SIFCO Industries, Inc. (NYSE Amex: SIF) today announced financial results for its fiscal 2012 first quarter, which ended December 31, 2011. Net income for the first quarter of fiscal 2012 was $1.2 million, or $0.22 per diluted share, compared with net income of $1.2 million, or $0.23 per diluted share, in the comparable fiscal 2011 period. Net sales increased 33.2% in the first quarter of fiscal 2012 to $28.5 million, compared with $21.4 million in the same period a year ago. In the first quarter of fiscal 2012:
- Forged Components Group (“Forge Group”) net sales were $22.7 million, compared with $15.7 million in the comparable 2011 period. The Forge Group’s results for the first quarter of fiscal year 2012 include the results of Quality Aluminum Forge, LLC from October 28, 2011, the date of the acquisition of this business.
- Turbine Components Services and Repair Group net sales decreased by $0.4 million, to $2.0 million, compared with $2.4 million in the comparable 2011 period.
- Applied Surface Concepts Group net sales increased $0.5 million, to $3.8 million, compared with $3.3 million in the comparable 2011 period.
|First Quarter Ended December 31, 2011|
|(Amounts in thousands, except per share data)|
|Consolidated Condensed Statements of Operations|
|Ended December 31,|
|Cost of goods sold||22,045||16,421|
|Selling, general and administrative expenses||3,969||3,176|
|Amortization of intangible assets||815||57|
|Interest (income) expense, net||87||(2)|
|Foreign currency exchange (gain) loss, net||(22)||4|
|Other income, net||(117)||(117)|
|Income before income tax provision||1,733||1,857|
|Income tax provision||547||651|
|Net income per share:|
|Weighted average number of common shares (basic)||5,299||5,259|
|Weighted average number of common shares (diluted)||5,325||5,290|