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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: JUNE 28, 1999
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(DATE OF EARLIEST EVENT REPORTED)
WSI INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
MINNESOTA 0-619 41-0691607
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
2605 WEST WAYZATA BOULEVARD
LONG LAKE, MINNESOTA 55356
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(Address of principal executive offices)
Registrant's telephone number, including area code: (612) 473-1271
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Items 1, 2, 3, 4, 6 and 8 are not included.
ITEM 5. OTHER EVENTS.
On June 28, 1999 WSI Industries, Inc. announced an agreement in
principal to acquire Bowman Tool and Machining, Inc., in a stock purchase
transaction. Further details of this action are contained in the press release
of WSI Industries, Inc., dated June 28, 1999 attached hereto as Exhibit 99.1 and
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS.
99.1 Press release.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WSI INDUSTRIES, INC.
By /s/ Michael J. Pudil
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Michael J. Pudil
President
July 9, 1999
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Exhibit 99.1
WSI Industries Announces Agreement in Principle
To Acquire Precision Machining Company
June 28, 1999--Long Lake, MN--WSI Industries, Inc. (Nasdaq NMS: WSCI) today
announced it has reached an agreement in principle, subject to various
conditions, to purchase the stock of Bowman Tool and Machining, Inc. in
Rochester, MN.
Terms of the pending transaction were not disclosed, but the Company said it
expects to complete this acquisition before its fiscal 1999 year-end on
August 29.
Michael J. Pudil, president and chief executive officer, said Bowman, which
expects to post sales of approximately $8 million in calendar year 1999, has
been engaged in the precision contract machining industry for more than 20
years. He said this transaction, if completed, would meet the Company's publicly
stated goals on acquiring companies that will be immediately accretive to
consolidated earnings and further diversify WSI's base of industries served.
Pudil added that Bowman would be operated as a WSI subsidiary in its current
manufacturing facility in Rochester.
In February 1999, the Company acquired the stock of Taurus Numeric Tool, Inc., a
specialized precision machining company serving the avionics and aerospace
markets. With full-year 1998 sales of approximately $7.5 million, Taurus made a
positive contribution to the Company's profitability in the third quarter of
1999 ended May 30.
WSI Industries, Inc. is a leading contract manufacturer that specializes in the
machining of complex, high-precision parts for a wide range of industries,
including agriculture, construction, aerospace and avionics, recreational
vehicles and computers.
