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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) – February 14, 2025
  
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)
Registrant’s 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):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐  
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common SharesSIFNYSE American



Item 2.02
Results of Operations and Financial Condition.
On February 14, 2025, SIFCO Industries, Inc. (the "Company" or "SIFCO") issued a press release announcing its financial results for its first quarter ended December 31, 2024. 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 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 specifically incorporates it by reference.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).


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: February 14, 2025
/s/ Jennifer Wilson
Jennifer Wilson
Chief Financial Officer
(Principal Financial Officer)
 
    

Exhibit 99.1
SIFCO Industries, Inc. (“SIFCO”) Announces
First Quarter Fiscal 2025 Financial Results
Cleveland — SIFCO Industries, Inc. (NYSE American: SIF) today announced financial results for its first quarter of fiscal 2025, which ended December 31, 2024.
First Quarter Results
•Net sales in the first quarter of fiscal 2025 increased 35.0% to $20.9 million, compared with $15.5 million for the same period in fiscal 2024.
•Net loss from continuing operations for the first quarter of fiscal 2025 was $2.4 million, or $(0.40) per diluted share, compared with net loss of $4.1 million, or $(0.67) per diluted share, in the first quarter of fiscal 2024. Net income from discontinued operations for the first quarter of fiscal 2025 was $0.1 million, or $0.02 per diluted share, compared with net income from discontinued operations of $0.6 million, or $0.10 per diluted share, in the first quarter of fiscal 2024.
•EBITDA was $(0.8) million in the first quarter of fiscal 2025, compared with $(2.5) million in the first quarter of fiscal 2024.
•Adjusted EBITDA in the first quarter of fiscal 2025 was $(0.2) million, compared with Adjusted EBITDA of $(1.9) million in the first quarter of fiscal 2024.
Other Highlights
“Our first quarter was focused on opportunities for margin improvement and increasing throughput at both plants.,” said George Scherff, Chief Executive Officer of SIFCO Industries, Inc. “Our backlog continues to increase and now stands at $121.9 million, showing strong demand for our products.”
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, 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. For a discussion of such risk factors and uncertainties, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 and other reports filed by the Company with the Securities & Exchange Commission.
The Company’s Form 10-K for the year ended September 30, 2024 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.


sifcoa11.jpg
Consolidated Condensed Statements of Operations
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended
December 31,
20242023
Net sales$20,883 $15,474 
Cost of goods sold19,955 16,019 
Gross profit (loss)928 (545)
Selling, general and administrative expenses2,840 3,103 
Operating loss(1,912)(3,648)
Interest expense, net469 342 
Foreign currency exchange (gain) loss, net(2)4 
Other expense, net38 69 
Loss from continuing operations before income tax expense(2,417)(4,063)
Income tax expense5 6 
Loss from continuing operations(2,422)(4,069)
Income from discontinued operations, net of tax106 647 
Net loss$(2,316)$(3,422)
Basic and diluted earnings (loss) per share:
Basic and diluted loss per share from continuing operations$(0.40)$(0.67)
Basic and diluted earnings per share from discontinued operations0.02 0.10 
Basic and diluted loss per share$(0.38)$(0.57)
Weighted-average number of common shares (basic)6,016 5,956 
Weighted-average number of common shares (diluted)6,016 5,956 


Consolidated Condensed Balance Sheets
(Amounts in thousands, except per share data)
(Unaudited)
December 31,
2024		September 30,
2024
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$3,143 $1,714 
Receivables, net of allowance for credit losses of $152 and $117, respectively
16,848 17,272 
Contract assets10,119 10,745 
Inventories, net5,683 6,230 
Refundable income taxes13 13 
Prepaid expenses and other current assets3,129 2,382 
Current assets of discontinued operations— 15,967 
Total current assets38,935 54,323 
Property, plant and equipment, net25,347 26,261 
Operating lease right-of-use assets, net13,132 13,326 
Goodwill3,493 3,493 
Other assets75 357 
Noncurrent assets of discontinued operations— 6,864 
Total assets$80,982 $104,624 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt, net of unamortized debt issuance costs$3,227 $353 
Promissory note — related party
— 3,510 
Revolver12,633 20,142 
Short-term operating lease liabilities892 879 
Accounts payable8,820 11,574 
Contract liabilities2,384 2,879 
Accrued liabilities (related party — nil and $880, respectively)
3,058 4,615 
Current liabilities of discontinued operations— 10,058 
Total current liabilities31,014 54,010 
Long-term debt, net of current maturities85 — 
Long-term operating lease liabilities, net of short-term12,844 13,035 
Deferred income taxes, net219 154 
Pension liability2,398 2,465 
Other long-term liabilities746 645 
Noncurrent liabilities of discontinued operations— 3,890 
Shareholders’ equity:
Serial preferred shares, no par value, authorized 1,000 shares; zero shares issued and outstanding at December 31, 2024 and September 30, 2024
— — 
Common shares, par value $1 per share, authorized 10,000 shares; issued and outstanding shares 6,147 at December 31, 2024 and 6,158 at September 30, 2024
6,147 6,158 
Additional paid-in capital11,778 11,775 
Retained earnings15,565 17,881 
Accumulated other comprehensive income (loss)186 (5,389)
Total shareholders’ equity33,676 30,425 
Total liabilities and shareholders’ equity$80,982 $104,624 


