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

SIFCO Industries, Inc. (NYSE Amex: SIF) today announced financial results for its fiscal 2010 third quarter, which ended June 30, 2010. Income from continuing operations in the third quarter of fiscal 2010 decreased to $1.0 million, compared with $2.6 million in the comparable fiscal 2009 period. Net income for the third quarter of fiscal 2010 was $1.0 million, or $0.18 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 17.3% in the third quarter of fiscal 2010 to $19.5 million, compared with $23.5 million for the same period a year ago. In the third quarter of fiscal 2010:
  • Aerospace Component Manufacturing Group net sales decreased by $2.6 million, or 15.1%, to $14.3 million, compared with $16.9 million in the comparable 2009 period;
  • Turbine Component Services and Repair Group net sales decreased by $1.4 million, or 40.6%, to $2.0 million, compared with $3.4 million for the comparable 2009 period; and
  • Applied Surface Concepts Group net sales decreased by $0.1 million, or 4.5%, to $3.2 million, compared with $3.3 million for the comparable 2009 period.

For the first nine months of fiscal 2010, income from continuing operations decreased to $4.0 million, compared with $6.3 million in the comparable fiscal 2009 period. Net income for the first nine months of fiscal 2010 was $4.0 million, or $0.75 per diluted share, compared with net income of $6.4 million, or $1.21 per diluted share, for the comparable fiscal 2009 period.

Net sales decreased 16.9% in the first nine months of fiscal 2010 to $60.7 million, compared with $73.0 million for the same period a year ago. In the first nine months of fiscal 2010:
  • Aerospace Component Manufacturing Group net sales decreased by $7.5 million, or 14.3%, to $45.2 million, compared with $52.7 million in the comparable 2009 period;
  • Turbine Component Services and Repair Group net sales decreased by $3.1 million, or 32.0%, to $6.6 million, compared with $9.6 million for the comparable 2009 period; and
  • Applied Surface Concepts Group net sales decreased by $1.7 million, or 16.2%, to $8.9 million, compared with $10.7 million for the comparable 2009 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.

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