SIFCO Industries, Inc. (NYSE Amex: SIF) today announced financial results for its fiscal 2011 first quarter, which ended December 31, 2010. Net income for the first quarter of fiscal 2011 was $1.2 million, or $0.23 per diluted share, compared with net income of $2.0 million, or $0.38 per diluted share, in the comparable fiscal 2010 period. Net sales increased 0.4% in the first quarter of fiscal 2011 to $21.4 million, compared with $21.3 million in the same period a year ago. In the first quarter of fiscal 2011:
- Aerospace Component Manufacturing Group net sales were $15.7 million, compared with $16.2 million in the comparable 2010 period. The ACM Group’s results for the first quarter of fiscal year 2011 include the results of T&W Forge from the date of its acquisition, December 10, 2010.
- Turbine Components Services and Repair Group net sales increased by $0.2 million, to $2.4 million, compared with $2.2 million in the comparable 2010 period.
- Applied Surface Concepts Group net sales increased $0.4 million, to $3.3 million, compared with $2.9 million in the comparable 2010 period.
|SIFCO Industries, Inc.|
|Consolidated Condensed Statements of Operations|
|(Amounts in thousands, except per share data)|
|First Quarter Ended|
|Cost of goods sold||16,421||15,281|
|Selling, general and administrative expenses||3,233||2,937|
|Interest expense, net||(2||)||10|
|Foreign currency exchange (gain) loss||4||(2||)|
|Other income, net||(117||)||(116||)|
|Income from continuing operations before income tax provision||1,857||3,192|
|Income tax provision||651||1,179|
|Net income per share:|
|Weighted average number of common shares (basic)||5,259||5,299|
|Weighted average number of common shares (diluted)||5,290||5,346|