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Form 8-K SIFCO INDUSTRIES INC For: Dec 03

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December 3, 2014 6:03 AM EST


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
�

FORM 8-K
�

CURRENT REPORT
Pursuant to Section�13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)  December 3, 2014
��
SIFCO Industries, Inc.
(Exact name of registrant as specified in its charter)
�
�

�
�
�
�
�
Ohio
�
1-5978
�
34-0553950
(State or other jurisdiction
of incorporation)
�
(Commission
File Number)
�
(IRS Employer
Identification No.)
�
�
970 East 64th Street, Cleveland Ohio
�
44103
(Address of principal executive offices)
�
(ZIP Code)
Registrants telephone number, including area code: (216)�881-8600
N.A.
(Former name or former address, if changed since last report.)
�

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
�

o
Written communications pursuant to Rule�425 under the Securities Act (17 CFR 230.425)
�
o
Soliciting material pursuant to Rule�14a-12 under the Exchange Act (17 CFR 240.14a-12)

o
Pre-commencement communications pursuant to Rule�14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
�
o
Pre-commencement communications pursuant to Rule�13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.02
Results of Operations and Financial Condition.
On December 2, 2014, SIFCO Industries, Inc. issued a press release announcing its financial results for its fiscal year ended September 30, 2014. A copy of this press release is furnished with this Report as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this item and in the accompanying exhibit shall not be deemed filed by SIFCO Industries, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act). Such information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that SIFCO Industries, Inc. specifically incorporates it by reference.



Item 9.01
Financial Statements and Exhibits.

(d) Exhibits

99.1 Earnings Press Release dated December 2, 2014.
������
�

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
�


�
�
�
�
�
SIFCO Industries, Inc.
�
�
(Registrant)
�
�
Date: December 3, 2014
�
�
�
�
/s/ Catherine M. Kramer
�
�
Catherine M. Kramer
�
�
Vice President  Finance and Chief Financial Officer
�
�
(Principal Financial Officer)
�
����






SIFCO Industries, Inc. (SIFCO) Announces
Fiscal 2014 Financial Results

Cleveland - SIFCO Industries, Inc. (NYSE MKT: SIF) today announced financial results for its fiscal year 2014 and fourth quarter, which ended September 30, 2014.
Fiscal Year
"
Net sales in fiscal 2014 increased 3.2% to $119.7 million, compared with $116.0 million in fiscal 2013.
"
Income from continuing operations in fiscal 2014 was $5.6 million, or $1.03 per diluted share, compared with $9.8 million, or $1.81 per diluted share, in fiscal 2013.
"
Net income for fiscal 2014 was $5.0 million, or $0.92 per diluted share, compared with net income of $10.2 million, or $1.90 per diluted share, in fiscal 2013.

Fourth Quarter
"
Net sales in the fourth quarter of fiscal 2014 increased 3.4% to $33.0 million, compared with $31.9 million in the fourth quarter of fiscal 2013.
"
Income from continuing operations in the fourth quarter of fiscal 2014 was $1.0 million, or $0.17 per diluted share, compared with $3.9 million, or $0.73 per diluted share, in the fourth quarter of fiscal 2013.
"
Net income for the fourth quarter of fiscal 2014 was $0.7 million, or $0.13 per diluted share, compared with net income of $2.9 million, or $0.54 per diluted share, in the fourth quarter of fiscal 2013.

CEO Michael S. Lipscomb stated, Fiscal 2014 was a year of consolidation for SIFCO, in which the transformative changes set in motion in the previous years created the pure play, aerospace and energy (A&E) focused forging business that SIFCO is today.� In continuing to take steps to support our strategic vision, the Company significantly invested in infrastructure to support future growth, including beginning an ERP implementation that will eventually be company-wide and replacing legacy equipment with next-generation technology to achieve sustainable cost savings.� SIFCO also reached a milestone as a public company.� Because our market capitalization surpassed certain thresholds, SIFCO became an accelerated filer and is no longer a non-accelerated, smaller reporting company. While this required the Company to incur additional unplanned costs associated with meeting expanded reporting and internal controls requirements, the process has strengthened SIFCO as a company.� Overall, we believe that our strategy remains sound, the outlook in our target markets is favorable, and we will continue to provide sustained, long-term growth for our shareholders."

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, 2014 can be accessed through its 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.





Fiscal Year Ended September 30
(Amounts in thousands, except per share data)


�
�
Fiscal Year Ended September 30,
�
�
2014
�
2013
Net sales
�
$
119,654

�
$
116,001

Cost of goods sold
�
93,729

�
87,986

Gross margin
�
25,925

�
28,015

Selling, general and administrative expenses
�
15,680

�
12,262

Amortization of intangible assets
�
2,161

�
2,076

Loss (gain) on disposal of operating assets
�
(3
)
�
(89
)
Operating income
�
8,087

�
13,766

Interest income
�
(17
)
�
(24
)
Interest expense
�
201

�
342

Foreign currency exchange (gain) loss, net
�
(20
)
�
23

Other income, net
�
(433
)
�
(421
)
Income from continuing operations before income tax provision
�
8,356

�
13,846

Income tax provision
�
2,753

�
4,088

Income from continuing operations
�
5,603

�
9,758

Income (loss) from discontinued operations, net of tax
�
(580
)
�
476

Net income
�
$
5,023

�
$
10,234

Income per share from continuing operations
�
�
�
�
Basic
�
$
1.04

�
$
1.82

Diluted
�
$
1.03

�
$
1.81

Income (loss) per share from discontinued operations, net of tax
�
�
�
�
Basic
�
$
(0.11
)
�
$
0.09

Diluted
�
$
(0.11
)
�
$
0.09

Net income per share
�
�
�
�
Basic
�
$
0.93

�
$
1.91

Diluted
�
$
0.92

�
$
1.90

�
�
�
�
�
Weighted-average number of common shares (basic)
�
5,402

�
5,363

Weighted-average number of common shares (diluted)
�
5,424

�
5,401













Quarter Ended September 30
(Amounts in thousands, except per share data)
�
�
Quarter Ended September 30,
�
�
2014
�
2013
Net sales
�
$
32,959

�
$
31,880

�Gross profit
�
6,894

�
8,534

�
�
�
�
�
�Income from continuing operations
�
955

�
3,947

�
�
�
�
�
(Loss) from discontinued operations, net of tax
�
(212
)
�
(1,041
)
Net income
�
$
743

�
$
2,906

�
�
�
�
�
Income per share from continuing operations
�
�
�
�
Basic
�
$
0.17

�
$
0.74

Diluted
�
$
0.17

�
$
0.73

Income (loss) per share from discontinued operations, net of tax
�
�
�
�
Basic
�
$
(0.04
)
�
$
(0.20
)
Diluted
�
$
(0.04
)
�
$
(0.19
)
Net Income (loss) per share
�
�
�
�
Basic
�
$
0.13

�
$
0.54

Diluted
�
$
0.13

�
$
0.54

______________________________________________________________________________________________________
Contacts

SIFCO Industries, Inc.
Catherine M. Kramer, 216-881-8600
www.sifco.com



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