Non-GAAP Financial Measures
Presented below is certain financial information based on the Company’s EBITDA and Adjusted EBITDA. References to “EBITDA” mean earnings (losses) from continuing operations before interest, taxes, depreciation and amortization, and references to “Adjusted EBITDA” mean EBITDA plus, as applicable for each relevant period, certain adjustments as set forth in the reconciliations of net income to EBITDA and Adjusted EBITDA.
Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under generally accepted accounting principles in the United States of America (“GAAP”). The Company presents EBITDA and Adjusted EBITDA because management believes that they are useful indicators for evaluating operating performance, including the Company’s ability to incur and service debt and it uses EBITDA to evaluate prospective acquisitions. Although the Company uses EBITDA and Adjusted EBITDA for the reasons noted above, the use of these non-GAAP financial measures as analytical tools has limitations. Therefore, reviewers of the Company’s financial information should not consider them in isolation, or as a substitute for analysis of the Company’s results of operations as reported in accordance with GAAP. Some of these limitations include:
•Neither EBITDA nor Adjusted EBITDA reflects the interest expense or the cash requirements necessary to service interest payments on indebtedness;
•Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and neither EBITDA nor Adjusted EBITDA reflects any cash requirements for such replacements;
•The omission of the amortization expense associated with the Company’s intangible assets further limits the usefulness of EBITDA and Adjusted EBITDA; and
•Neither EBITDA nor Adjusted EBITDA includes the payment of taxes, which is a necessary element of operations.
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to the Company to invest in the growth of its businesses. Management compensates for these limitations by not viewing EBITDA or Adjusted EBITDA in isolation and specifically by using other GAAP measures, such as net income (loss), net sales, and operating income (loss), to measure operating performance. Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under GAAP, and neither should be considered as an alternative to net loss or cash flow from operations determined in accordance with GAAP. The Company’s calculation of EBITDA and Adjusted EBITDA may not be comparable to the calculation of similarly titled measures reported by other companies.
The following table sets forth a reconciliation of net loss to EBITDA and Adjusted EBITDA:
Three Months Ended
December 31,
Dollars in thousands20242023
Net loss$(2,316)$(3,422)
Less: Income from discontinued operations, net of tax106 647 
Loss from continuing operations(2,422)(4,069)
Adjustments:
Depreciation and amortization expense1,181 1,232 
Interest expense, net469 342 
Income tax expense5 6 
EBITDA(767)(2,489)
Adjustments:
Foreign currency exchange (gain) loss, net (1)
(2)4 
Other expense, net (2)
38 69 
Non-recurring severance expense adjustments (3)
(22)— 
Equity compensation (3)
21 86 
Transaction-related expense adjustments (4)
(17)— 
LIFO impact (5)
501 293 
IT incident costs, net (6)
— (1)
Strategic alternative expense (7)
— 187 
Adjusted EBITDA$(248)$(1,851)
(1)Represents the gain or loss from changes in the exchange rates between the functional currency and the foreign currency in which the transaction is denominated.


(2)Represents miscellaneous non-operating income or expense, such as pension costs or grant income.
(3)Represents the equity-based compensation expense recognized by the Company under the 2016 Plan due to granting of awards, awards not vesting and/or forfeitures and executive severance.
(4)Represents credits related to transaction-related legal fees incurred primarily in connection with the unsuccessful acquisition of another company.
(5)Represents the change in the reserve for inventories for which cost is determined using the last-in, first-out (“LIFO”) method.
(6)Represents incremental information technology costs (and credits) as it relates to the cybersecurity incident and loss on insurance recovery.
(7)Represents expense related to evaluation of strategic alternatives.
Reference to the above activities can be found in the consolidated financial statements included in Item 8 of the Company's Annual Report on Form 10-K.
Contacts
SIFCO Industries, Inc.
Jennifer Wilson, 216-881-8600
www.sifco.com

v3.25.0.1
Cover
Feb. 14, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 14, 2025
Entity Registrant Name SIFCO Industries, Inc.
Entity Incorporation, State or Country Code OH
Entity File Number 1-5978
Entity Tax Identification Number 34-0553950
Entity Address, Postal Zip Code 44103
Entity Address, State or Province OH
Entity Address, City or Town Cleveland
Entity Address, Address Line One 970 East 64th Street,
City Area Code 216
Local Phone Number 881-8600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Shares
Trading Symbol SIF
Security Exchange Name NYSEAMER
Amendment Flag false
Entity Central Index Key 0000090168
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