WSI Industries Reports Profitable Fourth Quarter
October 16, 2017—Minneapolis, MN—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.
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.