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

Cleveland - SIFCO Industries, Inc. (NYSE American: SIF) today announced financial results for its third quarter of fiscal 2018, which ended June 30, 2018.
Third Quarter 2018 Highlights
Backlog as of June 30, 2018 was $94.4 million. Our delivery requirements for the balance of the fiscal year total $39.7 million.
Results for the Third Quarter
Net sales in the third quarter of fiscal 2018 decreased 4.9% to $28.7 million, compared with $30.2 million in the third quarter of fiscal 2017.
Net loss for the third quarter of fiscal 2018 was $1.5 million, or ($0.28) per diluted share, compared with a loss of $6.2 million or ($1.13) per diluted share, in the third quarter of fiscal 2017.
EBITDA was $0.8 million in the third quarter of fiscal 2018 compared with a loss of $2.6 million in the third quarter of fiscal 2017, showing continued sequential quarter-over-quarter improvement in pre-tax results after one-time non-GAAP measures are considered. See "Use of Non-GAAP Financial Measures" section and "Supplemental Data" section within release for important information regarding EBITDA, Adjusted EBITDA and other adjustments presented in this release.
Adjusted EBITDA in the third quarter of fiscal 2018 was $1.7 million compared with Adjusted EBITDA of $2.0 million in the third quarter of fiscal 2017.
Results for the Year to Date
Net sales in the first nine months of fiscal 2018 decreased 13.1% to $80.7 million, compared with $92.9 million in fiscal 2017.
Net loss for the first nine months of fiscal 2018 was $4.5 million, or ($0.81) per diluted share, compared with net loss of $10.5 million, or ($1.91) per diluted share, in the first nine months of fiscal 2017.
EBITDA was $2.8 million in the first nine months of fiscal 2018 compared with a loss of $0.5 million in the first nine months of fiscal 2017.
Adjusted EBITDA in the first nine months of fiscal 2018 was $2.1 million with Adjusted EBITDA of $6.4 million in the first nine months of fiscal 2017.
Subsequent to quarter-end, the Company finalized a new credit agreement with a new lender, which is comprised of a senior secured revolving credit facility with a maximum borrowing amount of $30.0 million. Amounts borrowed will be used to repay the amounts outstanding under the Company's existing credit agreement at June 30, 2018, for working capital purposes, for general corporate purposes and to pay fees and expenses associated with this transaction.
Also following the quarter-end, the Company auctioned off assets previously identified for sale (including machinery and equipment) at its closed location in Alliance, Ohio.

CEO Peter W. Knapper stated, "We continue to show progress in our business fundamentals and are very pleased to announce a new credit agreement with J.P. Morgan Chase.  This agreement embodies advantageous terms and reduced costs for SIFCO and we look forward to a long and mutually beneficial relationship with our new lender.  I want to commend Tom Kubera for leading this project and congratulate him on his recently announced appointment to Chief Financial Officer of the Company.



The following information was filed by Sifco Industries Inc (SIF) on Thursday, August 9, 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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