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WSI Industries Inc. Message Board

  • cpa38 cpa38 Oct 24, 2013 5:34 PM Flag

    Fail 4

    Built this big, bad new plant addition. Then, bought tons of new equipment, just so customers could outsource biz away to lower wage countries:

    "Sales in the Company’s energy business were down 27% in fiscal 2013 as compared to fiscal 2012. The Company had three main customers in their energy business in fiscal 2013, one of which was new that generated over $750,000 in sales. It is unclear to the Company how repetitive this business will be and what level of sales there could be, if any, in future periods. The Company’s other two main customers engage in providing equipment to the oil and gas shale fracturing (“fracking”) sector as well as the oil field equipment industry. Sales in fiscal 2013 for both segments were down, with the decreases in the fracking business due to lower levels of demand from the Company’s customer, while the oilfield segment customer decrease in the level of business appears to be related to the customer outsourcing certain components to other countries. "

 
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