QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
☒ | Smaller reporting company | ||||||||||
Emerging growth company |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Three Months Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | $ | |||||||||
Cost of goods sold | |||||||||||
Gross profit | |||||||||||
Selling, general and administrative expenses | |||||||||||
Amortization of intangible assets | |||||||||||
Gain on insurance recoveries | ( | ||||||||||
Operating (loss) income | ( | ||||||||||
Interest expense | |||||||||||
Foreign currency exchange loss, net | |||||||||||
Other loss (income), net | ( | ||||||||||
(Loss) income before income tax benefit | ( | ||||||||||
Income tax benefit | ( | ( | |||||||||
Net (loss) income | $ | ( | $ | ||||||||
Net (loss) income per share | |||||||||||
Basic | $ | ( | $ | ||||||||
Diluted | $ | ( | $ | ||||||||
Weighted-average number of common shares (basic) | |||||||||||
Weighted-average number of common shares (diluted) |
Three Months Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Net (loss) income | $ | ( | $ | ||||||||
Other comprehensive (loss) income: | |||||||||||
Foreign currency translation adjustment, net of tax $ | ( | ||||||||||
Retirement plan liability adjustment, net of tax $ | |||||||||||
Other | ( | ||||||||||
Comprehensive (loss) income | $ | ( | $ |
December 31, 2021 | September 30, 2021 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables, net of allowance for doubtful accounts of $ | |||||||||||
Contract assets | |||||||||||
Inventories, net | |||||||||||
Refundable income taxes | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease right-of-use assets, net | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current maturities of long-term debt | $ | $ | |||||||||
Revolver | |||||||||||
Short-term operating lease liabilities | |||||||||||
Accounts payable | |||||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net of current maturities | |||||||||||
Long-term operating lease liabilities, net of short-term | |||||||||||
Deferred income taxes | |||||||||||
Pension liability | |||||||||||
Other long-term liabilities | |||||||||||
Shareholders’ equity: | |||||||||||
Serial preferred shares, no par value, authorized | |||||||||||
Common shares, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) income | $ | ( | $ | ||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of debt issuance costs | |||||||||||
Gain on insurance proceeds received for damaged property | ( | ||||||||||
LIFO effect | |||||||||||
Share transactions under company stock plan | |||||||||||
Other long-term liabilities | ( | ||||||||||
Deferred income taxes | ( | ( | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | |||||||||||
Contract assets | ( | ||||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other current assets | |||||||||||
Other assets | ( | ||||||||||
Accounts payable | |||||||||||
Other accrued liabilities | ( | ( | |||||||||
Accrued income and other taxes | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Insurance proceeds received for damaged property | |||||||||||
Capital expenditures | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | |||||||||||
Payments on long-term debt | ( | ( | |||||||||
Proceeds from revolving credit agreement | |||||||||||
Repayments of revolving credit agreement | ( | ( | |||||||||
Short-term debt borrowings | |||||||||||
Short-term debt repayments | ( | ( | |||||||||
Net cash used for financing activities | ( | ( | |||||||||
Increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents at the beginning of the period | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at the end of the period | $ | $ | |||||||||
Supplemental disclosure of cash flow information of operations: | |||||||||||
Cash paid for interest | $ | ( | $ | ( | |||||||
Cash paid for income taxes, net | $ | $ | ( | ||||||||
Three Months Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Common | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance - September 30, 2021 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Comprehensive loss | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||
Performance and restricted share expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Share transactions under equity based plans | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance - December 31, 2021 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Common | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance - September 30, 2020 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | |||||||||||||||||||||||||||||||||||
Performance and restricted share expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Share transactions under equity based plans | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance - December 31, 2020 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net (loss) income | $ | ( | $ | |||||||||||
Weighted-average common shares outstanding (basic) | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||
Restricted shares | ||||||||||||||
