European Trade Committee Rejects ACTA
The Anti-Counterfeiting Trade Agreement, which has been compared to the SOPA proposed in the U.S., was shot down 19 to 12 when to put to vote at a European trade regulatory body, INTA, today. The ACTA has already been rejected by the Industry Committee, the Civil Liberties Committee and the Legal Affairs Committee of the European Parliament in late May. The ACTA could be on its way out after this crucial vote, as it is the INTA that advises the European Parliament before the agreement is put up for a wider vote, in July. Failing this, the agreement will be abandoned. ACTA currently has the backing of 22 EU members. Like the SOPA, the ACTA seeks to curb the spread of copyrighted material online, but has been criticized for overreaching, posing a threat to freedom of expression web-wide.
"Teach With Portals" Opens In Beta This Summer
Portal and Portal 2, those brilliant brain games made by Valve, are entering the classroom. Starting this summer, Joystiq reports, Valve is enlisting beta users for Teach with Portals program, part of its Steam For Schools initiative. Access to the program is free, and teachers, homeschoolers, organizations and anyone else in touch with students in the U.S. can sign up to test it out. The program allows the educator administrator privilages to custom-design levels to teach a concept. Lesson plans for Physics (on harmonic oscillators, terminal velocity, and, well, gravity) and Mathematics (parabolas, volumes in 2 and 3D) are already posted on the Teach With Portals website, and it looks like Chemistry, Game Design, Language Arts are next up to be filled out. Perhaps more than other games, the design of the Portal series lends itself to classroom use as the game's founders strongly believe. "The interesting thing about Portal 2 is that it doesn't fit the traditional simplistic model of what a game is, Valve co-founder Gabe Newell said during his Games of Change keynote last month. "It's not a collection of weapons, it's not a collection of monsters... It's about spatial reasoning, about learning physics, about problem solving, and often during the course of the game you're going to be solving problems with somebody else."
Twitter To Expand Advertising To 50 New Countries
Twitter will bring its trio of ad products, promoted tweets, promoted trends and promoted accounts, to 50 new countries this year, the Guardian reports. Dick Costolo described the extension plans during a presentation at the Cannes International Festival on Creativity earlier today. Twitter will target its new advertising products at Latin America and Eastern Europe first, where the company is seeing strong growth rates, though Costolo said that Saudi Arabia is Twitter's fastest growing market month-on-month. Earlier this week, the Financial Times reported that Twitter will begin recruiting in Germany, Spain, France, Italy and the Netherlands, and was planning an office in Brazil this year.
Tumblr Revamps iOS App In Push For Mobile Blogging
Tumblr's CEO David Karp promised last week that a newly refreshed iOS app was en route, and it's just gone live. The 3.0.0 app has had a very significant overhaul, with integration of clever gestures and tap access designed to make it even easier to blog from a mobile device like the iPhone or iPad, and there's support for higher-resolution images (is this the retina display effect?) and Spotify. Perhaps most significantly there's now support for offline blog creation, letting bloggers put together the elements for a new Tumblog post while not sipping wireless data, and then pushing it live when they're on a network again. Tags have also seen a big change, with the ability to search via tags on mobile leading to "massively increased" levels of blog discovery, according to The Next Web. Tumblr has seen massive growth over the last year, with great spurts recently since its implementation of Facebook's Social Graph in April--a 2.5 times growth in the month immediately after. It's in a battle for the future of publication with Wordpress and its ilk, and perhaps also with Facebook which is still strengthening its mobile strategy.
Planetary Resources Considers Kickstarter Funding Their Asteroid Mining Mission
Asteroid mining company Planetary Resources is considering mobilizing the enthusiasm, ideas, and wallets of space geeks everywhere with a Kickstarter campaign to help fund their solar system-wide mining mission. On a blog post, Planetary Resources chief and X-Prize founder Peter Diamandis said they'd been overwhelmed by the rush of responses to their asteroid mining announcement in April. "With continuing NASA budget cuts, it seems like the development of the space frontier is more and more in the hands of everyday citizens," Diamandis wrote, proposing rewards for future Kickstarter pledgees. Currently in the lead is a $100 for a chance to direct the asteroid seeking Arkyd-100 Space Telescope that the company plans to build, to take a picture anywhere on earth. Also on the list: A half day at the satellite controls, an invitation to the Planetary Resources Launch Party, and a scale model of the Arkyd-100 for your desk. Contributions from those with tighter budgets are also welcome: "If you have an idea for something that you would like to get from this mission, just leave a comment in the box below," Diamandis wrote.
