SIFCO Industries Posts Favorable Fiscal Results
SIFCO Industries of Cleveland, Ohio, announced favorable financial results for its first-quarter fiscal 2013, which ended Dec. 31, 2012. Net sales from continuing operations increased 16.1% in the first fiscal quarter to $28.7 million, compared with $24.7 million in the comparable 2012 period. Income from continuing operations in the first quarter of fiscal 2013 was $0.9 million, compared with $0.8 million in the comparable fiscal 2012 period. In December 2012, SIFCO completed the sale of its Applied Surface Concepts business segment. CEO Michael S. Lipscomb said, “Our recent divestiture of the Applied Surface Concepts business segment was done after careful consideration of our core strengths. We will continue to seek organic growth and acquisition opportunities that add to our customer offerings and maintain our aerospace and energy focus.” The results for fiscal 2012 include the results of Quality Aluminum Forge, which was acquired in October 2011.