Performance shares | ||||||||||||||
Weighted-average common shares outstanding (diluted) | ||||||||||||||
Net (loss) income per share – basic: | $ | ( | $ | |||||||||||
Net (loss) income per share – diluted: | $ | ( | $ | |||||||||||
Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share |
December 31, 2021 | September 30, 2021 | ||||||||||
Raw materials and supplies | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Total inventories | $ | $ |
December 31, 2021 | September 30, 2021 | ||||||||||
Foreign currency translation adjustment | $ | ( | $ | ( | |||||||
Retirement plan liability adjustment, net of tax | ( | ( | |||||||||
Other | ( | ||||||||||
Total accumulated other comprehensive loss | $ | ( | $ | ( |
Three Months Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Finance lease expense: | ||||||||||||||
Amortization of right-of use assets on finance leases | $ | $ | ||||||||||||
Interest on lease liabilities | ||||||||||||||
Operating lease expense | ||||||||||||||
Variable lease cost | ||||||||||||||
Total lease expense | $ | $ |
Classification in the consolidated condensed balance sheets | December 31, 2021 | September 30, 2021 | |||||||||||||||
Assets: | |||||||||||||||||
Finance lease assets | $ | $ | |||||||||||||||
Operating lease assets | Operating lease right-of-use assets, net | ||||||||||||||||
Total lease assets | $ | $ | |||||||||||||||
Current liabilities: | |||||||||||||||||
Finance lease liabilities | $ | $ | |||||||||||||||
Operating lease liabilities | Short-term operating lease liabilities | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||
Finance lease liabilities | |||||||||||||||||
Operating lease liabilities | Long-term operating lease liabilities, net of short-term | ||||||||||||||||
Total lease liabilities | $ | $ |
December 31, 2021 | December 31, 2020 | ||||||||||
Other Information | |||||||||||
Cash paid for amounts included in measurement of liabilities: | |||||||||||
Operating cash flows from operating leases | $ | $ | |||||||||
Operating cash flows from finance leases | |||||||||||
Financing cash flows from finance leases | |||||||||||
December 31, 2021 | September 30, 2021 | ||||||||||
Weighted-average remaining lease term (years): | |||||||||||
Finance leases | |||||||||||
Operating leases | |||||||||||
Weighted-average discount rate: | |||||||||||
Finance leases | % | % | |||||||||
Operating leases | % | % |
Finance Leases | Operating Leases | |||||||
Year ending September 30, | ||||||||
2022 (excluding the three months ended December 31, 2021) | $ | $ | ||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total lease payments | $ | $ | ||||||
Less: Imputed interest | ( | |||||||
Present value of lease liabilities | $ | $ |
December 31, 2021 | September 30, 2021 | ||||||||||
Revolving credit agreement | $ | $ | |||||||||
Foreign subsidiary borrowings | |||||||||||
Finance lease obligations | |||||||||||
Other, net of unamortized debt issuance costs $( | |||||||||||
Total debt | |||||||||||
Less – current maturities | ( | ( | |||||||||
Total long-term debt | $ | $ |
December 31, 2021 | September 30, 2021 | ||||||||||
Term loan | $ | $ | |||||||||
Short-term borrowings | |||||||||||
Factor | |||||||||||
Total debt | $ | $ | |||||||||
Less – current maturities | ( | ( | |||||||||
Total long-term debt | $ | $ | |||||||||
Receivables pledged as collateral | $ | $ |
Three Months Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Service cost | $ | $ | ||||||||||||
Interest cost | ||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||
Amortization of net loss | ||||||||||||||
Net periodic cost | $ | ( | $ |
Three Months Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Commercial revenue | $ | $ | ||||||||||||
Military revenue | ||||||||||||||
Total | $ | $ |
Three Months Ended December 31, | ||||||||||||||
Net Sales | 2021 | 2020 | ||||||||||||
Aerospace components for: | ||||||||||||||
Fixed wing aircraft | $ | $ | ||||||||||||
Rotorcraft | ||||||||||||||
Energy components for power generation units | ||||||||||||||
Commercial product and other revenue | ||||||||||||||
Total | $ | $ |
Three Months Ended December 31, | ||||||||||||||
Net Sales | 2021 | 2020 | ||||||||||||
North America | $ | $ | ||||||||||||
Europe | ||||||||||||||
Total | $ | $ |
Contract assets - Beginning balance, October 1, 2021 | $ | |||||||
Additional revenue recognized over-time | ||||||||
Less amounts billed to the customers | ( | |||||||
Contract assets - Ending balance, December 31, 2021 | $ |
Contract liabilities (included within Accrued liabilities) - Beginning balance, October 1, 2021 | $ | ( | ||||||
Payments received in advance of performance obligations | ( | |||||||
Performance obligations satisfied | ||||||||
Contract liabilities (included within Accrued liabilities) - Ending balance, December 31, 2021 | $ | ( |
(Dollars in millions) | Three Months Ended December 31, | Increase/ (Decrease) | |||||||||||||||
Net Sales | 2021 | 2020 | |||||||||||||||
Aerospace components for: | |||||||||||||||||
Fixed wing aircraft | $ | 9.9 | $ | 9.8 | $ | 0.1 | |||||||||||
