Document and Entity Information
Document and Entity Information - Jun. 30, 2015 - shares | Total |
Document Documentand Entity Information [Abstract] | |
Entity Registrant Name | SIFCO INDUSTRIES INC |
Entity Central Index Key | 90,168 |
Current Fiscal Year End Date | --09-30 |
Entity Filer Category | Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 5,448,007 |
Trading Symbol | SIF |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | $ 28,717 | $ 30,999 | $ 73,412 | $ 86,696 |
Cost of goods sold | 23,750 | 23,977 | 61,742 | 68,118 |
Gross profit | 4,967 | 7,022 | 11,670 | 18,578 |
Selling, general and administrative expenses | 5,863 | 3,927 | 14,793 | 10,512 |
Amortization of intangible assets | 520 | 545 | 1,560 | 1,635 |
Loss (gain) on disposal of operating assets | 61 | (1) | 63 | (3) |
Operating income (loss) | (1,477) | 2,551 | (4,746) | 6,434 |
Interest income | (3) | (4) | (10) | (14) |
Interest expense | 83 | 45 | 191 | 181 |
Foreign currency exchange (gain) loss, net | 109 | (2) | 52 | 4 |
Other income, net | (180) | (108) | (394) | (325) |
Income (loss) from continuing operations before income tax provision (benefit) | (1,486) | 2,620 | (4,585) | 6,588 |
Income tax provision (benefit) | (479) | 637 | (1,373) | 1,940 |
Income (loss) from continuing operations | (1,007) | 1,983 | (3,212) | 4,648 |
Income (loss) from discontinued operations, net of tax | 0 | (76) | 736 | (368) |
Net income (loss) | $ (1,007) | $ 1,907 | $ (2,476) | $ 4,280 |
Income (loss) per share from continuing operations | ||||
Basic (in dollars per share) | $ (0.19) | $ 0.37 | $ (0.59) | $ 0.86 |
Diluted (in dollars per share) | (0.19) | 0.37 | (0.59) | 0.86 |
Income (loss) per share from discontinued operations, net of tax | ||||
Basic (in dollars per share) | 0 | (0.01) | 0.14 | (0.07) |
Diluted (in dollars per share) | 0 | (0.01) | 0.14 | (0.07) |
Net income (loss) per share | ||||
Basic (in dollars per share) | (0.19) | 0.36 | (0.45) | 0.79 |
Diluted (in dollars per share) | $ (0.19) | $ 0.36 | $ (0.45) | $ 0.79 |
Weighted-average common shares outstanding (basic) (in shares) | 5,448 | 5,413 | 5,435 | 5,399 |
Weighted-average common shares outstanding (diluted) (in shares) | 5,454 | 5,431 | 5,449 | 5,420 |
Consolidated Condensed Stateme3
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income (loss) | $ (1,007) | $ 1,907 | $ (2,476) | $ 4,280 |
Other comprehensive income (loss), net of tax: | ||||
Retirement plan liability adjustment | 137 | 37 | 398 | 338 |
Interest rate swap agreement adjustment | 0 | 9 | 5 | 27 |
Comprehensive income (loss) | $ (870) | $ 1,953 | $ (2,073) | $ 4,645 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Sep. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 22,768 | $ 4,596 |
Receivables, net of allowance for doubtful accounts of $540 and $333, respectively | 25,691 | 25,915 |
Inventories, net | 27,450 | 18,919 |
Refundable income taxes | 1,233 | 410 |
Deferred income taxes | 791 | 791 |
Prepaid expenses and other current assets | 2,353 | 1,878 |
Current assets of business from discontinued operations | 0 | 392 |
Total current assets | 80,286 | 52,901 |
Property, plant and equipment, net | 38,112 | 37,148 |
Intangible assets, net | 9,930 | 11,490 |
Goodwill | 7,658 | 7,658 |
Other assets | 934 | 500 |
Total assets | 136,920 | 109,697 |
Current liabilities: | ||
Current maturities of long-term debt | 2,857 | 2,000 |
Accounts payable | 10,540 | 10,526 |
Accrued liabilities | 7,182 | 6,432 |
Current liabilities of business from discontinued operations | 10 | 196 |
Total current liabilities | 20,589 | 19,154 |
Long-term debt, net of current maturities | 36,008 | 8,429 |
Deferred income taxes | 772 | 774 |
Pension liability | 3,919 | 4,331 |
Other long-term liabilities | 335 | 389 |
Shareholders’ equity: | ||
Serial preferred shares, no par value, authorized 1,000 shares | 0 | 0 |
Common shares, par value $1 per share, authorized 10,000 shares; issued and outstanding shares – 5,468 at June 30, 2015 and 5,448 at September 30, 2014 | 5,468 | 5,448 |
Additional paid-in capital | 9,832 | 9,102 |
Retained earnings | 70,207 | 72,683 |
Accumulated other comprehensive loss | (10,210) | (10,613) |
Total shareholders’ equity | 75,297 | 76,620 |
Total liabilities and shareholders’ equity | $ 136,920 | $ 109,697 |
Consolidated Condensed Balance5
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Sep. 30, 2014 |
Receivables, allowance for doubtful accounts | $ 540 | $ 333 |
Serial preferred shares, no par value (in dollars per share) | $ 0 | $ 0 |
Serial preferred shares, number of shares authorized | 1,000,000 | 1,000,000 |
Common shares, par value (in dollars per share) | $ 1 | $ 1 |
Common shares, number of shares authorized | 10,000,000 | 10,000,000 |
Common shares, number of shares issued | 5,468,000 | 5,448,000 |
Common shares, number of shares outstanding | 5,468,000 | 5,448,000 |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (2,476) | $ 4,280 |
(Income) loss from discontinued operations, net of tax | (736) | 368 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 5,413 | 5,104 |
Loss (gain) on disposal of operating assets | 63 | (3) |
LIFO (income) expense | 558 | (246) |
Share transactions under company stock plan | 750 | 790 |
Other long-term liabilities | (64) | (370) |
Deferred income taxes | (2) | 41 |
Changes in operating assets and liabilities: | ||
Receivables | 224 | 3,946 |