Motorola And Microsoft Tangle Over Smartphone Patent Violation
Microsoft is reported by Reuters to have dismissed a settlement offer from Motorola over a dispute that may yet see importation bans on some Android devices and Microsoft's best-selling Xbox game console. Motorola is pursuing the case because it says Microsoft owes it royalties relating to patent infringements in both video and wireless tech used in the Xbox and Windows itself. MS has been pursuing manufacturers of Android devices because it says Android directly infringes patents relating to syncing the devices, which is right at the core of the mobile OS. MS has unusually not taken Google itself--which designs Android--to task, instead seeking lucrative licensing offers from Google's manufacturer partners. Motorola, as one of this list, has so far refused to pay out. But Motorola Mobility has been bought by Google, which brings the fight to its peak. And this week MS revealed its own efforts to rival Android in both the tablet and smartphone space.
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Reducing borrowing costs was set as a goal for eurozone members of the Group of 20 nations. Under one plan, rescue funds would buy sovereign debt as long as struggling countries abide by reform agendas. Meanwhile, G-20 leaders called on Europe to speed up financial integration, the subject of talks scheduled next week among European leaders.
Conservative takes office as prime minister in Greece
Pro-bailout conservative Antonis Samaras was expected to name a unity government after being sworn in as Greece's prime minister. The government will be an alliance of longtime rivals: the New Democracy party, headed by Samaras, and the Panhellenic Socialist Movement. Both promised to negotiate a relaxation of austerity measures imposed as part of the nation's bailout by the EU and the International Monetary Fund.
Fed launches modest expansion of bond-buying program
The Federal Reserve said it will extend the life of Operation Twist with the purchase of $267 billion in long-term Treasurys over the next six months to drive down borrowing costs and prop up the struggling U.S. economic recovery. Chairman Ben Bernanke said the central bank needs more information on the U.S. recovery and events in Europe before launching any major stimulus programs.
U.K. will give shareholders a binding vote on executive pay
British Business Secretary Vince Cable said the government will adopt rules guaranteeing the right of shareholders of publicly traded companies to vote on executive compensation once every three years. He said rules will be binding on management.
Coordination could help exchanges avoid mishaps, exec says
Joseph Mecane, an NYSE Euronext executive, said exchanges should have the power to suspend trading in a specific security across all venues to avoid issues such as the problems that arose with Facebook's initial public offering. Exchanges can halt trading on their own platforms, but don't have the ability to do so on other markets. "Sometimes as much testing as you do, there are situations that come up that you can't plan for," Mecane said at an industry conference. "A lot of this increased speed and automation and infrastructure and complex routing comes at a cost."
LEI system is ready to go, experts say
Regulators and industry groups have noted progress being made for a system of legal-entity identification. Robin Doyle, co-chairwoman of the LEI Trade Association Group, said the system is poised to launch. At an industry conference, Depository Trust & Clearing executive Mark Davies demonstrated the online portal that market participants will use to register and obtain identification codes as well as search for other entities' codes. Scott O'Malia of the Commodity Futures Trading Commission said the U.S. will move forward with the system despite a delayed global agreement.
Market Activity
Weak Chinese factory data drive down most Asian-Pacific markets
Weak Chinese factory data drive down most Asian-Pacific markets
Most Asian-Pacific share markets declined Thursday after data showed that China's manufacturing sector is still contracting. Australia's S&P/ASX 200 fell 1.1%. South Korea's Kospi declined 0.8%. Hong Kong's Hang Seng Index dropped 1.3%. China's Shanghai Composite decreased 1.4%. India's Sensex was down 0.3% shortly after midday. Japan's Nikkei 225 bucked the trend, advancing 0.8%.
