SIFCO Industries, Inc. (NYSE MKT: SIF) today announced financial
results for its third quarter fiscal 2013, which ended June 30,
2013.
Third quarter
- Net sales from continuing operations in
the third quarter of fiscal 2013 increased 11.0% to $30.3 million,
compared with $27.3 million in the comparable period of fiscal
2012.
- Income from continuing operations in
the third quarter of fiscal 2013 was $2.6 million, or $0.47 per
diluted share, compared with $2.1 million, or $0.40 per diluted
share, in the comparable period in fiscal 2012.
- Net income in the third quarter of
fiscal 2013 was $2.5 million, or $0.46 per diluted share, compared
with $2.4 million, or $0.46 per diluted share, in the comparable
period in fiscal 2012.
- EBITDA in the third quarter of fiscal
2013 was $5.2 million, or 17.2% of net sales, compared with $4.7
million, or 17.2% of net sales, in the comparable fiscal 2012
period.
- Adjusted EBITDA in the second quarter
of fiscal 2013 was $5.2 million, or 17.1% of net sales, compared
with $5.1 million, or 18.5% of net sales, in the comparable fiscal
2012 period.
First nine months
- Net sales from continuing operations in
the nine months ended June 30, 2013 increased 7.8% to $88.6
million, compared with $82.1 million in the comparable period of
fiscal 2012.
- Income from continuing operations in
the first nine months of fiscal 2013 was $4.9 million, or $0.92 per
diluted share, compared with $4.4 million, or $0.82 per diluted
share, in the comparable fiscal 2012 period.
- Net income for the first nine months of
fiscal 2013 was $7.3 million, or $1.36 per diluted share, compared
with net income of $5.4 million, or $1.00 per diluted share, for
the comparable fiscal 2012 period.
- EBITDA in the first nine months of
fiscal 2013 was $11.8 million, or 13.3% of net sales, compared with
$11.5 million, or 13.9% of net sales, in the comparable period in
fiscal 2012.
- Adjusted EBITDA in the first nine
months of fiscal 2013 was $12.3 million, or 13.9% of net sales,
compared with $13.3 million, or 16.1% of net sales, in the
comparable period in fiscal 2012.
CEO Michael S. Lipscomb stated, "The Forged Components Group
continues to improve every aspect of its operational and financial
performance. Our across the board move into more commercial
business and our subsequent addition of General Aluminum Forgings
should help to sustain this trend."
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 June 30, 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.
SIFCO Industries,
Inc.
Third Quarter Ended June 30, 2013
(Amounts in thousands, except per share
data)
Three Months Ended June
30,
Nine Months Ended June
30,
2013 2012 2013 2012 Net
sales
$ 30,284 $ 27,278
$ 88,578 $
82,147 Cost of goods sold
22,757 20,991
69,653 65,275 Gross margin
7,527 6,287
18,925 16,872 Selling, general and administrative expenses
3,371 2,661
10,433 8,342 Amortization of intangible
assets
492 709
1,544 2,186 Loss (gain) on disposal of
operating assets
33 —
(89 ) —
Operating income
3,631 2,917
7,037 6,344
Interest income
(4 ) (8 )
(18 ) (16 )
Interest expense
76 124
261 352 Foreign currency
exchange (gain) loss, net
7 (19 )
7 (22 ) Other
income, net
(108 ) (113 )
(294 ) (347 )
Income from continuing operations before income tax provision
3,660 2,933
7,081 6,377 Income tax provision
1,103 831
2,134 1,990
Income from continuing operations
2,557 2,102
4,947
4,387 Income (loss) from discontinued operations, net of tax
(79 ) 339
2,381 964 Net
income
$ 2,478 $ 2,441
$
7,328 $ 5,351 Income per share from continuing
operations Basic
$ 0.47 $ 0.40
$ 0.92
0.83 Diluted
$ 0.47 $ 0.40
0.92 0.82 Income
(loss) per share from discontinued operations, net of tax Basic
$ (0.01 ) $ 0.06
$ 0.44 0.18
Diluted
$ (0.01 ) $ 0.06
$ 0.44
0.18 Net income per share Basic
$ 0.46 $ 0.46
$ 1.36 1.01 Diluted
$ 0.46 $ 0.46
$ 1.36 1.00 Weighted-average number of common shares
(basic)
5,374 5,328
5,359 5,311 Weighted-average
number of common shares (diluted)
5,402 5,353
5,399
5,343
Supplemental Information -
Reconciliation of EBITDA and Adjusted EBITDA
Dollars in thousands
Three Months Ended Nine
Months Ended June 30, June 30, 2013
2012 2013 2012 Net income
$
2,478 $ 2,441
$ 7,328 $ 5,351 Less: Income
(loss) from discontinued operations, net of tax
(79 )
339
2,381 964 Income from continuing
operations
2,557 2,102
4,947 4,387 Adjustments:
Depreciation and amortization expense
1,479 1,637
4,465 4,741 Interest expense, net
72 116
243
336 Income tax provision
1,103 831
2,134 1,990 EBITDA
5,211 4,686
11,789 11,454 Adjustments: Foreign currency exchange (gain)
loss, net (1)
7 (19 )
7 (22 ) Other income, net (2)
(108 ) (113 )
(294 ) (347 ) Loss (gain)
on disposal of operating assets (3)
33 —
(89 )
— Inventory purchase accounting adjustments (4)
— (4 )
— 436 Non-recurring severance expense (5)
— —
658 — Equity compensation expense (6)
148 255
515 822 Pension settlement expense (7)
191 —
382 — Acquisition transaction-related expenses (8)
84
36
100 279 LIFO expense (income) (9)
(380 )
214
(787 ) 643 Adjusted EBITDA
$
5,186 $ 5,055
$ 12,281 $
13,265 (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, primarily
rental income from our Irish subsidiary. (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 accounting adjustments to value inventory at fair market
value associated with the acquisition of a business that was
charged to cost of goods sold when the inventory was sold. (5)
Represents severance expense related to the departure of an
executive officer. (6) Represents the equity-based compensation
expense recognized by the Company under its 2007 Long-term
Incentive Plan. (7) Represents expense incurred by a defined
benefit pension plan related to settlement of pension obligations.
(8) Represents transaction-related costs such as legal, financial,
tax due diligence expenses, valuation services costs, and executive
travel that are required to be expensed as incurred. (9)
Represents the increase (decrease) in the reserve for inventories
for which cost is determined using the last in, first out (“LIFO”)
method.
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