Company: SIF
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0000090168-25-000012
Chunk: 7

Company: SIFCO INDUSTRIES INC
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 FirstEnergy, the Company has not received invoices (or other requests for payment) since its October 2023 payment, and all attempts at correspondence with FirstEnergy have gone unanswered. Due to the lack of communication with the lender, the Company has been unable to make the remaining three

City of Cleveland

In May 2019, the Company entered into a vacant property initiative loan agreement with the City of Cleveland in the amount of $ 180 3.6 five years 220

Due to the effects of the worldwide pandemic, the Company experienced declines in demand for its products and sales, which hindered the Company's ability to grow its workforce and maintain it at or above the required levels. The Company is currently in discussions with the City of Cleveland for forgiveness of the VPI Loan under extenuating circumstances beyond the 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 three months of fiscal 2025 was ( 0.21 0.15

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:

                                      2024        2023    
 ──────────────────────────────────────────────────────────
  Service cost                        $           $       
  Interest cost                       236         271     
  Expected return on plan assets      ( 264)      ( 262)  
  Amortization of net loss            23          43      
  Net periodic pension cost           $           $       

During the three months ended December 31, 2024 and 2023, the Company made $ 42 9 zero 86 240

9. Stock-Based Compensation

The