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WSI Industries Reports 19% Increase in Sales in Fiscal 2014 First Quarter



  WSI Industries Reports 19% Increase in Sales in Fiscal 2014 First Quarter

Business Wire

MINNEAPOLIS -- December 18, 2013

WSI Industries, Inc. (Nasdaq:WSCI) today reported sales for its fiscal 2014
first quarter ending November 24, 2013 of $10,199,000, a 19% increase versus
the prior year amount of $8,584,000. Net income for the fiscal 2014 first
quarter was $345,000 or $.12 per diluted share versus the prior year quarter
of $431,000 or $.15 per diluted share.

Benjamin Rashleger, president and chief executive officer, commented: “We are
pleased to report on our fiscal 2014 first quarter results which include a 19%
increase in sales over the prior year first quarter. While our net income of
$.12 per diluted share is down versus the prior year first quarter, it is
higher than each of the preceding three quarters.” Rashleger continued: “We
continue to experience sales growth momentum from our powersports product
lines as sales from that industry are up 56% over the prior year quarter as
new product lines and models are introduced and increasing in volume. We
expect to see continued year over year growth in the powersports business as
fiscal 2014 progresses.” Rashleger went on to say: “As we have stated in prior
quarters, our energy business remains soft. While a significant portion of our
overall business is still derived from this industry, the level of sales is
lower than the prior year. We are, however, beginning to see more confidence
in the market, and are optimistic that we will see some recovery in this
segment during our fiscal year.” Rashleger concluded: “We have had a strong
start to our fiscal 2014. We continue to believe that fiscal 2014 will produce
sales growth as well as improved bottom line net income. Exceeding $10 million
in sales during a quarter is a significant milestone achievement for WSI. We
are focused on our long-term goals of growing and diversifying the business
and increasing the return to our shareholders. We have made large investments
in both our facility and equipment in anticipation of our sales growth, and we
have many other parallel initiatives underway in support of our efforts to
capitalize further on these investments in the years to come. Finally, we are
excited about the opportunity we believe we will have in the aerospace market
due to our receipt of our AS9100 aerospace certification, and our focused
marketing activities related to expanding our presence in this market.”

The Company also announced today that its Board of Directors has declared a
quarterly dividend of $.04 per share. The dividend will be payable January 17,
2014 to holders of record on January 3, 2014.

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 and aerospace, energy, firearms, recreational powersports
vehicles, small engines, marine, bioscience and the defense markets.

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.

 
WSI INDUSTRIES, INC.
                                                                 
CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)
In thousands, except per share amounts
                                                                   
                                                 First quarter ended
                                                 November 24,     November 25,
                                                 2013             2012
Net Sales                                        $  10,199        $  8,584
Cost of products sold                               8,848            7,102    
Gross margin                                        1,351            1,482
                                                                   
Selling and administrative expense                  700              728
Interest and other income                           (1      )        (1      )
Interest and other expense                          113              81       
Earnings from operations before income taxes        539              674
Income taxes                                        194              243      
Net earnings                                     $  345           $  431      
                                                                   
Basic earnings per share                         $  0.12          $  0.15     
                                                                   
Diluted earnings per share                       $  0.12          $  0.15     
 
Weighted average number of common shares            2,892            2,869
outstanding
                                                                   
Weighted average number of dilutive common          2,950            2,948
shares outstanding
                                                                   
                                                                   
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
In thousands
                                                 November 24,     November 25,
                                                 2013             2012
Assets:
Total Current Assets                             $  11,099        $  10,596
Property, Plant, and Equipment, net                 14,756           10,334
Intangible Assets, net                              2,386            2,368    
Total Assets                                     $  28,241        $  23,298   
                                                                   
Liabilities and Shareholders' Equity:
Total current liabilities                        $  4,587         $  4,574
Long-term debt                                      9,739            5,546
Deferred tax liabilities                            1,516            1,213
Shareholders' equity                                12,399           11,965   
Total Liabilities and Shareholders' Equity       $  28,241        $  23,298   
                                                                   
                                                                   
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
In thousands
                                                 November 24,     November 25,
                                                 2013             2012
                                                                   
Cash flows from operating activities (1)         $  1,453         $  960
Cash used in investing activities                   (26     )        (938    )
Cash used in financing activities                   (607    )        (469    )
Net increase in cash and cash equivalents           820              (447    )
                                                                   
Cash and cash equivalents at beginning of           1,906            2,912    
period
                                                                   
Cash and cash equivalents at end of period       $  2,726         $  2,465    
                                                                   

(1) Cash flows from operating activities includes non-cash adjustments for
depreciation, deferred taxes and stock option compensation expense of $809 and
$702 at November 23, 2013 and November 25, 2012, respectively.

Contact:

WSI Industries, Inc.
Benjamin Rashleger, 763-295-9202
President & CEO
or
Paul D. Sheely, 763-295-9202
CFO
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