Inventories | (9,090) | (3,875) |
Refundable taxes | (823) | 0 |
Prepaid expenses and other current assets | (473) | (759) |
Other assets | (32) | (55) |
Accounts payable | 2,306 | 5,678 |
Other accrued liabilities | 1,912 | (713) |
Accrued income and other taxes | (73) | (905) |
Net cash provided by (used for) operating activities of continuing operations | (2,543) | 13,281 |
Net cash provided by (used for) operating activities of discontinued operations | (479) | 509 |
Cash flows from investing activities: | ||
Proceeds from disposal of operating assets | 2 | 0 |
Capital expenditures | (7,174) | (8,312) |
Net cash used for investing activities of continuing operations | (7,172) | (8,312) |
Net cash provided by investing activities of discontinued operations | 1,422 | 950 |
Cash flows from financing activities: | ||
Proceeds on long term debt | 20,000 | 0 |
Payments on long term debt | (4,000) | (3,892) |
Proceeds from revolving credit agreement | 58,802 | 28,464 |
Repayments of revolving credit agreement | (46,044) | (29,841) |
Payment of debt issue costs | (724) | 0 |
Proceeds from exercise of stock options | 0 | 4 |
Cash dividends paid | (1,090) | (1,081) |
Net cash provided by (used for) financing activities of continuing operations | 26,944 | (6,346) |
Increase in cash and cash equivalents | 18,172 | 82 |
Cash and cash equivalents at the beginning of the period | 4,596 | 4,508 |
Cash and cash equivalents at the end of the period | 22,768 | 4,590 |
Supplemental disclosure of cash flow information of continuing operations: | ||
Cash paid for interest | (189) | (155) |
Cash paid for income taxes, net | $ 31 | $ (2,384) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2015 | |
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. The U.S. dollar is the functional currency for all of the Company’s U.S. operations and its Irish subsidiary. For these operations, all gains and losses from completed currency transactions are included in income currently. 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 2014 Annual Report on Form 10-K. 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 2014 Annual Report on Form 10-K. Since the Annual Report, the Company has changed its estimates process for its workers' compensation reserve. The Company uses a third party actuary to evaluate its reserves annually. Effective in the first quarter of fiscal 2015, the Company changed to a new third party administrator that also evaluates the reserve on a monthly basis. The change in administrators resulted in a reduction in the Company's reserve and a corresponding decrease in expense of approximately $400 . The change is reflected in the Company's first nine months of fiscal 2015 results. C. Net Income (Loss) per Share The Company’s net income (loss) per basic share has been computed based on the weighted-average number of common shares outstanding. Net income (loss) per diluted share reflects the effect of the Company’s outstanding stock options, restricted shares and performance shares under the treasury stock method. The dilutive effect of the Company’s restricted shares and performance shares were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Income (loss) from continuing operations $ (1,007 ) $ 1,983 $ (3,212 ) $ 4,648 Income (loss) from discontinued operations, net of tax — (76 ) 736 (368 ) Net income (loss) $ (1,007 ) $ 1,907 $ (2,476 ) $ 4,280 Weighted-average common shares outstanding (basic) 5,448 5,413 5,435 5,399 Effect of dilutive securities: Restricted shares 6 18 13 16 Performance shares — — 1 5 Weighted-average common shares outstanding (diluted) 5,454 5,431 5,449 5,420 Net income (loss) per share – basic Continuing operations $ (0.19 ) $ 0.37 $ (0.59 ) $ 0.86 Discontinued operations — (0.01 ) 0.14 (0.07 ) Net income (loss) $ (0.19 ) $ 0.36 $ (0.45 ) $ 0.79 Net income (loss) per share – diluted: Continuing operations $ (0.19 ) $ 0.37 $ (0.59 ) $ 0.86 Discontinued operations — (0.01 ) 0.14 (0.07 ) Net income (loss) $ (0.19 ) $ 0.36 $ (0.45 ) $ 0.79 Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share 15 17 15 20 D. Derivative Financial Instruments The Company used an interest rate swap agreement to reduce risk related to variable-rate debt, which was subject to changes in market rates of interest. The interest rate swap is designated as a cash flow hedge. At September 30, 2014, the Company held one interest rate swap agreement with a notional amount of $4,000 . The interest rate swap matured as of December 31, 2014. Cash flows related to the interest rate swap agreement are included in interest expense. The Company’s interest rate swap agreement and its variable-rate term debt were based upon LIBOR. During the first quarter of fiscal 2015, the Company’s interest rate swap agreement qualified as a fully effective cash flow hedge against the Company’s variable-rate term note interest risk. E. Impact of Recently Adopted Accounting Standards In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which expands upon the guidance on the presentation of debt issuance costs. The ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. This guidance requires retrospective application and is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years, with early adoption permitted. The Company has elected to early adopt the ASU at June 30, 2015. The effect of the ASU did not impact prior periods as there was no previous debt issuance costs. See Note 4 for further disclosure. F. Impact to Recently Issued Accounting Standards In January 2015, the FASB issued ASU No. 2015-01, "Income Statement-Extraordinary and Unusual Items (Subtopic 225-20)," which eliminates the extraordinary items concept from GAAP. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. The ASU is effective for the Company on October 1, 2016. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-04, "Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement," which identifies and determines whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. If a cloud computing arrangement does not contain a software license, it should be accounted for as a service contract. This ASU is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Company's consolidated financial statements. G. Reclassifications Certain prior period amounts were reclassified to conform to the current consolidated financial statement presentation. During fiscal 2015, the Company revised the classification of certain department expenses between cost of goods sold and selling, general, and administrative line items. The effect of this revision had no impact on total operating income, but it revised the total of cost of goods sold for the nine months ended and three months ended June 30, 2014 from $67,665 to $68,118 and from $23,842 to $23,977 , respectively. Selling, general, and administrative expenses were revised for the nine months ended and three months ended June 30, 2014 from $10,965 to $10,512 and from $4,062 to $3,927 , respectively. |
Inventories
Inventories | 9 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of: June 30, September 30, Raw materials and supplies $ 8,119 $ 5,957 Work-in-process 8,645 6,232 Finished goods 10,686 6,730 Total inventories $ 27,450 $ 18,919 Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (“LIFO”) method for 48% and 40% of the Company’s inventories at June 30, 2015 and September 30, 2014, respectively. The first-in, first-out (“FIFO”) method is used for the remainder of the inventories. If the FIFO method had been used for the inventories for which cost is determined using the LIFO method, inventories would have been $8,437 and $7,879 higher than reported at June 30, 2015 and September 30, 2014 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: June 30, September 30, Foreign currency translation adjustment, net of tax $ (5,851 ) $ (5,851 ) Retirement plan liability adjustment, net of tax (4,359 ) (4,757 ) Interest rate swap agreement adjustment, net of tax — (5 ) Total accumulated other comprehensive loss $ (10,210 ) $ (10,613 ) |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of: June 30, September 30, Revolving credit agreement $ 19,187 $ 6,429 Term loan 20,000 4,000 Less: unamortized debt issuance cost 322 — Term loan less unamortized debt issuance cost 19,678 4,000 38,865 10,429 Less – current maturities 2,857 2,000 Total long-term debt $ 36,008 $ 8,429 In October 2011, the Company entered into an amendment to its then existing credit agreement with its bank increasing the maximum borrowing amount from $30,000 to $40,000 , of which $10,000 was a five year term loan and $30,000 was a five year revolving loan, secured by substantially all of the assets of the Company and its U.S. subsidiaries and a pledge of 65% of the stock of its Irish subsidiary. The term loan was repayable in quarterly installments of $500 starting December 1, 2011. On June 26, 2015 the Company entered into a new Credit and Security Agreement (the "Credit Agreement") with a new lender. The new credit facility is comprised of (i) a five year revolving credit facility with a maximum borrowing amount of up to $25,000 , which reduces to $20,000 on January 1, 2016, and (ii) a five year term loan of $20,000 . Amounts borrowed under the credit facility are secured by substantially all the assets of the Company and its U.S. subsidiaries and a pledge of 65% of the stock of its non-U.S. subsidiaries. The new term loan is repayable in quarterly installments of $714 starting September 30, 2015. The amounts borrowed under the Credit Agreement were used to repay the Company's previous revolver and term note, to fund the acquisition of C Blade, effective July 1, 2015 (see Note 9) and for working capital and general corporate purposes. The Credit Agreement also has an accordion feature, which allows the Company to increase the availability by up to $ 15,000 upon consent of the existing lenders or upon additional lenders being joined to the facility. Borrowings will bear interest at the LIBOR rate, prime rate, or the eurocurrency reference rate depending on the type of loan requested by the Company, in each case, plus the applicable margin as set forth in the Credit Agreement. The new revolver and term loan have a prime-base rate that was 5.0% at June 30, 2015 . The new loans are subject to certain customary financial covenants including, without limitation, covenants that require the Company to not exceed a maximum debt to EBITDA ratio and to maintain a minimum fixed charge coverage ratio. There is also a commitment fee ranging from 0.15% to 0.35% to be incurred on the unused balance. There were no applicable loan covenants required to be met as of June 30, 2015 . The Company incurred debt issuance costs in the amount of $724 for the nine months and three months ended June 