Spain pays euro-era record high to sell short-term debt
Spain was forced to pay 5.07% to sell 12-month Treasury bills and 5.11% for 18-month paper, a euro-era record. The country is lurching toward being shut out of credit markets. The situation shows a €100 billion rescue for Spanish banks hasn't calmed investors.
Monti suggests tapping rescue funds to buy government bonds
Italian Prime Minister Mario Monti proposed at the Group of 20 summit in Mexico that the bloc's two rescue funds buy government debt of countries such as Spain and Italy. But such a tactic is unlikely to rally investors unless the European Central Bank acts.
Economics
Fed sharply lowers forecasts for economic growth and jobs
Fed sharply lowers forecasts for economic growth and jobs
The Federal Reserve painted a much darker picture of the U.S. economy through 2014 and warned that unemployment will top 8% through 2013. The central bank expects the economy to expand 1.9% to 2.4% this year, compared with 2.4% to 2.9% predicted in April.
Bank of England appears close to more quantitative easing
The Bank of England is expected to stimulate the economy by exercising another round of quantitative easing next month. While the majority of policymakers voted to keep QE stable, at £325 billion, the vote was close and is expected to go the other way soon. Those who wanted an increase pushed for an additional £25 billion or £50 billion.
Preliminary data from HSBC Holdings and Markit Economics' purchasing managers index suggest that China is headed into its eighth month of manufacturing contraction, marking the longest continuous decline in its factory output since the 2008 financial crisis. The preliminary reading for June is 48.1, down from May's final reading of 48.4, on a scale in which any number below 50 indicates contraction.
Analysis: Farm bill would cost U.S. taxpayers even more
The U.S. Senate agriculture committee proposed a farm bill that aims to cut subsidies. However, it could cost taxpayers considerably more than the program being replaced, according to The Economist. The proposal comes when crop prices are at a historic high, farm failure is less than 0.5% annually and farm income is the highest in nearly 40 years, the magazine notes.
Geopolitical/Regulatory
U.S. lawmakers call on SEC to reform IPO process
Facebook's initial public offering triggered bipartisan demand in the U.S. that the Securities and Exchange Commission reform IPOs to prevent small investors from being put at a disadvantage. Rep. Darrell Issa, chairman of the House Oversight and Government Reform Committee, and Sen. Jack Reed, chairman of a Senate banking subcommittee, separately called for IPO reform.
China prepares tougher restrictions on rare-earth industry
China plans to increase regulation of mining, refining and exportation of rare-earth materials, according to a paper by the Information Office of the State Council. Exportation will continue, in compliance with World Trade Organization rules, the government said.
CFTC is told high-frequency trading should be broadly defined
A U.S. Commodity Futures Trading Commission working group said high-frequency trading should be broadly defined by securities regulators to prevent market participants from circumventing trading rules through regulatory arbitrage. "It is important to recognize that high frequency trading is a means rather than an end in itself, and that there are many types of market activity that can be potentially labeled as HFT," the working group said in a report to the commission's Technical Advisory Committee.
U.S. regulator voices concern about banks' overseas activity
The U.S. is vulnerable to risky banking activity overseas, said Gary Gensler, chairman of the Commodity Futures Trading Commission. Gensler's comment comes in the wake of JPMorgan Chase's large trading loss, which stemmed from a London unit. "So often it comes right back here, crashing to our shores ... if the American taxpayer bails out JPMorgan, they'd be bailing out that London entity as well," he told U.S. lawmakers. Meanwhile, market participants and experts said criticizing London as a haven of regulatory loopholes could make it more difficult to align European and U.S. rules.
Financial Products
Huntington launches ETF with ecological focus
Huntington Asset Advisors brought to NYSE Arca an actively managed exchange-traded fund that buys stocks of ecologically focused companies. The Huntington EcoLogical Strategy ETF invests in companies that not only qualify as green but also offer affordable products, the company said.
On the heels of Microsoft's big Surface tablet announcement, Redmond aimed to keep the buzz going with its Windows Phone Summit today in San Francisco, CA. There, the company previewed some of its platform features for Windows Phone 8, the latest version of its mobile software designed to tie its family of products together with PCs and (now) tablets.
