SIFCO Industries, Inc. (AMEX:SIF) today announced that the Board of Directors has approved a stock repurchase program under which the Company is authorized to invest up to $1.0 million to purchase its outstanding common shares. The shares, when purchased, will be used for corporate purposes. These purchases can be made in the open market or in negotiated transactions from time to time, depending upon market conditions.
The Board believes that the recent market price of the common stock does not reflect the true value of the Company and, therefore, the repurchase program represents an attractive investment opportunity for the Company.
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.
Forward-Looking LanguageCertain 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, 2010 can be accessed through its website: www.sifco.com, or on the Securities and Exchange Commission’s website: www.sec.gov.