Rotorcraft | 3.5 | 7.7 | (4.2) | ||||||||||||||
Energy components for power generation units | 3.6 | 6.5 | (2.9) | ||||||||||||||
Commercial product and other revenue | 2.2 | 1.1 | 1.1 | ||||||||||||||
Total | $ | 19.2 | $ | 25.1 | $ | (5.9) |
Weighted Average Interest Rate Three Months Ended December 31, | Weighted Average Outstanding Balance Thee Months Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revolving credit agreement | 1.6 | % | 1.5 | % | $ 8.7 million | $ 10.8 million | |||||||||||||||||
Foreign term debt | 1.2 | % | 3.0 | % | $ 6.0 million | $ 7.1 million | |||||||||||||||||
Other debt | 1.1 | % | 0.9 | % | $ 5.6 million | $ 5.8 million |
Dollars in thousands | Three Months Ended | |||||||||||||
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net (loss) income | $ | (3,691) | $ | 2,993 | ||||||||||
Adjustments: | ||||||||||||||
Depreciation and amortization expense | 1,614 | 1,825 | ||||||||||||
Interest expense, net | 115 | 165 | ||||||||||||
Income tax benefit | (49) | (905) | ||||||||||||
EBITDA | (2,011) | 4,078 | ||||||||||||
Adjustments: | ||||||||||||||
Foreign currency exchange loss, net (1) | 5 | 7 | ||||||||||||
Other loss (income), net (2) | (32) | 62 | ||||||||||||
Gain on insurance recoveries (3) | — | (2,495) | ||||||||||||
Equity compensation (4) | 161 | 143 | ||||||||||||
LIFO impact (5) | 176 | 128 | ||||||||||||
Adjusted EBITDA | $ | (1,701) | $ | 1,923 |
Exhibit No. | Description | |||||||
2.1 | ||||||||
2.2 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
9.1 | ||||||||
9.2 | ||||||||
9.3 | ||||||||
9.4 | ||||||||
9.5 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 |
10.12 | ||||||||
10.13 | ||||||||
10.14 | ||||||||
10.15 | ||||||||
10.16 | ||||||||
10.17 | ||||||||
10.18 | ||||||||
10.19 | ||||||||
10.20 | ||||||||
10.21 | ||||||||
10.22 | ||||||||
10.23 | ||||||||
14.1 | ||||||||
*31.1 | ||||||||
*31.2 | ||||||||
*32.1 | ||||||||
*32.2 | ||||||||
*101 | The following financial information from SIFCO Industries, Inc. Quarterly Report on Form 10-Q for the quarter ended December 31, 2021 filed with the SEC on February 4, 2022, formatted in XBRL includes: (i) Consolidated Condensed Statements of Operations for the fiscal periods ended December 31, 2021 and 2020, (ii) Consolidated Condensed Statements of Comprehensive Income for the fiscal periods ended December 31, 2021 and 2020, (iii) Consolidated Condensed Balance Sheets at December 31, 2021 and September 30, 2021, (iv) Consolidated Condensed Statements of Cash Flow for the fiscal periods ended December 31, 2021 and 2020, (iv) Consolidated Condensed Statements of Shareholders' Equity for the periods December 31, 2021 and 2020, and (v) the Notes to the Consolidated Condensed Financial Statements. | |||||||
*104 | Cover Page Interactive Data File: the cover page XBRL tags are embedded within the Inline XBRL document and are contained with Exhibit 101 |
SIFCO Industries, Inc. | ||||||||
(Registrant) | ||||||||
Date: February 4, 2022 | /s/ Peter W. Knapper | |||||||
Peter W. Knapper | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: February 4, 2022 | /s/ Thomas R. Kubera | |||||||
Thomas R. Kubera | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: February 4, 2022 | /s/ Peter W. Knapper | |||||||
Peter W. Knapper | ||||||||
President and Chief Executive Officer |
Date: February 4, 2022 | /s/ Thomas R. Kubera | |||||||
Thomas R. Kubera | ||||||||
Chief Financial Officer | ||||||||
Date: February 4, 2022 | /s/ Peter W. Knapper | |||||||
Peter W. Knapper | ||||||||
President and Chief Executive Officer |
Date: February 4, 2022 | /s/ Thomas R. Kubera | |||||||
Thomas R. Kubera | ||||||||
Chief Financial Officer | ||||||||
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Statement [Abstract] | ||
Net sales | $ 19,247 | $ 25,078 |
Cost of goods sold | 19,238 | 21,155 |
Gross profit | 9 | 3,923 |
Selling, general and administrative expenses | 3,536 | 3,827 |
Amortization of intangible assets | 125 | 269 |
Gain on insurance recoveries | 0 | (2,495) |
Operating (loss) income | (3,652) | 2,322 |
Interest expense | 115 | 165 |
Foreign currency exchange loss, net | 5 | 7 |
Other loss (income), net | (32) | 62 |
(Loss) income before income tax benefit | (3,740) | 2,088 |
Income tax benefit | (49) | (905) |
Net (loss) income | $ (3,691) | $ 2,993 |
Net (loss) income per share | ||
Basic (in dollars per share) | $ (0.64) | $ 0.53 |
Diluted (in dollars per share) | $ (0.64) | $ 0.51 |
Weighted-average number of common shares (basic) (in shares) | 5,800 | 5,691 |
Weighted-average number of common shares (diluted) (in shares) | 5,800 | 5,890 |
Consolidated Condensed Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (3,691) | $ 2,993 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustment, net of tax $0 and $0 for the three months ended, respectively | (117) | 287 |
Retirement plan liability adjustment, net of tax $0 and $0 for the three months ended, respectively | 119 | 211 |
Other | (6) | 0 |
Comprehensive (loss) income | $ (3,695) | $ 3,491 |
