$5.92 potential triple by years end - IBD material
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WSI Industries Reports Improved Third Quarter Results Sales up 40% & Earnings up 151%
MINNEAPOLIS--(BUSINESS WIRE)--WSI Industries, Inc. (Nasdaq: WSCI) today reported operating results for the fiscal 2011 third quarter ended May 29, 2011.
“During our fiscal 2011 third quarter, we made significant improvements in our gross margins with respect to our newer programs. The start-up costs that we incurred in the first two quarters of fiscal 2011 are now behind us.” .•Net sales of $6,532,000 were up 40% from $4,657,000 in the year earlier period. Year-to-date sales of $17,742,000 were up 37% over the prior year-to-date period. •Net income for the fiscal 2011 third quarter rose to $397,000 or $.14 per diluted share, an increase of 151% over the prior year’s net income of $158,000 or $.06 per diluted share Year-to-date net income increased to $559,000 or $.19 per diluted share versus the prior year-to-date period of $290,000 or $.10 per diluted share. Michael J. Pudil, chief executive officer, commented: “We are happy to report significant improvements in both our top line sales and bottom line net income results in our fiscal 2011 third quarter. Our sales growth came from all portions of our business with both our recreational vehicle market as well as our energy business reporting solid revenue increases.”
President and COO Benjamin Rashleger stated: “During our fiscal 2011 third quarter, we made significant improvements in our gross margins with respect to our newer programs. The start-up costs that we incurred in the first two quarters of fiscal 2011 are now behind us.” Rashleger continued: “These improvements, as well as the continued solid performance in the remainder of our business propelled our earnings improvement in the third quarter.” Rashleger concluded: “We remain confident with our overall prospects going forward. The combination of our current base of business, as well as potential new opportunities bode well for our future success. We feel that the revenue and earnings improvement that we realized during the fiscal 2011 third quarter was a result of the investments we have made in personnel and equipment, and it demonstrates that we can continue to be successful as we grow into the future.”
The Company also announced today that its Board of Directors has declared a quarterly dividend of $.04 per share. As mentioned in prior quarters, the Company believes that a consistent dividend program is a further sign of WSI’s financial strength and improved business outlook. The dividend will be payable July 19, 2011 to holders of record on July 5, 2011.
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 avionics, aerospace and defense, energy, recreational vehicles, computers, small engines, marine, bioscience and instrumentation.
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