This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

SIFCO Industries, Inc. Announces Fiscal 2011 Second Quarter Financial Results

Stocks in this article: SIF

SIFCO Industries, Inc. (NYSE Amex: SIF) today announced financial results for its fiscal 2011 second quarter, which ended March 31, 2011. Net income for the second quarter of fiscal 2011 was $2.0 million, or $0.38 per diluted share, compared with a net income of $1.0 million, or $0.19 per diluted share for the comparable fiscal 2010 period.

Net sales increased 34.8% in the second quarter of fiscal 2011 to $26.8 million, compared with $19.9 million for the same period a year ago. The results for the second quarter include the results of T&W Forge, which was acquired on December 10, 2010. In the second quarter of fiscal 20010:

  • Aerospace Component Manufacturing Group net sales increased by $6.0 million, or 40.8%, to $20.6 million, compared with $14.6 million in the comparable 2010 period;
  • Turbine Component Services and Repair Group net sales increased by $0.2 million, or 8.3%, to $2.6 million, compared with $2.4 million for the comparable 2010 period; and
  • Applied Surface Concepts Group net sales increased by $0.7 million, or 26.2%, to $3.6 million, compared with $2.9 million for the comparable 2010 period.

Net income for the first six months of fiscal 2011 was $3.2 million, or $0.60 per diluted share, compared with net income of $3.0 million, or $0.56 per diluted share, for the comparable fiscal 2010 period.

Net sales increased 17.0% in the first six months of fiscal 2011 to $48.2 million, compared with $41.2 million for the same period a year ago. The results for the first six months of fiscal 2011 include the results of T&W Forge, which was acquired on December 10, 2010. In the first six months of fiscal 2011:

  • Aerospace Component Manufacturing Group net sales increased by $5.4 million, or 17.7%, to $36.3 million, compared with $30.9 million in the comparable 2010 period;
  • Turbine Component Services and Repair Group net sales increased by $0.5 million, or 9.3%, to $5.0 million, compared with $4.5 million for the comparable 2010 period; and
  • Applied Surface Concepts Group net sales increased by $1.1 million, or 19.7%, to $6.9 million, compared with $5.8 million for the comparable 2010 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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs