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