Consolidated Condensed Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustment, tax | $ 0 | $ 0 |
Retirement plan liability adjustment, tax | $ 0 | $ 0 |
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 160 | $ 167 |
Serial preferred shares, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common shares, par value (in dollars per share) | $ 1 | $ 1 |
Common shares, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common shares, shares issued (in shares) | 6,003,000 | 5,987,000 |
Common shares, shares outstanding (in shares) | 6,003,000 | 5,987,000 |
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies A. Principles of Consolidation The accompanying unaudited consolidated condensed financial statements include the accounts of SIFCO Industries, Inc. and its wholly-owned subsidiaries (the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The U.S. dollar is the functional currency for all of the Company’s operations in the United States ("U.S.") and its non-operating subsidiaries. For these operations, all gains and losses from completed currency transactions are included in income. The functional currency for the Company's other non-U.S. subsidiaries is the Euro. Assets and liabilities are translated into U.S. dollars at the rates of exchange at the end of the period, and revenues and expenses are translated using average rates of exchange for the period. Foreign currency translation adjustments are reported as a component of accumulated other comprehensive loss in the unaudited consolidated condensed financial statements. These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s fiscal 2021 Annual Report on Form 10-K. The year-end consolidated balance sheet data was derived from the audited financial statements and disclosures required by accounting principles generally accepted in the U.S. The results of operations for any interim period are not necessarily indicative of the results to be expected for other interim periods or the full year. B. Accounting Policies A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company's fiscal 2021 Annual Report on Form 10-K. C. Net (Loss)/Income per Share The Company’s net loss and net income per basic share has been computed based on the weighted-average number of common shares outstanding. Due to the net loss in the current period, zero restricted and performance shares are included in the calculation of diluted earnings per share because the effect would be anti-dilutive. In the prior period, net income per diluted share reflects the effect of the Company's outstanding restricted shares and performance shares under the treasury method. The dilutive effect is as follows:
D. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, "Income Taxes (ASC 740) – Simplifying the Accounting for Income Taxes," which is intended to reduce complexity in the accounting for income taxes while maintaining or improving the usefulness of information provided to financial statement users. The guidance amends certain existing provisions under ASC 740 to address a number of distinct items. The Company adopted ASU 2019-12 effective October 1, 2021. Adoption of the amendments in this ASU did not have an impact to the Company's results of operations and financial condition.
|
Inventories |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consist of:
For a portion of the Company's inventory, cost is determined using the last-in, first-out ("LIFO") method. Approximately 44% and 39% of the Company’s inventories at December 31, 2021 and September 30, 2021, respectively, use the LIFO method. An actual valuation of inventory under the LIFO method is made at the end of each fiscal year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because the actual results may vary from these estimates, calculations are subject to many factors beyond management’s control, and annual results may differ from interim results as they are subject to adjustments based on the differences between the estimates and the actual results. The first-in, first-out (“FIFO”) method is used for the remainder of the inventories, which are stated at the lower of cost or net realizable value. If the FIFO method had been used for the inventories for which cost is determined using the LIFO method, inventories would have been $9,386 and $9,210 higher than reported at December 31, 2021 and September 30, 2021, respectively.
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Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows:
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The components of lease expense were as follows:
The following table presents the impact of leasing on the consolidated condensed balance sheet.
Supplemental cash flow and other information related to leases were as follows:
Future minimum lease under non-cancellable leases at December 31, 2021 were as follows:
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Leases | Leases The components of lease expense were as follows:
The following table presents the impact of leasing on the consolidated condensed balance sheet.
Supplemental cash flow and other information related to leases were as follows:
Future minimum lease under non-cancellable leases at December 31, 2021 were as follows:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Debt consists of:
Credit Agreement and Security Agreement The Credit Agreement (as amended, the "Credit Agreement") contains affirmative and negative covenants and events of default. The total collateral at December 31, 2021 and September 30, 2021 was $23,328 and $25,370, respectively and the revolving commitment was $35,000 for both periods. Total availability at December 31, 2021 and September 30, 2021 was $12,157 and $14,570, respectively, which exceed both the collateral and total commitment threshold. Since the availability was greater than the 10.0% of the revolving commitment as of December 31, 2021 and September 30, 2021, no covenant calculations were required. The revolver has a rate based on LIBOR plus 2.25% spread, which was 2.3% at December 31, 2021 and a rate based on LIBOR plus 1.75% spread, which was 1.8% at September 30, 2021. The Export Credit Agreement as amended has a rate based on LIBOR plus 1.25% spread, which was 1.3% at December 31, 2021 and a rate based on LIBOR plus 1.25% spread, which was 1.3% at September 30, 2021, respectively. The Company also has a commitment fee of 0.25% under the Credit Agreement as amended to be incurred on the unused balance of the revolver. Foreign subsidiary borrowings Foreign debt consists of:
Interest rates on foreign borrowings are based on Euribor rates which range from 1.0% to 4.2%. The Maniago, Italy ("Maniago") location obtained borrowings from one lender in the first quarter of fiscal 2022. The loan was for $1,141 with repayment terms of six years. Under the terms of the borrowing, repayments are made quarterly in the amount of $56, beginning December 31, 2022. The Company factors receivables from one of its customers. The Company accounts for the pledge of receivables under this agreement as short-term debt and continues to carry the receivables on its consolidated condensed balance sheets. Debt issuance costs The Company had debt issuance costs of $86, which is included in the consolidated condensed balance sheets as a deferred charge in other current assets, net of amortization of $24 and $17 at December 31, 2021 and September 30, 2021, respectively. Other As of December 31, 2021 and September 30, 2021, the Paycheck Protection Program loan (the "PPP Loan") balance was $4,764. The Company has submitted the application for forgiveness of the full amount of the PPP Loan to the Small Business Administration ("SBA"). The Company was notified in January 2022 of the approval for the forgiveness of the PPP Loan (including the amounts previously paid and all accrued interest). See Note 10, Subsequent Events, for further discussion related to the status of loan forgiveness.
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Income Taxes |
3 Months Ended |
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Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor each interim reporting period, the Company makes an estimate of the effective tax rate it expects to be applicable for the full fiscal year for its operations. This estimated effective rate is used in providing for income taxes on a year-to-date basis. The Company’s effective tax rate through the first three months of fiscal 2022 was 1.3%, compared with (43)% for the same period of fiscal 2021. The increase in the effective rate was primarily attributable to tax benefits from adjusting deferred taxes recorded in Italy recognized on a discrete basis in fiscal 2021, which were non-recurring in fiscal 2022. The effective tax rate differs from the U.S. federal statutory rate due primarily to the valuation allowance against the Company’s U.S. deferred tax assets and income in foreign jurisdictions that are taxed at different rates than the U.S. statutory tax rate. The Company is subject to income taxes in the U.S. federal jurisdiction, Ireland, Italy, and various state and local jurisdictions. |
Retirement Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefit Plans | Retirement Benefit Plans The Company and certain of its subsidiaries sponsor defined benefit pension plans covering some of its employees. The components of net periodic benefit cost of the Company’s defined benefit plans are as follows:
During the three months ended December 31, 2021 and 2020, the Company made $0 in contributions to its defined benefit pension plans. The Company anticipates making $36 in cash contributions to fund its defined benefit pension plans for the balance of fiscal 2022 and will use carryover balances from previous periods that have been available for use as a credit to reduce the amount of cash contributions that the Company is required to make to certain defined benefit plans in fiscal 2022. The Company's ability to elect to use such carryover balance will be determined based on the actual funded status of each defined benefit pension plan relative to the plan's minimum regulatory funding requirements. The Company does not anticipate making cash contributions above the minimum funding requirement to fund its defined benefit pension plans during the balance of fiscal 2022.
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Stock-Based Compensation |
3 Months Ended |
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Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company awards performance and restricted shares under the Company's 2007 Long-Term Incentive Plan ("2007 Plan") and the Company's 2007 Long-Term Incentive Plan (Amended and Restated as of November 16, 2016) (as further amended, the "2016 Plan"). Through the end of the first quarter of 2022, the Company granted 74 shares under the 2016 Plan to certain key employees. The awards were split into two tranches, 44 performance shares and 30 shares of time-based restricted shares, with a grant date fair value of $8.00 per share. The awards vest over three years. If all outstanding share awards are ultimately earned and vest at the target number of shares, there are approximately 456 shares that remain available for award at December 31, 2021. If any of the outstanding share awards are ultimately earned and vest at greater than the target number of shares, up to a maximum of 200% or 150% of such target, then a fewer number of shares would be available for award. Stock-based compensation under the 2016 Plan was $161 and $143 during the first three months of fiscal 2022 and 2021, respectively. As of December 31, 2021, there was $779 of total unrecognized compensation cost related to the performance shares and restricted shares awarded under the 2016 Plan. The Company expects to recognize this cost over the next 1.6 years.
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Revenue |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue The Company produces forged components for (i) turbine engines that power commercial, business and regional aircraft as well as military aircraft and other military applications; (ii) airframe applications for a variety of aircraft; (iii) industrial gas and steam turbine engines for power generation units; and (iv) other commercial applications. The following table represents a breakout of total revenue by customer type:
The following table represents revenue by the various components:
The following table represents revenue by geographic region based on the Company's selling operation locations:
In addition to the disaggregated revenue information provided above, approximately 57% and 58% of total net sales as of December 31, 2021 and 2020, respectively, was recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized at a point in time. Contract Balances The following table contains a roll forward of contract assets and contract liabilities for the period ended December 31, 2021:
There were no impairment losses recorded on contract assets as of December 31, 2021 and September 30, 2021. Remaining performance obligations As of December 31, 2021, the Company has $75,730 of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.
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Subsequent Events |
3 Months Ended |
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Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsAs referenced in Note 5, Debt, the PPP Loan application for forgiveness was in review with the SBA as of December 31, 2021. In January 2022, the Company was notified by the SBA that the full PPP Loan originating amount of $5,025 was forgiven. All accrued interest was forgiven and the amount previously repaid by the Company of $261 was reimbursed to the Company by its lender. The Company elected to treat the PPP Loan as debt under FASB Topic 470. As such, the Company will derecognize the liability in the second quarter of fiscal 2022 when the loan was forgiven and the Company is legally released from the loan. |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited consolidated condensed financial statements include the accounts of SIFCO Industries, Inc. and its wholly-owned subsidiaries (the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The U.S. dollar is the functional currency for all of the Company’s operations in the United States ("U.S.") and its non-operating subsidiaries. For these operations, all gains and losses from completed currency transactions are included in income. The functional currency for the Company's other non-U.S. subsidiaries is the Euro. Assets and liabilities are translated into U.S. dollars at the rates of exchange at the end of the period, and revenues and expenses are translated using average rates of exchange for the period. Foreign currency translation adjustments are reported as a component of accumulated other comprehensive loss in the unaudited consolidated condensed financial statements. These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s fiscal 2021 Annual Report on Form 10-K. The year-end consolidated balance sheet data was derived from the audited financial statements and disclosures required by accounting principles generally accepted in the U.S. The results of operations for any interim period are not necessarily indicative of the results to be expected for other interim periods or the full year.
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Net (Loss)/Income per Share | Net (Loss)/Income per ShareThe Company’s net loss and net income per basic share has been computed based on the weighted-average number of common shares outstanding. |
Recently Adopted Accounting Standards | Recently Adopted Accounting StandardsIn December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, "Income Taxes (ASC 740) – Simplifying the Accounting for Income Taxes," which is intended to reduce complexity in the accounting for income taxes while maintaining or improving the usefulness of information provided to financial statement users. The guidance amends certain existing provisions under ASC 740 to address a number of distinct items. The Company adopted ASU 2019-12 effective October 1, 2021. Adoption of the amendments in this ASU did not have an impact to the Company's results of operations and financial condition. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dilutive Effect of Company's Restricted Shares and Performance Shares | The dilutive effect is as follows:
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Inventories (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories consist of:
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Accumulated Other Comprehensive Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss are as follows:
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Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Cost Components, Supplemental Cash Flow and Other information, and Weighted-Average Remaining Lease Term Schedules | The components of lease expense were as follows:
Supplemental cash flow and other information related to leases were as follows:
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Schedule of Supplemental Balance Sheet Information Schedule | The following table presents the impact of leasing on the consolidated condensed balance sheet.
