Sifco Industries, Inc.

Fiscal 2013 Financial Results

SIFCO Industries, Inc. (“SIFCO”) Announces

Fiscal 2013 Financial Results

 

Cleveland - 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

 

 

 

______________________________________________________________________________________________________

Contacts

 

SIFCO Industries, Inc.

Catherine M. Kramer, 216-881-8600

www.sifco.com

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