Form 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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þ |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For the quarterly period ended March 1, 2009
OR
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o |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 0-619
WSI Industries, Inc.
(Exact name of registrant as specified in its charter)
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Minnesota
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41-0691607 |
(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.) |
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213 Chelsea Road, Monticello, Minnesota
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55362 |
(Address of principal executive offices)
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(Zip Code) |
(763) 295-9202
(Registrants telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of larger
accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act.
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Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer o
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Smaller reporting company þ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of
the Exchange Act). Yes o No þ
Indicate the number of shares outstanding of each of the issuers classes of common stock, as
of the latest practicable date: 2,878,868 shares of common stock were outstanding as of March 25,
2009.
WSI INDUSTRIES, INC.
AND SUBSIDIARIES
INDEX
2
PART 1. FINANCIAL INFORMATION:
ITEM 1. FINANCIAL STATEMENTS
WSI INDUSTRIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
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March 1, |
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August 31, |
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2009 |
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2008 |
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(unaudited) |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
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$ |
1,294,623 |
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$ |
1,843,601 |
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Accounts receivable |
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3,771,746 |
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3,753,354 |
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Inventories |
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2,561,588 |
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2,536,006 |
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Prepaid and other current assets |
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163,130 |
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188,933 |
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Deferred tax assets |
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183,200 |
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163,829 |
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Total Current Assets |
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7,974,287 |
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8,485,723 |
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Property, Plant and Equipment Net |
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8,043,815 |
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7,230,515 |
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Deferred tax assets |
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635,314 |
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557,689 |
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Goodwill and other assets, net |
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2,369,554 |
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2,372,861 |
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$ |
19,022,970 |
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$ |
18,646,788 |
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Liabilities and Stockholders Equity |
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Current Liabilities: |
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Trade accounts payable |
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$ |
2,223,168 |
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$ |
2,498,624 |
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Accrued compensation and employee withholdings |
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403,032 |
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719,208 |
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Other accrued expenses |
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124,255 |
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54,723 |
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Current portion of long-term debt |
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1,133,519 |
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1,025,414 |
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Total Current Liabilities |
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3,883,974 |
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4,297,969 |
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Long-term debt, less current portion |
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6,263,760 |
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5,237,460 |
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Stockholders Equity: |
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Common stock, par value $.10 a share; authorized
10,000,000 shares; issued and outstanding
2,878,868 and 2,825,358 shares, respectively |
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287,886 |
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282,536 |
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Deferred compensation |
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(361,863 |
) |
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(245,984 |
) |
Capital in excess of par value |
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2,758,562 |
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2,573,797 |
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Retained earnings |
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6,190,651 |
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6,501,010 |
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Total Stockholders Equity |
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8,875,236 |
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9,111,359 |
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$ |
19,022,970 |
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$ |
18,646,788 |
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See notes to condensed consolidated financial statements
3
WSI INDUSTRIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
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13 weeks ended |
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26 weeks ended |
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March 1, |
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February 24, |
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March 1, |
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February 24, |
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2009 |
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2008 |
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2009 |
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2008 |
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Net sales |
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$ |
4,001,424 |
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$ |
6,421,607 |
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$ |
10,036,855 |
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$ |
12,396,192 |
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Cost of products sold |
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3,809,624 |
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5,056,809 |
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9,018,390 |
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9,912,351 |
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Gross margin |
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191,800 |
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1,364,798 |
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1,018,465 |
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2,483,841 |
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Selling and administrative expense |
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557,666 |
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649,659 |
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1,140,206 |
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1,226,657 |
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Gain on sale of equipment |
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(97,861 |
) |
Interest and other income |
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(4,045 |
) |
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(27,791 |
) |
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(9,732 |
) |
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(49,896 |
) |
Interest expense |
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117,147 |
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77,194 |
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209,643 |
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144,261 |
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Income (loss) before income taxes |
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(478,968 |
) |
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665,736 |
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(321,652 |
) |
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1,260,680 |
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Income taxes (benefits) |
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(172,429 |
) |
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233,007 |
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(115,796 |
) |
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441,238 |
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Net income (loss) |
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$ |
(306,539 |
) |
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$ |
432,729 |
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$ |
(205,856 |
) |
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$ |
819,442 |
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Basic earnings (loss) per share |
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$ |
(.11 |
) |
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$ |
.16 |
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$ |
(.07 |
) |
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$ |
.30 |
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Diluted earnings (loss)
per share |
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$ |
(.11 |
) |
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$ |
.15 |
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$ |
(.07 |
) |
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$ |
.29 |
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Cash dividend per share |
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$ |
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$ |
.0375 |
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$ |
.0375 |
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$ |
.075 |
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Weighted average number of
common shares outstanding, basic |
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2,788,897 |
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2,734,278 |
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2,786,706 |
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2,728,918 |
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Weighted average number of
common shares outstanding, diluted |
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2,788,897 |
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2,794,724 |
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2,786,706 |
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2,786,661 |
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See notes to condensed consolidated financial statements.
