US Market News
4週前
SIFCO Industries, Inc. (“SIFCO”) Announces Second Quarter and First Half of Fiscal 2026 Financial ResultsMay 8, 2026 8:12 AM
Business Wire SIFCO Industries, Inc. (NYSE American: SIF) today announced financial results for its second quarter and first half of fiscal 2026, which ended March 31, 2026. Second Quarter Results Net sales in the second quarter of fiscal 2026 increased 39.0% to $26.4 million, compared with $19.0 million for the same period in fiscal 2025. Net income from continuing operations for the second quarter of fiscal 2026 was $2.7 million, or $0.43 per diluted share, compared with net loss of $1.3 million, or $(0.22) per diluted share, in the second quarter of fiscal 2025. Results from discontinued operations for the second quarter of fiscal 2026 was $0.0 million, or $0.00 per diluted share, compared with net loss from discontinued operations of $0.1 million, or $(0.01) per diluted share, in the second quarter of fiscal 2025. EBITDA was $3.7 million in the second quarter of fiscal 2026, compared with $0.4 million in the second quarter of fiscal 2025. Adjusted EBITDA in the second quarter of fiscal 2026 was $4.8 million, compared with Adjusted EBITDA of $(0.2) million in the second quarter of fiscal 2025. First half Results Net sales in the first six months of fiscal 2026 increased 26.3% to $50.4 million, compared with $39.9 million for the same period in fiscal 2025. Net income from continuing operations for the first six months of fiscal 2026 was $4.4 million, or $0.72 per diluted share, compared with net loss of $3.7 million, or $(0.62) per diluted share, in the first six months of fiscal 2025. There was no results from discontinued operations for the first six months of fiscal 2026, compared with nominal net income from discontinued operations, or $0.01 per diluted share, in the first six months of fiscal 2025. EBITDA was $7.3 million in the first six months of fiscal 2026, compared with $(0.4) million in the first six months of fiscal 2025. Adjusted EBITDA in the first six months of fiscal 2026 was $8.7 million, compared with Adjusted EBITDA of $(0.4) million in the first six months of fiscal 2025. Other Highlights “Management's continued focus on engineering, quality, and continuous improvement is driving meaningful gains in efficiency, cost control, and throughput. While labor availability for skilled roles remains a constraint, recent hiring, training, and retention initiatives are improving workforce stability and supporting operational progress. Despite ongoing global uncertainty, demand for our products remains strong, driving growth in SIFCO's backlog,” said CEO, George Scherff. Use of Non-GAAP Financial Measures The Company uses certain non-GAAP measures in this release. EBITDA and Adjusted EBITDA are non-GAAP financial measures and are intended to serve as supplements to results provided in accordance with accounting principles generally accepted in the United States. SIFCO Industries, Inc. believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release. Forward-Looking Language Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties the Company, its customers, and the industry in which they operate have experienced and continue to experience, detailed from time to time in the Company’s Securities and Exchange Commission filings. For a discussion of such risk factors and uncertainties, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended September 30, 2025 and other reports filed by the Company with the Securities & Exchange Commission. The Company’s Form 10-K for the year ended September 30, 2025 and other reports filed with the Securities & Exchange Commission can be accessed through the Company’s website: www.sifco.com, or on the Securities and Exchange Commission’s website: www.sec.gov. SIFCO Industries, Inc. is engaged in the production of forgings and machined components primarily for the aerospace and energy markets. The processes and services include forging, heat-treating, coating, and machining. Consolidated Condensed Statements of Operations (Amounts in thousands, except per share data) (Unaudited) Three Months Ended March 31, Six Months Ended March 31, 2026 2025 2026 2025 Net sales $ 26,444 $ 19,027 $ 50,417 $ 39,910 Cost of goods sold 20,783 17,457 39,567 37,412 Gross profit 5,661 1,570 10,850 2,498 Selling, general and administrative expenses 2,985 2,351 5,631 5,191 Loss (gain) on disposal of operating assets 15 — (5 ) — Operating profit (loss) 2,661 (781 ) 5,224 (2,693 ) Interest expense, net 304 428 656 897 Foreign currency exchange (gain) loss, net (1 ) 1 (1 ) (1 ) Other expense, net 13 37 29 75 Income (loss) from continuing operations before income tax expense 2,345 (1,247 ) 4,540 (3,664 ) Income tax (benefit) expense (306 ) 75 99 80 Income (loss) from continuing operations 2,651 (1,322 ) 4,441 (3,744 ) (Loss) income from discontinued operations, net of tax — (70 ) — 36 Net income (loss) $ 2,651 $ (1,392 ) $ 4,441 $ (3,708 ) Basic earnings (loss) per share: Basic earnings (loss) per share from continuing operations $ 0.44 $ (0.22 ) $ 0.73 $ (0.62 ) Basic earnings (loss) per share from discontinued operations — (0.01 ) — 0.01 Basic earnings (loss) per share $ 0.44 $ (0.23 ) $ 0.73 $ (0.61 ) Diluted earnings (loss) per share: Diluted earnings (loss) per share from continuing operations $ 0.43 $ (0.22 ) $ 0.72 $ (0.62 ) Diluted earnings (loss) per share from discontinued operations — (0.01 ) — 0.01 Diluted earnings (loss) per share $ 0.43 $ (0.23 ) $ 0.72 $ (0.61 ) Weighted-average number of common shares (basic) 6,130 6,068 6,105 6,042 Weighted-average number of common shares (diluted) 6,186 6,068 6,173 6,042 Consolidated Condensed Balance Sheets (Amounts in thousands, except per share data) (Unaudited) March 31,
2026 September 30,
