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SIFCO Industries, Inc. Announces Fiscal 2010 Second Quarter Financial Results

SIFCO Industries, Inc. (NYSE Amex: SIF) today announced financial results for its fiscal 2010 second quarter, which ended March 31, 2010. Income from continuing operations in the second quarter of fiscal 2010 decreased to $1.0 million, compared with $2.1 million in the comparable fiscal 2009 period. Net income for the second quarter of fiscal 2010 was $1.0 million, or $0.19 per diluted share, compared with a net income of $2.4 million, or $0.45 per diluted share for the comparable fiscal 2009 period.

Net sales decreased 23.3% in the second quarter of fiscal 2010 to $19.9 million, compared with $25.9 million for the same period a year ago. In the second quarter of fiscal 20010:

  • Aerospace Component Manufacturing Group net sales decreased by $5.0 million, or 25.3%, to $14.6 million, compared with $19.6 million in the comparable 2009 period;
  • Turbine Component Services and Repair Group net sales decreased by $0.3 million, or 13.2%, to $2.4 million, compared with $2.7 million for the comparable 2009 period; and
  • Applied Surface Concepts Group net sales decreased by $0.7 million, or 20.1%, to $2.9 million, compared with $3.6 million for the comparable 2009 period.

For the first six months of fiscal 2010, income from continuing operations decreased to $3.0 million, compared with $3.6 million in the comparable fiscal 2009 period. Net income for the first six months of fiscal 2010 was $3.0 million, or $0.56 per diluted share, compared with net income of $4.0 million, or $0.76 per diluted share, for the comparable fiscal 2009 period.

Net sales decreased 16.8% in the first six months of fiscal 2010 to $41.2 million, compared with $49.5 million for the same period a year ago. In the first six months of fiscal 2010:

  • Aerospace Component Manufacturing Group net sales decreased by $5.0 million, or 13.9%, to $30.9 million, compared with $35.9 million in the comparable 2009 period;
  • Turbine Component Services and Repair Group net sales decreased by $1.8 million, or 27.3%, to $4.5 million, compared with $6.3 million for the comparable 2009 period; and
  • Applied Surface Concepts Group net sales decreased by $1.6 million, or 21.5%, to $5.8 million, compared with $7.4 million for the comparable 2009 period.

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, machining and selective electrochemical finishing. The products include forged components, machined forged components 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: (1) Aerospace Component Manufacturing Group, (2) Turbine Components Services and Repair Group, and (3) Applied Surface Concepts Group.

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