But the audience didn't get another blockbuster unveiling like we saw earlier this week--we didn't expect as much. The summit was intended for developers and partners, and not as an opportunity to let CEO Steve Ballmer show off the company's future in his characteristic booming voice. "What we are not doing today is disclosing all the end-user features," said Windows Phone VP Joe Belfiore. "We have some pretty cool things to talk about that you're not going to get to hear about today."
The major announcement today was one that many had long anticipated: that Windows Phone 8 would share the same core as Windows 8, allowing for a lot of cross-pollination between the platforms in terms of apps and experiences. "In terms of the kinds of apps on Windows Phone 8, developers who are working on Windows 8 have incredibly easy transition to Windows Phone," Belfiore said. (And vice versa.)
That's not only appealing for consumers--who'll gain more features and apps on the platforms--but especially attractive for developers, who are gaining access to, as Belfiore boasted, the 1.3 billion people who use that same Windows core kernel.
Indian Court Adjusts Ban On Torrent Sites
A maverick Indian high court has shifted its stance against BitTorrent sites like Pirate Bay and Vimeo after a brigade of ISPs appealed a series of court decrees that required the blocking of the sites across the country. In an order, issued on June 15, the court clarified that injunctions would be granted for individual URLs rather than website-wide bans, so over the weekend websites like Vimeo and Pirate Bay have become accessible once again. Meanwhile in the U.K., the court order to ban Pirate Bay is still in place. BT has joined other ISPs as the latest major ISP to block access to Pirate Bay, but word is, those blocks have already been breached.
Amazon Appstore To Open For Sales In Europe This Year
As expected, apps on Amazon's Appstore are going global. Amazon announced today that the company will allow app makers across the world to submit apps for distribution outside the U.S., starting in the U.K., Germany, France, Italy and Spain, with "plans for further global expansion in the near future." Most apps on Amazon's app store are designed for the Kindle Fire, and it's likely an expansion in sales of the device will follow soon. Since April this year, Amazon has allowed developers to set up in-app purchasing, matching the monetization service that the Android and iOS app stores already offered their developers. Exisiting Amazon developers will have their apps sold internationally by default, but have the option of selecting to sell in certain countries. At the WWDC event in early June, Apple announced its intention to expand the international reach of its App Store. With yesterday's local currency announcement, Facebook is also wising up to the possibility of monetizing its global reach.
Facebook Turns Facebank, Soon Accepting Payments In Local Currencies
Facebook is changing its virtual "Credits" feature to allow users to make payments in local currencies around the world, very possibly a step towards developing Facebook as a payments platform on its own. When the service rolls out in about a month, Facebook users can enter credit card details and purchase gaming credits, for example, with real money instead of using virtual Facebook Credits. Facebook has also enabled monthly subscriptions, dropping its restriction to individual payments as it had until this announcement. Facebook requires all apps to switch to local currencies by the end of the year.
PayPal Refreshed To Promote Its Mobile Pay Push
PayPal, one of the earliest surviving success stories from the dotcom boom, is giving its system a sweeping overhaul today. The redesigned site is simpler and less cluttered, and has more capacity for promoting PayPal's newer services like its big play for the mobile payments space, including its iPhone credit card dongle. According to TechCrunch, the site is also designed to be touch-friendly, which may make it easier to interact with for PayPal clients using it on tablets and smartphones. This week the Wall Street Journal reported that "boutique" investment bank Keefe, Bruyette and Woods announced its coverage of eBay (which owns PayPal) in what's seen as a strong sign that the relatively young, digital-centric PayPal is assuming a more central role in the world's payments structures alongside more traditional banks.
PayPal, one of the earliest surviving success stories from the dotcom boom, is giving its system a sweeping overhaul today. The redesigned site is simpler and less cluttered, and has more capacity for promoting PayPal's newer services like its big play for the mobile payments space, including its iPhone credit card dongle. According to TechCrunch, the site is also designed to be touch-friendly, which may make it easier to interact with for PayPal clients using it on tablets and smartphones. This week the Wall Street Journal reported that "boutique" investment bank Keefe, Bruyette and Woods announced its coverage of eBay (which owns PayPal) in what's seen as a strong sign that the relatively young, digital-centric PayPal is assuming a more central role in the world's payments structures alongside more traditional banks.