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Schedule of Maturities of Finance Lease Liabilities by Fiscal Year Schedule | Future minimum lease under non-cancellable leases at December 31, 2021 were as follows:
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Schedule of Maturities of Operating Lease Liabilities by Fiscal Year Schedule | Future minimum lease under non-cancellable leases at December 31, 2021 were as follows:
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Debt consists of:
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Schedule of Foreign Debt | Foreign debt consists of:
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Retirement Benefit Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost of the Company’s defined benefit plans are as follows:
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Revenue (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table represents a breakout of total revenue by customer type:
The following table represents revenue by the various components:
The following table represents revenue by geographic region based on the Company's selling operation locations:
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Schedule of Contract Assets and Liabilities | The following table contains a roll forward of contract assets and contract liabilities for the period ended December 31, 2021:
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Summary of Significant Accounting Policies - Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Net (loss) income | $ (3,691) | $ 2,993 |
Weighted-average common shares outstanding (basic) (in shares) | 5,800 | 5,691 |
Effect of dilutive securities: | ||
Weighted-average common shares outstanding (diluted) (in shares) | 5,800 | 5,890 |
Net income per share | ||
Net income per share – basic (in dollars per share) | $ (0.64) | $ 0.53 |
Net income per share – diluted (in dollars per share) | $ (0.64) | $ 0.51 |
Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share (in shares) | 297 | 219 |
Restricted shares | ||
Effect of dilutive securities: | ||
Restricted and performance shares (in shares) | 0 | 161 |
Performance shares | ||
Effect of dilutive securities: | ||
Restricted and performance shares (in shares) | 0 | 38 |
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 4,941 | $ 4,111 |
Work-in-process | 5,740 | 3,560 |
Finished goods | 4,298 | 4,875 |
Total inventories | $ 14,979 | $ 12,546 |
Inventories - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Percentage of inventories determined using LIFO method | 44.00% | 39.00% |
Additional amount that would have been reported in inventory if FIFO method had been used | $ 9,386 | $ 9,210 |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
---|---|---|---|---|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | $ 45,981 | $ 49,622 | $ 49,141 | $ 45,523 |
Foreign currency translation adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | (5,476) | (5,359) | ||
Retirement plan liability adjustment, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | (3,601) | (3,720) | ||
Other | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | (6) | 0 | ||
Total accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | $ (9,083) | $ (9,079) | $ (12,970) | $ (13,468) |
Leases - Lease Cost Components Schedule (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Finance lease expense: | ||
Amortization of right-of use assets on finance leases | $ 12 | $ 16 |
Interest on lease liabilities | 1 | 1 |
Operating lease expense | 429 | 549 |
Variable lease cost | 30 | 35 |
Total lease expense | $ 472 | $ 601 |
Leases - Supplemental Balance Sheet Information Schedule (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
---|---|---|
Assets: | ||
Property, plant and equipment, net | $ 22 | $ 34 |
Operating lease right-of-use assets, net | 15,709 | 15,943 |
Total lease assets | 15,731 | 15,977 |
Current liabilities: | ||
Current maturities of long-term debt | 10 | 17 |
Short-term operating lease liabilities | 782 | 788 |
Non-current liabilities: | ||
Long-term debt, net of current maturities | 3 | 5 |
Long-term operating lease liabilities, net of short-term | 15,248 | 15,439 |
Total lease liabilities | $ 16,043 | $ 16,249 |
Finance lease, asset, statement of financial position [Extensible List] | Property, plant and equipment, net | Property, plant and equipment, net |
Current finance lease, liability, statement of financial position [Extensible List] | Current maturities of long-term debt | Current maturities of long-term debt |
Noncurrent finance lease, liability, statement of financial position [Extensible List] | Total long-term debt | Total long-term debt |
Leases - Supplemental Cash Flow Information and Non-Cash Activity Schedule (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Cash paid for amounts included in measurement of liabilities: | ||
Operating cash flows from operating leases | $ 430 | $ 551 |
Operating cash flows from finance leases | 1 | 1 |
Financing cash flows from finance leases | $ 13 | $ 14 |
Leases - Weighted-Average Remaining Lease Term and Discount Rate Schedule (Details) |
Dec. 31, 2021 |
Sep. 30, 2021 |
---|---|---|
