Business
Webco Industries, Inc. Reports Fiscal 2017 Second Quarter Results
Webco Industries, Inc. Reports Fiscal 2017 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 second \n quarter of fiscal year 2017, ended January 31, 2017.\n \n \n For our second quarter of fiscal year 2017, we generated net income of \n $2.2 million, or $2.61 per diluted share, compared to a net loss of $1.2 \n million, or a loss of $1.43 per diluted share, for the second quarter in \n fiscal 2016. Net sales for the second quarter of fiscal 2017 were $91.6 \n million, a 21.3 percent increase from the $75.5 million of sales in last \n year’s second quarter. The current quarter includes a non-cash gain of \n $0.9 million related to our interest swap contract, whereas the prior \n year second quarter includes a $0.4 million non-cash loss related to the \n interest swap contract.\n \n \n For the first six months of fiscal year 2017, we generated net income of \n $2.9 million, or $3.48 per diluted share, compared to a net loss of $2.3 \n million, or a loss of $2.90 per diluted share, for the same period in \n fiscal 2016. Net sales for the first six months of the current year \n amounted to $180.0 million, a 7.3 percent increase over the $167.8 \n million in sales for the same six-month period of last year. Results for \n the first six months of the current year include a $1.3 million non-cash \n gain related to the interest swap contract, whereas the prior year same \n six-month period contained a $0.8 million non-cash loss on the contract.\n \n \n In the second quarter of fiscal year 2017, we generated income from \n operations of $1.8 million, after depreciation of $2.8 million. The \n second fiscal quarter of the prior year generated a loss from operations \n of $1.0 million, after depreciation amounting to $2.9 million. Gross \n profit for the second quarter of fiscal 2017 was $7.6 million, or 8.2 \n percent of net sales, compared to $4.5 million, or 5.9 percent of net \n sales, for the second quarter of fiscal 2016.\n \n \n Our income from operations for the first six months of fiscal year 2017 \n was $3.3 million, after depreciation expense of $5.6 million, while we \n generated a loss from operations for the same period in fiscal 2016 of \n $1.9 million, after depreciation expense of $5.9 million. Gross profit \n for the first six months of fiscal 2017 was $15.5 million, or 8.6 \n percent of net sales, compared to $9.4 million, or 5.6 perc...