CHICAGO — Weaker spot prices, lower volumes and a less-favorable product mix squeezed profits at Webco Industries Inc. in the company’s fiscal first quarter.

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.

Results also 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 company said.

"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.