business opportunities, even in this challenging economic environment.”
January 6, 2010
WSI Industries, Inc. Reports First Quarter Sales & Earnings
WSI today reported sales for its fiscal 2010 first quarter ending November 29, 2009 of $4,254,000 versus the prior year amount of $6,035,000. Net income for the fiscal 2010 first quarter was $104,000 or $.04 per diluted share versus $101,000 or $.04 per diluted share in the prior year first quarter.
Michael J. Pudil, chief executive officer, commented: “We are pleased to report earnings in our first quarter of $.04 per share. We were successful in generating results similar to the prior year first quarter, but we were able to achieve these results on a significantly lower sales volume. Our efforts to size the Company’s operations to the current level of business have been positively rewarded. We have a lean organization that is generating earnings and cash flow.” Pudil went on to say: “Even though our bottom line results were positive, we are still experiencing the effects of the nation’s recession on our top line sales. While there are hints of an economic recovery, this remains a difficult environment from a sales perspective as potential customers have reduced demand for their own products or are bringing their outsourcing requirements back in-house.” Pudil concluded: “The picture for the remainder of the fiscal year remains mixed. Our customers, as well as the nation in general, remain hesitant about their future growth expectations and when the economy will rebound. During this time, we have increased our efforts on finding new business and we believe we are well positioned for growth given our financial strength and overall business organization. We are optimistic about the long-term future as our current customers are all leaders in their respective industries and when that is combined with our own financial stability, we believe we have a competitive advantage in our own marketplace.”
October 21, 2009
WSI Industries, Inc. Reports 4th Quarter Sales
WSI reported sales for the fourth quarter ended August 30, 2009, of $3,993,000 versus the prior year fiscal 2008 fourth quarter of $6,783,000. The Company’s net income in the current year’s fourth quarter was $35,000 or $.01 per diluted share as compared to the prior year’s quarter of $301,000 or $.11 per diluted share.
For the full year, sales for fiscal 2009 were $18,766,000, down from the year earlier amount of $25,882,000. For fiscal 2009 the Company experienced a loss of $159,000 or $.06 per diluted share compared to the prior year’s net income of $1,478,000 or $.52 per diluted share.
Michael J. Pudil, chief executive officer, commented: “Like most companies this past year, we have experienced sales declines and the challenge of streamlining costs in order to regain profitability. We believe that WSI had success during the year as shown by our positive cash flow as well as a return to profitability for the second half of the year. As the country emerges out of the recession, we believe WSI is in a strong position with a state of the art facility, new equipment and a strong balance sheet.” Pudil went on to say: “WSI is fortunate that our customers are leaders in their respective industries and that when economic growth commences, they should be poised to capitalize on it.” Pudil concluded: “As announced last week, we are pleased with the addition of Benjamin Rashleger as our new President and Chief Operating Officer. We are looking forward to his fresh leadership and energy as WSI pursues new opportunities in the months and years ahead.”
October 12, 2009
WSI Industries, Inc. Announces Leadership Transition
WSI today announced that Benjamin Rashleger has been appointed as President and Chief Operating Officer. Michael Pudil will continue as Chief Executive Officer and Chairman of the Board for the Company. The Company entered into a new employment agreement with Michael Pudil that established a two year transition period that would provide the Company with the opportunity to proactively implement an orderly succession plan.
Michael J. Pudil, Chief Executive Officer, commented: “We are very pleased with the addition of Benjamin Rashleger. Over the past 16 years he has held various positions with Milltronics Manufacturing Company including President & CFO. Over this period, he helped guide the growth and positioned this high-tech machine tool manufacturer for continued success. Looking forward, I have tremendous confidence in Benjamin’s ability to implement the WSI growth strategy that takes full advantage of our strong financial position and established 60 year reputation in the contract machining industry.” In addition to Benjamin Rashleger, Paul Sheely, Chief Financial Officer, will continue to report directly to Michael Pudil.
