Sypris Reports Second Quarter Results

Sypris Solutions, Inc. (Nasdaq/NM: SYPR) today reported financial results for its second quarter ended June 30, 2013.

HIGHLIGHTS

For the Second Quarter:
  • Revenue for the Company increased 5% sequentially to $82.2 million, while gross profit increased 3% to $8.3 million.
  • Revenue for the Industrial Group increased 5% sequentially to $74.4 million, while gross profit increased 9% to $8.9 million.
  • Revenue for the Electronics Group increased 6% to $7.7 million, while gross profit declined to a loss of $0.5 million.

For the Six Months:
  • Revenue for the Company increased 10% sequentially to $160.6 million as compared to the second half of 2012.
  • Revenue for the Industrial Group increased 21% sequentially to $145.6 million, while gross profit increased 40% to $17.0 million, compared to the second half of 2012.
  • Revenue and gross profit for the Electronics Group declined sequentially to $15.0 million and a loss of $0.6 million, respectively, reflecting the impact of sequestration and other Defense-related spending delays.

The Company reported revenue of $82.2 million for the second quarter compared to $78.4 million for the first quarter of 2013 and $98.9 million for the second quarter of last year. Additionally, the Company reported a net loss of $1.5 million, or $0.08 per share, as compared to a net loss of $6.5 million, or $0.34 per share, for the first quarter of 2013 and compared to net income of $4.4 million, or $0.22 per diluted share, for the prior year comparable period.

For the six months ended June 30, 2013, the Company reported revenue of $160.6 million compared to $146.2 million for the second half of 2012 and $195.4 million for the prior year comparable period. The Company reported a net loss for the six months ended June 30, 2013 of $8.0 million, or $0.41 per share, as compared to income of $9.7 million, or $0.49 per diluted share, for the prior year period comparable period.

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