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Sypris Reports Third Quarter Results

Sypris Solutions, Inc. (Nasdaq/NM: SYPR) today reported financial results for its third quarter ended October 2, 2011.

HIGHLIGHTS

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  • Revenue increased 24% from the prior year quarter driven by a 38% increase in sales for the Industrial Group.
  • Gross profit increased 42% from the prior year period, reflecting a 197% increase in gross profit for the Industrial Group.
  • Gross margin increased to 11.3% of revenue, up from 9.8% for the third quarter of last year.
  • Earnings increased to $0.30 per diluted share, up from a loss of $0.10 per share for the prior year period.
  • Free cash flow for the quarter increased to $6.8 million, or $0.36 per share.
  • The Company announced a new long-term supply agreement to provide drivetrain components to Sisamex Automotrices de Mexico.
  • The Company hosted a two week cyber training program, including a nationwide ethical hacking Capture the Flag event that was won by a team from Brigham Young University.

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The Company reported revenue of $91.2 million for the third quarter compared to $73.4 million for the prior year period. The Company reported net income of $6.1 million, or $0.30 per diluted share, for the third quarter compared to a net loss of $1.9 million, or $0.10 per share, for the prior year period.

Pretax income from continuing operations of $7.9 million for the three months ended October 2, 2011 included a pretax gain of $3.6 million from the disposition of idle assets and a foreign currency translation gain of $2.8 million before tax.

For the nine months ended October 2, 2011, the Company reported revenue of $252.0 million compared to $199.4 million for the prior year period and net income of $6.6 million, or $0.33 per diluted share, compared to a net loss of $8.6 million, or $0.46 per share.

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