Dépêches

SIFCO Industries, Inc. Announces Fiscal 2011 Second Quarter Financial Results

Dépèche transmise le 9 mai 2011 par Business Wire

CLEVELAND--(BUSINESS WIRE)--SIFCO Industries, Inc. (NYSE Amex: SIF) today announced financial results for its fiscal 2011 second quarter, which ended March 31, 2011. Net income for the second quarter of fiscal 2011 was $2.0 million, or $0.38 per diluted share, compared with a net income of $1.0 million, or $0.19 per diluted share for the comparable fiscal 2010 period.

Net sales increased 34.8% in the second quarter of fiscal 2011 to $26.8 million, compared with $19.9 million for the same period a year ago. The results for the second quarter include the results of T&W Forge, which was acquired on December 10, 2010. In the second quarter of fiscal 20010:

  • Aerospace Component Manufacturing Group net sales increased by $6.0 million, or 40.8%, to $20.6 million, compared with $14.6 million in the comparable 2010 period;
  • Turbine Component Services and Repair Group net sales increased by $0.2 million, or 8.3%, to $2.6 million, compared with $2.4 million for the comparable 2010 period; and
  • Applied Surface Concepts Group net sales increased by $0.7 million, or 26.2%, to $3.6 million, compared with $2.9 million for the comparable 2010 period.

Net income for the first six months of fiscal 2011 was $3.2 million, or $0.60 per diluted share, compared with net income of $3.0 million, or $0.56 per diluted share, for the comparable fiscal 2010 period.

Net sales increased 17.0% in the first six months of fiscal 2011 to $48.2 million, compared with $41.2 million for the same period a year ago. The results for the first six months of fiscal 2011 include the results of T&W Forge, which was acquired on December 10, 2010. In the first six months of fiscal 2011:

  • Aerospace Component Manufacturing Group net sales increased by $5.4 million, or 17.7%, to $36.3 million, compared with $30.9 million in the comparable 2010 period;
  • Turbine Component Services and Repair Group net sales increased by $0.5 million, or 9.3%, to $5.0 million, compared with $4.5 million for the comparable 2010 period; and
  • Applied Surface Concepts Group net sales increased by $1.1 million, or 19.7%, to $6.9 million, compared with $5.8 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 March 31, 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.

Second Quarter Ended March 31, 2011

(Amounts in thousands, except per share data)

   

Consolidated Condensed Statements of Operations

 

Second Quarter

Six Months

Ended March 31,

Ended March 31,

2011

 

2010

 

2011

 

2010

 
Net sales $ 26,804   $ 19,886 $ 48,200   $ 41,188
 
Cost of goods sold 19,878 15,735 36,299 31,016
Selling, general and administrative expenses 3,318 2,806 6,494 5,743
Amortization of intangible assets   685     ---     742     ---  
Operating income 2,923 1,345 4,665 4,429
Interest expense, net 33 --- 31 10
Foreign currency exchange loss (gain), net 5 (14 ) 9 (16 )
Other income, net   (117 )   (119 )   (234 )   (235 )
Income before income tax provision 3,002 1,478 4,859 4,670
Income tax provision   1,007     474     1,658     1,653  
 
Net income $ 1,995   $ 1,004   $ 3,201   $ 3,017  
 
 
 
Net income per share:
Basic $ 0.38 $ 0.19 $ 0.61 $ 0.57
Diluted $ 0.38 $ 0.19 $ 0.60 $ 0.56
 
 
Weighted average number of common shares (basic) 5,275 5,307 5,268 5,304
Weighted average number of common shares (diluted) 5,319 5,362 5,305 5,353
 

Business Wire

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