Williams Industries Forms Exploratory Committee, Releases Second Quarter 2007 Results
Williams Industries, Inc. (NASDAQ: WMSI) has announced a loss of $143,000 or $0.04 per share on revenue of $9,481,000 for the second quarter of Fiscal 2007, which ended January 31, 2007. This compares to a profit of $268,000 or $0.07 per share on revenue of $11,149,000 for the quarter ended January 31, 2006. However, the quarters are not directly comparable. During the quarter ended January 31, 2007, the company sold its Wilmington, Delaware property for $1.35 million. This reduced property and equipment by $663,000 and resulted in a recognized gain of $1.1 million.
For the six months ended January 31, 2007, the company reported a loss of $511,000 or $0.14 per share on revenue of $19,499,000 compared to income of $18,000 or $0.01 per share on revenue of $23,253,000 for the six months ended January 31, 2006. The company’s complete quarterly filing is available on the Securities and Exchange Commission’s EDGAR system (www.sec.gov).
Frank E. Williams, III attributed the company’s continued losses to lack of revenue due to a decreased backlog, as well as the current mix of work, in the company’s manufacturing segment. This segment’s revenues decreased by $1.3 million in the quarter. Gross profit decreased by $951,000 and gross profit percentage decreased from 32.1% in 2006 to 25% in 2007. The company’s construction segment also had declines in revenue and gross profit from 2006.
During its regular meeting on March 7, 2007, the Williams Industries Board of Directors, after reviewing the current and future costs of remaining a public corporation, approved the appointment of a committee of independent directors to explore the possibility of taking the company private. Additional information will be forthcoming as appropriate.
Williams Industries’ fiscal year is from August 1 to July 31.
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