SIFCO Reports Fiscal 2006 Q3 Results

Net income for Q3 and first nine months up over same periods one year ago.

SIFCO Industries, Inc., Cleveland, has announced financial results for the third quarter of fiscal 2006, which ended June 30, 2006.

Net income for the third quarter of fiscal 2006 was $3.3 million, or $0.64 per diluted share, compared with a net loss of $0.7 million, or $0.13 per diluted share for the comparable fiscal 2005 period. Included in net income in the third quarter of fiscal 2006 was a $3.2 million gain on the sale of operating assets.

Net sales increased 7.2% in the third quarter of fiscal 2006 to $22.3 million compared with $20.8 million for the same period a year ago. The following are results by group:

  • Turbine Component Services and Repair Group net sales decreased by $2.6 million, or 27.6%, to $6.7 million, compared with $9.3 million in the comparable 2005 period.
  • Aerospace Component Manufacturing Group net sales increased by $4.0 million, or 47.1%, to $12.5 million, compared with $8.5 million for the comparable 2005 period.
  • Applied Surface Concepts Group net sales increased $0.1 million, or 1.7%, to $3.1 million, compared with $3.0 million in the comparable 2005 period.
For the first nine months of fiscal 2006, corporate net income was $1.2 million, or $0.24 per diluted share, compared with net income of $0.3 million, or $0.06 per diluted share for the comparable fiscal 2005 period. Included was a $3.2 million gain on the sale of operating assets. Net income in the first nine months of fiscal 2005 included a $6.2 million gain on the sale of non-operating assets.

Net sales increased 11.6% in the first nine months of fiscal 2006 to $66.7 million compared with $59.7 million for the same period a year ago. Results by group:

  • Turbine Component Services and Repair Group net sales decreased by $3.1 million, or 11.0% to $24.9 million, compared with $28.0 million in the comparable 2005 period.
  • Aerospace Component Manufacturing Group net sales by $10.0 million, or 44.2% to $32.7 million, compared with $22.7 million for the comparable 2005 period.
  • Applied Surface Concepts Group net sales were $9.1 million for the first nine months in both 2006 and 2005.
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