Excalibur Almaz will start moon tourism by 2015.... Charging £100 million.
Britain could become the first country to fly a tourist around the moon, after an Isle of Man-based company announced that it would be ready to take passengers on private lunar expeditions by 2015.
Excalibur Almaz will charge wanna be astronauts an average of £100 million for a six to eight month journey exploring deep space.
Three wealthy individuals, or astronauts from emerging powers, will be crammed into a reusable capsule the size of a waste skip and launched by rocket to a space station. After the two vehicles link up, they will travel on to the Moon.
The company, run by Americans, chose to be based in the Isle of Man because of the island government’s commitment to the space industry, which ministers forecast will soon make up more a third of its gross domestic product. The lack of corporation tax and proximity to the City are also advantages.
Unlike SpaceX, its US rival, Excalibur Almaz has not received any American government subsidies. Its biggest advantage is its second-hand Soviet spacecraft which have helped Excalibur Almaz avoid the laborious process of developing and testing new equipment.
Excalibur Almaz Lunar and L2 Exploration Missions
Excalibur Almaz Lunar and L2 Exploration Missions, using the Salyut-Class Spacecraft, will travel farther into the solar system than any prior human spaceflight. This bold step into the future involves the scientific community, explorers, adventurers and visionaries.
Excalibur Almaz plans to use its Salyut-Class Spacecraft and RRVs as an orbital and cislunar transportation system. These components unlock the potential to accomplish the most ambitious private space missions to date. Cislunar missions will explore the limitless, cyclical orbital pathways that lead to a vast array of destinations including the moon, near-Earth asteroids and gravity-stable destinations called Libration (or Lagrange) Points. These orbits will take travelers farther from Earth than any human has ever traveled before. EA can also take travelers close to the lunar surface. Asteroids could eventually be visited, explored and mined. These exciting mission profiles will inspire humanity to live, work and thrive in space! Learn More
Honda's entry-level 110cc motorcycle, the Dream Yuga is now available at the company's showrooms.
Features & Specifications
The 8.6PS motorcycle is priced at Rs 48,028 for the base variant, Rs 49,592 for the mid and Rs 51,678 for the top end, ex-Mumbai (Rs 44,642 for the base model ex showroom Delhi).
The bike is available in five colours and the three variants are differentiated by spoke wheels, alloys and a self start system
The 110cc mill, mated to a 4-speed heel and toe shifter, uses Honda Intelligent Ignition Control System, which changes the ignition timing to optimize combustion for better power and efficiency.
Honda claims that the Dream Yuga will deliver 72kmpl.
The Dream Yuga gets segment first, tubeless tyres (optional).
It also has a maintenance-free battery and viscous air filter.
Honda says that they want the Dream Yuga to be the biggest selling two wheeler model in the world and these features will give it an edge over the competition.
The pricing puts the Dream Yuga bang in Hero Splendor price territory.
Honda has launched many motorcycles worldwide over the years all with the prefix, 'Dream' and the Dream Yuga is the latest in the line.
The 8.6PS motorcycle is priced at Rs 48,028 for the base variant, Rs 49,592 for the mid and Rs 51,678 for the top end, ex-Mumbai (Rs 44,642 for the base model ex showroom Delhi).
The bike is available in five colours and the three variants are differentiated by spoke wheels, alloys and a self start system
The 110cc mill, mated to a 4-speed heel and toe shifter, uses Honda Intelligent Ignition Control System, which changes the ignition timing to optimize combustion for better power and efficiency.
Honda claims that the Dream Yuga will deliver 72kmpl.
The Dream Yuga gets segment first, tubeless tyres (optional).
It also has a maintenance-free battery and viscous air filter.
Honda says that they want the Dream Yuga to be the biggest selling two wheeler model in the world and these features will give it an edge over the competition.
The pricing puts the Dream Yuga bang in Hero Splendor price territory.
Honda has launched many motorcycles worldwide over the years all with the prefix, 'Dream' and the Dream Yuga is the latest in the line.
