SIFCO Industries, Inc. today announced that the Board of Directors declared a special cash dividend of $.20 per common share, payable November 18, 2011 to shareholders of record at the close of business on November 4, 2011.
Michael S. Lipscomb, Chief Executive Officer, commented, "Once again, the Board of Directors is pleased to announce an increased special cash dividend of $.20 per share, a one third (33.3%) increase over last year. The excellent performance of our 2010 acquisition, T&W Forge, along with the continued growth and solid performance of our base businesses, allowed the Board of Directors to continue its strong support of our aggressive growth strategy and, at the same time, to substantially increase the immediate return to our shareholders. The board will continue to evaluate SIFCO's growth and financial performance each year with the intent of supporting a strategically aligned dividend annually."
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.The Company’s Form 10-Q for the quarter ended June 30, 2011 can be accessed through its website: www.sifco.com, or on the Securities and Exchange Commission’s website: www.sec.gov. 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 plating. The products include forged components, machined forged components and other machined metal components, remanufactured component parts for aerospace turbine engines, and selective plating solutions and equipment. The Company’s operations are conducted in three business segments: (1) Forged Component Group, (2) Turbine Component Services and Repair Group, and (3) Applied Surface Concepts Group.