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New words:
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adversely, aggregate, air, breach, compliance, confidential, conflict, conform, cooperatively, corruption, coupled, critical, deemed, derecognized, detect, diminished, disrupt, disruption, ending, exceed, exclude, expiration, failed, failure, FCCR, forgiven, idle, immaterial, implement, informed, infrastructure, interbank, intrusion, led, liability, LIBOR, lingering, London, manner, minimize, mitigate, mitigated, monitor, monthly, moving, offered, operational, overnight, Paycheck, plant, PPP, prevent, proprietary, put, raw, reclassification, reclassified, reconcile, redeployed, rely, represent, reputational, Reservation, restore, revise, Russia, SBA, secondary, secure, seek, sensitive, software, spring, supply, thereto, thereunder, travel, treat, Ukraine, unfunded, unsecured, voided, volume, waiver
Financial report summary
?Risks
- Government spending priorities and terms may change in a manner adverse to our business.
- Failure to retain existing contracts or win new contracts under competitive bidding processes may adversely affect our sales.
- The Company may not receive the full amounts estimated under the contracts in our total backlog, which could reduce our sales in future periods below the levels anticipated, and which makes backlog an uncertain indicator of future operating results.
- SIFCO business is dependent on a few number of direct and indirect customers.
- The Company's failure to identify, attract and retain qualified personnel could adversely affect our existing business, financial condition and results of operations.
- The Company's business could be negatively affected by cybersecurity threats, information systems interruptions, intrusions or new software implementations and other disruptions.
- SIFCO relies on our suppliers to meet the quality and delivery expectations of our customers.
- Failure to perform by our subcontractors could materially and adversely affect our contract performance and its ability to obtain future business.
- The Company's future success depends on the ability to meet the needs of its customer requirements in a timely manner.
- The Company faces certain significant risk exposures and potential liabilities that may not be covered adequately by insurance or indemnity.
- The Company's business is subject to risks associated with international operations.
- We operate in a highly competitive and price sensitive industry, and customer pricing pressures could reduce the demand and/or price for our products and services.
- The Company uses estimates when pricing contracts and any changes in such estimates could have an adverse effect on our profitability and our overall financial performance.
- Our technologies could become obsolete, reducing our revenues and profitability.
- If the Company fails to maintain an effective system of internal control over financial reporting, it may not be able to accurately or timely report its financial results. As a result, current and potential shareholders could lose confidence in the Company's financial reporting, which would harm the business and the trading price of its common stock.
- Labor disruptions by our employees or personnel turnover and/or shortage could adversely affect our business.
- The price and availability of oil and other energy sources worldwide could adversely impact our results of operations. Unexpected pricing of fuel or a shortage of, or disruption in, the supply of fuel or other energy sources could have a material adverse effect on our and our customers' business, results of operations and financial condition.
- A decline in operating results or access to financing may have an adverse impact on our liquidity position.
- Our indebtedness and restrictive covenants under our credit facilities could limit our operational and financial flexibility.
- Global economic conditions may adversely impact our business, operating results or financial condition.
- The funding and costs associated with our pension plans and significant changes in key estimates and assumptions, such as discount rates and assumed long-term returns on assets, actual investment returns on our pension plan assets, and legislative and regulatory actions could affect our earnings, equity and contributions to our pension plans in future periods.
- Market volatility and adverse capital or credit market conditions may affect our ability to access cost-effective sources of funding and may expose SIFCO to risks associated with the financial viability of suppliers.
- A write-off of all or part of our goodwill or other intangible assets could adversely affect our operating results and net worth.
- Our business is subject to risks associated with widespread public health crises.
- The price of our common stock may fluctuate significantly.
- Unanticipated changes in our tax provisions or exposure to additional income tax liabilities could affect our profitability and cash flow.
- Damage or destruction of our facilities caused by storms, earthquakes or other causes could adversely affect our financial results and financial condition.
- The occurrence of litigation where we could be named as a defendant is unpredictable.
- Our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs.
Management Discussion
- Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
- SIFCO is engaged in the production of forgings and machined and sub-assembled components primarily for the Aerospace and Defense, Energy and Commercial Space markets. The processes and services include forging, heat-treating, chemical processing and machining. The Company operates under one business segment.
- When planning and evaluating its business operations, the Company takes into consideration certain factors, including the following: (i) the projected build rate for commercial, business and military aircraft, as well as the engines that power such aircraft; (ii) the projected build rate for industrial steam and gas turbine engines; and (iii) the projected maintenance, repair and overhaul schedules for commercial, business and military aircraft, as well as the engines that power such aircraft.