SIFCO Industries, Inc. : (“SIFCO”) Announces First Quarter Fiscal 2017 Financial Results
January 31, 2017 at 04:31 pm EST
Share
SIFCO Industries, Inc. (NYSE MKT: SIF) today announced financial results
for its first quarter of fiscal 2017, which ended December 31, 2016.
First Quarter
Net sales from operations in the first quarter of fiscal 2017
increased 15.9% to $31.5 million, compared with $27.2 million in the
first quarter of fiscal 2016.
Loss from operations before income tax expense in the first quarter of
fiscal 2017 was $2.3 million compared with a loss from operations
before income tax benefit of $4.5 million in the first quarter of
fiscal 2016.
Net loss from operations for the first quarter of fiscal 2017 and 2016
were $2.6 million, or ($0.48) per diluted share, respectively.
President and CEO Peter W. Knapper stated, "In the first quarter, we
nearly doubled gross profit as compared to Q1 of 2016, while increasing
revenue. We will continue to focus on operations excellence as we size
our business model to meet and exceed our customer’s expectations. We
have implemented the new Sales Organization structure as announced on
November 30, 2016 with the goal of reaching our target markets as
effectively as possible. We will continue to make the organization and
operational changes needed in order to move forward to improve
profitability.”
Forward-Looking Language
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-K for the year ended September 30, 2016 can be
accessed through its website: www.sifco.com,
or on the Securities and Exchange Commission's website: www.sec.gov.
The Company is engaged in the production of forgings and machined
components primarily in the Aerospace and Energy markets. The processes
and services and services include heat-treating and machining. The
Company operates under one segment.
First Quarter Ended December 31 (Amounts in thousands,
expect per share data)
Three Months Ended December 31,
2016
2015
Net sales
$
31,473
$
27,161
Cost of goods sold
27,305
25,053
Gross profit
4,168
2,108
Selling, general and administrative expenses
5,303
5,620
Amortization of intangible assets
592
714
(Gain) loss on disposal of operating assets
(6
)
2
Operating loss
(1,721
)
(4,228
)
Interest income
(14
)
(9
)
Interest expense
678
408
Foreign currency exchange loss, net
4
14
Other income, net
(107
)
(107
)
Loss from operations before income tax expense (benefit)
(2,282
)
(4,534
)
Income tax expense (benefit)
327
(1,936
)
Net loss
$
(2,609
)
$
(2,598
)
Net loss per share
Basic
$
(0.48
)
$
(0.48
)
Diluted
$
(0.48
)
$
(0.48
)
Weighted-average number of common shares (basic)
5,467
5,452
Weighted-average number of common shares (diluted)
5,467
5,452
View source version on businesswire.com: http://www.businesswire.com/news/home/20170131006348/en/
SIFCO Industries, Inc. is engaged in the production of forgings and machined components primarily for the aerospace and energy markets. The Company's processes and services include forging, heat-treating, coating and machining. It is a manufacturer of forgings and machined components for the aerospace and defense, energy and commercial space markets. The Company provides its customers with envelope and precision forgings, rough and finished machined components, as well as sub-assemblies. It services both original equipment manufacturers (OEM), Tier 1 and Tier 2 suppliers, and aftermarket service providers with products that range in size from approximately 2 to 1,200 pounds. Its product offerings include OEM and aftermarket components for aircraft and industrial gas turbine engines; steam turbine blades; structural airframe components; aircraft landing gear components; aircraft wheels and brakes; critical rotating components for helicopters, and commercial/industrial products.