Company: SIF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0000090168-25-000025
Chunk: 9

Company: SIFCO INDUSTRIES INC
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 9
---
 Company's control. Until a final determination is made by the City of Cleveland, the Company has not made payments on the VPI Loan, which may become payable in full if forgiveness is not approved. The Company will continue efforts to resolve this obligation in the near future. While we expect to meet the standards for full forgiveness of the VPI Loan, there is no assurance that we will be granted such forgiveness.

7. 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 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 six months of fiscal 2025 was ( 2.16 0.17

The Company is subject to income taxes in the U. S. federal jurisdiction, Ireland, and various state and local jurisdictions.

8. Retirement Benefit Plans

The Company and certain of its subsidiaries sponsor defined benefit pension plans covering some of its employees. The components of the net periodic benefit cost of the Company’s defined benefit plans are as follows:

                                      Three Months Ended                  Six Months Ended                       
                                      March 31,                           March 31,                              
                                      2025                    2024        2025                  2024             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Service cost                        $                       $           $                     $            90  
  Interest cost                       236                     271         472                   542              
  Expected return on plan assets      ( 264)                  ( 260)      ( 529)                ( 521)           
  Amortization of net loss            22                      43          45                    86               
  Net periodic pension cost           $                       $           $                     $           197  

During the six months ended March 31, 2025 and 2024, the Company made $ 95 18 zero 86 187

9. Stock-Based Compensation

The Company has outstanding equity awards under the Company’s 2007 Long-Term Incentive Plan (the “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”), and awards performance and restricted shares under the 2016 Plan.

In the first six months of fiscal 2025, the Company granted