August 2009
ISO 9001:2000 Surveillance Audit
On August 12th, WSI successfully completed the annual surveillance audit required for maintaining the ISO9001:2000 quality standard certification. The surveillance audit was conducted by SGS, a global leader in the ISO certification industry. www.sgs.com
December 2008
Letter to Shareholders FY2008 Annual Report
Click here to view a Letter to Shareholders – FY2008 Annual Report
September 2008
ISO 9001:2000 Recertification Audit
On August 11th, WSI successfully completed the recertification process for meeting the requirements of the ISO 9001:2000 quality standard. The 3 year recertification audit was conducted by SGS, a global leader in the ISO certification industry. www.sgs.com <http://www.sgs.com> The certificate is valid from August 11, 2008 until August 10, 2011.
WSI Announces Annual Customer Satisfaction Survey Results
WSI has completed our annual Customer Satisfaction Survey. This survey is important to our mission of continually improving our operations, and improving our overall service to our customers. WSI was rated very favorably by our existing customer base. The survey included the following results:
- 94.0% of the respondents are Satisfied to Very Satisfied with WSI Services
- 95.5% are Satisfied to Very Satisfied with Doing Business with WSI
- 92.5% are Satisfied to Very Satisfied with WSI when compared to Other Machining Suppliers
- 96.7% agree that they have a Positive Perception of WSI
July 2008
WSI Industries announces the addition of Shad Nelson as Vice President
Mr. Nelson’s primary focus will be in the area of securing additional new business. Michael J. Pudil, president and chief executive officer, commented: “We are very pleased with the addition of Shad Nelson. Shad has more than 20 years experience in the industry and will work in identifying new customers, managing the sales process and securing new business. The continuation of growth in our customer base continues to be one of our key objectives.”
June 2008
WSI Industries Announces Plant Expansion & New Equipment Investments
WSI announced that their facility in Monticello, MN will be expanded to accommodate future business growth. The planned expansion will increase manufacturing space by 32% with construction beginning this month and with an expected completion by October of this year. Funding for the expansion will be from available cash and debt.
Michael J. Pudil, president and chief executive officer, commented: “WSI is furthering our investment in the manufacturing facility due to the increased demand for our contract manufacturing services. Since purchasing our Monticello facility in 2004, WSI’s sales have doubled and we have increased our headcount from 54 employees to our current level of 72 employees.” Pudil went on to say: “WSI is also pleased to report that it is also furthering its investment in new technology. We have recently purchased two new machining centers including a larger horizontal machine and a large vertical turning lathe. Both machines will provide capabilities beyond what WSI currently possesses.” Pudil concluded: “We have experienced exciting new opportunities and are pleased to announce these investments to further grow our business. The additional space and new equipment will allow for more efficient operations and will provide the opportunity for continued growth.”
May 2008
WSI Industries Reports 45% Increase in Second Quarter Sales
WSI reported net sales of $6,422,000 for the second quarter of fiscal 2008 ended February 24, 2008, an increase of 45% as compared to the year-earlier quarter of $4,440,000. The Company posted net income of $433,000 or $.15 per share for the current quarter, compared to $155,000 or $.06 per share in the second quarter of fiscal 2007. Year-to-date sales in fiscal 2008 were also up 45% vs. the prior year as sales increased to $12,396,000 from $8,570,000 a year ago. Year-to-date earnings per share rose to $.29 vs. $.11 in the prior year.
Michael J. Pudil, president and chief executive officer, commented: "A year ago we were pleased to report sales growth of 24% in the quarter. With our top line growth in fiscal 2008, our quarterly sales are now 80% higher from where we were just two years ago. Our bottom line has also shown dramatic improvement as our quarterly earnings per share have risen from $.03 two years ago to $.15 in our current fiscal 2008 second quarter."
Pudil concluded: "As we reported a few weeks ago, we have several new opportunities that have been awarded to us. With these new customers and programs, we have made substantial progress in the growth and diversification of our business. This was our number one challenge and we are pleased to report the progress we have made in this regard. Thanks go to the capable and committed people at WSI and we look forward to the challenge of implementing and delivering the new business."
