CHICAGO Weaker spot
prices, lower volumes and a less-favorable product mix squeezed
profits at Webco Industries Inc. in the companys fiscal
The Sand Springs, Okla.-based
tubular products manufacturer and distributor posted net income
of $1.71 million for the three months ended Oct. 31, down 39.3
percent from the same period last year on sales that fell 10.2
percent to $116.39 million.
were hurt by a $1.1-million impairment charge to cost of sales
on manufacturing equipment and an approximately $200,000
non-cash pre-tax loss related to an interest swap contract, the
"We hope for the return of
more-favorable conditions as fiscal 2013 progresses but
continue to monitor domestic and international political
uncertainty," Webco chief executive officer and president Dana
S. Weber said in a statement.
In the meantime, the company
continues to make strategic investments it believes will drive
long-term, niche growth, she said.
Webco spent $3.9 million in
capital expenditures in its fiscal first quarter and expects
capital spending for fiscal 2013 to total between $10 million
and $14 million.