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

Stocks in this article: SIF

SIFCO Industries, Inc. (NYSE Amex: SIF) today announced financial results for its fiscal 2011 third quarter, which ended June 30, 2011. Net income for the third quarter of fiscal 2011 was $2.1 million, or $0.39 per diluted share, compared with a net income of $1.0 million, or $0.18 per diluted share for the comparable fiscal 2010 period.

Net sales increased 48.2% in the third quarter of fiscal 2011 to $28.9 million, compared with $19.5 million for the same period a year ago. The results for the third quarter include the results of T&W Forge, which was acquired on December 10, 2010. In the third quarter of fiscal 20010:

  • Aerospace Component Manufacturing Group net sales increased by $8.8 million, or 61.6%, to $23.1 million, compared with $14.3 million in the comparable 2010 period;
  • Turbine Component Services and Repair Group net sales were $2.0 million in both the third quarter of fiscal 2011 and in the comparable 2010 period; and
  • Applied Surface Concepts Group net sales increased by $0.5 million, or 17.3%, to $3.7 million, compared with $3.2 million for the comparable 2010 period.

Net income for the first nine months of fiscal 2011 was $5.3 million, or $0.99 per diluted share, compared with net income of $4.0 million, or $0.75 per diluted share, for the comparable fiscal 2010 period.

Net sales increased 27.0% in the first nine months of fiscal 2011 to $77.1 million, compared with $60.7 million for the same period a year ago. The results for the first nine months of fiscal 2011 include the results of T&W Forge, which was acquired on December 10, 2010. In the first nine months of fiscal 2011:

  • Aerospace Component Manufacturing Group net sales increased by $14.3 million, or 31.6%, to $59.5 million, compared with $45.2 million in the comparable 2010 period;
  • Turbine Component Services and Repair Group net sales increased by $0.4 million, or 6.8%, to $7.0 million, compared with $6.6 million for the comparable 2010 period; and
  • Applied Surface Concepts Group net sales increased by $1.7 million, or 18.8%, to $10.6 million, compared with $8.9 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.

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