WSCI nice earnings
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WSI Industries Net Income Up 56%, Sales Up 28%
Wednesday June 18, 8:45 am ET
MINNEAPOLIS--(BUSINESS WIRE)--WSI Industries, Inc. (Nasdaq:WSCI - News) today reported net sales of $6,703,000 for the third quarter of fiscal 2008 ended May 25, 2008, an increase of 28% as compared to the year-earlier quarter of $5,238,000. The Company posted net income of $357,000 or $.13 per share for the current quarter, compared to $229,000 or $.08 per share in the third quarter of fiscal 2007. Year-to-date sales in fiscal 2008 were up 38% vs. the prior year as sales increased to $19,099,000 from $13,807,000 a year ago. Year-to-date diluted earnings per share rose to $.42 vs. $.19 in the prior year or up 126%.
Michael J. Pudil, president and chief executive officer, commented: “We have been extremely busy with installing new equipment, new product startups, and with expansion of the facility. With these activities, we are again pleased to report outstanding growth in both sales and net income in our fiscal third quarter. Credit goes to all the dedicated employees at WSI.” Pudil continued: “Our diversification efforts, primarily in the energy business, continue to pay dividends as our fiscal third quarter did not have a single customer accounting for more than 50% of our total revenues. For those that have followed WSI throughout the years, this is indeed a very positive change.” Pudil concluded: “Fiscal 2008 has been a year of tremendous success for WSI and we look forward to continued growth.”
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 16, 2008 to holders of record on July 2, 2008.
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