- Revenue increased 35% from the prior year quarter driven by a 48% increase in sales for the Industrial Group.
- Gross profit increased 77% from the prior year period, reflecting a 210% increase in gross profit for the Industrial Group.
- Profit conversion on incremental revenue growth for the Industrial Group exceeded 21% on a year-over-year basis and 20% sequentially.
- The Company entered into a new long-term credit facility to lower its borrowing costs, increase its liquidity and extend loan maturities into 2016.
- The Company announced the opening of a new state-of-the-art Cyber Collaboration Center to serve as a training ground and test-bed for security engineers to develop best practices in ethical hacking and defense tactics.
- Subsequent to quarter-end, the Company announced a new long-term supply agreement to provide drivetrain components to Sisamex Automotrices de Mexico.
Sypris Solutions, Inc. (Nasdaq/NM: SYPR) today reported financial results for its second quarter ended July 3, 2011. HIGHLIGHTS ─────────────────────