4
WSI INDUSTRIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
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26 weeks ended |
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March 1, |
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February 24, |
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2009 |
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2008 |
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Cash Flows From Operating Activities: |
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Net income (loss) |
|
$ |
(205,856 |
) |
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$ |
819,442 |
|
Adjustments to reconcile net earnings to net cash
provided by operating activities: |
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Depreciation |
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|
508,264 |
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|
393,528 |
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Amortization |
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3,306 |
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|
3,306 |
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Gain on sale of equipment |
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(97,861 |
) |
Deferred taxes |
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(96,996 |
) |
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|
414,887 |
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Stock option compensation expense |
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83,777 |
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68,837 |
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Changes in assets and liabilities: |
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Increase in accounts receivable |
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(18,392 |
) |
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(642,659 |
) |
Increase in inventories |
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(25,582 |
) |
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(380,309 |
) |
Decrease in prepaid expenses |
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25,803 |
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|
79,228 |
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Increase (decrease) in accounts payable
and accrued expenses |
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(531,639 |
) |
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109,441 |
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Net cash provided by (used in) operations |
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(257,315 |
) |
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767,840 |
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Cash Flows From Investing Activities: |
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Proceeds from sales of equipment |
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|
97,861 |
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Purchase of property, plant and equipment |
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(402,521 |
) |
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(79,122 |
) |
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Net cash provided by (used in) investing activities |
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(402,521 |
) |
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18,739 |
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Cash Flows From Financing Activities: |
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Stock options exercised |
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|
42,085 |
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Payments of long-term debt |
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(409,638 |
) |
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(327,088 |
) |
Proceeds from issuance of long-term debt |
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625,000 |
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Dividends paid |
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(104,504 |
) |
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(204,869 |
) |
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Net cash provided by (used in) financing activities |
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110,858 |
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(489,872 |
) |
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Net Increase (Decrease) In Cash And Cash Equivalents |
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(548,978 |
) |
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|
296,707 |
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Cash And Cash Equivalents At Beginning Of Year |
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1,843,601 |
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|
1,626,801 |
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Cash And Cash Equivalents At End Of Reporting Period |
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$ |
1,294,623 |
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$ |
1,923,508 |
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Supplemental cash flow information: |
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Cash paid during the period for: |
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Interest |
|
$ |
206,849 |
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$ |
144,693 |
|
Income taxes |
|
$ |
1,200 |
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$ |
6,552 |
|
Payroll withholding taxes in cashless stock option exercise |
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$ |
9,540 |
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|
8,597 |
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Non cash investing and financing activities: |
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Acquisition of equipment through capital lease |
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$ |
919,043 |
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$ |
1,195,920 |
|
See notes to condensed consolidated financial statements.
5
WSI INDUSTRIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. |
|
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS: |
The condensed consolidated balance sheet as of March 1, 2009, the condensed
consolidated statements of income for the thirteen and twenty-six weeks ended March 1, 2009
and February 24, 2008 and the condensed consolidated statements of cash flows for the
twenty-six weeks then ended, respectively, have been prepared by the Company without audit.
In the opinion of management, all adjustments (which include normal recurring adjustments)
necessary to present fairly the financial position, results of operations and cash flows for
all periods presented have been made.
The condensed consolidated balance sheet at August 31, 2008 is derived from the audited
consolidated balance sheet as of that date. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been condensed or omitted.
Therefore, these condensed consolidated financial statements should be read in conjunction
with the financial statements and notes thereto included in the Companys Annual Report on
Form 10-K for the year ended August 31, 2008. The results of operations for interim periods
are not necessarily indicative of the operating results for the full year.