30, 2015. There were no prior period debt issuance costs associated with the previous credit agreement. As noted in Note 1, the Company early adopted ASU 2015-03, which allows the Company to present debt issuance costs on the Consolidated Condensed Balance Sheet related to the term note as a direct deduction from the principal amount. As shown above, $322 was capitalized related to the term note. The remaining $402 debt issuance cost relates to the revolver. This portion is shown in the Consolidated Condensed Balance Sheet as a deferred charge in Other Assets at June 30, 2015. |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For 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 continuing 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 nine months of fiscal 2015 was 30% , compared with 29% for the same period of fiscal 2014. The effective tax rate differs from the U.S. federal statutory rate due primarily to the taxes generated from a monetary gain in Ireland, unfavorable U.S permanent book-tax differences applied against the full year forecast for fiscal 2015 compared to U.S. tax credits and a domestic production activities deduction applied against forecasted income in fiscal 2014. The Internal Revenue Service finalized regulations, as of August 2014, governing the income tax treatment of acquisitions, dispositions, and repairs of tangible property. Taxpayers are required to follow the new regulations in taxable years beginning on or after January 1, 2014. Management is currently assessing the impact of the regulations and does not expect they will have a material impact on the Company’s consolidated condensed financial statements. The Company continues to assess the undistributed earnings of its Irish subsidiary to determine if such earnings will be reinvested for an indefinite period of time. Upon closing the acquisition of C Blade, effective July 1, 2015 (see Note 9), the Company believes it is reasonably possible that such undistributed earnings will be utilized in its foreign operations for an indefinite period of time resulting in a reversal of the deferred tax within the next twelve months. This potential reversal may result in a tax benefit up to $1,400 . The Company is subject to income taxes in the U.S. federal jurisdiction, Ireland and various states and local jurisdictions. The Company believes it has appropriate support for its federal income tax returns. |
Retirement Benefit Plans
Retirement Benefit Plans | 9 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans The Company and certain of its subsidiaries sponsor defined benefit pension plans covering most of its employees. The components of net periodic benefit cost of the Company’s defined benefit plans are as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Service cost $ 37 $ 31 $ 110 $ 94 Interest cost 244 247 732 740 Expected return on plan assets (418 ) (393 ) (1,253 ) (1,180 ) Amortization of net loss 136 112 409 337 Net periodic cost $ (1 ) $ (3 ) $ (2 ) $ (9 ) During the nine months ended June 30, 2015 and 2014, the Company has made no contributions and $382 , respectively, to its defined benefit pension plans. The Company does not anticipate making any additional contributions to fund its defined benefit pension plans during the balance of fiscal 2015. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has awarded performance and restricted shares under its shareholder approved 2007 Long-Term Incentive Plan (“2007 Plan”). The aggregate number of shares that may be awarded under the 2007 Plan is 600 less any shares previously awarded and subject to an adjustment for the forfeiture of any unvested shares. In addition, shares that may be awarded are subject to individual recipient award limitations. The shares awarded under the 2007 Plan may be made in multiple forms, including stock options, stock appreciation rights, restricted or unrestricted stock, and performance related shares. Any such award is exercisable no later than ten years from the date of the grant. The performance shares that have been awarded under the 2007 Plan generally provide for the vesting of the Company’s common shares upon the Company achieving certain defined financial performance objectives during a period up to three years following the making of such award. The ultimate number of common shares of the Company that may be earned pursuant to an award ranges from a minimum of no shares to a maximum of 150% of the initial target number of performance shares awarded, depending on the level of the Company’s achievement of its financial performance objectives. With respect to such performance shares, compensation expense is being accrued. During each future reporting period, such expense may be subject to adjustment based upon the Company's financial performance, which impacts the number of common shares that it expects to vest upon the completion of the performance period. The performance shares were valued at the closing market price of the Company’s common shares on the date of the grant. The vesting of such shares is determined at the end of the performance period. During the first nine months of fiscal 2015, 56 performance share awards were granted, 11 performance shares vested and 71 performance share awards expired or were forfeited under the 2007 Plan. The shares vest over a three year performance period. The Company has awarded restricted shares to its directors, officers, and other employees of the Company. The restricted shares were valued at the closing market price of the Company’s common shares on the date of the grant, and such value was recorded as unearned compensation. The unearned compensation is being amortized ratably over the restricted stock vesting period of one year. During the first nine months months of fiscal 2015, 26 restricted shares were granted, 33 restricted shares vested and 6 restricted shares were forfeited under the 2007 Plan. The shares vest over a one year service period. If all outstanding share awards are ultimately earned and vest at the target number of shares, there are approximately 285 shares that remain available for award at June 30, 2015 . 