We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Webco Industrial Inc (PK) | USOTC:WEBC | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.625 | 0.33% | 190.625 | 188.00 | 192.50 | 190.625 | 190.00 | 190.00 | 52 | 20:00:10 |
From Mar 2020 to Mar 2025
Webco Industries, Inc. (OTC: WEBC) today reported results for its fiscal 2011 first quarter, which ended October 31, 2010.
For its fiscal 2011 first quarter, the Company reported net income of $6,151,000, or $7.98 per diluted share, compared to net income of $502,000, or $0.66 per diluted share, for the same quarter in fiscal 2010. Net sales for the first quarter of fiscal 2011 were $103.3 million, a 51.9 percent increase from the $68.0 million of sales in last year’s first quarter. The improvement in current quarter results reflects an improved business environment, along with significant productivity gains.
F. William Weber, Webco’s Chairman and Chief Executive Officer, commented, “The initiatives on which we focused over the last year and a half are allowing us to operate at a high level of productivity. We continue to pursue organic growth through strategic investments in manufacturing and information technology. Our current investments support our long-term niche strategy.”
Gross profit for the first quarter of fiscal 2011 was $15.7 million, or 15.2 percent of net sales, compared to $6.2 million, or 9.1 percent of net sales, for the first quarter of fiscal 2010. The current quarter gross profit percentage increased from the comparable prior year period because of the impacts of high priced inventories on that prior year period.
Selling, general and administrative expenses in the first quarter of fiscal 2011 were $5.8 million, compared to $3.8 million in the first quarter of the prior year. SG&A expense in the current fiscal year period is higher than the prior year same period as short-term cost reduction strategies employed have given way to longer term management objectives.
Interest expense was $1.0 million in each of the current and prior year quarters. In the spring of 2008, the Company entered into arrangements that swapped the variable interest rate for $75 million of the Company’s debt to a fixed rate for five years, concluding that fixed rates available for that period were preferred to the exposure to significant interest rate increases in the future. The global economic crisis that began in October 2008 resulted in significant decreases in interest rates and, therefore, current rates are less than the swapped rates. Monthly swap settlements are included in interest expense and amounted to $0.7 million in each of the current and prior year quarters. The Company records interest rate swap contracts at fair value, and the non-cash changes in value from period to period are reported as unrealized gains or losses on interest contracts. During the first quarter of fiscal year 2011, fair value adjustments on the interest contracts resulted in a non-cash charge of $0.4 million versus a non-cash charge of $0.7 million in the prior year’s first quarter. At October 31, 2010, the Company had a liability of $7.3 million related to the negative fair value of the interest rate swap contracts.
Capital expenditures incurred amounted to $3.3 million for the first quarter of fiscal 2011. Capital spending for fiscal year 2011 is currently projected to be in the range of $12 million to $14 million.
Webco is a manufacturer and value added distributor of high-quality carbon steel, stainless steel and other metal tubular products designed to industry and customer specifications. Webco's tubing products consist primarily of pressure tubing and specialty tubing for use in durable and capital goods. Webco's long-term strategy involves the pursuit of niche markets within the metal tubing industry through the deployment of leading-edge manufacturing and information technology. Webco has five production facilities in Oklahoma and Pennsylvania and five value-added distribution facilities in Oklahoma, Texas, Illinois and Michigan, serving more than 1,500 customers throughout North America.
Forward-looking statements: Certain statements in this release, including, but not limited to, those preceded by or predicated upon the words "anticipates," "appears," "believes," “can,” “considering,” "expects," "hopes," "plans," “projects,” "should," "would," or similar words constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company, or industry results, to differ materially from any future results, performance or achievements expressed or implied herein. Such risks, uncertainties and factors include the factors discussed above and, among others: general economic and business conditions, including the continuing global recession and disruptions in the global credit markets, competition from imports, changes in manufacturing technology, banking environment, including availability of adequate financing, monetary policy, raw material costs and availability, industry capacity, domestic competition, loss of significant customers and customer work stoppages, customer claims, technical and data processing capabilities, and insurance costs and availability. The Company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.
WEBCO INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
Three Months EndedOctober 31,
2010 2009 Net sales $ 103,346 $ 68,031 Cost of sales 87,604 61,845Gross profit
15,742
6,186
Selling, general & administrative 5,767 3,805Income from operations
9,975
2,381
Interest expense 992 960 Unrealized loss on interest contract 375 695Income before income taxes
8,608
726
Income tax expense 2,457 224 Net income $ 6,151 $ 502 Net income per common share: Basic $ 8.01 $ 0.66 Diluted $ 7.98 $ 0.66 Weighted average common shares outstanding: Basic 768,000 763,000 Diluted 771,000 765,000 WEBCO INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEET HIGHLIGHTS
(Dollars in thousands)
(Unaudited)
October 31,2010
July 31,2010
Accounts receivable, net $ 49,181 $ 41,310 Inventories, net 119,059 116,631 Other current assets 9,446 7,952 Total current assets 177,686 165,893 Net property, plant and equipment 66,501 65,594 Other long-term assets 7,302 7,301 Total assets $ 251,489 $ 238,788 Other current liabilities $ 44,383 $ 42,836 Current portion of long-term debt 69,003 63,903 Total current liabilities 113,386 106,739 Long-term debt 8,750 8,750 Deferred income tax liability 10,805 11,117 Total equity 118,548 112,182 Total liabilities and equity $ 251,489 $ 238,788 CASH FLOW DATA(Dollars in thousands)
(Unaudited)
Three Months EndedOctober 31,
2010 2009Net cash provided by
(used in) operating activities
$
(750
)
$
6,042
Depreciation and amortization $ 2,051 $ 1,981 Cash paid for capital expenditures $ 3,086 $ 334
1 Year Webco Industrial (PK) Chart |
1 Month Webco Industrial (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
