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Webco Industries Inc. (OTC: WEBC), Sand Springs, OK, reported sales for the fiscal year of $409.5 million, a 1 percent decrease over the same period a year ago. Profit decreased 16.8 percent to $27.7 million for the year.
Fourth-quarter sales were $107 million, a 6.6 percent increase over the same period a year ago. Profit increased 18.8 percent to $8.2 million.
“We continue to make progress in an environment that is burdened with lower demand, less favorable product mix and weak spot market pricing," said Webco CEO Dana S. Weber. "We are having success adding incremental business, but the industrial economy in general is challenging, exacerbated by the accelerating cost and complexity of regulations and legislation.”
Webco manufactures and distributes carbon steel, stainless steel and other metal tubular products. The company has seven production facilities in Oklahoma and Pennsylvania and five distribution facilities in Oklahoma, Texas, Illinois and Michigan.