Federal Screw Works Reports Results for its Fiscal Second Quarter Ended December 31, 2011

February 12, 2012

Federal Screw Works (OTCPink: FSCR.PK) reported revenues for its fiscal second quarter ended December 31, 2011 increased 6.6% to $13.26 million compared to revenues of $12.44 million during the second quarter of the prior fiscal year.  The net loss for the second quarter was $648 thousand or $(0.47) per share versus a net loss of $382 thousand or $(0.28) per share in the prior fiscal year.  The primary reason for the increased net loss was due to lower gross profit margins.

For the first six months of fiscal 2012, revenues increased 3.8% to $26.93 million compared to revenues of $25.94 million during the same period in fiscal 2011.  The net loss for the six month period improved slightly to $933 thousand or $(0.68) per share versus a net loss of $939 or $(0.68) per share during the first six months of fiscal 2011.  While gross profit margins were only slightly worse during the first six months of fiscal 2012, the period benefited from the recording of other income in the amount of $114 thousand compared to only $1 thousand during the same period in fiscal 2011.

As of December 31, 2011, the balance sheet reflected current assets of $21.86 million, total assets of $46.59 million, current liabilities of $9.28 million and total liabilities of $42.63 million.  Shareholders equity declined 18.24% to $3.96 million during the first six month of fiscal 2012.

Federal Screw Works is engaged in the manufacturing of precision cold formed and machined parts.

Source: Federal Screw Works


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