Business
Webco Industries, Inc. Reports Fiscal 2016 Second Quarter Results
Webco Industries, Inc. Reports Fiscal 2016 Second Quarter Results.
About this update from Webco Industries, Inc.
[{"type":"text","content":"\n \n Webco Industries, Inc. (OTC: WEBC) today reported results for our fiscal \n 2016 second quarter ended January 31, 2016.\n \n \n For our fiscal 2016 second quarter, we incurred a net loss of $1.2 \n million, or a loss of $1.43 per diluted share, compared to a net loss of \n $1.0 million, or $1.27 per diluted share, for the second quarter in \n fiscal 2015. Net sales for the second quarter of fiscal 2016 were $75.5 \n million, a 28.8 percent decrease from the $106.0 million of sales in \n last year’s second quarter. The current quarter includes a $0.4 million \n non-cash loss related to our interest swap contract, whereas the prior \n year second quarter includes a $1.2 million non-cash loss related to the \n interest swap contract.\n \n \n For the first six months of fiscal year 2016, we generated a net loss of \n $2.3 million, or $2.90 per diluted share, compared to a net loss of $0.7 \n million, or $0.92 per diluted share, for the same period in fiscal 2015. \n Net sales for the first six months of the current year amounted to \n $167.8 million, a 20.9 percent decrease from the $212.1 million in sales \n for the same six-month period of last year. Results for the first six \n months of the current year include a $0.8 million non-cash loss related \n to the interest swap contract, whereas the prior year same six-month \n period contained a $1.9 million non-cash loss on the contract.\n \n \n In the second quarter of fiscal year 2016, we had a loss from operations \n of $1.0 million, including depreciation of $2.9 million. Income from \n operations in the second fiscal quarter of the prior year was $0.2 \n million, with depreciation amounting to $3.0 million. Gross profit for \n the second quarter of fiscal 2016 was $4.5 million, or 5.9 percent of \n net sales, compared to $6.2 million, or 5.8 percent of net sales, for \n the second quarter of fiscal 2015.\n \n \n We had a loss from operations for the first six months of fiscal year \n 2016 of $1.9 million, after depreciation expense of $5.9 million, while \n income from operations for the same period in fiscal 2015 was $2.2 \n million, after depreciation expense of $5.9 million. Gross profit for \n the first six months of fiscal 2016 was $9.4 million, or 5.6 percent of \n net sales, compared to $14.6 million, or 6.9 percent of net sales for \n the same period in fisca...