2025 ASSETS Current assets: Cash and cash equivalents $ 304 $ 491 Restricted cash 1,081 1,553 Receivables, net of allowance for credit losses of $235 and $151, respectively 19,159 16,103 Contract assets 12,216 10,560 Inventories, net 6,929 4,192 Prepaid expenses and other current assets 2,529 2,192 Total current assets 42,218 35,091 Property, plant and equipment, net 19,951 21,794 Operating lease right-of-use assets, net 12,052 12,543 Goodwill 3,493 3,493 Other assets 481 473 Total assets $ 78,195 $ 73,394 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt, net of unamortized debt issuance costs $ 2,322 $ 2,592 Revolver 2,764 7,969 Short-term operating lease liabilities 998 959 Accounts payable 7,466 5,796 Contract liabilities 6,229 1,784 Accrued liabilities 3,479 3,140 Total current liabilities 23,258 22,240 Long-term finance lease, net of short-term 27 51 Long-term operating lease liabilities, net of short-term 11,720 12,230 Deferred income taxes, net 175 163 Pension liability 970 1,206 Other long-term liabilities 603 619 Commitments and Contingencies Shareholders’ equity: Serial preferred shares, no par value, authorized 1,000 shares; zero shares issued and outstanding at March 31, 2026 and September 30, 2025 — — Common shares, par value $1 per share, authorized 10,000 shares; issued and outstanding shares 6,254 at March 31, 2026 and 6,180 at September 30, 2025 6,254 6,180 Additional paid-in capital 11,901 11,892 Retained earnings 21,593 17,152 Accumulated other comprehensive income 1,694 1,661 Total shareholders’ equity 41,442 36,885 Total liabilities and shareholders’ equity $ 78,195 $ 73,394 Non-GAAP Financial Measures Presented below is certain financial information based on the Company’s EBITDA and Adjusted EBITDA. References to “EBITDA” mean earnings (losses) from continuing operations before interest, taxes, depreciation and amortization, and references to “Adjusted EBITDA” mean EBITDA plus, as applicable for each relevant period, certain adjustments as set forth in the reconciliations of net income to EBITDA and Adjusted EBITDA. Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under generally accepted accounting principles in the United States of America (“GAAP”). The Company presents EBITDA and Adjusted EBITDA because management believes that they are useful indicators for evaluating operating performance, including the Company’s ability to incur and service debt and it uses EBITDA to evaluate prospective acquisitions. Although the Company uses EBITDA and Adjusted EBITDA for the reasons noted above, the use of these non-GAAP financial measures as analytical tools has limitations. Therefore, reviewers of the Company’s financial information should not consider them in isolation, or as a substitute for analysis of the Company’s results of operations as reported in accordance with GAAP. Some of these limitations include: Neither EBITDA nor Adjusted EBITDA reflects the interest expense or the cash requirements necessary to service interest payments on indebtedness; Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and neither EBITDA nor Adjusted EBITDA reflects any cash requirements for such replacements; The omission of the amortization expense associated with the Company’s intangible assets further limits the usefulness of EBITDA and Adjusted EBITDA; and Neither EBITDA nor Adjusted EBITDA includes the payment of taxes, which is a necessary element of operations. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to the Company to invest in the growth of its businesses. Management compensates for these limitations by not viewing EBITDA or Adjusted EBITDA in isolation and specifically by using other GAAP measures, such as net income (loss), net sales, and operating income (loss), to measure operating performance. Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under GAAP, and neither should be considered as an alternative to net income (loss) or cash flow from operations determined in accordance with GAAP. The Company’s calculation of EBITDA and Adjusted EBITDA may not be comparable to the calculation of similarly titled measures reported by other companies. The following table sets forth a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA: Three Months Ended March 31, Six Months Ended March 31, Dollars in thousands 2026 2025 2026 2025 Net income (loss) $ 2,651 $ (1,392 ) $ 4,441 $ (3,708 ) Less: (Loss) income from discontinued operations, net of tax — (70 ) — 36 Income (loss) from continuing operations 2,651 (1,322 ) 4,441 (3,744 ) Adjustments: Depreciation and amortization expense 1,041 1,189 2,126 2,370 Interest expense, net 304 428 656 897 Income tax (benefit) expense (306 ) 75 99 80 EBITDA 3,690 370 7,322 (397 ) Adjustments: Foreign currency exchange (gain) loss, net (1) (1 ) 1 (1 ) (1 ) Other expense, net (2) 13 37 29 75 Loss (gain) on disposal of assets (3) 15 — (5 ) — Non-recurring severance expense adjustments (4) — 3 — (19 ) Equity compensation (4) 77 67 143 88 Transaction-related expense adjustments (5) — 1 — (16 ) LIFO impact (6) 970 (637 ) 1,182 (136 ) Adjusted EBITDA $ 4,764 $ (158 ) $ 8,670 $ (406 ) (1) Represents the gain or loss from changes in the exchange rates between the functional currency and the foreign currency in which the transaction is denominated. (2) Represents miscellaneous non-operating income or expense, such as pension costs, transaction related expense adjustments, and severance. (3) Represents the difference between the proceeds from the sale of operating equipment and the carrying value shown on the Company's books. (4) Represents the equity-based compensation expense recognized by the Company under the 2016 Plan due to granting of awards, awards not vesting and/or forfeitures and executive severance. (5) Represents credits related to transaction-related legal fees incurred primarily in connection with the unsuccessful attempt in which the Company was the acquisition target. (6) Represents the change in the reserve for inventories for which cost is determined using the last-in, first-out (“LIFO”) method. Reference to the above activities can be found in the consolidated financial statements included in Item 8 of the Company's Annual Report on Form 10-K. View source version on businesswire.com: https://www.businesswire.com/news/home/20260508506601/en/ SIFCO Industries, Inc.
Eric B. Shultz, 216-881-8600
www.sifco.com Original: SIFCO Industries, Inc. (“SIFCO”) Announces Second Quarter and First Half of Fiscal 2026 Financial Results
US Market News
4月前
SIFCO Industries, Inc. (“SIFCO”) Announces First Quarter Fiscal 2026 Financial ResultsFebruary 11, 2026 9:30 AM
Business Wire
SIFCO Industries, Inc. (NYSE American: SIF) today announced financial results for its first quarter of fiscal 2026, which ended December 31, 2025.
First Quarter Results
Net sales in the first quarter of fiscal 2026 increased 14.8% to $24.0 million, compared with $20.9 million for the same period in fiscal 2025.
Net income from continuing operations for the first quarter of fiscal 2026 was $1.8 million, or $0.29 per diluted share, compared with net loss of $2.4 million, or $(0.40) per diluted share, in the first quarter of fiscal 2025. Results from discontinued operations for the first quarter of fiscal 2026 was $0.0 million, or $0.00 per diluted share, compared with net income from discontinued operations of $0.1 million, or $0.02 per diluted share, in the first quarter of fiscal 2025.