Are you bored of all those old themes that Google offers to spice up your Gmail account? If yes, then here is good news for you. Google has announced that its users will now be able to bring an even more personal touch by setting their own background images.
So over the next couple of days, Google will roll out a new Custom themes section with two options - Light and Dark, where users can do just that.
Users will now be able to upload their own images directly, select photos from Google+ photos or simply paste any image URL. "If you don't have a particular image in mind, you can browse our searchable Featured Photos section to find one that speaks to you. With so many great options, it may be hard to choose, so to get a sense of the images available, try searching for 'hdr scenery’ or 'bokeh wallpaper' in the Featured tab," said Greg Bullock, Software Engineer, Google, in an official Gmail blog.
Last year in November, Google unveiled Gmail's new look back, with a spate of new, beautiful HD themes. But now, Google goes a step ahead, thereby making customisation a little more advanced.
"Whether you want to bask on a tropical island or simply reminisce about last year's holiday with the family, your Gmail can now be customized to your mood. Find your perfect image and make your Gmail your own with custom themes," he added.
Utility Kansai Electric Power began preparations on Saturday to bring the reactors at the Oi nuclear power station in western Fukui prefecture back online following the restart announcement by Yoshihiko Noda, prime minister.
“The company is striving to restart the Oi No 3 and No 4 reactors with a perfect system, while putting safety first,” Kansai Electric said.
The restarts will ease concerns about possible electricity shortages this summer in Kansai, an important industrial region. It will also raise the hopes of nuclear advocates in Japan and elsewhere that the long-term impact on the atomic sector of the failure of the tsunami-crippled Fukushima Daiichi plant will be limited.
However, it outraged anti-nuclear activists who say that seismically unstable Japan has not done nearly enough to ensure that surviving plants are truly safe.
Opinion polls suggest that most voters do not agree with Mr Noda’s decision, even though it came after a long and carefully choreographed political process by which the restarts were first backed by atomic regulators and by local and prefectural leaders.
Currently, all of the 54 reactors that supplied nearly one-third of Japan’s electricity before last year’s tsunami are offline, but utilities insist that they have learnt the lessons of the disaster and can ensure future safety.
Kansai Electric said that further tests and checks were required for the two Oi reactors, but it expected to be able to start generating electricity with the No 3 unit in early July, with No 4 following later in the month. It would take each reactor a few days after being restarted to reach full output, the company said.
Kansai Electric is more dependent on nuclear power than any other Japanese power company, with about half of its electricity coming from nuclear before the March 11 disaster last year.
While restarting the two Oi reactors should give Kansai Electric just enough capacity to meet standard summer demand, authorities are likely to be cautious about lifting calls for energy saving by customers given uncertainty about weather and other factors.
Anti-nuclear campaigners’ attention will now shift to other reactors around the country that might be restarted in coming months. Japanese media said leading candidates would be a reactor at Shikoku Electric Power’s Ikata plant in Ehime prefecture and two units at Hokkaido Electric Power’s Tomari plant on the northern island of Hokkaido.
Copyright The Financial Times Limited 2012
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Below is the press release
WSI Industries, Inc. today reported sales for its fiscal 2012 third quarter ending May 27, 2012 of $9,483,000 versus the prior year amount of $6,532,000, or an increase of 45% over the prior year quarter. Year-to-date sales for the nine months ended May 27, 2012 totaled $22,491,000, an increase of 27% versus $17,742,000 in the prior year.
The Company also reported net income of $598,000 or $.21 per diluted share for the fiscal 2012 third quarter which was an increase of 51% over the prior year quarter amount of $397,000 or $.14 per diluted share. Year-to-date income also rose with the Company reporting fiscal earnings of $874,000 or $.30 per diluted share versus $559,000 or $.19 per diluted share in the prior year which represented an increase of 56%.
