Business
Webco Industries, Inc. Reports Fiscal 2020 Fourth Quarter and Year End Results
Webco Industries, Inc. Reports Fiscal 2020 Fourth Quarter and Year End Results.
About this update from Webco Industries, Inc.
[{"type":"text","content":"\nWebco Industries, Inc. (OTC: WEBC) today reported results for our fourth quarter of fiscal year 2020, which ended July 31, 2020.\n\nDana S. Weber, Chief Executive Officer and Chairwoman, stated, “COVID-19 and low oil prices (the “Current Business Environment”) continue to have a fundamental impact on our business, much like the rest of the country and world. The COVID-19 pandemic began impacting our business mid-way through our third fiscal quarter and accelerated in scope and scale into the fourth quarter of fiscal year 2020. Elements of our business improved toward the end of the current fourth fiscal quarter, while other industries we serve continue to suffer, notably those that are energy-related. Our revenue levels are significantly below where they were before the pandemic began. Our priority is the health and well-being of our Trusted Teammates. We continue to deploy numerous processes and practices aimed at reducing the likelihood of having COVID-19 contracted and spread in our facilities and communities, including CDC recommended hygiene practices. We initially allowed our teammates who could reasonably work from their home, to do so, although most have since returned to the workplace. Although not required by law, we chose to adopt a COVID-19 paid-time-off program to support our employees quarantined, furloughed, or needing to care for family members. We also covered the cost of benefits for our furloughed employees. The cost of the paid-time-off and covered benefits for furloughed employees amounted to $0.5 million in the current fourth quarter and $1.0 million in fiscal year 2020.”\n\nDavid E. Boyer, President, commented, “The Current Business Environment disrupted supply channels, customer demand and employee availability. Some segments of industries we serve simply closed for an extended period, while others were intermittently closed as they dealt with COVID-19 cases in the workplace. Because of the re-opening of some of those businesses, overall demand has increased but has not recovered to pre-pandemic levels. We worked to right size our operations based on our expected business levels and reduced expenses where it made sense without sacrificing our capabilities or ability to serve our customers. In anticipation that business levels would recover to some degree, we used furlough w...