Business
Webco Industries, Inc. Reports Fiscal 2020 Third Quarter Results
Webco Industries, Inc. Reports Fiscal 2020 Third Quarter Results.
About this update from Webco Industries, Inc.
[{"type":"text","content":"\nWebco Industries, Inc. (OTC: WEBC) today reported results for our third quarter of fiscal year 2020, which ended April 30, 2020.\n\n\nDana S. Weber, Chief Executive Officer and Chairwoman, stated, “These are certainly unprecedented times for our company, our industry and our nation’s economy. The COVID-19 pandemic began to impact our business mid-way through this third fiscal quarter and accelerated in scope and scale through the end of the quarter. Webco, including our subsidiary, Phillips & Johnston, are part of the nation’s critical infrastructure as defined by the U.S. Department of Homeland Security. As a result, we have continued to operate during this period. To the extent Webco identified non-essential businesses within our Company, we stopped those activities, including businesses that would otherwise be essential except that demand was reduced or non-existent. In order to help ensure the wellness of our employees, we immediately instituted numerous processes and practices aimed at reducing the likelihood of having COVID-19 related illnesses contracted and spread in our facilities and communities. Although not required by applicable 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 and paid $0.4 million in such benefits in the third quarter of fiscal year 2020. Our first and highest priority is the safety and well-being of our trusted teammates. Strict CDC recommended hygiene practices were immediately instituted and all teammates that could reasonably work from their home did so.”\n\n\nDavid E. Boyer, President, commented, “The COVID-19 pandemic and very low oil prices (the 'Current Business Environment') combined to impact our operations by disrupting supply channels, customer demand and employee availability. Some segments of industries we serve simply shuttered. Demand for new orders dropped precipitously in March and continued through the end of the quarter. We have been able to continue our essential operations; however, financial circumstances required that we reduce all discretionary spending and right-size our organization to match the current level of business. Because we are hopeful that business levels will recover to some improved level in the future, we have reduced our number of...