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Sypris Reports Third Quarter Results

Sypris Solutions, Inc. (Nasdaq/NM:SYPR) today reported financial results for its third quarter ended September 29, 2013.

HIGHLIGHTS

For the Third Quarter:

  • Revenue for the Company decreased 3% from the third quarter of last year.
  • Revenue for the Industrial Group increased 2% from the third quarter of last year to $66.7 million, while gross profit increased 13% to $7.4 million.
  • While revenue for the Electronics Group decreased from the third quarter of last year to $9.6 million, revenue increased 24% sequentially.

For the Nine Months:

  • Revenue for the Company decreased 14% compared to the first nine months of last year.
  • Despite an 8% decline in revenue for our Industrial Group as compared to the first nine months of last year, gross margin increased 50 basis points to 11.5%.
  • Revenue and gross profit for the Electronics Group declined to $24.6 million and a loss of $0.7 million, respectively, reflecting the impact of sequestration and other defense-related spending delays.

The Company reported revenue of $76.3 million for the third quarter compared to $78.8 million for prior year period. Additionally, the Company reported a net loss of $2.0 million, or $0.10 per share, as compared to a net loss of $5.7 million, or $0.29 per diluted share, for the prior year comparable period.

For the nine months ended September 29, 2013, the Company reported revenue of $236.9 million compared to $274.1 million for the prior year comparable period. The Company reported a net loss for the nine months ended September 29, 2013 of $9.9 million, or $0.52 per share, as compared to income of $4.0 million, or $0.18 per diluted share, for the prior year period comparable period.

The results for the first nine months of 2013 included a $6.9 million non-cash impairment of goodwill, a foreign currency related loss of $0.5 million, partially offset by a gain of $1.6 million from the sale of idle assets. Net income for the nine months ended September 30, 2012 included a gain of $2.6 million in connection with the sale of idle assets, a gain of $1.9 million from the sale of marketable securities, offset by a loss from discontinued operations of $7.1 million and a foreign currency translation loss of $0.9 million.

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