EBITDA was $3.6 million in the first quarter of fiscal 2026, compared with $(0.8) million in the first quarter of fiscal 2025.
Adjusted EBITDA in the first quarter of fiscal 2026 was $3.9 million, compared with Adjusted EBITDA of $(0.2) million in the first quarter of fiscal 2025.
Other Highlights
“SIFCO reported favorable results for the first quarter ending December 31, 2025. SIFCO provides engineered, high-quality forgings primarily for the commercial and military aerospace industries. Management indicated that increased production throughput and lower fixed costs were the main drivers of improved financial performance for the quarter. Strong demand continues for SIFCO’s products and the order backlog remains stable in both commercial and defense end markets.”
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP measures in this release. EBITDA and Adjusted EBITDA are non-GAAP financial measures and are intended to serve as supplements to results provided in accordance with accounting principles generally accepted in the United States. SIFCO Industries, Inc. believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.
Forward-Looking Language
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, concerns with or threats of, or the consequences of, pandemics, contagious diseases or health epidemics, competition and other uncertainties the Company, its customers, and the industry in which they operate have experienced and continue to experience, detailed from time to time in the Company’s Securities and Exchange Commission filings. For a discussion of such risk factors and uncertainties, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended September 30, 2025 and other reports filed by the Company with the Securities & Exchange Commission.
The Company’s Form 10-K for the year ended September 30, 2025 and other reports filed with the Securities & Exchange Commission can be accessed through the Company’s website: www.sifco.com, or on the Securities and Exchange Commission’s website: www.sec.gov.
SIFCO Industries, Inc. is engaged in the production of forgings and machined components primarily for the aerospace and energy markets. The processes and services include forging, heat-treating, coating, and machining.
Consolidated Condensed Statements of Operations
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended
December 31,
2025
2024
Net sales
$
23,973
$
20,883
Cost of goods sold
18,784
19,955
Gross profit
5,189
928
Selling, general and administrative expenses
2,646
2,840
Gain on disposal of operating assets
(20
)
—
Operating profit (loss)
2,563
(1,912
)
Interest expense, net
352
469
Foreign currency exchange gain, net
—
(2
)
Other expense, net
16
38
Income (loss) from continuing operations before income tax expense
2,195
(2,417
)
Income tax expense
405
5
Income (loss) from continuing operations
1,790
(2,422
)
Income from discontinued operations, net of tax
—
106
Net income (loss)
$
1,790
$
(2,316
)
Basic earnings (loss) per share:
Basic earnings (loss) per share from continuing operations
$
0.29
$
(0.40
)
Basic earnings per share from discontinued operations
—
0.02
Basic earnings (loss) per share
$
0.29
$
(0.38
)
Diluted earnings (loss) per share:
Diluted earnings (loss) per share from continuing operations
$
0.29
$
(0.40
)
Diluted earnings per share from discontinued operations
—
0.02
Diluted earnings (loss) per share
$
0.29
$
(0.38
)
Weighted-average number of common shares (basic)
6,079
6,016
Weighted-average number of common shares (diluted)
6,159
6,016
Consolidated Condensed Balance Sheets
(Amounts in thousands, except per share data)
(Unaudited)
December 31,
2025
September 30,
2025
ASSETS
Current assets:
Cash and cash equivalents
$
1,106
$
491
Restricted cash
1,081
1,553
Receivables, net of allowance for credit losses of $128 and $151, respectively
15,634
16,103
Contract assets
11,045
10,560
Inventories, net
6,561
4,192
Prepaid expenses and other current assets
2,338
2,192
Total current assets
37,765
35,091
Property, plant and equipment, net
20,896
21,794
Operating lease right-of-use assets, net
12,299
12,543
Goodwill
3,493
3,493
Other assets
488
473
Total assets
$
74,941
$
73,394
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt, net of unamortized debt issuance costs
$
2,461
$
2,592
Revolver
386
7,969
Short-term operating lease liabilities
978
959
Accounts payable
7,296
5,796
Contract liabilities
7,486
1,784
Accrued liabilities
3,386
3,140
Total current liabilities
21,993
22,240
Long-term finance lease, net of short-term
39
51
Long-term operating lease liabilities, net of short-term
11,977
12,230
Deferred income taxes, net
519
163
Pension liability
1,104
1,206
Other long-term liabilities
611
619
Commitments and Contingencies
Shareholders’ equity:
Serial preferred shares, no par value, authorized 1,000 shares; zero shares issued and outstanding at December 31, 2025 and September 30, 2025
—
—
Common shares, par value $1 per share, authorized 10,000 shares; issued and outstanding shares 6,215 at December 31, 2025 and 6,180 at September 30, 2025
6,215
6,180
Additional paid-in capital
11,863
11,892
Retained earnings
18,942
17,152
Accumulated other comprehensive income
1,678
1,661
Total shareholders’ equity
38,698
36,885
Total liabilities and shareholders’ equity
$
74,941
$
73,394
Non-GAAP Financial Measures
Presented below is certain financial information based on the Company’s EBITDA and Adjusted EBITDA. References to “EBITDA” mean earnings (losses) from continuing operations before interest, taxes, depreciation and amortization, and references to “Adjusted EBITDA” mean EBITDA plus, as applicable for each relevant period, certain adjustments as set forth in the reconciliations of net income to EBITDA and Adjusted EBITDA.
Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under generally accepted accounting principles in the United States of America (“GAAP”). The Company presents EBITDA and Adjusted EBITDA because management believes that they are useful indicators for evaluating operating performance, including the Company’s ability to incur and service debt and it uses EBITDA to evaluate prospective acquisitions. Although the Company uses EBITDA and Adjusted EBITDA for the reasons noted above, the use of these non-GAAP financial measures as analytical tools has limitations. Therefore, reviewers of the Company’s financial information should not consider them in isolation, or as a substitute for analysis of the Company’s results of operations as reported in accordance with GAAP. Some of these limitations include:
Neither EBITDA nor Adjusted EBITDA reflects the interest expense or the cash requirements necessary to service interest payments on indebtedness;
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and neither EBITDA nor Adjusted EBITDA reflects any cash requirements for such replacements;
The omission of the amortization expense associated with the Company’s intangible assets further limits the usefulness of EBITDA and Adjusted EBITDA; and
Neither EBITDA nor Adjusted EBITDA includes the payment of taxes, which is a necessary element of operations.
