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 May 31, 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
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(I.R.S. Employer |
incorporation or organization)
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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)
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 has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period
that the registrant was required to submit and post such files). Yes o 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 June 26,
2009.
WSI INDUSTRIES, INC.
AND SUBSIDIARIES
INDEX
2
Item I. Financial Statements
WSI INDUSTRIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
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May 31, |
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August 31, |
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2009 |
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2008 |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
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$ |
2,787,329 |
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$ |
1,843,601 |
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Accounts receivable |
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2,302,796 |
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3,753,354 |
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Inventories |
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2,261,748 |
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2,536,006 |
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Prepaid and other current assets |
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216,220 |
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188,933 |
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Deferred tax assets |
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145,100 |
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163,829 |
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Total Current Assets |
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7,713,193 |
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8,485,723 |
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Property, Plant and Equipment Net |
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7,790,938 |
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7,230,515 |
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Deferred tax assets |
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666,727 |
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557,689 |
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Goodwill and other assets, net |
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2,368,452 |
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2,372,861 |
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$ |
18,539,310 |
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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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$ |
2,014,749 |
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$ |
2,498,624 |
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Accrued compensation and employee withholdings |
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337,839 |
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719,208 |
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Other accrued expenses |
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52,213 |
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54,723 |
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Current portion of long-term debt |
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860,866 |
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1,025,414 |
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Total Current Liabilities |
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3,265,667 |
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4,297,969 |
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Long-term debt, less current portion |
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6,327,457 |
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5,237,460 |
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Stockholders Equity: |
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Common stock, par value $.10 a share; authorized
10,000,000 shares; issued and outstanding
2,878,868 and 2,825,358 shares, respectively |
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287,886 |
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282,536 |
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Deferred compensation |
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(361,863 |
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(245,984 |
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Capital in excess of par value |
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2,817,627 |
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2,573,797 |
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Retained earnings |
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6,202,536 |
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6,501,010 |
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Total Stockholders Equity |
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8,946,186 |
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9,111,359 |
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$ |
18,539,310 |
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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 OPERATIONS
(Unaudited)
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13 weeks ended |
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39 weeks ended |
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May 31, |
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May 25, |
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May 31, |
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May 25, |
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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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$ |
4,736,301 |
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$ |
6,702,648 |
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$ |
14,773,156 |
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$ |
19,098,840 |
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Cost of products sold |
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4,083,261 |
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5,497,337 |
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13,101,651 |
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15,409,688 |
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Gross margin |
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653,040 |
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1,205,311 |
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1,671,505 |
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3,689,152 |
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Selling and administrative expense |
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532,755 |
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596,806 |
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1,672,961 |
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1,823,463 |
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Interest and other income |
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(4,568 |
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(16,099 |
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(14,300 |
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(163,855 |
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Interest expense |
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106,281 |
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75,123 |
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315,924 |
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219,384 |
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Income (loss)
before income taxes |
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18,572 |
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549,481 |
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(303,080 |
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1,810,160 |
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Income tax (benefits) |
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6,687 |
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192,018 |
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(109,109 |
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633,256 |
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Net income (loss) |
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$ |
11,885 |
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$ |
357,463 |
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$ |
(193,971 |
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$ |
1,176,904 |
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Basic earnings (loss) per share |
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$ |
.00 |
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$ |
.13 |
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$ |
(.07 |
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$ |
.43 |
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Diluted earnings (loss) per share |
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$ |
.00 |
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$ |
.13 |
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$ |
(.07 |
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$ |
.42 |
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Cash dividend per share |
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$ |
.00 |
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$ |
.0375 |
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$ |
.0375 |
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$ |
.1125 |
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Weighted average number of
common shares outstanding, basic |
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2,792,729 |
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2,763,895 |
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2,788,713 |
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2,740,577 |
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Weighted average number of
common shares outstanding, diluted |
