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Sypris Reports 2011 Results

Sypris Solutions, Inc. (Nasdaq/NM: SYPR) today reported financial results for its fourth quarter and full year ended December 31, 2011.

HIGHLIGHTS

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For the Fourth Quarter:

  • Revenue and gross profit increased 24% and 19%, respectively, from the prior year quarter.
  • Earnings increased to $0.07 per diluted share, up from a loss of $0.09 per share for the prior year period.
  • Free cash flow for the quarter increased to $4.8 million, or $0.25 per share.
  • The Company entered into a new, multi-year agreement to increase the sales of steer axle components to a major customer in North America with shipments beginning in early 2012.

For the Full Year:

  • Revenue and gross profit increased 26% and 42%, respectively, from the prior year period.
  • Earnings increased to $0.40 per diluted share, up from a loss of $0.55 per share for 2010.
  • Free cash flow increased to $10.1 million, or $0.53 per share.
  • The Company entered into new multi-year supply agreements with Dana, Eaton, Meritor, Sisamex and others during the year that will contribute to top line growth in 2012.

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The Company reported revenue of $83.6 million for the fourth quarter compared to $67.2 million for the prior year period. The Company reported net income of $1.3 million, or $0.07 per diluted share, for the fourth quarter compared to a net loss of $1.6 million, or $0.09 per share, for the prior year period.

For the full year ended December 31, 2011, the Company reported revenue of $335.6 million compared to $266.7 million for the prior year period and net income of $7.9 million, or $0.40 per diluted share, compared to a net loss of $10.2 million, or $0.55 per share, for the prior year period.

The Company’s income from continuing operations for the full year ended December 31, 2011 was $8.4 million, or $0.43 per diluted share, as compared to a loss from continuing operations of $9.7 million, or $0.52 per share, for the prior year period.

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