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SIFCO Industries, Inc. Announces Third Quarter Fiscal 2013 Financial Results

SIFCO Industries, Inc. (NYSE MKT: SIF) today announced financial results for its third quarter fiscal 2013, which ended June 30, 2013.

Third quarter

  • Net sales from continuing operations in the third quarter of fiscal 2013 increased 11.0% to $30.3 million, compared with $27.3 million in the comparable period of fiscal 2012.
  • Income from continuing operations in the third quarter of fiscal 2013 was $2.6 million, or $0.47 per diluted share, compared with $2.1 million, or $0.40 per diluted share, in the comparable period in fiscal 2012.
  • Net income in the third quarter of fiscal 2013 was $2.5 million, or $0.46 per diluted share, compared with $2.4 million, or $0.46 per diluted share, in the comparable period in fiscal 2012.
  • EBITDA in the third quarter of fiscal 2013 was $5.2 million, or 17.2% of net sales, compared with $4.7 million, or 17.2% of net sales, in the comparable fiscal 2012 period.
  • Adjusted EBITDA in the second quarter of fiscal 2013 was $5.2 million, or 17.1% of net sales, compared with $5.1 million, or 18.5% of net sales, in the comparable fiscal 2012 period.

First nine months

  • Net sales from continuing operations in the nine months ended June 30, 2013 increased 7.8% to $88.6 million, compared with $82.1 million in the comparable period of fiscal 2012.
  • Income from continuing operations in the first nine months of fiscal 2013 was $4.9 million, or $0.92 per diluted share, compared with $4.4 million, or $0.82 per diluted share, in the comparable fiscal 2012 period.
  • Net income for the first nine months of fiscal 2013 was $7.3 million, or $1.36 per diluted share, compared with net income of $5.4 million, or $1.00 per diluted share, for the comparable fiscal 2012 period.
  • EBITDA in the first nine months of fiscal 2013 was $11.8 million, or 13.3% of net sales, compared with $11.5 million, or 13.9% of net sales, in the comparable period in fiscal 2012.
  • Adjusted EBITDA in the first nine months of fiscal 2013 was $12.3 million, or 13.9% of net sales, compared with $13.3 million, or 16.1% of net sales, in the comparable period in fiscal 2012.

CEO Michael S. Lipscomb stated, "The Forged Components Group continues to improve every aspect of its operational and financial performance. Our across the board move into more commercial business and our subsequent addition of General Aluminum Forgings should help to sustain this trend."

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