Williams Industries Inc. / WMSI

About Williams Industries Inc.

8624 J.D. Reading Dr., Manassas, Va. 20109
www.wmsi.com | 703-335-7800 | Founded: 1960

Industry: Manufacturing | Category: Public Companies

Financial troubles for the company continued last year as a liquidity and business crisis led to operating losses and defaults on loans. Blaming an unfavorable business environment and rising steel costs, Williams announced that its losses widened in its fiscal first quarter, which ended Oct. 31, 2006, as several planned projects in the region fell through. The loss in that quarter rose to $368,000 (10 cents a share), from $250,000 (7 cents) in the comparable quarter a year earlier. Revenue was $10 million, down from $12.1 million.
The company defaulted twice last year on $4.8 million in loans from United Bank. Last June, the company dipped into its real estate holdings to pay off some of its debts, selling 2.72 acres of land in Manassas for $865,000. Williams has until next month to pay its debt to United Bank.
Last December, in its most recent quarterly financial report to the SEC, Williams forecast a bleak year, saying there remains a significant risk that the company may not be able to book additional work to maintain its level of operations and may continue to report operating losses.
The company has said it will be voluntarily delisted from the Nasdaq before the market opens Wednesday.
In March, its board of directors approved the appointment of a committee of independent directors to explore the possibility of taking the company private.

Chairman and CEO: Frank E. Williams III

2006 Financial Data

Revenues: $42,118,000 | Net Income: $93,000
Asssets: $30,118,000 | Earnings Per Share: $0.03
Total employees: 277 | Local employees: 251