2. |
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INVENTORIES: |
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Inventories consist primarily of raw material, work-in-progress (WIP) and finished
goods and are valued at the lower of cost or market value: |
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|
March 1, |
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August 31, |
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|
2009 |
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|
2008 |
|
|
|
|
|
|
|
|
|
|
Raw material |
|
$ |
1,124,468 |
|
|
$ |
1,004,577 |
|
WIP |
|
|
814,297 |
|
|
|
883,284 |
|
Finished goods |
|
|
622,823 |
|
|
|
648,145 |
|
|
|
|
|
|
|
|
|
|
$ |
2,561,588 |
|
|
$ |
2,536,006 |
|
|
|
|
|
|
|
|
3. |
|
GOODWILL AND OTHER ASSETS: |
Goodwill and other intangible assets consist of costs resulting from business acquisitions
which total $2,368,452 (net of accumulated amortization of $344,812 recorded prior to the
adoption of SFAS No. 142 Goodwill and Other Intangible Assets). The Company assesses the
valuation or potential impairment of its goodwill by utilizing a present value technique to
measure fair value by estimating future cash flows. The Company constructs a discounted
cash flow analysis based on various sales and cost assumptions to estimate the fair value of
the Company (which is the only reporting unit). The result of the analysis performed in the
fiscal 2008 fourth quarter did not indicate an impairment of goodwill and since that time no
events or circumstances have occurred that suggest an impairment exists. The Company will
analyze goodwill annually and more frequently should changes in events or circumstances,
including reductions in anticipated cash flows generated by our operations or negative
operating results, occur.
The Company recorded $33,063 of deferred financing costs incurred in connection with
mortgages entered into to purchase the Companys facility in Monticello, Minnesota in May
2004. The costs are being amortized over five years on a straight-line basis with the
Company incurring $1,653 of amortization expense for the quarters ended March 1, 2009 and
February 24, 2008, respectively.
6
4. |
|
DEBT AND LINE OF CREDIT: |
Effective January 31, 2009, the Company renewed its revolving credit agreement in the
maximum amount of $1 million with its bank. Interest on the renewed agreement is at LIBOR
plus 2.75%, however the rate shall never go below a floor of 4.50%. At March 1, 2009, the
effective rate was 4.50%. The agreement also contains restrictive provisions concerning
yearly capital expenditures, a maximum debt to net worth ratio, a minimum current ratio, a
minimum net worth and a minimum debt service coverage ratio. The Company is in compliance
with all of the covenants of the agreement as of March 1, 2009. The credit agreement is
secured by all assets of the Company, expires February 1, 2010 and does not have an
outstanding balance at March 1, 2009.
5. |
|
EARNINGS PER SHARE: |
|
|
|
The following table sets forth the computation of basic and diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
|
Twenty-Six weeks ended |
|
|
|
March 1, |
|
|
February 24, |
|
|
March 1, |
|
|
February 24, |
|
|
|
2009 |
|
|
2008 |
|
|
2009 |
|
|
2008 |
|
Numerator for basic and diluted
earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(306,539 |
) |
|
$ |
432,729 |
|
|
$ |
(205,856 |
) |
|
$ |
819,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic earnings
per share weighted average shares |
|
|
2,788,897 |
|
|
|
2,734,278 |
|
|
|
2,786,706 |
|
|
|
2,728,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee and non-employee options |
|
|
|
|
|
|
60,446 |
|
|
|
|
|
|
|
57,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for diluted earnings
per share |
|
|
2,788,897 |
|
|
|
2,794,724 |
|
|
|
2,786,706 |
|
|
|
2,786,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
|
$ |
(.11 |
) |
|
$ |
.16 |
|
|
$ |
(.07 |
) |
|
$ |
.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share |
|
$ |
(.11 |
) |
|
$ |
.15 |
|
|
$ |
(.07 |
) |
|
$ |
.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Critical Accounting Policies and Estimates:
Managements Discussion and Analysis of Financial Condition and Results of Operations discuss
our consolidated financial statements, which have been prepared in accordance with accounting
principles generally accepted in the United States. The preparation of these financial statements
requires management to make estimates and judgments that affect the reported amounts of assets,
liabilities, revenues and expenses and related disclosure of contingent assets and liabilities.
We base our estimates on historical experience and on various other assumptions that we
believe are reasonable under the circumstances, the result of which forms the basis for making
judgments about the carrying values of assets and liabilities that are not readily apparent from
other sources. Results may differ from these estimates due to actual outcomes being different from
those on which we based our assumptions. The estimates and judgments utilized are reviewed by
management on an ongoing basis and by the audit committee of our board of directors at the end of
each quarter prior to the public release of our financial results.
The critical accounting policies and estimates followed in the preparation of the financial
information contained in this Quarterly Report on Form 10-Q are the same as those described in the
Companys Annual Report on Form 10-K for the year ended August 31, 2008. Refer to the Annual
Report on Form 10-K for detailed information on accounting policies.
Results of Operations:
Net sales were $4,001,000 for the thirteen weeks ending March 1, 2009, a decrease of 38% or
$2,420,000 from the same period of the prior year. Year-to-date sales in fiscal 2009 are
$10,037,000 compared to $12,396,000 in the prior year which equates to a 19 % decrease. We have
experienced a decline in sales in all sectors of our business in fiscal 2009.
