~~Three~~UNITED ~~months~~STATES ~~Nine~~SECURITIES ~~months~~AND ~~ended~~EXCHANGE ~~September~~COMMISSION 30Washington, ended September 30, -------------------------------- ----------------------------- 2003 2002 2003 2002 ------------ ------------ ------------ ------------ NET SALES $ 7,738,921 $ 6,152,180 $ 19,997,518 $ 19,236,206 COST OF GOODS SOLD 5,221,101 4,205,570 13,299,154 13,041,742 ------------ ------------ ------------ ------------ GROSS PROFIT 2,517,820 1,946,610 6,698,364 6,194,464 OPERATING EXPENSES Selling, general and administrative 663,741 714,025 2,064,973 2,099,180 Research and development 381,909 313,059 1,359,380 1,113,008 ------------ ------------ ------------ ------------ 1,045,650 1,027,084 3,424,353 3,212,188 ------------ ------------ ------------ ------------ INCOME FROM OPERATIONS 1,472,170 919,526 3,274,011 2,982,276 NONOPERATING EXPENSE Interest expense 63,665 92,724 208,286 270,142 Other income (4,504) -- (3,103) -- ------------ ------------ ------------ ------------ 59,161 92,724 205,183 270,142 ------------ ------------ ------------ ------------ INCOME BEFORE INCOME TAXES 1,413,009 826,802 3,068,828 2,712,134 INCOME TAX (EXPENSE) BENEFIT (Note 6) (536,943) -- (1,166,218) 1,400,000 ------------ ------------ ------------ ------------ NET INCOME $ 876,066 $ 826,802 $ 1,902,610 $ 4,112,134 ============ ============ ============ ============ PER COMMON SHARE DATA - BASIC & DILUTED EARNINGS PER SHARE - BASIC $ 0D.~~49 $ 0~~C.52 $ 1.12 $ 2.67 ============ ============ ============ ============ EARNINGS PER SHARE - DILUTED $ 0.39 $ 0.37 $ 0.85 $ 1.87 ============ ============ ============ ============ WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC 1,785,000 1,600,000 1,703,000 1,539,000 ============ ============ ============ ============ DILUTED 2,238,000 2,254,000 2,231,000 2,202,000 ============ ============ ============ ============ September 30, December 31, ASSETS 2003 2002 ------ ------------- ------------ CURRENT ASSETS $ 10,632,942 $ 7,689,911 PROPERTY & EQUIPMENT, NET 4,539,615 2,710,671 OTHER ASSETS 2,221,104 3,257,669 ------------ ------------ $ 17,393,661 $ 13,658,251 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ CURRENT LIABILITIES $ 8,390,064 $ 4,863,637 LONG TERM OBLIGATIONS 3,712,409 5,550,811 STOCKHOLDERS' EQUITY 5,291,188 3,243,803 ------------ ------------ $ 17,393,661 $ 13,658,251 ============ ============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): November 14, 2003

WTC INDUSTRIES, INC.
(Exact name of Registrant as specified in its charter)

Delaware	0-19622	38-2308668
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1000 Apollo Road
Eagan, Minnesota	55121-2240
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code (651) 554-3140

Items 1-4, 6 and 8-12 are not applicable and therefore omitted.

ITEM 5.

OTHER EVENTS.

WTC Industries, Inc. hereby furnishes a press release, issued on November 14, 2003, disclosing material non-public information regarding its decision to explore strategic and financing alternatives.

ITEM 7.

FINANCIAL STATEMENTS AND EXHIBITS.

The following is furnished as an Exhibit to this Report:

Exhibit No.	Description of Exhibit
99.1	Press release issued November 14, 2003.

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.

	WTC INDUSTRIES, INC.
Date: November 17, 2003	By: /s/ Greg P. Jensen
	Greg P. Jensen Chief Financial Officer

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