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 150% of such target, then a fewer number of shares would be available for award. Stock-based compensation under the 2007 Plan was $785 and $1,051 during the first nine months of fiscal 2015 and 2014, and $385 and $498 during the third quarter of fiscal 2015 and 2014, respectively. Included in severance expense is stock-based compensation expense for shares issued to a former executive officer as part of the executive's severance package in the amount of $233 for the nine months ended June 30, 2015. As of June 30, 2015 , there was $1,744 of total unrecognized compensation cost related to the performance shares and restricted shares awarded under the 2007 Plan. The Company expects to recognize this cost over the next 2.3 years. |
Discontinued Operations, Assets
Discontinued Operations, Assets Held for Sale, and Business Divestiture | 9 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations, Assets Held for Sale, and Business Divestiture | Discontinued Operations, Assets Held for Sale, and Business Divestiture As part of the Company’s strategy to focus on the Aerospace and Energy ("A&E") market, the Company decided to exit the Turbine Component Service and Repair ("Repair Group") business in the fourth quarter of fiscal 2013. The table below presents the components of the balance sheet accounts classified as assets and liabilities of discontinued operations at June 30, 2015 and September 30, 2014, respectively. June 30, September 30, Assets: Receivables, net $ — $ 91 Deferred income taxes — 15 Prepaid expenses and other current assets — 22 Asset held for sale — 264 Total current assets of business from discontinued operations $ — $ 392 Liabilities: Accounts payable $ 10 $ 23 Accrued liabilities — 173 Total current liabilities of business from discontinued operations $ 10 $ 196 At September 30, 2014, certain assets were recorded at the lower of their carrying value or fair value. The Company completed a transaction on January 30, 2015 for the sale of the building and land for the cash proceeds of $1,422 , net of selling expenses. The financial results of the Repair Group included in discontinued operations were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net sales $ — $ — $ — $ 1,339 Income (loss) before income tax provision — (109 ) 1,160 (576 ) Income tax (benefit) expense — (33 ) 424 (208 ) Income (loss) from discontinued operations, net of tax $ — $ (76 ) $ 736 $ (368 ) |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 1, 2015, the Company, through its wholly-owned subsidiary, SIFCO Italy Holdings S.R.L., completed the purchase of all of the outstanding equity of C Blade S.p.A. Forging and Manufacturing ("C Blade") . The purchase price for the C Blade shares was approximately $17.2 million payable in cash, net of the current indebtedness of C Blade assumed by the Company, and subject to certain adjustments related principally to the delivered working capital level as provided under the Share Purchase Agreement. The Company has not yet completed the purchase price accounting related to the C Blade acquisition. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2015 | |
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. The U.S. dollar is the functional currency for all of the Company’s U.S. operations and its Irish subsidiary. For these operations, all gains and losses from completed currency transactions are included in income currently. 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 2014 Annual Report on Form 10-K. 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. |
Net Income per Share | Net Income (Loss) per Share The Company’s net income (loss) per basic share has been computed based on the weighted-average number of common shares outstanding. Net income (loss) per diluted share reflects the effect of the Company’s outstanding stock options, restricted shares and performance shares under the treasury stock method. |
Derivative Financial Instruments | Derivative Financial Instruments The Company used an interest rate swap agreement to reduce risk related to variable-rate debt, which was subject to changes in market rates of interest. The interest rate swap is designated as a cash flow hedge. At September 30, 2014, the Company held one interest rate swap agreement with a notional amount of $4,000 . The interest rate swap matured as of December 31, 2014. Cash flows related to the interest rate swap agreement are included in interest expense. The Company’s interest rate swap agreement and its variable-rate term debt were based upon LIBOR. During the first quarter of fiscal 2015, the Company’s interest rate swap agreement qualified as a fully effective cash flow hedge against the Company’s variable-rate term note interest risk. |
