Business
Webco Industries, Inc. Reports Fiscal 2017 Third Quarter Results
Webco Industries, Inc. Reports Fiscal 2017 Third Quarter Results.
About this update from Webco Industries, Inc.
[{"type":"text","content":"\n \n Webco Industries, Inc. (OTC: WEBC) today reported results for our third \n quarter of fiscal year 2017, ended April 30, 2017.\n \n \n For our third quarter of fiscal year 2017, we generated net income of \n $1.3 million, or $1.44 per diluted share, compared to a net loss of $0.2 \n million, or a loss of $0.29 per diluted share, for the third quarter in \n fiscal 2016. Net sales for the third quarter of fiscal 2017 were $98.3 \n million, a 25.3 percent increase from the $78.5 million of sales in last \n year’s third quarter. The current quarter includes a non-cash gain of \n $0.1 million related to our interest swap contract, whereas the prior \n year third quarter includes a nominal non-cash gain related to the \n interest swap contract.\n \n \n For the first nine months of fiscal year 2017, we generated net income \n of $4.2 million, or $4.91 per diluted share, compared to a net loss of \n $2.6 million, or a loss of $3.19 per diluted share, for the same period \n in fiscal 2016. Net sales for the first nine months of the current year \n amounted to $278.3 million, a 13.0 percent increase over the $246.3 \n million in sales for the same nine-month period of last year. Results \n for the first nine months of the current year include a $1.5 million \n non-cash gain related to the interest swap contract, whereas the prior \n year same nine-month period contained a $0.7 million non-cash loss on \n the contract.\n \n \n In the third quarter of fiscal year 2017, we generated income from \n operations of $2.5 million, after depreciation of $2.8 million. The \n third fiscal quarter of the prior year generated income from operations \n of $0.3 million, after depreciation amounting to $2.9 million. Gross \n profit for the third quarter of fiscal 2017 was $8.9 million, or 9.0 \n percent of net sales, compared to $6.3 million, or 8.0 percent of net \n sales, for the third quarter of fiscal 2016.\n \n \n Our income from operations for the first nine months of fiscal year 2017 \n was $5.9 million, after depreciation expense of $8.5 million, while we \n generated a loss from operations for the same period in fiscal 2016 of \n $1.6 million, after depreciation expense of $8.8 million. Gross profit \n for the first nine months of fiscal 2017 was $24.4 million, or 8.8 \n percent of net sales, compared to $15.7 million, or 6.4 percent o...