Sifco Industries (NYSE AMEX:SIF)

Second Quarter 2012 Results

• Net sales increased 27.1% in the second quarter of fiscal 2012 to $34.1 million, compared with $26.8 million in the comparable period in fiscal 2011.
• Net income for the second quarter of fiscal 2012 was $1.7 million, or $0.32 per diluted share, compared with a net income of $2.0 million, or $0.38 per diluted share for the comparable fiscal 2011 period.
• EBITDA in the second quarter of fiscal 2012 was $4.4 million, or 13.0% of net sales, compared with $4.4 million, or 16.5% of net sales, in the comparable period in fiscal 2011.
• Adjusted EBITDA in the second quarter of fiscal 2012 was $5.3 million, or 15.7% of net sales, compared with $4.9 million, or 18.1% of net sales, in the comparable period in fiscal 2011.

First Quarter 2012 Results

• 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.
• 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.

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.

 Full Year 2011 Results

• Net sales increased 28.9% in fiscal 2011 to $107.4 million, compared with $83.3 million in fiscal 2010.
• Net income in fiscal 2011 was $7.4 million, or $1.40 per diluted share, compared with net income of $5.4 million, or $1.00 per diluted share, in fiscal 2010.

• Forged Component Group net sales increased by $22.0 million, or 35.5%, to $84.1 million, compared with $62.1 million in fiscal 2010;
• Turbine Component Services and Repair Group net sales increased by $0.1 million, or 1.3%, to $9.0 million, compared with $8.9 million in fiscal 2010; and
• Applied Surface Concepts Group net sales increased by $2.0 million, or 15.7%, to $14.2 million, compared with $12.2 million in fiscal 2010.

CLEVELAND--(BUSINESS WIRE)--SIFCO Industries, Inc. (NYSE Amex: SIF) today announced financial results for its fiscal 2011 third quarter, which ended June 30, 2011. Net income for the third quarter of fiscal 2011 was $2.1 million, or $0.39 per diluted share, compared with a net income of $1.0 million, or $0.18 per diluted share for the comparable fiscal 2010 period.

Net sales increased 48.2% in the third quarter of fiscal 2011 to $28.9 million, compared with $19.5 million for the same period a year ago. The results for the third quarter include the results of T&W Forge, which was acquired on December 10, 2010. In the third quarter of fiscal 20010:

• Aerospace Component Manufacturing Group net sales increased by $8.8 million, or 61.6%, to $23.1 million, compared with $14.3 million in the comparable 2010 period;
• Turbine Component Services and Repair Group net sales were $2.0 million in both the third quarter of fiscal 2011 and in the comparable 2010 period; and
• Applied Surface Concepts Group net sales increased by $0.5 million, or 17.3%, to $3.7 million, compared with $3.2 million for the comparable 2010 period.

Net income for the first nine months of fiscal 2011 was $5.3 million, or $0.99 per diluted share, compared with net income of $4.0 million, or $0.75 per diluted share, for the comparable fiscal 2010 period.

Net sales increased 27.0% in the first nine months of fiscal 2011 to $77.1 million, compared with $60.7 million for the same period a year ago. The results for the first nine months of fiscal 2011 include the results of T&W Forge, which was acquired on December 10, 2010. In the first nine months of fiscal 2011:

• Aerospace Component Manufacturing Group net sales increased by $14.3 million, or 31.6%, to $59.5 million, compared with $45.2 million in the comparable 2010 period;
• Turbine Component Services and Repair Group net sales increased by $0.4 million, or 6.8%, to $7.0 million, compared with $6.6 million for the comparable 2010 period; and
• Applied Surface Concepts Group net sales increased by $1.7 million, or 18.8%, to $10.6 million, compared with $8.9 million for the comparable 2010 period.