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to the Company to invest in the growth of its businesses. Management compensates for these limitations by not viewing EBITDA or Adjusted EBITDA in isolation and specifically by using other GAAP measures, such as net income (loss), net sales, and operating income (loss), to measure operating performance. Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under GAAP, and neither should be considered as an alternative to net loss or cash flow from operations determined in accordance with GAAP. The Company’s calculation of EBITDA and Adjusted EBITDA may not be comparable to the calculation of similarly titled measures reported by other companies.
The following table sets forth a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA:
Three Months Ended
December 31,
Dollars in thousands
2025
2024
Net income (loss)
$
1,790
$
(2,316
)
Less: Income from discontinued operations, net of tax
—
106
Income (loss) from continuing operations
1,790
(2,422
)
Adjustments:
Depreciation and amortization expense
1,085
1,181
Interest expense, net
352
469
Income tax expense
405
5
EBITDA
3,632
(767
)
Adjustments:
Foreign currency exchange gain, net (1)
—
(2
)
Other (income) expense, net (2)
16
38
Gain on disposal of assets (3)
(20
)
—
Non-recurring severance expense adjustments (4)
—
(22
)
Equity compensation (4)
66
21
Transaction-related expense adjustments (5)
—
(17
)
LIFO impact (6)
212
501
Adjusted EBITDA
$
3,906
$
(248
)
(1)
Represents the gain or loss from changes in the exchange rates between the functional currency and the foreign currency in which the transaction is denominated.
(2)
Represents miscellaneous non-operating income or expense, such as pension costs.
(3)
Represents the difference between the proceeds from the sale of operating equipment and the carrying value shown on the Company's books.
(4)
Represents the equity-based compensation expense recognized by the Company under the 2016 Plan due to granting of awards, awards not vesting and/or forfeitures and executive severance.
(5)
Represents credits related to transaction-related legal fees incurred primarily in connection with the unsuccessful attempt in which the Company was the acquisition target.
(6)
Represents the change in the reserve for inventories for which cost is determined using the last-in, first-out (“LIFO”) method.
Reference to the above activities can be found in the consolidated financial statements included in Item 8 of the Company's Annual Report on Form 10-K.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211468121/en/
SIFCO Industries, Inc.
Jennifer Wilson, 216-881-8600
www.sifco.com
Original: SIFCO Industries, Inc. (“SIFCO”) Announces First Quarter Fiscal 2026 Financial Results
Drmicrocap
11年前
SIFCO Industries, Inc. (“SIFCO”) Announces Second Quarter Fiscal 2015 Financial Results
Business Wire
SIFCO Industries, Inc.
May 5, 2015 2:18 PM
CLEVELAND--(BUSINESS WIRE)--
SIFCO Industries, Inc. (NYSE MKT: SIF) today announced financial results for its second quarter of fiscal year 2015, which ended March 31, 2015.
Second Quarter
• Net sales from continuing operations in second quarter fiscal 2015 decreased 15.3% to $24.6 million, compared to $29.0 million in second quarter fiscal 2014.
• Loss from continuing operations before income tax provision in second quarter fiscal 2015 was $1.2 million compared with income of $2.4 million in second quarter fiscal 2014.
• Loss from continuing operations for second quarter fiscal 2015 was $0.9 million, or $0.16 per diluted share, compared with income of $1.5 million, or $0.28 per diluted share, in second quarter fiscal 2014.
First Six Months
• Net sales from continuing operations in the first six months of fiscal 2015 decreased 19.8% to $44.7 million, compared to $55.7 million in the comparable period in fiscal 2014.
• Loss from continuing operations before income tax provision in the first six months of fiscal 2015 was $3.1 million compared with income of $4.0 million in the comparable period in fiscal 2014.
• Loss from continuing operations in the first six months of fiscal 2015 was $2.2 million, or $0.41 per diluted share, compared with income of $2.7 million, or $0.49 per diluted share, in the comparable period in fiscal 2014.
Chairman and CEO Michael S. Lipscomb stated, “The Company continued to experience the slow start that began in the first quarter of fiscal 2015. The energy business lost a major customer in the first quarter of fiscal 2015 due to the customer moving approximately 10% of SIFCO’s fiscal 2014 revenue to offshore resources. It is anticipated that the expected addition of C Blade will provide the breadth of product and capability to rekindle the energy business. SIFCO also experienced delay in raw material availability, which impacted revenue in the second quarter as it did during the first quarter. Availability of the needed raw material improved late in the second quarter. The Company also completed the sale of the land and building related to the Repair Group’s discontinued operations, the gain on which, was offset by the continued absorption of costs associated with enterprise-wide initiatives, a non-recurring severance payment due to the departure of a former executive officer, and costs associated to the Company’s anticipated acquisition of C Blade S.pA. As such, the above items continued to impact the bottom line. All these efforts, as previously stated, are necessary endeavors to build a platform for the future. Our target markets, aerospace and energy, have fared well overall, and we continue to have a positive outlook for the potential growth of these markets."
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings.
The Company's Form 10-K for the year ended September 30, 2014 can be accessed through its website: www.sifco.com, or on the Securities and Exchange Commission's website: www.sec.gov.
The Company is engaged in the production of forgings and machined components primarily in the Aerospace and Energy markets. The processes and services and services include heat-treating and machining. The Company operates under one segment.
