CLEVELAND -- (Business Wire)
SIFCO Industries, Inc. (NYSE Amex: SIF) today announced financial
results for its fiscal 2011 fourth quarter, which ended September 30,
2011. Net income for the fourth quarter of fiscal 2011 was $2.2 million,
or $0.41 per diluted share, compared with a net income of $1.4 million,
or $0.26 per diluted share in the comparable fiscal 2010 period.
Net sales increased 34.0% in the fourth quarter of fiscal 2011 to $30.3
million, compared with $22.6 million for the same period a year ago. The
results for the fourth quarter of fiscal 2011 include the results of T&W
Forge, which was acquired on December 10, 2010. In the fourth quarter of
fiscal 2011:
-
Forged Component Group net sales increased by $7.8 million, or 45.9%,
to $24.7 million, compared with $16.9 million in the comparable fiscal
2010 period;
-
Turbine Component Services and Repair Group net sales were $2.0
million, compared with $2.4 million in the comparable fiscal 2010
period; and
-
Applied Surface Concepts Group net sales increased by $0.2 million, or
7.3%, to $3.5 million, compared with $3.3 million in the comparable
fiscal 2010 period.
Income before income taxes for the year ended September 30, 2011
increased to $11.2 million, compared with $8.4 million in fiscal 2010.
Included in income before income taxes in fiscal 2011 was $0.5 million
of LIFO expense, compared with $0.2 million of LIFO expense in fiscal
2010. Net income in fiscal 2011 was $7.4 million, or $1.40 per diluted
share, compared with net income of $5.4 million, or $1.00 per diluted
share, in fiscal 2010.
Net sales increased 28.9% in fiscal 2011 to $107.4 million, compared
with $83.3 million in fiscal 2010. The results for fiscal 2011 include
the results of T&W Forge, which was acquired on December 10, 2010. In
fiscal 2011:
-
Forged Component Group net sales increased by $22.0 million, or 35.5%,
to $84.1 million, compared with $62.1 million in fiscal 2010;
-
Turbine Component Services and Repair Group net sales increased by
$0.1 million, or 1.3%, to $9.0 million, compared with $8.9 million in
fiscal 2010; and
-
Applied Surface Concepts Group net sales increased by $2.0 million, or
15.7%, to $14.2 million, compared with $12.2 million in fiscal 2010.
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, 2011 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 forging, heat-treating, coating, welding,
machining and selective plating. The products include forged components,
machined forged parts and other machined metal components,
remanufactured component parts for aerospace turbine engines, and
selective plating solutions and equipment. The Company’s operations are
conducted in three business segments: (1) Forged Components Group, (2)
Turbine Components Services and Repair Group, and (3) Applied Surface
Concepts Group.
Fourth Quarter Ended September 30, 2011
(Amounts in
thousands, except per share data)
Consolidated Condensed Statements of Operations
|
|
| Fourth Quarter |
| | Year Ended |
| | | Ended September 30, | | | September 30, |
| |
| 2011 |
|
|
| 2010 |
|
|
| 2011 |
|
|
| 2010 |
|
|
|
|
Net sales
| |
$
|
30,282
| |
|
$
|
22,601
| | |
$
|
107,357
| |
|
$
|
83,270
| |
|
|
|
Cost of goods sold
| | |
22,542
| | | |
17,325
| | | |
80,916
| | | |
63,529
| |
|
Selling, general and administrative expenses
| | |
3,752
| | | |
3,151
| | | |
13,669
| | | |
11,826
| |
|
Amortization of intangible assets
| |
|
588
|
| |
|
---
|
| |
|
1,917
|
| |
|
---
|
|
|
Operating income
| | |
3,400
| | | |
2,125
| | | |
10,855
| | | |
7,915
| |
|
Interest expense, net
| | |
32
| | |
1
| | | |
82
| | | |
14
| |
|
Foreign currency exchange loss (gain), net
| | |
(14
|
)
| | |
25
| | |
5
| | | |
(23
|
)
|
|
Other income, net
| |
|
(118
|
)
| |
|
(118
|
)
| |
|
(470
|
)
| |
|
(470
|
)
|
|
Income before income tax provision
| | |
3,500
| | | |
2,217
| | | |
11,238
| | | |
8,394
| |
|
Income tax provision
| |
|
1,316
|
| |
|
856
|
| |
|
3,789
|
| |
|
3,032
|
|
|
|
|
Net income
| |
$
|
2,184
|
| |
$
|
1,361
|
| |
$
|
7,449
|
| |
$
|
5,362
|
|
|
|
|
|
|
Net income per share:
| | | | | | | | |
|
Basic
| |
$
|
0.41
| | |
$
|
0.26
| | |
$
|
1.41
| | |
$
|
1.01
| |
|
Diluted
| |
$
|
0.41
| | |
$
|
0.26
| | |
$
|
1.40
| | |
$
|
1.00
| |
|
|
|
|
|
Weighted average number of common shares (basic)
| | |
5,293
| | | |
5,283
| | | |
5,279
| | | |
5,300
| |
|
Weighted average number of common shares (diluted)
| | |
5,332
| | | |
5,318
| | | |
5,317
| | | |
5,344
| |
| | | | | | | | | | | | | | | |
|
Contacts:
SIFCO Industries, Inc.
Frank Cappello, 216-881-8600
Fax:
216-432-6281
www.sifco.com
Source: SIFCO Industries, Inc.
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