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Sypris Reports Second Quarter Results

Sypris Solutions, Inc. (Nasdaq/NM: SYPR) today reported financial results for its second quarter ended July 1, 2012.

HIGHLIGHTS

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For the Second Quarter:

  • Revenue and gross profit increased 16% and 63%, respectively, from the second quarter of last year.
  • Earnings from continuing operations increased to $0.25 per diluted share, up from a loss of $0.08 per diluted share for the prior year period.
  • Gross margin increased to 13.4%, up 390 basis points from 9.5% in the second quarter of 2011.
  • The Company was added to the Russell 2000 Index effective June 22, 2012 as a result of the annual reconstitution of Russell’s family of indexes.
  • Subsequent to quarter end, the Company announced the election of Robert F. Lentz, former Deputy Assistant Secretary of Defense and Chief Information Security Officer for the U.S. Department of Defense, to its Board of Directors.

For the Six Months:

  • Revenue and gross profit increased 21% and 58%, respectively, compared to the first six months of last year.
  • Earnings from continuing operations increased to $0.52 per diluted share, up from $0.05 per diluted share for the prior year period.
  • Gross margin increased to 13.2%, up 310 basis points from 10.1% for the first six months of 2011.

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The Company reported revenue of $98.9 million for the second quarter compared to $85.1 million for the prior year period. The Company’s income from continuing operations for the three months ended July 1, 2012 was $5.0 million, or $0.25 per diluted share, as compared to a loss from continuing operations of $1.6 million, or $0.08 per diluted share, for the prior year period. Net income for the second quarter of 2012 was $4.4 million, or $0.22 per diluted share, as compared to a net loss of $1.6 million, or $0.08 per diluted share, for the prior year period.

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