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SIFCO Industries, Inc. Announces Fiscal 2010 Net Income Of $1.00 Per Share

SIFCO Industries, Inc. (NYSE Amex: SIF) today announced financial results for its fiscal 2010 fourth quarter, which ended September 30, 2010. Net income for the fourth quarter of fiscal 2010 was $1.4 million, or $0.26 per diluted share, compared with net income of $1.6 million, or $0.30 per diluted share, in the comparable fiscal 2009 period.

Net sales increased 8.3% in the fourth quarter of fiscal 2010 to $22.6 million, compared with $20.9 million in the same period a year ago. In the fourth quarter of fiscal 2010:

  • Aerospace Component Manufacturing Group net sales increased by $1.0 million, or 6.3%, to $16.9 million, compared with $15.9 million in the comparable 2009 period,
  • Turbine Components Services and Repair Group net sales increased by $0.5 million, or 25.3%, to $2.4 million, compared with $1.9 million in the comparable 2009 period, and
  • Applied Surface Concepts Group net sales increased $0.3 million, or 8.3%, to $3.3 million, compared with $3.0 million in the comparable 2009 period.

Income before income taxes for the year ended September 30, 2010 decreased to $8.4 million, compared with $12.3 million in fiscal 2009. Included in income before income taxes in fiscal 2010 was $0.2 million of LIFO expense, compared with $1.6 million of LIFO income in fiscal 2009. Net income in fiscal 2010 was $5.4 million, or $1.00 per diluted share, compared with net income of $8.0 million, or $1.51 per diluted share, in fiscal 2009.

Net sales decreased 11.3% in fiscal 2010 to $83.3 million compared with $93.9 million in fiscal 2009. In fiscal 2010:

  • Aerospace Component Manufacturing Group net sales decreased by $6.5 million, or 9.5% to $62.1 million, compared with $68.6 million in fiscal 2009,
  • Turbine Component Services and Repair Group net sales decreased in fiscal 2010 by $2.6 million, or 22.5% to $8.9 million, compared with $11.5 million in fiscal 2009, and
  • Applied Surface Concepts Group net sales decreased in fiscal 2010 by $1.5 million, or 10.8%, to $12.2 million, compared with $13.7 million in fiscal 2009.

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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