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.
