SIFCO Industries, Inc. (NYSE Amex: SIF) today announced that the Board of Directors declared a special cash dividend of $.20 per common share, payable November 16, 2012 to shareholders of record at the close of business on November 2, 2012.
Michael S. Lipscomb, Chief Executive Officer, commented, "Our Board of Directors continue to support SIFCO’s aggressive strategic growth plans, while at the same time supporting our shareholders with a liquid return on their investment in the form of an annual $.20 per share dividend. For the second year in a row SIFCO has improved performance driven in part by our latest acquisition, Quality Aluminum Forge, exceeding expectations at both the sales and earnings level. T&W Forge, our fiscal year 2011 acquisition, continues to exceed expectations in both sales and earnings as well. The SIFCO Board felt that the increased enterprise value resulting from these two acquisitions plus the cash dividend was a very strong reward for the shareholders. Again, the Board is committed to a continuing evaluation of the annual dividend and equally supportive of value creating growth."
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, 2012 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.
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