WSI Industries (WSCI) Swings to Q1 Loss of $0.11
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Financial Fact:
Selling and administrative expense: 803.09K
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WSI Industries (NASDAQ: WSCI) reported Q1 EPS of ($0.11), versus $0.05 reported last year. Revenue for the quarter came in at $6.22 million, versus $9.73 million reported last year.
Related to the quarter results, Benjamin Rashleger, president and chief executive officer, commented: "As previously disclosed, our primary customer began the process of retooling one of their production facilities in our fiscal 2017 first quarter. This project resulted in a reduction of parts shipped to that facility which negatively affected the Company's sales and earnings in the first quarter. While the project will continue into the Company's fiscal 2017 second quarter, we do expect shipments to resume to that facility during the quarter, and that sales will return to our historical levels." Rashleger continued "We also continue to have available capacity due to the low price of oil and natural gas which has hurt our energy related business and has hampered both our top and bottom line."
Related to the business, Rashleger commented: "Our net loss was driven primarily from an underutilization of our building and equipment. We are experiencing some positive benefits with a recent, but slight, recovery of our energy related business, and we are also beginning to ramp up some of the aerospace business that was previously awarded and which has now been approved through the first article process with our customer. We have begun to realize some positive results related to our long-term effort to fill our new business pipeline, and to see some of our quoted opportunities convert to awards after passing through the typical extended timeframe prior to being awarded. We have recently been awarded a few programs that are in the testing and validation phase by our customers, and should our customers win the programs, we anticipate that we'll participate in the future production volume work on these programs, which would also fall into multi-year supply agreements. It is a positive statement from our customers when they select us for these initial awards. Our quote backlog remains strong and we believe that we have the systems and personnel in place to continue to obtain new programs and customers."
For earnings history and earnings-related data on WSI Industries (WSCI) click here.
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