WSI Industries, Inc. (NASDAQ:WSCI) Files An 8-K Results of Operations and Financial ConditionITEM 2.02
On October 4, 2018, WSI Industries, Inc. (the “Company”) issued a press release disclosing material non-public information regarding its preliminary results of operations for the fourth quarter and fiscal year ended August 26, 2018. The preliminary financial results for the fourth quarter and fiscal year 2018 are subject to customary annual audit procedures. The Company hereby furnishes the press release, which is attached hereto as Exhibit 99.1.
| ITEM 5.02 | DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. |
As previously reported, the Compensation Committee and the Board of Directors of the Company have approved a cash incentive compensation plan for fiscal year 2018 (the “2018 Incentive Plan”) for Paul D. Sheely, the Company’s Chief Financial Officer. Michael J. Pudil, the Company’s Chief Executive Officer, was not a participant in the 2018 Incentive Plan.
On October 4, 2018, the Compensation Committee determined the Company’s achievement of financial performance goals for fiscal year 2018 and the achievement of Mr. Sheely’s departmental objectives. Under the 2018 Incentive Plan, Mr. Sheely was eligible for a target bonus equal to 45% of his base salary. Based on the fiscal year 2018 results for the Company’s sales, gross margin and pretax earnings and Mr. Sheely’s achievement of his departmental objectives, the Compensation Committee determined that Mr. Sheely was entitled to a bonus equal to 45% of his base salary or $68,101.
On October 4, 2018, the Compensation Committee also determined that Mr. Pudil would be paid a discretionary bonus of $255,000 in respect of his performance and the Company’s performance in fiscal year 2018.
On October 4, 2018, the Company’s Board of Directors declared a dividend of $0.04 per share payable November 1, 2018 to holders of record as of October 18, 2018.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
WSI INDUSTRIES, INC. ExhibitEX-99.1 2 ex99-1.htm WSI Industries Reports Preliminary Fourth Quarter and Fiscal Year 2018 Results; Declares Quarterly Dividend and Provides Update On Special Meeting October 4,…To view the full exhibit click here
About WSI Industries, Inc. (NASDAQ:WSCI)
WSI Industries, Inc. is involved in the precision machining and assembly of complex parts and components business. The Company primarily serves a range of markets, including aerospace, avionics, defense, energy and power sports. It offers a range of engineering, design, machining, sourcing, assembly, shipping and project management solutions. The Company caters its services to a range of industries, such as engine components, energy, aerospace, defense, semiconductor, medical and others. It offers precision machining and complex assembly for power sports and other engine and powertrain components, including all-terrain vehicle (ATV), automotive, marine engines, motorcycle, personal watercraft, flight controls, passive defense, commercial off the shelf (COTS), projectiles, special forces devices, deoxyribonucleic acid (DNA) sequencers, imaging and forensics technologies. It is engaged in small engine development, radar/microwave tracking and general aviation, among others.