Impact of Recently Adopted Accounting Standards | Impact of Recently Adopted Accounting Standards In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which expands upon the guidance on the presentation of debt issuance costs. The ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. This guidance requires retrospective application and is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years, with early adoption permitted. The Company has elected to early adopt the ASU at June 30, 2015. The effect of the ASU did not impact prior periods as there was no previous debt issuance costs. See Note 4 for further disclosure. F. Impact to Recently Issued Accounting Standards In January 2015, the FASB issued ASU No. 2015-01, "Income Statement-Extraordinary and Unusual Items (Subtopic 225-20)," which eliminates the extraordinary items concept from GAAP. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. The ASU is effective for the Company on October 1, 2016. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-04, "Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement," which identifies and determines whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. If a cloud computing arrangement does not contain a software license, it should be accounted for as a service contract. This ASU is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Company's consolidated financial statements. |
Reclassifications | Reclassifications Certain prior period amounts were reclassified to conform to the current consolidated financial statement presentation. During fiscal 2015, the Company revised the classification of certain department expenses between cost of goods sold and selling, general, and administrative line items. The effect of this revision had no impact on total operating income, but it revised the total of cost of goods sold for the nine months ended and three months ended June 30, 2014 from $67,665 to $68,118 and from $23,842 to $23,977 , respectively. Selling, general, and administrative expenses were revised for the nine months ended and three months ended June 30, 2014 from $10,965 to $10,512 and from $4,062 to $3,927 , respectively. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of dilutive effect of company's stock options | The dilutive effect of the Company’s restricted shares and performance shares were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Income (loss) from continuing operations $ (1,007 ) $ 1,983 $ (3,212 ) $ 4,648 Income (loss) from discontinued operations, net of tax — (76 ) 736 (368 ) Net income (loss) $ (1,007 ) $ 1,907 $ (2,476 ) $ 4,280 Weighted-average common shares outstanding (basic) 5,448 5,413 5,435 5,399 Effect of dilutive securities: Restricted shares 6 18 13 16 Performance shares — — 1 5 Weighted-average common shares outstanding (diluted) 5,454 5,431 5,449 5,420 Net income (loss) per share – basic Continuing operations $ (0.19 ) $ 0.37 $ (0.59 ) $ 0.86 Discontinued operations — (0.01 ) 0.14 (0.07 ) Net income (loss) $ (0.19 ) $ 0.36 $ (0.45 ) $ 0.79 Net income (loss) per share – diluted: Continuing operations $ (0.19 ) $ 0.37 $ (0.59 ) $ 0.86 Discontinued operations — (0.01 ) 0.14 (0.07 ) Net income (loss) $ (0.19 ) $ 0.36 $ (0.45 ) $ 0.79 Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share 15 17 15 20 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule for components of inventories | Inventories consist of: June 30, September 30, Raw materials and supplies $ 8,119 $ 5,957 Work-in-process 8,645 6,232 Finished goods 10,686 6,730 Total inventories $ 27,450 $ 18,919 |
Accumulated Other Comprehensi19
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule for components of accumulated other comprehensive loss | The components of accumulated other comprehensive loss are as follows: June 30, September 30, Foreign currency translation adjustment, net of tax $ (5,851 ) $ (5,851 ) Retirement plan liability adjustment, net of tax (4,359 ) (4,757 ) Interest rate swap agreement adjustment, net of tax — (5 ) Total accumulated other comprehensive loss $ (10,210 ) $ (10,613 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of components of long-term debt | Long-term debt consists of: June 30, September 30, Revolving credit agreement $ 19,187 $ 6,429 Term loan 20,000 4,000 Less: unamortized debt issuance cost 322 — Term loan less unamortized debt issuance cost 19,678 4,000 38,865 10,429 Less – current maturities 2,857 2,000 Total long-term debt $ 36,008 $ 8,429 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [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: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Service cost $ 37 $ 31 $ 110 $ 94 Interest cost 244 247 732 740 Expected return on plan assets (418 ) (393 ) (1,253 ) (1,180 ) Amortization of net loss 136 112 409 337 Net periodic cost $ (1 ) $ (3 ) $ (2 ) $ (9 ) |
Discontinued Operations, Asse22