Benjamin Rashleger, president and chief executive officer, commented: "We are very pleased to report on our fiscal 2012 third quarter results that have both sales and income at their highest levels in the last decade. Not only do our fiscal third quarter sales represent an increase of 45% over the prior year quarter, they also exceed any quarter in the last 10 years by over $2 million. Our bottom line profit results also improved with the fiscal 2012 third quarter at $.21 per diluted share equating to a 51% increase over the prior year quarter, which is also at the highest level in the last 10 years." Rashleger continued: "Our sales growth came from both of our core businesses of recreational vehicles and energy. Our recreational vehicle revenues increased by 38% over the prior year third quarter while our energy business increased by 91%. In particular, our shale fracturing business sales increased a little under four fold in the fiscal 2012 third quarter over the prior year quarter" Rashleger concluded: "We remain very positive about our business as we wrap up fiscal 2012 and are optimistic that fiscal 2013 will show continued improvements. Our customers are clear leaders in their industries, and we have made significant investments in equipment and personnel over the past couple of years to support their growth as we increase our business with them. We look forward to building on our success with continued expansion of our business and by staying focused on the execution of our strategy of partnering with key leaders across industries, and providing them with a superior value and the highest quality service."
The Company also announced today that its Board of Directors has declared a quarterly dividend of $.04 per share. The dividend will be payable July 19, 2012 to holders of record on July 5, 2012.
WSI Industries, Inc. is a leading contract manufacturer that specializes in the machining of complex, high-precision parts for a wide range of industries, including avionics and aerospace, energy, recreational vehicles, small engines, marine, bioscience and the defense markets.
The statements included herein which are not historical or current facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. There are certain important factors which could cause actual results to differ materially from those anticipated by some of the statements made herein, including the Company's ability to retain current programs and obtain additional manufacturing programs, and other factors detailed in the Company's filings with the Securities and Exchange Commission.
WSI Industries, Inc. today reported sales for its fiscal 2012 third quarter ending May 27, 2012 of $9,483,000 versus the prior year amount of $6,532,000, or an increase of 45% over the prior year quarter. Year-to-date sales for the nine months ended May 27, 2012 totaled $22,491,000, an increase of 27% versus $17,742,000 in the prior year.
The Company also reported net income of $598,000 or $.21 per diluted share for the fiscal 2012 third quarter which was an increase of 51% over the prior year quarter amount of $397,000 or $.14 per diluted share. Year-to-date income also rose with the Company reporting fiscal earnings of $874,000 or $.30 per diluted share versus $559,000 or $.19 per diluted share in the prior year which represented an increase of 56%.
Benjamin Rashleger, president and chief executive officer, commented: "We are very pleased to report on our fiscal 2012 third quarter results that have both sales and income at their highest levels in the last decade. Not only do our fiscal third quarter sales represent an increase of 45% over the prior year quarter, they also exceed any quarter in the last 10 years by over $2 million. Our bottom line profit results also improved with the fiscal 2012 third quarter at $.21 per diluted share equating to a 51% increase over the prior year quarter, which is also at the highest level in the last 10 years." Rashleger continued: "Our sales growth came from both of our core businesses of recreational vehicles and energy. Our recreational vehicle revenues increased by 38% over the prior year third quarter while our energy business increased by 91%. In particular, our shale fracturing business sales increased a little under four fold in the fiscal 2012 third quarter over the prior year quarter" Rashleger concluded: "We remain very positive about our business as we wrap up fiscal 2012 and are optimistic that fiscal 2013 will show continued improvements. Our customers are clear leaders in their industries, and we have made significant investments in equipment and personnel over the past couple of years to support their growth as we increase our business with them. We look forward to building on our success with continued expansion of our business and by staying focused on the execution of our strategy of partnering with key leaders across industries, and providing them with a superior value and the highest quality service."
The Company also announced today that its Board of Directors has declared a quarterly dividend of $.04 per share. The dividend will be payable July 19, 2012 to holders of record on July 5, 2012.
WSI Industries, Inc. is a leading contract manufacturer that specializes in the machining of complex, high-precision parts for a wide range of industries, including avionics and aerospace, energy, recreational vehicles, small engines, marine, bioscience and the defense markets.
The statements included herein which are not historical or current facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. There are certain important factors which could cause actual results to differ materially from those anticipated by some of the statements made herein, including the Company's ability to retain current programs and obtain additional manufacturing programs, and other factors detailed in the Company's filings with the Securities and Exchange Commission.
