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UNITED STATES
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 (date of earliest event reported): OCTOBER 28, 2005
WSI Industries, Inc.
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(Exact name of Registrant as Specified in its Charter)
Minnesota
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(State Or Other Jurisdiction Of Incorporation)
000-00619 41-0691607
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(Commission File Number) (I.R.S. Employer Identification No.)
213 Chelsea Road
Monticello, MN 55362
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(Address Of Principal Executive Offices) (Zip Code)
(763) 295-9202
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Registrant's Telephone Number, Including Area Code
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Items under Sections 3 through 7 are not applicable and therefore omitted.
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
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On October 28, 2005, the Compensation Committee of Board of Directors of WSI
Industries, Inc. (the "Company") recommended, and the Board of Directors
approved, the 2006 Management Bonus Plan (the "Plan") for executive officers.
Under the Plan, executive officers are eligible for cash bonuses ranging from
zero to 50% of their respective base salaries, depending upon the Company's
fiscal year 2006 performance against goals established by the Compensation
Committee. The goals established by the Compensation Committee relate to
increased revenues from business that will diversify the customer base and
return on tangible assets. . The Company's fiscal year 2006 performance must
meet minimums established for each performance goal before any bonus amounts are
payable to executive officers in respect of that performance goal.
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
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The Company hereby furnishes a press release, issued on October 31, 2005,
disclosing material non-public information regarding its results of operations
for the quarter and year ended August 28, 2005.
ITEM 8.01 OTHER EVENTS
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Through the press release issued on October 31, 2005, the Company also announced
that its Board of Directors has declared a dividend of $.0375 per share of
common stock payable November 28, 2005 to holders of record on November 14,
2005.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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Exhibit No. Description
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99.1 Press Release issued on October 31, 2005.
SIGNATURE
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, thereunto duly authorized.
WSI INDUSTRIES, INC.
By: /s/ Michael Pudil
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Michael Pudil
President and Chief Executive
Officer
Date: October 31, 2005