Sales from the Companys recreational vehicle market amounted to $1,869,000 and $3,503,000 for
the thirteen weeks ended March 1, 2009 and February 24, 2008, respectively. Year-to-date sales for
the Companys recreational vehicle market were $5,154,000 and $7,260,000 for the twenty-six weeks
ended March 1, 2009 and February 24, 2008, respectively. Sales from both the Companys ATV and
motorcycle markets experienced declines in both quarter and year-to-date in the second quarter of
fiscal 2009 due to the economic recession. Sales from the Companys motorcycle market were also
lower for both the quarter and year-to-date periods in fiscal 2009 due to a planned reduction in
business previously announced.
Sales from the Companys energy business were $1,635,000 and $3,747,000 for the quarter and
year-to-date periods ended March 1, 2009. In the prior year, these sales amounted to $2,236,000
and $3,660,000 for the quarter and year-to-date periods, respectively. While sales were somewhat
positively impacted from the start-up on a new program, overall sales are lower due to the slow
down in the oil and gas drilling equipment industry.
Sales from the Companys aerospace and defense markets amounted to $375,000 and $513,000 for
the quarter ended March 1, 2009 and February 24, 2008, respectively. Year-to-date sales for the
Companys aerospace and defense markets were $861,000 and $1,043,000 for the twenty-six weeks ended
March 1, 2009
and February 24, 2008, respectively. The Company believes that the reductions are due to the
economic recession.
8
Sales from the Companys biosciences market totaled $97,000 and $122,000 for the quarter ended
March 1, 2009 and February 24, 2008, respectively. Year-to-date sales for the biosciences market
were $220,000 and $293,000 for the twenty-six weeks ended March 1, 2009 and February 24, 2008,
respectively. The Company believes that the biosciences market has also been negatively affected
by the economic recession.
Sales from the Companys other revenue markets are at or less than 1% of total sales in the
current year and are immaterial to the Companys revenues as a whole.
Gross margin decreased to 5% for the quarter ending March 1, 2009 versus 21% in the year ago
period. Year-to-date gross margins were 10% and 20% for the twenty-six week periods ending March
1, 2009 and February 24, 2008, respectively. The decrease in gross margin is attributable to the
sales decline and corresponding inefficiencies created from the lower volumes. Gross margins were
also affected by program start-up costs in the energy business in the quarter ended March 1, 2009.
Selling and administrative expense of $558,000 for the quarter ending March 1, 2009 was
$92,000 lower than in the prior year period due primarily to lower compensation expense.
Year-to-date selling and administrative expense of $1,140,000 was $86,000 lower than the comparable
prior year period due primarily to the same reason.
Interest expense in the second quarter of fiscal 2009 was $117,000, which was $40,000 more
than the second quarter of fiscal 2008 amount of $77,000. Year-to-date interest expense for fiscal
2009 of $210,000 was higher than the prior year-to-date amount by $65,000. The higher interest
costs are as a result of the increased borrowing for investments in new equipment and a building
addition made by the Company.
The Company recorded income tax expense at an effective tax rate of 36% for the quarter and
year-to-date periods ended March 1, 2009 and 35% for the quarter and year-to-date periods ended
February 24, 2008.
Liquidity and Capital Resources:
On March 1, 2009 working capital was $4,090,000 and did not change significantly as compared
to $4,188,000 at August 31, 2008. The ratio of current assets to current liabilities at March 1,
2009 was also comparable at 2.05 to 1.0 compared to 1.97 to 1.0 at August 31, 2008.
As discussed in the Notes to Condensed Consolidated Financial Statements, the Company renewed
its $1,000,000 revolving credit agreement with its bank during the fiscal 2009 second quarter.
Interest on the renewed agreement is at LIBOR plus 2.75%, however the rate shall never go below a
floor of 4.50%.
It is the Companys belief that its current cash balance, plus future internally generated
funds and its line of credit, will be sufficient to enable the Company to meet its working capital
requirements through the next 12 months.
Cautionary Statement:
Statements included in this Managements Discussion and Analysis of Financial Condition and
Results of Operations, in future filings by the Company with the Securities and Exchange
Commission, in the Companys press releases and in oral statements made with the approval of an
authorized executive officer that are not historical or current facts are forward-looking
statements. These statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject
to certain risks and uncertainties that could cause actual results to differ materially from
historical earnings and those presently anticipated or projected. The Company wishes to caution
readers not to place undue reliance on any such forward-looking statements, which speak only as of
the date made and are not predictions of actual future results.
