SIFCO INDUSTRIES INC (SIF) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 30, 2018

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SIFCO Industries, Inc. (“SIFCO”) Announces
Fourth Quarter and Fiscal 2018 Financial Results

Cleveland - SIFCO Industries, Inc. (NYSE American: SIF) today announced its financial results for its fourth quarter and fiscal 2018, which ended September 30, 2018.

Fourth Quarter and Fiscal Year 2018 Highlights
Results for the Fourth Quarter
Net sales in the fourth quarter of fiscal 2018 increased 6.9% to $30.5 million, compared with $28.5 million in the fourth quarter of fiscal 2017.
Net loss for the fourth quarter of fiscal 2018 was $2.7 million, or ($0.49) per diluted share, compared with a loss of $3.7 million or ($0.68) per diluted share, in the fourth quarter of fiscal 2017.
EBITDA was $0.2 million in the fourth quarter of fiscal 2018 compared with a loss of $0.5 million in the fourth quarter of fiscal 2017. See "Use of Non-GAAP Financial Measures" section within this release for important information regarding EBITDA and Adjusted EBITDA presented, below.
Adjusted EBITDA in the fourth quarter of fiscal 2018 was $0.8 million compared with Adjusted EBITDA of $0.2 million in the fourth quarter of fiscal 2017.
Results for Fiscal Year 2018
Net sales in fiscal 2018 decreased 8.4% to $111.2 million, compared with $121.5 million in fiscal 2017.
Net loss for fiscal 2018 was $7.2 million, or ($1.30) per diluted share, compared with net loss of $14.2 million, or ($2.59) per diluted share, in fiscal 2017.
EBITDA was $3.1 million in fiscal 2018 compared with a loss of $1.0 million in fiscal 2017.
Adjusted EBITDA in fiscal 2018 was $3.0 million with Adjusted EBITDA of $6.2 million in fiscal 2017.
Other Highlights
Backlog as of September 30, 2018 was $99.7 million, of which $73.7 million are scheduled for delivery in the next 12 months.

CEO Peter W. Knapper stated, "Fiscal 2018 was a challenging year for SIFCO as we encountered the recurrent downward trend of the Energy market along with working through plant consolidations that had begun in the prior year. We were ahead of this market dynamic, as we consolidated operations of our Alliance, Ohio location into our Cleveland, Ohio location.  This consolidation did not fully replace the lost revenue but mitigated incurring fixed costs in fiscal 2018.  To further alleviate future market shift, SIFCO is working towards completing our AS9100 certification at our Maniago, Italy location. This certification will allow diversification and a footprint into the aerospace market at this location.

Offsetting the decline in the energy component sales was the continuous strong performance in the Aerospace market, which is supported by ending the fiscal year with our backlog at $99.7 million or a 31.1% increase year over year.  SIFCO ended the year with a strong fourth quarter, bringing in $30.5 million in sales or a 6.9% increase compared to prior year fourth quarter.  As we proceed into the upcoming fiscal year, we remain focused on serving our customers by producing and delivering quality products on time, continuing to improve our safe working environment, improving our cost profile, and enhancing shareholder value."




The following information was filed by SIFCO INDUSTRIES INC on Thursday, December 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Exhibit 21.1 - SUBSIDARIES OF THE REGISTRANT

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Exhibit 23.1 - CONSENTS OF EXPERTS AND COUNSEL

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Exhibit 31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION

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Exhibit 31.2 - RULE 13A-14(A)/15D-14(A) CERTIFICATION

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Exhibit 32.1 - SECTION 1350 CERTIFICATION

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Exhibit 32.2 - SECTION 1350 CERTIFICATION

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0000090168-18-000025
  • Submitted to the SEC: Thursday, December 6, 2018 4:22:17 PM EST
  • Accepted by the SEC: Thursday, December 6, 2018
  • Fiscal Year ending: September 2018
  • Industry: Aircraft Engines And Engine Parts