Second Quarter Ended March 31
(Amounts in thousands, expect per share data)
Three Months Ended Six Months Ended
March 31, March 31,
2015 2014 2015 2014
Net sales $ 24,615 $ 29,044 $ 44,695 $ 55,696
Cost of goods sold 20,914 22,740 37,992 43,822
Gross profit 3,701 6,304 6,703 11,874
Selling, general and administrative expenses 4,486 3,444 8,930 6,902
Amortization of intangible assets 520 545 1,040 1,090
Loss (gain) on disposal of operating assets 2 — 2 (2 )
Operating income (loss) (1,307 ) 2,315 (3,269 ) 3,884
Interest income (3 ) (5 ) (7 ) (9 )
Interest expense 48 51 108 136
Foreign currency exchange (gain) loss, net (48 ) (1 ) (57 ) 6
Other income, net (107 ) (108 ) (214 ) (217 )
Income (loss) from continuing operations before income tax provision (benefit) (1,197 ) 2,378 (3,099 ) 3,968
Income tax provision (benefit) (334 ) 867 (894 ) 1,303
Income (loss) from continuing operations (863 ) 1,511 (2,205 ) 2,665
Income (loss) from discontinued operations, net of tax 799 (85 ) 736 (292 )
Net income (loss) $ (64 ) $ 1,426 $ (1,469 ) $ 2,373
Income (loss) per share from continuing operations
Basic $ (0.16 ) $ 0.28 $ (0.41 ) $ 0.49
Diluted $ (0.16 ) $ 0.28 $ (0.41 ) $ 0.49
Income (loss) per share from discontinued operations, net of tax
Basic $ 0.15 $ (0.02 ) $ 0.14 $ (0.05 )
Diluted $ 0.15 $ (0.02 ) $ 0.14 $ (0.05 )
Net income (loss) per share
Basic $ (0.01 ) $ 0.26 $ (0.27 ) $ 0.44
Diluted $ (0.01 ) $ 0.26 $ (0.27 ) $ 0.44
Weighted-average number of common shares (basic) 5,438 5,407 5,430 5,393
Weighted-average number of common shares (diluted) 5,446 5,423 5,447 5,415
Contact:
SIFCO Industries, Inc.
Thomas R. Kubera, 216-881-8600
www.sifco.com
Drmicrocap
11年前
SIFCO Industries, Inc. Signs Definitive Agreement to Acquire C*Blade; CFO to Return to Private Equity Industry
Business Wire SIFCO Industries, Inc.
March 17, 2015 4:30 PM
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CLEVELAND--(BUSINESS WIRE)--
SIFCO Industries, Inc. (NYSE MKT: SIF) announced today that it has entered into a definitive agreement to acquire the Italian-based company C*Blade from Riello Investment Partners. Closing will occur following satisfaction of certain conditions and regulatory approvals, currently anticipated by mid- 2015.
In an unrelated development, SIFCO also announced that Catherine M. Kramer, Vice President and Chief Financial Officer, will leave the Company, effective April 3, 2015, to return to the private equity industry.
C*Blade Acquisition
The C*Blade acquisition will deliver important strategic benefits to SIFCO’s target markets of aerospace and energy, including broader reach into the steam turbine market and an opportunity to sell C*Blade’s products in the U.S. market.
C*Blade has been in business for more than 50 years and specializes in the manufacture of steam turbine blades and gas compressor blades for the energy market. C*Blade is a best-in-class manufacturer of critical turbine components with strong machining capabilities and a long track record of serving both OEM and aftermarket customers. Located in Maniago, Italy, C*Blade has approximately 150 employees and annual revenues of approximately US $30 million. The acquisition is expected to be accretive to earnings.
“C*Blade enjoys a strong reputation for its design expertise and high quality products,” said Michael S. Lipscomb, Chairman and Chief Executive Officer. “We are delighted to have reached an agreement with the C*Blade team and plan to leverage their strong capabilities and competitive advantages to become an integral part of SIFCO’s growth strategy.”
Chief Financial Officer
Ms. Kramer has served in her current role since January 1, 2013. She joined the Company in 2012 as director of financial planning and analysis after spending four years at Greenstar Capital LLC, where she served as managing director and vice president of strategic planning.
“While we are disappointed that Kate will be leaving us, we understand and respect her decision to accept an opportunity in an area that has been an important part in shaping her career success,” said Mr. Lipscomb. “We thank her for her many contributions to SIFCO, and in particular for leading us through our first year as an accelerated filer in 2014, and wish her the very best.”
Mr. Lipscomb said a national search is underway for Ms. Kramer’s successor. “We are seeking an individual whose skills and experience support our strategic growth objectives, including global opportunities,” he said.
Corporate Controller Thomas R. Kubera will serve as interim Chief Financial Officer. Before joining SIFCO Industries in 2014, Mr. Kubera, a CPA, spent nine years at Cliffs Natural Resources, most recently as Controller - Global Operations Services.
Forward-Looking Language
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings.
The Company's Form 10-K for the year ended September 30, 2014 can be accessed through its website: www.sifco.com, or on the Securities and Exchange Commission's website: www.sec.gov.
SIFCO Industries, Inc. is engaged in the production of forgings and machined components primarily for the aerospace and energy markets. The processes and services include forging, heat-treating, and machining.
Contact:
SIFCO Industries, Inc.
Michael S. Lipscomb, Chairman & CEO, 216-881-8600
www.sifco.com
Drmicrocap
12年前
SIFCO Industries, Inc. (“SIFCO”) Announces Second Quarter Fiscal 2014 Financial Results
Business Wire SIFCO Industries, Inc.
16 hours ago
CLEVELAND--(BUSINESS WIRE)--
SIFCO Industries, Inc. (NYSE MKT: SIF) today announced financial results for its second quarter of fiscal year 2014, which ended March 31, 2014.
Second Quarter
Net sales from continuing operations in second quarter fiscal 2014 increased 3.7% to $29.0 million, compared to $28.0 million in second quarter fiscal 2013.
Income from continuing operations before income tax provision in second quarter fiscal 2014 was $2.4 million compared with $2.5 million in second quarter fiscal 2013.
Net income from continuing operations for second quarter fiscal 2014 was $1.5 million, or $0.28 per diluted share, compared with net income of $1.8 million, or $0.33 per diluted share in second quarter fiscal 2013.
First Six Months
Net sales from continuing operations increased 0.4% in the first six months of fiscal 2014 to $55.7 million, compared to $55.5 million in the comparable period in fiscal 2013.
Income from continuing operations before income tax provision in the first six months of fiscal 2014 was $4.0 million compared with $4.4 million in the comparable period in fiscal 2013.
Net income from continuing operations in the first six months of fiscal 2014 was $2.7 million, or $0.49 per diluted share, compared with net income of $2.9 million, or $0.55 per diluted share in the comparable period in fiscal 2013.
CEO Michael S. Lipscomb stated, "SIFCO’s year-over-year sales from its continuing operations reflect sustained growth in its aerospace component sales and a recovery in its energy component sales during the quarter. We foresee strong aerospace sales volume and continuing recovery in the energy markets as our customers introduce new products during the remainder of 2014. SIFCO continues to be well positioned for the remaining quarters in fiscal 2014.”