In keeping with its announced policy to reward its shareholders, the Company also announced today that its Board of Directors has declared a dividend of $.0375 per share. The dividend will be payable April 30, 2008 to holders of record on April 16, 2008.
March 2008
WSI Provides Business Update, Announces New Energy Business Customer
Michael J. Pudil, president and chief executive officer, said: "We have several exciting new opportunities that have been presented to us and are pleased to announce that we have secured a new customer as well as two new programs from an existing customer in our energy business."
WSI reported that their energy business, which consists of customers that provide oil and gas drilling and production components, has experienced further growth. The Company has secured a new customer and expects that this first program will generate approximately $2.0 million in sales in fiscal 2009. Initial shipments will begin in the fiscal fourth quarter of this year. The Company also announced two additional programs with an existing customer. In addition to machining, one of the programs will include value added assembly. In total, this commitment could represent $17 million in business annually from this customer. Pudil said: "We are excited about the opportunities that lie ahead of us with our energy business. We will continue to invest in our capital and human resources in order to successfully deliver this new business."
In the motorcycle market, the Company announced that it has a new three year commitment from an existing customer to continue to supply engine components. However, as previously disclosed, there will be a reduction in volume of approximately $1.5 million annually. The reduction in volume will start in the fiscal 2008 fourth quarter. Also, in the motorcycle market, the Company said that the new customer previously discussed in a June 2007 press release is expected to begin ramping up production in the fiscal 2008 fourth quarter with expected sales in fiscal 2009 of $1 million. Finally, in the ATV engine component business, the Company expects business to remain strong at this time. Pudil commented: "Overall, we are very pleased with the progress we have made in our revenue growth and in particular the diversification of our business. All of our major segments of business which include recreation, energy, and aerospace continue to look positive."
The Company also announced that it will release its fiscal 2008 second quarter earnings on April 3, 2008 after market close. It said that it expects second quarter sales will amount to approximately $6.4 million which would represent a 45% increase over the prior year quarter.
February 2008
WSI Industries Adds Equipment to Increase Capacity and Capability
WSI Industries has added four new major CNC Machining Centers over the last year, with a 5th new CNC due in early April that will increase our overall part envelope size by 50% and increase our part weight to 6,600 lbs. This machine investment of over $2.5 million in state-of-the-art technology demonstrates our commitment to using the most advanced equipment to offer our services at a competitive advantage. A complete machine list is available under the “Equipment” tab in our website.
- Okuma MA 600 – Work envelope 39.37” x 35.43” x 39.37” (xyz), 50 HP spindle, full 4th, 1000 psi thru coolant and probing capability, w/100 tool capacity
- Okuma MA 600 – Work envelope 39.37” x 35.43” x 39.37” (xyz), 50 HP spindle, full 4th, 1000 psi thru coolant and probing capability w/60 tool capacity.
- Makino A81 600 – 39.4” x 39.4” x 51.2” Work envelope 35.43” x 31.49” x 40.16” (xyz), 47 HP hi torque spindle, extended tool length/diameter, full 4th, 1000 psi thru coolant and probing capability w/97 tool capacity
- Makino A61 500 – 31.5” x 31.5” x 39.4” Work envelope 28.74” x 25.59” x 28.74” (xyz) 14000 rpm Cat 40 spindle, full 4th, 1000 psi thru coolant and probing capability w/60 tool capacity
- Makino A92M 800 – 59” x 59” x 59” Work envelope 59.8” x 49.2” x 53.15” (xyz) 50 HP hi torque spindle, extended tool length/diameter, full 4th, 1000 psi thru coolant and special 2 probe system w/92 tool capacity – arriving early April 2008
WSI Industries Receives Polaris Three STAR Award
At the annual Polaris Key Supplier conference WSI was recognized with a Three STAR award for cost reductions in 2007. This is the highest award given by Polaris in this category and the fifth time WSI has been recognized for their achievements.
