SIFCO Industries, Inc. Announces Fiscal 2011 Net Income of $1.40 per Share
December 01 2011 - 12:30PM
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
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