Weighted-average remaining lease term (years): | ||
Finance leases | 1 year 3 months 18 days | 1 year 1 month 6 days |
Operating leases | 14 years 2 months 12 days | 14 years 4 months 24 days |
Weighted-average discount rate: | ||
Finance leases | 0.00% | 2.80% |
Operating leases | 5.90% | 5.90% |
Leases - Maturities of Lease Liabilities by Fiscal Year Schedule (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
---|---|---|
Finance Leases | ||
2022 (excluding the three months ended December 31, 2021) | $ 8 | |
2023 | 5 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Total lease payments | 13 | |
Less: Imputed interest | 0 | |
Present value of lease liabilities | 13 | $ 22 |
Operating Leases | ||
2022 (excluding the three months ended December 31, 2021) | 1,263 | |
2023 | 1,632 | |
2024 | 1,647 | |
2025 | 1,644 | |
2026 | 1,620 | |
Thereafter | 15,911 | |
Total lease payments | 23,717 | |
Less: Imputed interest | (7,687) | |
Present value of lease liabilities | $ 16,030 |
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Finance lease obligations | $ 13 | $ 22 |
Total debt | 20,706 | 21,165 |
Less – current maturities | (17,148) | (18,496) |
Total long-term debt | 3,558 | 2,669 |
Unamortized debt issuance costs | (29) | (32) |
Other, net of unamortized debt issuance costs $(29) and $(32), respectively | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 5,526 | 5,581 |
Revolving credit agreement | Revolving credit agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 9,301 | 8,930 |
Foreign subsidiary borrowings | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 5,866 | $ 6,632 |
Debt - Schedule of Foreign Subsidiary Borrowings (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Less – current maturities | $ (7,847) | $ (9,566) |
Total long-term debt | 3,558 | 2,669 |
Foreign subsidiary borrowings | ||
Line of Credit Facility [Line Items] | ||
Total debt | 5,866 | 6,632 |
Less – current maturities | (2,837) | (4,551) |
Total long-term debt | 3,029 | 2,081 |
Receivables pledged as collateral | 491 | 485 |
Term loan | Foreign subsidiary borrowings | ||
Line of Credit Facility [Line Items] | ||
Total debt | 3,890 | 3,127 |
Short-term borrowings | Foreign subsidiary borrowings | ||
Line of Credit Facility [Line Items] | ||
Total debt | 1,513 | 1,867 |
Factor | Foreign subsidiary borrowings | ||
Line of Credit Facility [Line Items] | ||
Total debt | $ 463 | $ 1,638 |
Income Taxes (Details) |
3 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate, percent | 1.30% | (43.00%) |
Retirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Retirement Benefits [Abstract] | ||
Service cost | $ 11 | $ 26 |
Interest cost | 178 | 175 |
Expected return on plan assets | (340) | (355) |
Amortization of net loss | 119 | 211 |
Net periodic cost | $ (32) | $ 57 |
Retirement Benefit Plans - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Retirement Benefits [Abstract] | ||
Contributions amount in defined benefit pension plans | $ 0 | $ 0 |
Additional cash contributions planned for fiscal 2022 | $ 36 |
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 19,247 | $ 25,078 |
Revenue from Contract with Customer | Customer Concentration Risk | Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk | 57.00% | 58.00% |
North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 15,862 | $ 19,766 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,385 | 5,312 |
Fixed wing aircraft | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,888 | 9,790 |
Rotorcraft | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,544 | 7,731 |
Energy components for power generation units | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,657 | 6,462 |
Commercial product and other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,158 | 1,095 |
Commercial revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,360 | 10,753 |
Military revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 10,887 | $ 14,325 |
Revenue - Contract Balances (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2021 |
Sep. 30, 2021 |
|
Change In Contract With Customer, Assets [Roll Forward] | ||
Contract assets - Beginning balance | $ 12,874,000 | |
Additional revenue recognized over-time | 11,245,000 | |
Less amounts billed to the customers | (10,812,000) | |
Contract assets - Ending balance | 13,307,000 | $ 12,874,000 |
Change In Contract With Customer, Liability [Roll Forward] | ||
Contract liabilities (included within Accrued liabilities) - Beginning balance | (236,000) | |
Payments received in advance of performance obligations | (1,152,000) | |
Performance obligations satisfied | 172,000 | |
Contract liabilities (included within Accrued liabilities) - Ending balance | (1,216,000) | (236,000) |
Impairment loss on contract assets | $ 0 | $ 0 |
Revenue - Performance Obligation (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 75,730 |
Subsequent Events (Details) - Unsecured Promissory Note - PPP Loan - Subsequent Event - JPMorgan Chase Bank, N.A. |
1 Months Ended |
---|---|
Jan. 31, 2022
USD ($)
| |
Subsequent Event [Line Items] | |
Face amount | $ 5,025,000 |
Repayment debt | $ 261,000 |
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