January 2008
WSI Industries Reports 45% Increase in First Quarter Sales
WSI reported sales for its fiscal 2008 first quarter ending November 25, 2007 of $5,975,000, an increase of 45% over the prior year amount of $4,129,000. Net income for the fiscal 2008 first quarter was $387,000 or $.14, an increase of $250,000 over the prior year net income of $137,000 or $.05 per share. Included in the fiscal 2008 first quarter income was a gain on sale of equipment which contributed $98,000 to pre-tax income.
Michael J. Pudil, president and chief executive officer, commented: “We took another significant step forward as shown by our results from our fiscal 2008 first quarter. Our sales were up 45% from the prior year quarter. We also experienced double digit sales percentage increases in both our recreational vehicle market and energy businesses versus the fiscal 2007 fourth quarter. Our net income excluding the gain on sale of equipment more than doubled over the prior year. ” Pudil went on to say: “Our energy business maintained its growth as sales exceeded $1.4 million for the fiscal 2008 first quarter. As previously reported, we continue to believe that we will have sales in fiscal 2008 of $10-$11 million in this business alone. In addition, we are very pleased with our results as we feel our investment in new equipment and technology over the past year as well as the addition of key employees has paid off. We are positive about the future and believe that we will show continued improvement going forward.”
The Company also announced today that its Board of Directors has declared a dividend of $.0375 per share. The dividend will be payable February 6, 2008 to holders of record on January 23, 2008.
October 2007
WSI Industries Reports 30% Increase in Full Year Earnings
WSI Industries reported full year sales for fiscal 2007 ending August 26, 2007 of $18,808,000, an increase of 17% over the prior year amount of $16,092,000. Net income for fiscal year 2007 was $747,000 or $.27, an increase of 30% over the prior year of $573,000 or $.21.
For the fourth quarter ended August 26, 2007, the Company reported an increase in sales of 21% over the prior year quarter with sales of $5,001,000 compared to $4,132,000 in the prior year quarter. The Company reported net income in the current quarter of $226,000 or $.08 versus $153,000 or $.06 in the prior year quarter.
Michael J. Pudil, president and chief executive officer, commented: “Fiscal 2007 closed on several positive notes. First, our fiscal third and fourth quarters both finished with sales in excess of $5 million each, which equates to an approximately $20 million annualized rate. In addition to that, our new business in the energy field continued its dynamic growth with $1.0 million in sales in our fiscal fourth quarter. With the growth, we were able to increase our bottom line by 48% in the quarter.” Pudil went on to say: “As disclosed on October 17, 2007, we expect our energy business to continue its rapid growth with estimated sales of $10 million to $11 million in fiscal 2008. With the addition of this business, we have made substantial progress with our stated goal of diversifying our business base. Overall, we are confident with all parts of our business and we are anticipating that fiscal 2008 will be a year of solid sales and earnings growth.”
The Company also announced today that its Board of Directors has declared a dividend of $.0375 per share. The dividend will be payable November 20, 2007 to holders of record on November 6, 2007.
WSI Industries Updates Energy Business Outlook & Announces Earnings Date
October 17th, 2007: WSI today updated their fiscal 2008 outlook on their energy business. Michael J. Pudil, president and chief executive officer, said: “We are pleased to report further progress in our developing energy business. Previously we had announced that we expected WSI’s fiscal 2008 sales from it energy business to be about $6 million to $8 million. We now expect that business to be approximately $10 million to $11 million for our year ending in August 2008.”
Pudil went on to say: “When we entered the energy field in the spring of 2007, we were awarded orders on three separate programs. Later in the summer of 2007, a fourth program was secured and added to our business. Today, we are pleased to announce that we have been successful in winning two additional programs. Overall, we have backlog for our energy business out through calendar year 2009.” Pudil concluded: “We believe that WSI’s ability to take on programs of this magnitude is a positive comment on our financial resources and the technical expertise and commitment of our employees.”
The Company also announced that it will release its full year fiscal 2007 earnings on Tuesday, October 23, 2007 after market close.
