SAND SPRINGS, Okla. — Webco Industries, Inc. (OTC: WEBC) on Tuesday reported results for its fiscal 2015 first quarter ended Oct. 31.
For its fiscal 2015 first quarter, the company reported net income of $0.3 million, or $0.36 per diluted share, compared to a net loss of $0.8 million, or a loss of $1.02 per diluted share, for Q1 2014. Net sales for Q1 fiscal 2015 were $106.1 million, a 3.7 percent increase over the $102.4 million of sales in last year’s first quarter.
In Q1 2015, the company generated income from operations of $2.0 million, including depreciation of $2.9 million. Income from operations in Q1 2014 was $0.3 million, with depreciation amounting to $3.5 million. Gross profit for Q1 2015 was $8.4 million, or 7.9 percent of net sales, compared to $5.9 million, or 5.7 percent of net sales, for Q1 2014.
Dana S. Weber, Chief Executive Officer, commented, “The industrial economy in general is challenging, burdened with lower demand, less favorable product mix and weak spot market pricing. We are having success adding incremental business, but the accelerating cost and complexity of regulations and legislation is not helping facilitate growth. We are generating cash flow well in excess of debt service, enabling us to continue investing in our business.”
Selling, general and administrative expenses in Q1 2015 were $6.4 million, increasing from $5.6 million in Q1 2014.
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 has seven production facilities in Oklahoma and Pennsylvania and five value-added distribution facilities in Oklahoma, Texas, Illinois and Michigan, serving customers globally.