9
The following risks and uncertainties, as well as others not now anticipated, in some cases
have affected, and in the future could affect, the Companys actual results and could cause the
Companys actual financial performance to differ materially from that expressed in any
forward-looking statement: (i) the Companys ability to obtain additional manufacturing programs
and retain current programs; (ii) the Companys ability to timely and cost effectively ramp up new
programs; (iii) the loss of significant business from any one of its current major customers could
have a material adverse effect on the Company; (iv) the Company was dependent upon two customers
for 87% of its revenues in fiscal year 2008 and expects that a significant portion of its future
revenue will be derived from these customers; (v) a significant downturn in the industries in which
the Company participates could have an adverse effect on the demand for Company services; (vi) our
sales are concentrated in a limited number of highly competitive industries, each with a limited
number of customers; (vii) the prices of our products are subject to a downward pressure from
customers and market pressure from competitors; (viii) the Companys ability to curtail its costs
and expenses for new manufacturing programs, commensurate with expected revenues; (ix) the
Companys ability to comply with covenants of its credit facility; (x) fluctuations in operating
results due to, among other things, changes in customer demand for our product in our manufacturing
costs and efficiencies of our operations; and (xi) a trend among our customers toward outsourcing
manufacturing to foreign operations.
The foregoing list should not be construed as exhaustive and the Company disclaims any
obligation subsequently to revise any forward-looking statements to reflect events or circumstances
after the date of such statements or to reflect the occurrence of anticipated or unanticipated
events.
10
ITEM 4. CONTROLS AND PROCEDURES
(a) Evaluation of Disclosure Controls and Procedures.
The Companys Chief Executive Officer, Michael J. Pudil, and Chief Financial Officer, Paul D.
Sheely, have evaluated the Companys disclosure controls and procedures as of the end of the period
covered by this report. Based upon this review, they have concluded that these controls and
procedures are effective.
(b) Changes in Internal Controls over Financial Reporting.
There have been no changes in internal control financial reporting that occurred during the
fiscal period covered by this report that have materially affected, or are reasonably likely to
materially affect, the Companys internal control over financial reporting.
PART II. OTHER INFORMATION:
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Annual Meeting of the Shareholders of the Company was held on January 8, 2009. Of
the 2,858,715 shares of common stock issued and outstanding and entitled to vote at
the close of business on November 10, 2008, shareholders holding 2,253,551 shares
were present at the Annual Meeting either in person or by proxy. The following
describes the matters considered by the Companys shareholders at the Annual Meeting,
as well as the results of the votes cast at the Annual Meeting:
A. To elect five (5) directors to hold office until the next Annual Meeting of
Shareholders or until their respective successors have been elected and shall
qualify.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Nominee: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paul Baszucki |
|
For |
|
|
2,177,798 |
|
|
Withhold |
|
|
175,753 |
|
Thomas C. Bender |
|
For |
|
|
2,171,190 |
|
|
Withhold |
|
|
182,361 |
|
Burton F. Myers II |
|
For |
|
|
2,171,498 |
|
|
Withhold |
|
|
182,053 |
|
Eugene J. Mora |
|
For |
|
|
2,164,529 |
|
|
Withhold |
|
|
189,022 |
|
Michael J. Pudil |
|
For |
|
|
2,177,500 |
|
|
Withhold |
|
|
176,051 |
|
Each director nominee was elected by the shareholders.
B. To ratify the appointment of Schechter Dokken Kanter Andrews & Selcer Ltd as
independent auditors.
For 2,272,080 Against 35,348 Abstain 46,123
The shareholders approved the appointment.
11
ITEM 6. EXHIBITS
A. The following exhibits are included herein:
|
|
|
|
|
|
|
Exhibit 10.1
|
|
Eighth Amendment and Modification of Revolving Line of Credit dated January 31,
2009 between the Company and M&I Marshall & Ilsley Bank. |
|
|
|
|
|
|
|
Exhibit 31.1
|
|
Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14 of
the Exchange Act. |
|
|
|
|
|
|
|
Exhibit 31.2
|
|
Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14 of
the Exchange Act. |
|
|
|
|
|
|
|
Exhibit 32
|
|
Certificate pursuant to 18 U.S.C. §1350. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
|
|
|
WSI INDUSTRIES, INC.
|
|
Date: March 30, 2009 |
/s/ Michael J. Pudil
|
|
|
Michael J. Pudil, President & CEO |
|
|
|
|
Date: March 30, 2009 |
/s/ Paul D. Sheely
|
|
|
Paul D. Sheely, Vice President, Finance & CFO |
|
12