Discontinued Operations, Assets Held for Sale, and Business Divestiture (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule for components of balance sheet accounts classified as assets and liabilities held for sale | The table below presents the components of the balance sheet accounts classified as assets and liabilities of discontinued operations at June 30, 2015 and September 30, 2014, respectively. June 30, September 30, Assets: Receivables, net $ — $ 91 Deferred income taxes — 15 Prepaid expenses and other current assets — 22 Asset held for sale — 264 Total current assets of business from discontinued operations $ — $ 392 Liabilities: Accounts payable $ 10 $ 23 Accrued liabilities — 173 Total current liabilities of business from discontinued operations $ 10 $ 196 |
Schedule of financial results in discontinued operations | The financial results of the Repair Group included in discontinued operations were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net sales $ — $ — $ — $ 1,339 Income (loss) before income tax provision — (109 ) 1,160 (576 ) Income tax (benefit) expense — (33 ) 424 (208 ) Income (loss) from discontinued operations, net of tax $ — $ (76 ) $ 736 $ (368 ) |
Dilutive Effect of Company's St
Dilutive Effect of Company's Stock Options Restricted Shares and Performance Shares (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||
Income (loss) from continuing operations | $ (1,007) | $ 1,983 | $ (3,212) | $ 4,648 |
Income (loss) from discontinued operations, net of tax | 0 | (76) | 736 | (368) |
Net income (loss) | $ (1,007) | $ 1,907 | $ (2,476) | $ 4,280 |
Weighted-average common shares outstanding (basic) (in shares) | 5,448 | 5,413 | 5,435 | 5,399 |
Weighted-average common shares outstanding (diluted) (in shares) | 5,454 | 5,431 | 5,449 | 5,420 |
Net income (loss) per share – basic | ||||
Continuing operations (in dollars per share) | $ (0.19) | $ 0.37 | $ (0.59) | $ 0.86 |
Discontinued operations (in dollars per share) | 0 | (0.01) | 0.14 | (0.07) |
Net income (in dollars per share) | (0.19) | 0.36 | (0.45) | 0.79 |
Net income (loss) per share – diluted: | ||||
Continuing operations (in dollars per share) | (0.19) | 0.37 | (0.59) | 0.86 |
Discontinued operations (in dollars per share) | 0 | (0.01) | 0.14 | (0.07) |
Net income (in dollars per share) | $ (0.19) | $ 0.36 | $ (0.45) | $ 0.79 |
Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share (in shares) | 15 | 17 | 15 | 20 |
Restricted shares | ||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||
Effect of dilutive securities (in shares) | 6 | 18 | 13 | 16 |
Performance shares | ||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||
Effect of dilutive securities (in shares) | 0 | 0 | 1 | 5 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | |
Accounting Policies [Line Items] | |||||
Cost of goods sold | $ 23,750 | $ 23,977 | $ 61,742 | $ 68,118 | |
Selling, general and administrative expenses | 5,863 | 3,927 | 14,793 | 10,512 | |
Interest Rate Swap | |||||
Accounting Policies [Line Items] | |||||
Interest rate swap agreement amount | $ 4,000 | ||||
Previously reported | |||||
Accounting Policies [Line Items] | |||||
Cost of goods sold | 23,842 | 67,665 | |||
Selling, general and administrative expenses | 4,062 | 10,965 | |||
Actual | |||||
Accounting Policies [Line Items] | |||||
Cost of goods sold | 23,977 | 68,118 | |||
Selling, general and administrative expenses | $ 3,927 | $ 10,512 | |||
Change in Third Party Actuary | Adjustment | |||||
Accounting Policies [Line Items] | |||||
Decrease in workers compensation expense | 400 | ||||
Change in workers compensation reserve | $ 400 | $ 400 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Sep. 30, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 8,119 | $ 5,957 |
Work-in-process | 8,645 | 6,232 |
Finished goods | 10,686 | 6,730 |
Total inventories | $ 27,450 | $ 18,919 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Sep. 30, 2014 |
Inventory Disclosure [Abstract] | ||
Percentage of inventories determined using LIFO method | 48.00% | 40.00% |
Difference between cost of inventories if FIFO method had been used | $ 8,437 | $ 7,879 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Sep. 30, 2014 |
Equity [Abstract] | ||
Foreign currency translation adjustment, net of tax | $ (5,851) | $ (5,851) |
Retirement plan liability adjustment, net of tax | (4,359) | (4,757) |
Interest rate swap agreement adjustment, net of tax | 0 | (5) |
Total accumulated other comprehensive loss | $ (10,210) | $ (10,613) |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Sep. 30, 2014 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 38,865 | $ 10,429 |
Less – current maturities | (2,857) | (2,000) |
Long-term debt, net of current maturities | 36,008 | 8,429 |
Revolving credit agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 19,187 | 6,429 |
Term loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 20,000 | 4,000 |
Less: unamortized debt issuance cost | 322 | 0 |
Long-term Debt | $ 19,678 | $ 4,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Jun. 26, 2015 | Oct. 31, 2011 | Jun. 30, 2015 | Jun. 30, 2015 | Jan. 01, 2016 |
Revolving loan | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, maximum borrowing amount | $ 30,000,000 | ||||
Credit Agreement Amendment | |||||
Debt Instrument [Line Items] | |||||
Percentage of stock of non-U.S. subsidiaries pledged | 65.00% | ||||
Credit Agreement Amendment | Revolving loan | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, maximum borrowing amount | $ 40,000,000 | ||||
Credit Agreement Amendment | Revolving loan | Credit Facility Term One | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, maximum borrowing amount | $ 10,000,000 | ||||
Debt instrument, term | 5 years | ||||
