Business
Webco Industries, Inc. Reports Fiscal 2017 Fourth Quarter Results
Webco Industries, Inc. Reports Fiscal 2017 Fourth Quarter Results.
About this update from Webco Industries, Inc.
[{"type":"text","content":"\n \n Webco Industries, Inc. (OTC: WEBC) today reported results for our fourth \n quarter of fiscal year 2017, ended July 31, 2017.\n \n \n For our fourth quarter of fiscal year 2017, we generated net income of \n $1.4 million, or $1.55 per diluted share, compared to a net loss of $0.6 \n million, or a loss of $0.73 per diluted share, for the fourth quarter in \n fiscal 2016. Net sales for the fourth quarter of fiscal 2017 were $106.6 \n million, a 26.8 percent increase from the $84.0 million of sales in last \n year’s fourth quarter. The current quarter includes a negligible \n non-cash loss related to our interest swap contract, whereas the prior \n year fourth quarter includes a $0.2 million non-cash loss related to the \n interest swap contract.\n \n \n For fiscal year 2017, we generated net income of $5.6 million, or $6.45 \n per diluted share, compared to a net loss of $3.2 million, or a loss of \n $3.92 per diluted share, for the same period in fiscal 2016. Net sales \n for the current fiscal year amounted to $384.9 million, a 16.5 percent \n increase over the $330.3 million last fiscal year. Results for the \n current fiscal year include a $1.5 million non-cash gain related to the \n interest swap contract, whereas the prior year contained a $0.9 million \n non-cash loss on the contract.\n \n \n In the fourth quarter of fiscal year 2017, we generated income from \n operations of $3.0 million, after depreciation of $3.0 million. The \n fourth fiscal quarter of the prior year generated income from operations \n of $0.7 million, after depreciation amounting to $3.1 million. Gross \n profit for the fourth quarter of fiscal 2017 was $10.2 million, or 9.6 \n percent of net sales, compared to $6.7 million, or 8.0 percent of net \n sales, for the fourth quarter of fiscal 2016.\n \n \n Our income from operations for fiscal year 2017 was $8.9 million, after \n depreciation expense of $11.5 million, while we generated a loss from \n operations for the same period in fiscal 2016 of $0.9 million, after \n depreciation expense of $11.9 million. Gross profit for fiscal 2017 was \n $34.6 million, or 9.0 percent of net sales, compared to $22.4 million, \n or 6.8 percent of net sales for the same period in fiscal year 2016.\n \n \n Dana S. Weber, Chief Executive Officer, commented, “Manufacturing in the \n United States contin...