NEW YORK Webco Industries
Inc. posted a sharp drop in sales and earnings in its fiscal
second quarter as it experienced lower volume, a less-favorable
product mix and weak spot pricing.
The Sand Springs, Okla.-based
tubular products manufacturer and distributor reported net
income of $1.28 million for the three months ended Jan. 31,
down 61.4 percent from $3.31 million in the same period a year
earlier on sales that fell 21.8 percent to $99.13 million.
"We hope for the return of more favorable volume and spot
pricing conditions as fiscal year 2013 progresses, but continue
to monitor domestic and international economic and political
uncertainty," chief executive officer Dana S. Weber said in
comments accompanying the companys earnings release.