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August 2007
ISO 9001:2000 Yearly Surveillance
On August 1st, WSI successfully completed our annual ISO 9001:2000 surveillance audit. The audit was conducted by SGS www.sgs.com
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June 2007
WSI Industries Reports 24% Sales Increase, 33% Net Earnings Increase
WSI today reported net sales of $5,238,000 for the third quarter of fiscal 2007 ended May 27, 2007, a 24% increase over the year-earlier quarter of $4,215,000. The Company posted net income of $229,000 or $.08 per share, compared to $172,000 or $.06 per share in the third quarter of fiscal 2006. Year-to-date sales for the nine months ended May 27, 2007 totaled $13,807,000 or a 15% increase over the same period from the prior year. Net income for the same year-to-date period increased to $521,000 or $.19 per share compared to $420,000 or $.15 per share.
Michael J. Pudil, president and chief executive officer, commented: “We are pleased to report on an exceptional fiscal 2007 third quarter. Sales increased by 24% over the prior year while net earnings increased 33%. As previously announced, we secured a new customer in the energy field, and that account provided WSI with $410,000 in sales in the fiscal 2007 third quarter. We also experienced sales increases in our recreational vehicle market.” Pudil went on to say: “We continue to reap the benefits of our diversification efforts as this quarter we are announcing two new customers, one in the recreational vehicle market and the other in the aerospace market. We are capitalizing on opportunities in markets that we already serve, but as shown with our new partner in the energy field, we are able to find new prospects outside our traditional industries.” Pudil concluded: “We expect our fiscal 2007 fourth quarter to show sales growth as compared to the year earlier quarter, even though a previously announced planned reduction with one of our current customers will start to take effect. Going forward, we are optimistic in regards to both top line growth and customer diversification as indications are that our energy business will approach $6 million to $8 million in sales annually in fiscal 2008.”
In keeping with its announced policy to reward its shareholders, the Company also announced today that its Board of Directors has declared a dividend of $.0375 per share. The dividend will be payable July 17, 2007 to holders of record on July 3, 2007.June 2007
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March 2007
WSI Industries Announces New Business, Sales up 24%, Net Earnings Double
WSI today reported net sales of $4,440,000 for the second quarter of fiscal 2007 ended February 25, 2007, an increase of 24% as compared to the year-earlier quarter of $3,574,000. The Company posted net income of $155,000 or $.06 per share for the current quarter, compared to $69,000 or $.03 per share in the second quarter of fiscal 2006.
Michael J. Pudil, president and chief executive officer, commented: “Our fiscal 2007 second quarter had solid revenue growth as we experienced increased sales from virtually all markets that we serve. We are pleased to report that our second quarter had the highest level of quarterly sales in over 5 years.” Pudil continued: “We are most pleased to report success with our business diversification efforts by securing business with three new customers. One will be a significant new program in the energy industry, another is in the recreational vehicle market that we now serve, and a third is in the aerospace industry. For the second half of Fiscal 07, we are expecting continued top line growth as a result of these new customers even though there is a planned reduction in business from an existing customer.” Pudil concluded, “We are continuing to invest in our business and are pleased with the results to date especially in regards to our customer diversification. Everyone at WSI is proud of these accomplishments.”
In keeping with its announced policy to reward its shareholders, the Company also announced today that its Board of Directors has declared a dividend of $.0375 per share. The dividend will be payable April 17, 2007 to holders of record on April 3, 2007.
WSI Industries Adds Four New CNC Machining Centers
- Haas VF-5TR SS - Full 5-axis simultaneous motion machining capability, high speed spindle, work envelope 38” x 26” x 25” (xyz)
- Okuma MA 600 – Work envelope 39.37” x 35.43” x 39.37” (xyz), 50 HP spindle and probing capability
- Haas VF- 2 SS - Work envelope 30” x 16” x 20” (xyz) with high speed spindle and probing capability
- Haas VF- 6 SS - Work envelope 64”x 32”x 30” (xyz), high speed spindle and probing capability
WSI Industries Receive Polaris Three STAR Award
At the annual Polaris Key Supplier conference WSI was recognized with a Three STAR award for cost reductions in 2006. This is the highest award given by Polaris in this category and the fourth time WSI has been recognized for their achievements.
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February 2007
WSI Industries Reports Customer Excellence Award |