Forward-Looking Language
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings.
The Company's Form 10-K for the year ended September 30, 2013 can be accessed through its website: www.sifco.com, or on the Securities and Exchange Commission's website: www.sec.gov.
The Company is engaged in the production and sale of a variety of metal working services and products produced primarily to the specific design requirements of its customers. The services include forging, heat-treating, coating welding, machining and selective plating. The products include forged components (both conventional and precision), machined forged parts, other machined metal components as well as turbine engine component repairs. The Company’s operations were conducted in three business segments during fiscal 2013: (i) SIFCO Forged Components, continuing into fiscal 2014; (ii) Turbine Component Services and Repair ("Repair Group"), discontinued in fiscal 2013; and (iii) Applied Surface Concepts ("ASC"), divested in fiscal 2013. Due to the divestiture and discontinuation of the two segments in fiscal 2013, management now evaluates the Company as a single reporting segment in the Aerospace and Energy ("A&E") industries.
Second Quarter Ended March 31
(Amounts in thousands, except per share data)
Three Months
Ended March 31,
Six Months
Ended March 31,
2014 2013 2014 2013
Net sales $ 29,044 $ 28,004 $ 55,696 $ 55,448
Cost of goods sold 22,740 22,098 43,822 43,678
Gross profit 6,304 5,906 11,874 11,770
Selling, general and administrative expenses 3,444 2,957 6,902 6,498
Amortization of intangible assets 545 493 1,090 1,051
Loss (gain) on disposal of operating assets - 3 (2 ) (122 )
Operating income 2,315 2,453 3,884 4,343
Interest income (5 ) (9 ) (9 ) (14 )
Interest expense 51 79 136 185
Foreign currency exchange loss, net (1 ) (8 ) 6 -
Other income, net (108 ) (109 ) (217 ) (186 )
Income from continuing operations before income tax provision 2,378 2,500 3,968 4,358
Income tax provision 867 731 1,303 1,412
Income from continuing operations 1,511 1,769 2,665 2,946
Income (loss) from discontinued operations, net of tax (85 ) (334 ) (292 ) 1,904
Net income 1,426 1,435 2,373 4,850
Income per share from continuing operations
Basic $ 0.28 $ 0.33 $ 0.49 $ 0.55
Diluted $ 0.28 $ 0.33 $ 0.49 $ 0.55
Income (loss) per share from discontinued operations, net of tax
Basic ($0.02 ) ($0.06 ) ($0.05 ) $ 0.36
Diluted ($0.02 ) ($0.06 ) ($0.05 ) $ 0.35
Net income per share
Basic $ 0.26 $ 0.27 $ 0.44 $ 0.91
Diluted $ 0.26 $ 0.27 $ 0.44 $ 0.90
Weighted-average number of common shares (basic) 5,407 5,364 5,393 5,353
Weighted-average number of common shares (diluted) 5,423 5,404 5,415 5,398
Contact:
SIFCO Industries, Inc.
Catherine M. Kramer, 216-881-8600
www.sifco.com
Drmicrocap
12年前
SIFCO Industries, Inc. (“SIFCO”) Announces First Quarter Fiscal 2014 Financial Results
Business Wire SIFCO Industries, Inc.
8 hours ago
CLEVELAND--(BUSINESS WIRE)--
SIFCO Industries, Inc. (NYSE MKT: SIF) today announced financial results for its first quarter fiscal year 2014, which ended December 31, 2013.
First Quarter
Net sales from continuing operations in first quarter fiscal 2014 decreased 2.9% to $26.7 million, compared to $27.4 million in first quarter fiscal 2013.
Income from continuing operations before income tax provision in first quarter fiscal 2014 was $1.6 million compared with $1.9 million in first quarter fiscal 2013.
Net income from continuing operations for first quarter fiscal 2014 was $1.2 million, or $0.21 per diluted share, compared with net income of $1.2 million, or $0.22 per diluted share, in first quarter fiscal 2013.
CEO Michael S. Lipscomb stated, "SIFCO’s year-over-year sales for its continuing businesses show strong aerospace component sales and weaker energy component sales during the quarter. We foresee strong aerospace sales volume and recovering energy markets as our customers introduce new products. Overall, SIFCO is well positioned for the remaining quarters in fiscal 2014.”
Forward-Looking Language
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings.
The Company's Form 10-K for the year ended September 30, 2013 can be accessed through its website: www.sifco.com, or on the Securities and Exchange Commission's website: www.sec.gov.
The Company is engaged in the production and sale of a variety of metal working services and products produced primarily to the specific design requirements of its customers. The services include forging, heat-treating, coating welding, machining and selective plating. The products include forged components (both conventional and precision), machined forged parts, other machined metal components as well as turbine engine component repairs. The Company’s operations were conducted in three business segments during fiscal 2013: (i) SIFCO Forged Components, continuing into fiscal 2014; (ii) Turbine Component Services and Repair ("Repair Group"), discontinued in fiscal 2013; and (iii) Applied Surface Concepts ("ASC"), divested in fiscal 2013. Due to the divestiture and discontinuation of the two segments in fiscal 2013, management will evaluate the Company as a single reporting segment in the Aerospace and Energy ("A&E") industries.
First Quarter Ended December 31
(Amounts in thousands, except per share data)
Three Months Ended
December 31,
2013 2012
Net sales
$
26,652
$
27,445
Cost of goods sold 21,082 21,583
Gross margin 5,570 5,862
Selling, general and administrative expenses 3,459 3,539
Amortization of intangible assets 545 559
(Gain) on disposal of operating assets (2 ) (125 )
Operating income 1,568 1,889
Interest income (4 ) (5 )
Interest expense 85 106
Foreign currency exchange loss, net 5 7
Other income, net (108 ) (77 )
Income from continuing operations before income tax provision 1,590 1,858
Income tax provision 436 681
Income from continuing operations
1,154 1,177
Income (loss) from discontinued operations, net of tax (207 ) 2,238
Net income
$
947
$
3,415
Income per share from continuing operations
Basic $ 0.22 $ 0.22
Diluted $ 0.21 $ 0.22
Income (loss) per share from discontinued operations, net of tax
Basic ($0.04 ) $ 0.42
Diluted ($0.04 ) $ 0.41
Net income per share
Basic $ 0.18 $ 0.64
Diluted $ 0.17 $ 0.63
Weighted-average number of common shares (basic) 5,378 5,340
Weighted-average number of common shares (diluted) 5,408 5,385
Contact:
SIFCO Industries, Inc.