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2,792,729 |
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2,859,507 |
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2,788,713 |
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2,811,097 |
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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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39 weeks ended |
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May 31, |
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May 25, |
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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) |
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$ |
(193,971 |
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$ |
1,176,904 |
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Adjustments to reconcile net earnings to net cash
provided by operating activities: |
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Depreciation |
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779,977 |
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592,230 |
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Amortization |
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4,409 |
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4,959 |
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Gain on disposal of equipment |
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(94,869 |
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Deferred taxes |
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(90,309 |
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616,635 |
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Stock option compensation expense |
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142,842 |
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121,224 |
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Changes in assets and liabilities: |
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(Increase) decrease in accounts receivable |
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1,450,558 |
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(364,572 |
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(Increase) decrease in inventories |
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274,258 |
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(565,659 |
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Increase in prepaid expenses |
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(27,287 |
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(134,702 |
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Decrease in accounts payable
and accrued expenses |
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(877,294 |
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(552,341 |
) |
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Net cash provided by operations |
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1,463,183 |
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799,809 |
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Cash Flows From Investing Activities: |
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Proceeds from sales of equipment |
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123,073 |
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Purchase of property, plant and equipment |
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(421,357 |
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(171,106 |
) |
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Net cash used in investing activities |
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(421,357 |
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(48,033 |
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Cash Flows From Financing Activities: |
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Payments of long-term debt |
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(618,594 |
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(492,108 |
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Issuance of common stock |
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42,085 |
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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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(309,170 |
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Net cash used in financing activities |
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(98,098 |
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(759,193 |
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Net Increase (Decrease) In Cash And Cash Equivalents |
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943,728 |
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(7,417 |
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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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$ |
2,787,329 |
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$ |
1,619,384 |
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Supplemental cash flow information: |
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Cash paid during the period for: |
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Interest |
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$ |
312,805 |
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$ |
219,659 |
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Income taxes |
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$ |
12,951 |
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$ |
10,530 |
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Payroll withholding taxes in cashless stock option exercise |
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$ |
9,540 |
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$ |
414,255 |
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Non-cash investing and financing activities: |
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Acquisition of machinery through capital lease |
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$ |
919,043 |
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$ |
1,659,820 |
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Deferred tax benefit from exercise of stock options |
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$ |
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$ |
346,813 |
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See notes to condensed consolidated financial statements.
5
WSI INDUSTRIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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1. |
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CONDENSED CONSOLIDATED FINANCIAL STATEMENTS: |
The condensed consolidated balance sheet as of May 31, 2009, the condensed consolidated
statements of operations for the thirteen and thirty-nine weeks ended May 31, 2009 and May
25, 2008 and the condensed consolidated statements of cash flows for the thirty-nine 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 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 2008 annual report on Form 10-K. The
results of operations for interim periods are not necessarily indicative of the operating
results for the full year.
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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May 31, |
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August 31, |
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2009 |
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2008 |
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Raw material |
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$ |
479,230 |
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$ |
1,004,577 |
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WIP |
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1,212,834 |
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883,284 |
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Finished goods |
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569,684 |
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|
648,145 |
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$ |
2,261,748 |
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$ |
2,536,006 |
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The Company did not dispose of any significant obsolete inventory during the quarter ended
May 31, 2009 and therefore there was no material effect on gross margin from any
dispositions.
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3. |
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GOODWILL AND INTANGIBLE 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.
6
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 $1,102 and $1,653 of amortization expense for the quarters ended May 31,
2009 and May 25, 2008, respectively.
When the Company purchased its current land and building it entered into two
mortgages. The first mortgage was with its bank for $1,360,000 that matures on May 1,
2014. The mortgage had an initial interest rate of 5.37% with a provision that the rate
would adjust on May 3, 2009 to a rate 2.5% above the monthly yield on United States
Treasury five-year securities. During the fiscal 2009 third quarter the interest rate was
adjusted to 4.38%. The mortgage requires monthly principal and interest payments of $7,637
based on a 20-year amortization schedule. The mortgage is secured by all assets of the
Company.
On April 20, 2009, the Company amended its loan agreement with the City of Monticello
Economic Development Authority (EDA) under which the Company extended the term of its
original loan agreement for two years. Under the amendment, the term of the original loan
agreement will be extended until May 3, 2011 at which time the loan will be due in full.
The Company will continue to make the same monthly payment of $1,483 to the EDA at an
interest rate of 2% based on an original 25 year amortization schedule.
In August 2008, the Company entered into an agreement with its bank to finance a
building addition to its existing manufacturing facility. The Company could draw upon the
loan on a non-revolving basis through May 31, 2009 in an aggregate amount of $1.2 million.
The loan requires monthly payments of interest only at the banks prime rate plus .50% with
the loan due in full on June 30, 2010. At May 31, 2009, the principal balance due was $1.2
million with an interest rate of 3.25%. The loan is secured by all assets of the Company.
