8-K

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 11, 2013

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))

Item 2.02 Results of Operations and Financial Condition.

On February 11, 2013, SIFCO Industries, Inc. issued a press release announcing its financial results for its first fiscal quarter ended December 31, 2012. 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 February 11, 2013.

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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 11, 2013
	/s/ Catherine M. Kramer
	Catherine M. Kramer
	Vice President – Finance and Chief Financial Officer (Principal Financial Officer)

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EX-99.1

Exhibit 99.1

SIFCO Industries, Inc. Announces First Quarter

Fiscal 2013 Financial Results

Cleveland - SIFCO Industries, Inc. (NYSE MKT: SIF) today announced financial results for its first quarter fiscal 2013, which ended December 31, 2012.

• Net sales from continuing operations increased 16.1% in the first quarter of fiscal 2013 to $28.7 million, compared with $24.7 million in the comparable period in fiscal 2012.

• Income from continuing operations in the first quarter of fiscal 2013 was $0.9 million, or $0.17 per diluted share, compared with $0.8 million, or $0.16 per diluted share in the comparable fiscal 2012 period.

• Income from discontinued operations, net of tax, which consists of the Company’s former Applied Surface Concepts segment, was $2.5 million in the first quarter of fiscal 2013, compared with $0.4 million in the comparable period of fiscal 2012.

• Net income in the first quarter of fiscal 2013 was $3.4 million, compared with $1.2 million in the comparable period in fiscal 2012.

• EBITDA in the first quarter of fiscal 2013 was $3.0 million, or 10.6% of net sales, compared with $2.9 million, or 11.7% of net sales, in the comparable fiscal 2012 period.

• Adjusted EBITDA in the first quarter of fiscal 2013 was $3.7 million, or 12.9% of net sales, compared with $3.6 million, or 14.7% of net sales, in the comparable fiscal 2012 period.

In December 2012, the Company completed the sale of its Applied Surface Concepts business segment. CEO Michael S. Lipscomb stated, “I am pleased with the performance of our Forged Components Group. 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.

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-Q for the quarter ended December 31, 2012 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 and sale of a variety of metalworking processes, services and products produced primarily to the specific design requirements of its customers. The processes and services include both conventional and precision forging, heat-treating, coating, welding, and machining. The products include both conventional and precision forged components, machined forged parts and other machined metal components, and remanufactured component parts for aerospace turbine engines. The Company’s operations are conducted in two business segments: (1) Forged Components Group, and (2) Turbine Components Services and Repair Group.

First Quarter Ended December 31, 2012 (Amounts in thousands, except per share data)

Consolidated Condensed Statements of Operations

	First Quarter
	Ended December 31,
	2012			2011
Net sales	$	28,700			24,726
Cost of goods sold		23,015			19,940
Selling, general, and administrative expenses		3,804			2,796
Amortization of intangible assets		559			815
Gain on disposal of operating assets		(125	)		0
Operating income		1,447			1,175
Interest expense, net		101			90
Foreign currency exchange loss (gain), net		7			(13	)
Other income, net		(77	)		(117	)
Income from continuing operations before income tax provision		1,416			1,215
Income tax provision		495			382
Income from continuing operations		921			833
Income from discontinued operations, net of tax		2,494			353
Net income	$	3,415			1,186
Income per share from continuing operations
Basic	$	0.17			0.16
Diluted	$	0.17			0.16
Income per share from discontinued operations
Basic	$	0.47			0.06
Diluted	$	0.46			0.06
Net income per share
Basic	$	0.64			0.22
Diluted	$	0.63			0.22
Weighted-average number of common shares (basic)		5,340			5,299
Weighted-average number of common shares (diluted)		5,385			5,325

Supplemental Information – Reconciliation of EBITDA and Adjusted EBITDA

	First Quarter
	Ended December 31,
	2012			2011
Net income	$	3,415			1,186
Less: Income from discontinued operations, net of tax		2,494			353
Income from continuing operations		921			833
Adjustments:
Depreciation and amortization		1,519			1,579
Interest expense, net		101			90
Income tax provision		495			382
EBITDA		3,036			2,884
Adjustments:
Inventory purchase accounting adjustments (1)		0			225
Acquisition transaction-related expenses (2)		15			137
Equity compensation expense (3)		24			239
Non-recurring severance expense (4)		813			0
LIFO expense (income) (5)		(178	)		159
Adjusted EBITDA	$	3,710			3,644

(1) Represents accounting adjustments to inventory associated with acquisitions of businesses that were charged to cost of goods sold when the inventory was sold.

(2) Represents transaction-related costs comprising legal, financial and tax due diligence expenses; and valuation services costs that are required to be expensed as incurred.

(3) Represents the equity based compensation expense recognized by the Company under its 2007 Long-term Incentive Plan.

(4) Represents severance expense related to the departure of an executive officer.

(5) Represents the increase (decrease) in the reserve for inventories for which cost is determined using the last-in, first-out (“LIFO”) method.

Contacts

SIFCO Industries, Inc.

Catherine M. Kramer, 216-881-8600

www.sifco.com