Catherine M. Kramer, 216-881-8600
www.sifco.com
Drmicrocap
13年前
SIFCO Industries, Inc. (“SIFCO”) Announces Fiscal 2013 Financial Results
.
Business Wire
SIFCO Industries, Inc.
SIFCO Industries, Inc. (NYSE MKT: SIF) today announced financial results for its fiscal year 2013, which ended September 30, 2013.
Fiscal Year
• Net sales in fiscal 2013 increased 12.8% to $116.0 million, compared to $102.9 million in fiscal 2012.
• Income from continuing operations in fiscal 2013 was $9.8 million, or $1.81 per diluted share, compared with $6.3 million, or $1.18 per diluted share, in fiscal 2012.
• Net income for fiscal 2013 was $10.2 million, or $1.90 per diluted share, compared with net income of $6.5 million, or $1.22 per diluted share, in fiscal 2012.
CEO Michael S. Lipscomb stated, "SIFCO completed its strategic move back to its forging and finishing core competencies. During fiscal 2013, SIFCO sold its Applied Surface Concepts business, discontinued its Turbine Component Services and Repair business, and purchased General Aluminum Forge. SIFCO now reports as one business segment, SIFCO Forged Components. SIFCO is now a focused supplier of forged and finished products to the Aerospace and Energy markets.”
The results for fiscal 2013 include the results of General Aluminum Forge, which was acquired in July 2013.
Forward-Looking Language
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings.
The Company's Form 10-K for the year ended September 30, 2013 can be accessed through its website: www.sifco.com, or on the Securities and Exchange Commission's website: www.sec.gov.
The Company is engaged in the production and sale of a variety of metal working services and products produced primarily to the specific design requirements of its customers. The services include forging, heat-treating, coating welding, machining and selective plating. The products include forged components (both conventional and precision), machined forged parts, other machined metal components as well as turbine engine component repairs. The Company’s operations were conducted in three business segments during fiscal 2013: (i) SIFCO Forged Components, continuing into fiscal 2014; (ii) Turbine Component Services and Repair ("Repair Group"), discontinued in fiscal 2013; and (iii) Applied Surface Concepts ("ASC"), divested in fiscal 2013. Due to the divestiture and discontinuation of the two segments in fiscal 2013, management will evaluate the Company as a single reporting segment in the Aerospace and Energy ("A&E") industries
Fiscal Year Ended September 30
(Amounts in thousands, except per share data)
Fiscal Year Ended
September 30,
2013 2012
Net sales $ 116,001 $ 102,900
Cost of goods sold 87,986 81,094
Gross margin 28,015 21,806
Selling, general and administrative expenses 12,262 9,906
Amortization of intangible assets 2,076 2,879
Loss (gain) on disposal of operating assets (89 ) —
Operating income 13,766 9,021
Interest income (24 ) (27 )
Interest expense 342 471
Foreign currency exchange (gain) loss, net 23 (16 )
Other income, net (421 ) (575 )
Income from continuing operations before income tax provision 13,846 9,168
Income tax provision 4,088 2,861
Income from continuing operations 9,758 6,307
Income (loss) from discontinued operations, net of tax 476 241
Net income $ 10,234 $ 6,548
Income per share from continuing operations
Basic $
1.82
$ 1.19
Diluted $ 1.81 $ 1.18
Income (loss) per share from discontinued operations, net of tax
Basic $ 0.09 $ 0.04
Diluted $ 0.09 $ 0.04
Net income per share
Basic $ 1.91 $ 1.23
Diluted $ 1.90 $ 1.22
Weighted-average number of common shares (basic) 5,363 5,317
Weighted-average number of common shares (diluted) 5,401 5,380
Contact:
SIFCO Industries, Inc.
Catherine M. Kramer, 216-881-8600
www.sifco.com
Drmicrocap
13年前
SIFCO Industries, Inc. Adds to Its Forged Components Group by Acquiring MW General, Inc. (DBA General Aluminium Forgings)
Business WirePress Release: SIFCO Industries, Inc. – Tue, Jul 23,
SIFCO Industries, Inc. (NYSE MKT: SIF) (“SIFCO”), a leading supplier of forged components to the aerospace and energy industries, announces the acquisition of substantially all of the operating assets and operations of MW General, Inc. (DBA General Aluminium Forgings) (“GAF”). GAF is an aerospace component supplier located in Colorado Springs, Colorado, principally supplying precision aluminum forgings to the commercial aerospace industry. GAF also supplies components to the military and medical industries. The transaction closed on July 23, 2013. Specific terms of the transaction were not disclosed.
SIFCO Industries, Inc. will operate the business under a newly created entity, General Aluminum Forgings, LLC, and will conduct business under the trade name General Aluminum Forge (“GAF”). GAF will be a wholly-owned subsidiary of Quality Aluminum Forge, LLC, SIFCO’s existing aluminum forging business. This acquisition increases SIFCO’s presence in the aluminum forging market, expands its capacity and broadens its customer base. The acquisition also continues SIFCO’s focus on growing its presence in the commercial aerospace market.
SIFCO Chief Executive Officer, Michael S. Lipscomb, said: “The addition of GAF meaningfully grows our aluminum forgings business and increases our aluminum product capabilities. We are very pleased to add this business to our growing forge family.”
About SIFCO Industries, Inc. - SIFCO Industries, Inc. is engaged in producing a variety of metalworking processes, services and products produced primarily to specific customer design requirements. The processes and services include forging, heat-treating, coating, welding, and machining. The products include forgings, machined forged parts and other machined metal parts, and remanufactured component parts for turbine engines. The Company’s operations are conducted in two business segments: Forged Components and Turbine Components Services and Repair. In May 2013, SIFCO Industries was recognized at the 2013 Leading EDGE Awards. This award was developed by the Entrepreneurs EDGE to recognize value-creating, mid-sized companies in the Northeast Ohio region.
Forward-Looking Language
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company Securities and Exchange Commission filings.
.
.
Contact:.
.
SIFCO Industries, Inc.
