Drmicrocap
9 years ago
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
stocktrademan
9 years ago
$SIF recent news/filings
bullish
bottom bounce
## source: finance.yahoo.com
Mon, 11 May 2015 21:20:00 GMT ~ SIFCO Industries, Inc. Names Salvatore Incanno Chief Financial Officer
[Business Wire] - SIFCO Industries, Inc. today announced that it has named Salvatore Incanno as its Chief Financial Officer, effective May 11, 2015. Mr. Incanno joins the Company with broad financial management experience and specific expertise in corporate development and treasury.
read full: http://finance.yahoo.com/news/sifco-industries-inc-names-salvatore-212000558.html
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Mon, 11 May 2015 21:19:47 GMT ~ SIFCO INDUSTRIES INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhibits
read full: http://biz.yahoo.com/e/150511/sif8-k.html
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Fri, 08 May 2015 00:09:47 GMT ~ 10-Q for SIFCO Industries, Inc.
read full: http://www.companyspotlight.com/routers/headline/28495/10004/6506457?cp_code=YAH1&1431043787
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Tue, 05 May 2015 18:31:24 GMT ~ Sifco reports 2Q loss
read full: http://sg.finance.yahoo.com/news/sifco-reports-2q-loss-183124722.html
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Tue, 05 May 2015 18:31:24 GMT ~ Sifco reports 2Q loss
read full: http://finance.yahoo.com/news/sifco-reports-2q-loss-183124724.html
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$SIF charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$SIF company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/SIF/company-info
Ticker: $SIF
OTC Market Place: Not Available
CIK code: 0000090168
Company name: SIFCO Industries, Inc.
Company website: http://www.sifco.com
Incorporated In: OH, USA
$SIF share structure
## source: otcmarkets.com
Market Value: $81,011,864 a/o Jun 12, 2015
Shares Outstanding: 5,448,007 a/o Mar 31, 2015
Float: Not Available
Authorized Shares: Not Available
Par Value: 1
$SIF extra dd links
Company name: SIFCO Industries, Inc.
Company website: http://www.sifco.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/SIF/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/SIF/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=SIF+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=SIF+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=SIF+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/SIF/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/SIF/news - http://finance.yahoo.com/q/h?s=SIF+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/SIF/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/SIF/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/SIF/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/SIF/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/SIF/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/SIF/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/SIF/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/SIF/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=SIF+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/SIF
DTCC (dtcc.com): http://search2.dtcc.com/?q=SIFCO+Industries%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=SIFCO+Industries%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=SIFCO+Industries%2C+Inc.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.sifco.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.sifco.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.sifco.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/SIF/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/SIF
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/SIF/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/SIF/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/SIF/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000090168&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/SIF/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/SIF/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/SIF/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/SIF/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=SIF&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=SIF
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/SIF/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=SIF+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=SIF+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=SIF
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=SIF
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=SIF+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/SIF/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=SIF+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/SIF.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=SIF
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/SIF/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/SIF/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/SIF/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/SIF/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/SIF
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/SIF
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/SIF:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=SIF
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=SIF
$SIF DD Notes ~ http://www.ddnotesmaker.com/SIF
Drmicrocap
10 years ago
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
????
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
11 years ago
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
11 years ago
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
11 years ago
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
11 years ago
SIFCO Industries, Inc. Declares Cash Dividend
Business WirePress Release: SIFCO Industries, Inc. – 4 hours ago
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SIF 19.00 +0.17
CLEVELAND--(BUSINESS WIRE)--
The Board of Directors of SIFCO Industries, Inc. (NYSE MKT:SIF) declared on September 26, 2013 a special cash dividend of $0.20 per common share, payable November 21, 2013 to shareholders of record at the close of business on November 7, 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-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 a variety of metalworking services and produces products primarily for the aerospace and energy industries. The services include forging, heat-treating, coating, and machining. 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.
Contact:
SIFCO Industries, Inc.
Catherine M. Kramer, 216-881-8600
Or visit our home page: www.sifco.com
Drmicrocap
11 years ago
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.
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Contact:.
.
SIFCO Industries, Inc.
Catherine Kramer, 216-426-3168
Drmicrocap
12 years ago
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
12 years ago
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.
Penny Roger$
13 years ago
SIFCO Industries, Inc. (SIFCO) is engaged in the production and sale of a range of metalworking processes, services and products produced to the specific design requirements of its customers. The processes and services include forging, heat-treating, coating, welding, machining, and selective electrochemical finishing. The products include forged components, machined forged parts and other machined metal components, remanufactured component parts for aerospace turbine engines, and selective electrochemical finishing solutions and equipment. The Company’s operations are conducted in three business segments: Aerospace Component Manufacturing Group (ACM Group), Turbine Component Services and Repair Group (Repair Group) and Applied Surface Concepts Group (ASC Group). On October 28, 2011, the Company acquired the forging business and related assets of GEL industries, Inc.
http://www.google.com/finance?q=SIF
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