Sypris Solutions Inc

NASDAQ:SYPRUnited States

Apr 1, 2024

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• -- Earnings Flash (SYPR) SYPRIS SOLUTIONS Reports Q4 Revenue $34.7M, from 7:46AM ET on Monday Apr 01, 2024 by MT Newswires

  7:46AM ET on Monday Apr 01, 2024 by MT Newswires
  Companies Mentioned: SYPR
  07:46 AM EDT, 04/01/2024 (MT Newswires) -- ...

• Sypris Reports Fourth Quarter Results, from 7:45AM ET on Monday Apr 01, 2024 by Business Wire

  7:45AM ET on Monday Apr 01, 2024 by Business Wire
  Companies Mentioned: SYPR

  Sypris Solutions, Inc. (Nasdaq/GM: SYPR) today reported financial results for its fourth quarter and full-year ended December 31, 2023.

  HIGHLIGHTS

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  Consolidated revenue for the quarter increased 16.9% and 23.7% for the full year driven by double digit expansion of shipments across both segments. Revenue for Sypris Electronics increased 25.2% and 42.7% for the quarter and full year, respectively, reflecting the continued growth in demand from customers serving the markets for Electronic Warfare, Aircraft and Missile Avionics, and Subsea Communications. Revenue for Sypris Technologies increased 10.8% and 12.5% for the quarter and full year, respectively, resulting from increased demand from customers serving the Commercial Vehicle, Specialty Automotive and Energy markets. During the quarter, Sypris Electronics announced that it had received two multimillion-dollar follow-on contract awards from a U.S. global defense contractor for the full-rate production of advanced integrated electronic warfare and communications avionics system modules for one of the largest Government DoD programs. Sypris also received releases for the first year of production with shipments scheduled to continue into mid-year 2025. Sypris Electronics also announced a follow-on award from a U.S. DoD prime contractor for a secure communications infrastructure program. Sypris will produce and test the embedded circuit card assemblies that will perform certain cryptographic functions for the Army Key Management System. Production is expected to begin in 2024. Subsequent to quarter end, Sypris Technologies received an award to supply specialty high-pressure closures for use in a large international liquified natural gas project. The closures will be integrated into the filtration systems of the carbon capture and storage facilities of the project. Production is expected to be completed during 2024. The outlook for 2024 remains positive, with revenue now expected to increase 10-15% year-over-year, reflecting the continued momentum of new contract awards and strong backlog across many of the Company's markets. We expect gross profit to increase 20-25% for 2024, while gross margin is forecast to expand 150-175 basis points on a year-over-year basis.

• *DJ Sypris Solutions 4Q Loss/Shr 5c >SYPR, from 7:45AM ET on Monday Apr 01, 2024 by Dow Jones

  7:45AM ET on Monday Apr 01, 2024 by Dow Jones
  Companies Mentioned: SYPR

• Sypris Reports Fourth Quarter Results, from 7:45AM ET on Monday Apr 01, 2024 by Dow Jones

  7:45AM ET on Monday Apr 01, 2024 by Dow Jones
  Companies Mentioned: SYPR
  Additional paid-in capital 156,242 155,535 Accumulated deficit (116,932) (115,336) Accumulated other comprehensive loss (17,067) (20,845) Treasury stock, 5,835 in 2023 and 19 in 2022 - - -------- -------- Total stockholders' equity 22,467 19,575 -------- -------- Total liabilities and stockholders' equity $ 129,342 $ 104,144 ======== ======== Note: The balance sheet at December 31, 2022, has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by accounting principles generally accepted in the United States for a complete set of financial statements. Sypris Solutions, Inc. Consolidated Cash Flow Statements (in thousands) Year Ended December 31, ---------------------- 2023 2022 ------- ------- (Unaudited) Cash flows from operating activities: Net loss $ (1,596) $ (2,494) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization 3,259 3,088 Deferred income taxes 54 329 Stock-based compensation expense 813 683 Deferred loan costs amortized 3 6 Provision for excess and obsolete inventory (167) 65 Non-cash lease expense 942 890 Other noncash items (56) (148) Contributions to pension plans (16) (60) Changes in operating assets and liabilities: Accounts receivable (1,096) 345 Inventory (34,693) (11,804) Prepaid expenses and other assets (1,105) (3,072) Accounts payable 8,984 5,556 Accrued and other liabilities 13,585 20,409 ------- ------- Net cash (used in) provided by operating activities (11,089) 13,793 Cash flows from investing activities: Capital expenditures (2,139) (3,041) Proceeds from sale of assets - 10 ------- ------- Net cash used in investing activities (2,139) (3,031) Cash flows from financing activities: Proceeds from equipment financing obligations 710 - Proceeds from working capital line of credit 500 - Proceeds from Note Payable - related party 2,500 - Principal payments on finance lease obligations (1,168) (982) Principal payments on equipment financing obligations (551) (352) Principal payments on Note Payable - related party (2,500) - Indirect repurchase of shares for minimum statutory tax withholdings (105) (49) ------- ------- Net cash used in financing activities (614) (1,383) Effect of exchange rate changes on cash balances 75 649 ------- ------- Net (decrease) increase in cash and cash equivalents (13,767) 10,028 Cash and cash equivalents at beginning of period 21,648 11,620 ------- ------- Cash and cash equivalents at end of period $ 7,881 $ 21,648 ======= =======