Catherine Kramer, 216-426-3168
Drmicrocap
13年前
SIFCO Industries, Inc. Announces Second Quarter Fiscal 2013 Financial Results
Business WirePress Release: SIFCO Industries, Inc. – Fri, May 10,
CLEVELAND--(BUSINESS WIRE)--
SIFCO Industries, Inc. (NYSE MKT: SIF) today announced financial results for its second fiscal quarter, which ended March 31, 2013.
Second quarter
• Net sales from continuing operations decreased 1.8% in the second quarter of fiscal 2013 to $29.6 million, compared with $30.1 million in the comparable period in fiscal 2012.
• Income from continuing operations in the second quarters of fiscal 2013 and 2012 was the same at $1.5 million, or $0.27 per diluted share.
• Net income in the second quarter of fiscal 2013 was $1.4 million, compared with $1.7 million in the comparable period in fiscal 2012.
• EBITDA in the second quarter of fiscal 2013 was $3.5 million, or 12.0% of net sales, compared with $3.9 million, or 12.9% of net sales, in the comparable fiscal 2012 period.
• Adjusted EBITDA in the second quarter of fiscal 2013 was $3.6 million, or 12.1% of net sales, compared with $4.7 million, or 15.6% of net sales, in the comparable fiscal 2012 period.
First six months
• Net sales increased 6.2% in the first six months of fiscal 2013 to $58.3 million, compared with $54.9 million in the comparable period in fiscal 2012.
• Income from continuing operations in the first six months of fiscal 2013 was $2.4 million, or $0.44 per diluted share, compared with $2.3 million, or $0.43 per diluted share, in the comparable fiscal 2012 period.
• Net income for the first six months of fiscal 2013 was $4.9 million, or $0.90 per diluted share, compared with net income of $2.9 million, or $0.55 per diluted share, for the comparable fiscal 2012 period.
• EBITDA in the first six months of fiscal 2013 was $6.6 million, or 11.3% of net sales, compared with $6.8 million, or 12.3% of net sales, in the comparable period in fiscal 2012.
• Adjusted EBITDA in the first six months of fiscal 2013 was $7.1 million, or 12.2% of net sales, compared with $8.2 million, or 15.0% of net sales, in the comparable period in fiscal 2012.
CEO Michael S. Lipscomb stated, “I am pleased with the results of our Forged Components Group. Our focus on productivity and throughput initiatives positions us well for continued improvement in operating performance.”
The results for fiscal 2012 include the results of Quality Aluminum Forge, which was acquired in October 2011.
Forward-Looking Language
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company’s Securities and Exchange Commission filings.
The Company’s Form 10-Q for the quarter ended March 31, 2013 can be accessed through its website: www.sifco.com, or on the Securities and Exchange Commission’s website: www.sec.gov.
SIFCO Industries, Inc. is engaged in the production and sale of a variety of metalworking processes, services and products produced primarily to the specific design requirements of its customers. The processes and services include both conventional and precision forging, heat-treating, coating, welding, and machining. The products include both conventional and precision forged components, machined forged parts and other machined metal components, and remanufactured component parts for aerospace turbine engines. The Company’s operations are conducted in two business segments: (1) Forged Components Group, and (2) Turbine Components Services and Repair Group.
Drmicrocap
13年前
SIFCO Industries, Inc. Announces Second Quarter Fiscal 2013 Financial Results
Business WirePress Release: SIFCO Industries, Inc. – Fri, May 10,
CLEVELAND--(BUSINESS WIRE)--
SIFCO Industries, Inc. (NYSE MKT: SIF) today announced financial results for its second fiscal quarter, which ended March 31, 2013.
Second quarter
• Net sales from continuing operations decreased 1.8% in the second quarter of fiscal 2013 to $29.6 million, compared with $30.1 million in the comparable period in fiscal 2012.
• Income from continuing operations in the second quarters of fiscal 2013 and 2012 was the same at $1.5 million, or $0.27 per diluted share.
• Net income in the second quarter of fiscal 2013 was $1.4 million, compared with $1.7 million in the comparable period in fiscal 2012.
• EBITDA in the second quarter of fiscal 2013 was $3.5 million, or 12.0% of net sales, compared with $3.9 million, or 12.9% of net sales, in the comparable fiscal 2012 period.
• Adjusted EBITDA in the second quarter of fiscal 2013 was $3.6 million, or 12.1% of net sales, compared with $4.7 million, or 15.6% of net sales, in the comparable fiscal 2012 period.
First six months
• Net sales increased 6.2% in the first six months of fiscal 2013 to $58.3 million, compared with $54.9 million in the comparable period in fiscal 2012.
• Income from continuing operations in the first six months of fiscal 2013 was $2.4 million, or $0.44 per diluted share, compared with $2.3 million, or $0.43 per diluted share, in the comparable fiscal 2012 period.
• Net income for the first six months of fiscal 2013 was $4.9 million, or $0.90 per diluted share, compared with net income of $2.9 million, or $0.55 per diluted share, for the comparable fiscal 2012 period.
• EBITDA in the first six months of fiscal 2013 was $6.6 million, or 11.3% of net sales, compared with $6.8 million, or 12.3% of net sales, in the comparable period in fiscal 2012.
• Adjusted EBITDA in the first six months of fiscal 2013 was $7.1 million, or 12.2% of net sales, compared with $8.2 million, or 15.0% of net sales, in the comparable period in fiscal 2012.
CEO Michael S. Lipscomb stated, “I am pleased with the results of our Forged Components Group. Our focus on productivity and throughput initiatives positions us well for continued improvement in operating performance.”
The results for fiscal 2012 include the results of Quality Aluminum Forge, which was acquired in October 2011.
Forward-Looking Language
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company’s Securities and Exchange Commission filings.
The Company’s Form 10-Q for the quarter ended March 31, 2013 can be accessed through its website: www.sifco.com, or on the Securities and Exchange Commission’s website: www.sec.gov.
SIFCO Industries, Inc. is engaged in the production and sale of a variety of metalworking processes, services and products produced primarily to the specific design requirements of its customers. The processes and services include both conventional and precision forging, heat-treating, coating, welding, and machining. The products include both conventional and precision forged components, machined forged parts and other machined metal components, and remanufactured component parts for aerospace turbine engines. The Company’s operations are conducted in two business segments: (1) Forged Components Group, and (2) Turbine Components Services and Repair Group.
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