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WSI Industries Q1 2016 sales $9,731,000

Staff writer |
WSI Industries reported sales for its fiscal 2016 first quarter ending November 29, 2015 of $9,731,000, versus the prior year amount of $10,098,000.

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Net income was $132,000 or $.05 per diluted share versus the prior year quarter of $167,000 or $.06 per diluted share.

Related to the quarter results, Benjamin Rashleger, president and chief executive officer, commented: "Our fiscal 2016 first quarter sales were down from the prior year quarter due to the continued slump in our energy business. However, our core business in the recreational powersports market experienced another rise with sales increasing by 11% over the prior year quarter.

"The impact of the low price of oil and natural gas has essentially idled our energy related business. This reduction has, and will continue to, impact our results while we backfill our available and underutilized capacity which leaves us well positioned to capture new business."

The company also announced that its board has declared a quarterly dividend of $.04 per share. The dividend will be payable January 20, 2016 to holders of record on January 6, 2016.


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