SIFCO Industries, Inc. Announces Fiscal 2011 Third Quarter Financial Results
August 11 2011 - 6:15AM
Business Wire
SIFCO Industries, Inc. (NYSE Amex: SIF) today announced
financial results for its fiscal 2011 third quarter, which ended
June 30, 2011. Net income for the third quarter of fiscal 2011 was
$2.1 million, or $0.39 per diluted share, compared with a net
income of $1.0 million, or $0.18 per diluted share for the
comparable fiscal 2010 period.
Net sales increased 48.2% in the third quarter of fiscal 2011 to
$28.9 million, compared with $19.5 million for the same period a
year ago. The results for the third quarter include the results of
T&W Forge, which was acquired on December 10, 2010. In the
third quarter of fiscal 20010:
- Aerospace Component Manufacturing Group
net sales increased by $8.8 million, or 61.6%, to $23.1 million,
compared with $14.3 million in the comparable 2010 period;
- Turbine Component Services and Repair
Group net sales were $2.0 million in both the third quarter of
fiscal 2011 and in the comparable 2010 period; and
- Applied Surface Concepts Group net
sales increased by $0.5 million, or 17.3%, to $3.7 million,
compared with $3.2 million for the comparable 2010 period.
Net income for the first nine months of fiscal 2011 was $5.3
million, or $0.99 per diluted share, compared with net income of
$4.0 million, or $0.75 per diluted share, for the comparable fiscal
2010 period.
Net sales increased 27.0% in the first nine months of fiscal
2011 to $77.1 million, compared with $60.7 million for the same
period a year ago. The results for the first nine months of fiscal
2011 include the results of T&W Forge, which was acquired on
December 10, 2010. In the first nine months of fiscal 2011:
- Aerospace Component Manufacturing Group
net sales increased by $14.3 million, or 31.6%, to $59.5 million,
compared with $45.2 million in the comparable 2010 period;
- Turbine Component Services and Repair
Group net sales increased by $0.4 million, or 6.8%, to $7.0
million, compared with $6.6 million for the comparable 2010 period;
and
- Applied Surface Concepts Group net
sales increased by $1.7 million, or 18.8%, to $10.6 million,
compared with $8.9 million for the comparable 2010 period.
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 June 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, precision component machining and selective plating. The
products include forged components, machined forged components and
other machined metal components, remanufactured component parts for
turbine engines, and selective plating solutions and equipment. The
Company’s operations are conducted in three business segments: (1)
Aerospace Component Manufacturing Group, (2) Turbine Components
Services and Repair Group, and (3) Applied Surface Concepts
Group.
Third Quarter Ended June 30,
2011(Amounts in thousands, except per share data)
Consolidated Condensed Statements of
Operations
Third Quarter
Nine Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
Net sales $ 28,875 $ 19,481 $ 77,075 $ 60,669
Cost of goods sold 22,075 15,188 58,374 46,204 Selling,
general and administrative expenses 3,423 2,932 9,917 8,675
Amortization of intangible assets 587 ---
1,329 --- Operating income 2,790
1,361 7,455 5,790 Interest expense, net 19 3 50 13 Foreign currency
exchange loss (gain), net 10 (32 ) 19 (48 ) Other income, net
(118 ) (117 ) (352 ) (352 ) Income
before income tax provision 2,879 1,507 7,738 6,177 Income tax
provision 815 523 2,473
2,176 Net income $ 2,064 $ 984 $
5,265 $ 4,001 Net income per
share: Basic $ 0.39 $ 0.18 $ 1.00 $ 0.75 Diluted $ 0.39 $ 0.18 $
0.99 $ 0.75 Weighted average number of common shares
(basic) 5,286 5,322 5,274 5,309 Weighted average number of common
shares (diluted) 5,331 5,362 5,313 5,355
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