7
The following table sets forth the computation of basic and diluted earnings per share:
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Thirteen weeks ended |
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Thirty-nine weeks ended |
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May 31, |
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May 25, |
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May 31, |
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May 25, |
|
|
|
2009 |
|
|
2008 |
|
|
2009 |
|
|
2008 |
|
Numerator for basic and diluted
earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
11,885 |
|
|
$ |
357,463 |
|
|
$ |
(193,971 |
) |
|
$ |
1,176,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic earnings
per share weighted average shares |
|
|
2,792,729 |
|
|
|
2,763,895 |
|
|
|
2,788,713 |
|
|
|
2,740,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee and non-employee options |
|
|
|
|
|
|
95,612 |
|
|
|
|
|
|
|
70,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for diluted earnings
per share |
|
|
2,792,729 |
|
|
|
2,859,507 |
|
|
|
2,788,713 |
|
|
|
2,811,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
|
$ |
.00 |
|
|
$ |
.13 |
|
|
$ |
(.07 |
) |
|
$ |
.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share |
|
$ |
.00 |
|
|
$ |
.13 |
|
|
$ |
(.07 |
) |
|
$ |
.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
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 $4,736,000 for the quarter ending May 31, 2009 compared to $6,703,000 in the
same period of the prior year, a decrease of 29%. Year-to-date sales for the first three quarters
of fiscal 2009 were $14,773,000 compared to $19,099,000 in the prior year, a decrease of 23%. The
Companys fiscal third quarter and year-to-date sales decreased across virtually all business lines
due to the current economic recession and tight credit conditions that have affected customers.
Sales from the Companys recreational vehicle market amounted to $2,696,000 and $3,444,000 for
the quarters ended May 31, 2009 and May 25, 2008, respectively. Year-to-date sales for the
Companys recreational vehicle market were $7,850,000 and $10,703,000 for the three quarters ended
May 31, 2009 and May 25, 2008, respectively. The Company experienced sales declines in both its
ATV and motorcycle markets; however the majority of the decreases came from a decrease in volume to
its motorcycle business and is attributable to the economic downturn.
Sales from the Companys energy business amounted to $1,578,000 and $5,327,000 for the quarter
and year-to-date ended May 31, 2009, respectively. In the prior year, the Company had $2,471,000
and $6,131,000 in sales for the quarter and year-to-date ended May 25, 2008. The Company believes
that the decrease in sales for the respective periods is due to a combination of factors including
the recession, tight credit conditions and lower oil prices.
9
Sales from the Companys aerospace and defense markets amounted to $350,000 and $592,000 for
the quarter ended May 31, 2009 and May 25, 2008, respectively. Year-to-date sales for the
Companys aerospace
and defense markets were $1,206,000 and $1,662,000 for the three quarters ended May 31, 2009
and May 25, 2008, respectively. As stated in prior paragraphs, the Company believes the decreases
are due to the recession.
Sales from the Companys biosciences market totaled $83,000 and $162,000 for the quarter ended
May 31, 2009 and May 25, 2008, respectively. Year-to-date sales for the biosciences market were
$302,000 and $455,000 for the three quarters ended May 31, 2009 and May 25, 2008, respectively.
Economic conditions again are believed to be the reason for the decreases.
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 13.8% for the quarter ending May 31, 2009 versus 18.0% in the prior
year quarter. The decrease was due primarily to a decrease in overall sales and production volume.
Year-to-date gross margins decreased to 11.3% from 19.3% with the decrease again attributable to
volume.
Selling and administrative expense was $533,000 for the quarter ending May 31, 2009 versus
$597,000 in the prior year quarter. Year-to-date selling and administrative expense of $1,673,000
was $150,000 lower than the comparable prior year period. Both quarter and year-to-date decreases
were due primarily to decreases in compensation costs.
Interest expense in the third quarter of fiscal 2009 was $106,000 as compared to $75,000 in
the prior year quarter. Year-to-date interest expense for fiscal 2009 was $316,000 versus $219,000
in the prior year. Interest expense is up due primarily to new capitalized leases entered into
during the last half of fiscal 2008 and the first quarter of fiscal 2009.
The Company recorded income tax expense at an effective tax rate of 36% for the quarter and
year-to-date periods ended May 31, 2009 and 35% for the quarter and year-to-date periods ended May
25, 2008.
