Sypris Reports Third Quarter Results

Sypris Solutions, Inc. (Nasdaq/NM: SYPR) today reported financial results for its third quarter ended September 30, 2012.

HIGHLIGHTS

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For the Third Quarter:
  • Revenue decreased 13.6% from the third quarter of last year.
  • Gross margin increased 60 basis points to 11.9%.
  • Earnings from continuing operations were $0.03 per diluted share.
  • Free cash flow was $4.2 million, or $0.22 per diluted share.

For the Nine Months:
  • Revenue increased 8.8% compared to the first nine months of last year.
  • Gross profit increased 32.4% compared to the prior year period.
  • Gross margin increased to 12.8% from 10.5% over the same period.
  • Earnings from continuing operations increased to $0.55 per diluted share, up from $0.35 per diluted share for the prior year period.

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The Company reported revenue of $78.8 million for the third quarter compared to $91.2 million for the prior year period. The Company’s income from continuing operations for the three months ended September 30, 2012 was $0.6 million, or $0.03 per diluted share, as compared to income from continuing operations of $6.1 million, or $0.30 per diluted share, for the prior year period.

Income from continuing operations for the third quarter of 2012 included a foreign currency translation loss of $0.6 million and a gain of $1.3 million in connection with the sale of marketable securities, while income from continuing operations for the prior year period included a gain of $3.6 million from the disposition of idle assets and a foreign currency translation gain of $2.8 million.

The Company’s net loss for the third quarter of 2012 was $5.7 million, or $0.29 per diluted share, which included a $6.3 million expense in discontinued operations for the settlement of an arbitration case associated with the 2009 divestiture of Sypris Test & Measurement. Net income for the prior year quarter was $6.1 million, or $0.30 per diluted share, and included the gain of $3.6 million from the disposition of idle assets and the foreign currency translation gain of $2.8 million mentioned earlier.

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