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SIFCO Industries, Inc. (“SIFCO”) Announces Second Quarter Fiscal 2021 Financial Results

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SIFCO Industries, Inc. (NYSE American: SIF) today announced financial results for its second quarter of fiscal 2021, which ended March 31, 2021.

Second Quarter Results

  • Net sales in the second quarter of fiscal 2021 decreased 18.6% to $24.9 million, compared with $30.5 million for the same period in fiscal 2020.
  • Net loss for the second quarter of fiscal 2021 was $1.5 million, or ($0.26) per diluted share, compared with net income of $3.3 million, or $0.57 per diluted share, in the second quarter of fiscal 2020.
  • EBITDA was $0.7 million in the second quarter of fiscal 2021, compared with $5.4 million in the second quarter of fiscal 2020.
  • Adjusted EBITDA in the second quarter of fiscal 2021 was $1.2 million, compared with Adjusted EBITDA of $4.5 million in the second quarter of fiscal 2020.

Year to Date Results

  • Net sales in the first six months of fiscal 2021 decreased 12.0% to $49.9 million, compared with $56.7 million for the same period in fiscal 2020.
  • Net income for the first six months of fiscal 2021 was $1.5 million, or $0.25 per diluted share, compared with net income of $1.9 million, or $0.33 per diluted share, in the first six months of fiscal 2020.
  • EBITDA was $4.8 million in the first six months of fiscal 2021, compared with $6.0 million in the first six months of fiscal 2020.
  • Adjusted EBITDA in the first six months of fiscal 2021 was $3.1 million, compared with Adjusted EBITDA of $5.2 million in the first six months of fiscal 2020.

Other Highlights

CEO Peter W. Knapper stated, "While our results for the quarter reflect the pressures on the A&E markets caused by the COVID-19 pandemic, we are all thankful that the impacts of the pandemic are finally showing signs of receding in many places in the world and we are excited that commercial air travel is showing signs of recovery. We continue to work with our customers as we navigate the impacts on our markets together. Our focus on controlling costs and managing working capital contributed to a $4.6 million reduction in debt since the beginning of the fiscal year and we continue to actively manage our costs in light of the continued uncertainty around the shape and duration of the recovery in the industries we serve.”

Use of Non-GAAP Financial Measures

The Company uses certain non-GAAP measures in this release. EBITDA and Adjusted EBITDA are non-GAAP financial measures and are intended to serve as supplements to results provided in accordance with accounting principles generally accepted in the United States. SIFCO Industries, Inc. believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.

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, concerns with or threats of, or the consequences of, pandemics, contagious diseases or health epidemics, including COVID-19, competition and other uncertainties the Company, its customers, and the industry in which they operate have experienced and continue to experience, detailed from time to time in the Company’s Securities and Exchange Commission filings.

The Company's Annual Report on Form 10-K for the year ended September 30, 2020 and other reports filed with the Securities & Exchange Commission can be accessed through the Company's website: www.sifco.com, or on the Securities and Exchange Commission's website: www.sec.gov.

SIFCO Industries, Inc. is engaged in the production of forgings and machined components primarily for the aerospace and energy markets. The processes and services include forging, heat-treating, coating, and machining.

 

Second Quarter ended March 31,

(Amounts in thousands, except per share data)

(Unaudited)

 

 

Three Months Ended
March 31,

 

Six Months Ended
March 31,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net sales

$

24,866

 

 

 

$

30,537

 

 

 

$

49,944

 

 

 

$

56,744

 

 

Cost of goods sold

22,123

 

 

 

24,260

 

 

 

43,278

 

 

 

47,143

 

 

Gross profit

2,743

 

 

 

6,277

 

 

 

6,666

 

 

 

9,601

 

 

Selling, general and administrative expenses

3,596

 

 

 

3,321

 

 

 

7,423

 

 

 

7,529

 

 

Amortization of intangible assets

248

 

 

 

408

 

 

 

517

 

 

 

817

 

 

Loss on disposal of operating assets

—

 

 

 

41

 

 

 

—

 

 

 

41

 

 

Gain on insurance recoveries

—

 

 

 

(1,000

)

 

 

(2,495

)

 

 

(1,000

)

 

Operating income (loss)

(1,101

)

 

 

3,507

 

 

 

1,221

 

 

 

2,214

 

 

Interest expense

169

 

 

 

262

 

 

 

335

 

 

 

513

 

 

Foreign currency exchange loss (income), net

14

 

 

 

(1

)

 

 

21

 

 

 

—

 

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SIFCO Industries, Inc.

NYSE:SIF

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Small Arms Ammunition Manufacturing
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United States of America
CLEVELAND

About SIF

headquartered in cleveland, ohio, sifco is a leading aerospace and energy forged & machined part solutions provider for airframe, landing gear and engine components. sifco’s global foot print includes components on most major military and commercial programs. the materials forged include: nickel, super alloys, titanium, aluminum, alloy and stainless steels. die forgings produced range from 1lb to 1,200lbs. as well as nadcap, the company is as9100, iso9001 approved and is certified by most major aerospace manufacturers. our vision: sifco performs …. customers succeed …. together we grow! our mission is to be the preferred global solutions provider to the aerospace, energy and defense markets. we work to exceed our customers’ expectations by leveraging more than a century of experience and a relentless focus on continuous improvement. our core values of respect, responsiveness, integrity and passion describe how we work together to accomplish our mission. integrity: we do the right thing