Liquidity and Capital Resources
On May 31, 2009, working capital was $4,448,000 compared to $4,188,000 at August 31, 2008.
The ratio of current assets to current liabilities at May 31, 2009 was 2.36 to 1.0 compared to 1.97
to 1.0 at August 31, 2008. The improvement in both measures was due in large part to the extension
of the maturity in the loan agreement with the Monticello Economic Development Authority.
The Company paid quarterly dividends of $.0375 per share of its common stock in each of the
first three quarters of fiscal 2008. The Company paid a dividend of $.0375 per share in its fiscal
2009 first quarter, but discontinued the dividend in January 2009. The dividend payments for the
first three quarters of fiscal 2008 totaled $309,000 and $105,000 in the first quarter of fiscal
2009.
It is the Companys belief that its internally generated funds, as well as its line of credit,
will be sufficient to enable the Company to meet its working capital requirements during the next
12 months.
10
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.
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) a severe and/or prolonged economic downturn or a negative or
uncertain political climate could adversely affect our customers financial condition and the
levels of business activity of our customers and the industries we serve; (ii) the Companys
ability to obtain additional manufacturing programs and retain current programs; (iii) the
Companys ability to timely and cost effectively ramp up new programs; (iv) the loss of
significant business from any one of its current major customers could have a material adverse
effect on the Company; (v) 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; (vi) a significant downturn in the industries in which the Company participates
could have an adverse effect on the demand for Company services; (vii) our sales are concentrated
in a limited number of highly competitive industries, each with a limited number of customers;
(viii) the prices of our products are subject to a downward pressure from customers and market
pressure from competitors; (ix) the Companys ability to curtail its costs and expenses for new
manufacturing programs, commensurate with expected revenues; (x) the Companys ability to comply
with covenants of its credit facility; (xi) 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.
11
ITEM 4. CONTROLS AND PROCEDURES
(a) As of the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation
was performed under the supervision and with the participation of our management, including the
Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of our
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)).
Based on that evaluation, the CEO and CFO have concluded that as of May 31, 2009 our disclosure
controls and procedures were not effective because of the material weakness in internal control
over financial reporting described below. Notwithstanding the material weakness described below,
we believe our consolidated financial statements presented in this Quarterly Report on Form 10-Q
fairly represent, in all material respects, our financial position, results of operations and cash
flows for all periods presented herein.
(b) Changes in Internal Controls over Financial Reporting.
There have been no changes in internal control over 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, except as described
below.
During the quarter ended May 31, 2009, the Company reduced its staff in its finance and
accounting department for financial reasons. Due to that reduction, we have limited staff
that perform all aspects of our financial reporting process, including, but not limited to,
access to the underlying accounting records and systems, the ability to post journal entries
and responsibility for the preparation of financial statements. In conjunction with
managements review of changes in internal control over financial reporting as assisted by
its outside consulting firm that it hired, it was determined that the deficiencies caused by
the limited staffing constituted a material weakness in the area of segregation of duties
and adequacy of personnel. This reduction in our financial and accounting personnel, and
the related identification of a material weakness, is a change in our internal control over
financial reporting that is reasonably likely to materially affect our internal control over
financial reporting.
Due to the lack of financial and personnel resources, we do not intend to take any action at
this time to increase our financial accounting staff to remediate this material weakness,
but will continue to rely on our remaining staff and historic oversight of management to
provide reasonable assurances regarding the reliability of our financial reporting.
12
PART II. OTHER INFORMATION:
ITEM 6. EXHIBITS:
A. The following exhibits are included herein:
|
|
|
Exhibit 31.1
|
|
Certification of Chief Executive Officer pursuant to Rules
13a-14(a) and 15d-14(a) of the Exchange Act. |
|
|
|
Exhibit 31.2
|
|
Certification of Chief Financial Officer pursuant to Rules
13a-14(a) and 15d-14(a) of the Exchange Act |
|
|
|
Exhibit 32
|
|
Certification 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: June 29, 2009 |
/s/ Michael J. Pudil
|
|
|
Michael J. Pudil, President & CEO |
|
|
|
|
Date: June 29, 2009 |
/s/ Paul D. Sheely
|
|
|
Paul D. Sheely, Vice President, Finance & CFO |
|
13