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
|
|
Copyright Business Wire 2014