Credit Agreement Amendment | Revolving loan | Credit Facility Term Two | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, maximum borrowing amount | $ 30,000,000 | ||||
Debt instrument, term | 5 years | ||||
Credit Agreement Amendment | Term loan | |||||
Debt Instrument [Line Items] | |||||
Quarterly installments payment | $ 500,000 | ||||
Credit And Security Agreement | |||||
Debt Instrument [Line Items] | |||||
Percentage of stock pledged | 65.00% | ||||
Quarterly payment | $ 714,000 | ||||
Accordion feature, increase | 15,000,000 | ||||
Libor-based variable interest rate of term loan | 5.00% | 5.00% | |||
Debt issuance costs | $ 724,000 | $ 724,000 | |||
Credit And Security Agreement | Minimum | |||||
Debt Instrument [Line Items] | |||||
Commitment fee | 0.15% | ||||
Credit And Security Agreement | Maximum | |||||
Debt Instrument [Line Items] | |||||
Commitment fee | 0.35% | ||||
Credit And Security Agreement | Revolving loan | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, maximum borrowing amount | $ 25,000,000 | ||||
Debt instrument, term | 5 years | ||||
Debt issuance costs | $ 402,000 | ||||
Credit And Security Agreement | Revolving loan | Forecast [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, maximum borrowing amount | $ 20,000,000 | ||||
Credit And Security Agreement | Term loan | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, term | 5 years | ||||
Debt instrument, amount | $ 20,000,000 | ||||
Debt issuance costs | $ 322,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Effective tax rate | 30.00% | 29.00% |
Undistributed Earnings Of Foreign Subsidiary | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Potential reversal of deferred tax benefits | $ 1,400 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Service cost | $ 37 | $ 31 | $ 110 | $ 94 |
Interest cost | 244 | 247 | 732 | 740 |
Expected return on plan assets | (418) | (393) | (1,253) | (1,180) |
Amortization of net loss | 136 | 112 | 409 | 337 |
Net periodic cost | $ (1) | $ (3) | $ (2) | $ (9) |
Retirement Benefit Plans - Addi
Retirement Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Contributions amount in defined benefit pension plans | $ 0 | $ 382 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
2007 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of shares that may be awarded | 600,000 | 600,000 | ||
Stock options, vesting period (in years) | 10 years | |||
Performance period (in years) | 3 years | |||
Stock options may be awarded (in shares) | 285,000 | 285,000 | ||
Compensation expense related to performance and restricted shares awarded | $ 385 | $ 498 | $ 785 | $ 1,051 |
Total unrecognized compensation cost related to performance and restricted shares awarded | 1,744 | $ 1,744 | ||
Period of recognized compensation cost (in years) | 2 years 3 months | |||
2007 Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares earned as percentage of initial target number shares awarded | 150.00% | |||
Outstanding share awards earned and issued at greater than the target number of shares | 150.00% | |||
Performance shares | 2007 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options, vesting period (in years) | 3 years | |||
Share granted (in shares) | 56,000 | |||
Shares vested (in shares) | 11,000 | |||
Shares expired and forfeited (in shares) | 71,000 | |||
Restricted shares | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options, vesting period (in years) | 1 year | |||
Restricted shares | 2007 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options, vesting period (in years) | 1 year | |||
Share granted (in shares) | 26,000 | |||
Shares vested (in shares) | 33,000 | |||
Shares forfeited (in shares) | 6,000 | |||
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Severance costs | $ 0 | $ 233 |
Discontinued Operations, Asse34
Discontinued Operations, Assets Held for Sale, and Business Divestiture - Components of Balance Sheet Accounts Classified as Assets and Liabilities Held for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jan. 30, 2015 | Sep. 30, 2014 |
Assets: | |||
Receivables, net | $ 0 | $ 91 | |
Deferred income taxes | 0 | 15 | |
Prepaid expenses and other current assets | 0 | 22 | |
Asset held for sale | 0 | 264 | |
Current assets of business from discontinued operations | 0 | 392 | |
Liabilities: | |||
Accounts payable | 10 | 23 | |
Accrued liabilities | 0 | 173 | |
Total current liabilities of business from discontinued operations | $ 10 | $ 196 | |
Cash proceeds from sale of building and land, net of selling expenses | $ 1,422 |
Discontinued Operations, Asse35
Discontinued Operations, Assets Held for Sale, and Business Divestiture - Financial Results in Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of tax | $ (736) | $ 368 | ||
Repair Group | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | $ 0 | $ 0 | 0 | 1,339 |
Income (loss) before income tax provision | 0 | (109) | 1,160 | (576) |
Income tax (benefit) expense | 0 | (33) | 424 | (208) |
Income (loss) from discontinued operations, net of tax | $ 0 | $ (76) | $ 736 | $ (368) |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Jul. 01, 2015USD ($) |
C Blade S.p.A Forging And Manufacturing [Member] | SIFCO Italy Holdings S.R.L. [Member] | Subsequent Event | |
Subsequent Event [Line Items] | |
Payable in cash, net of current indebtedness for business acquisition | $ 17.2 |