Sypris Solutions Inc

NASDAQ:SYPRUnited States

May 15, 2024

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• -- Earnings Flash (SYPR) SYPRIS SOLUTIONS Reports Q1 Revenue $35.6M, from 7:46AM ET on Wednesday May 15, 2024 by MT Newswires

  7:46AM ET on Wednesday May 15, 2024 by MT Newswires
  Companies Mentioned: SYPR
  07:46 AM EDT, 05/15/2024 (MT Newswires) -- ...

• *DJ Sypris Solutions 1Q Loss/Shr 10c >SYPR, from 7:45AM ET on Wednesday May 15, 2024 by Dow Jones

  7:45AM ET on Wednesday May 15, 2024 by Dow Jones
  Companies Mentioned: SYPR
  Consolidated Cash Flow Statements (in thousands) Three Months Ended ------------------------ March 31, April 2, 2024 2023 ------------ ---------- (Unaudited) Cash flows from operating activities: Net loss $ (2,221) $ (175) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 845 774 Deferred income taxes 39 (136) Stock-based compensation expense 197 263 Deferred loan costs amortized 2 2 Provision for excess and obsolete inventory 73 (87) Non-cash lease expense 293 179 Other noncash items 69 33 Contributions to pension plans - (10) Changes in operating assets and liabilities: Accounts receivable (4,326) (2,691) Inventory 6,405 (9,942) Prepaid expenses and other assets (866) 154 Accounts payable (208) 3,118 Accrued and other liabilities (2,011) 7,277 --- ------ ------ Net cash used in operating activities (1,709) (1,241) Cash flows from investing activities: Capital expenditures (316) (708) --- ------ ------ Net cash used in investing activities (316) (708) Cash flows from financing activities: Proceeds from equipment financing obligations 198 210 Proceeds from Note Payable - related party 2,500 - Principal payments on finance lease obligations (324) (271) Principal payments on equipment financing obligations (164) (95) Indirect repurchase of shares for minimum statutory tax withholdings - (48) --- ------ ------ Net cash provided by (used in) financing activities 2,210 (204) Effect of exchange rate changes on cash balances 30 (14) --- ------ ------ Net increase (decrease) increase in cash and cash equivalents 215 (2,167) Cash and cash equivalents at beginning of period 7,881 21,648 --- ------ ------ Cash and cash equivalents at end of period $ 8,096 $19,481 === ====== ======
  

• Sypris Reports First Quarter Results, from 7:45AM ET on Wednesday May 15, 2024 by Dow Jones

  7:45AM ET on Wednesday May 15, 2024 by Dow Jones
  Companies Mentioned: SYPR
  Consolidated Cash Flow Statements (in thousands) Three Months Ended ------------------------ March 31, April 2, 2024 2023 ------------ ---------- (Unaudited) Cash flows from operating activities: Net loss $ (2,221) $ (175) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 845 774 Deferred income taxes 39 (136) Stock-based compensation expense 197 263 Deferred loan costs amortized 2 2 Provision for excess and obsolete inventory 73 (87) Non-cash lease expense 293 179 Other noncash items 69 33 Contributions to pension plans - (10) Changes in operating assets and liabilities: Accounts receivable (4,326) (2,691) Inventory 6,405 (9,942) Prepaid expenses and other assets (866) 154 Accounts payable (208) 3,118 Accrued and other liabilities (2,011) 7,277 --- ------ ------ Net cash used in operating activities (1,709) (1,241) Cash flows from investing activities: Capital expenditures (316) (708) --- ------ ------ Net cash used in investing activities (316) (708) Cash flows from financing activities: Proceeds from equipment financing obligations 198 210 Proceeds from Note Payable - related party 2,500 - Principal payments on finance lease obligations (324) (271) Principal payments on equipment financing obligations (164) (95) Indirect repurchase of shares for minimum statutory tax withholdings - (48) --- ------ ------ Net cash provided by (used in) financing activities 2,210 (204) Effect of exchange rate changes on cash balances 30 (14) --- ------ ------ Net increase (decrease) increase in cash and cash equivalents 215 (2,167) Cash and cash equivalents at beginning of period 7,881 21,648 --- ------ ------ Cash and cash equivalents at end of period $ 8,096 $19,481 === ====== ======
  

• Sypris Reports First Quarter Results, from 7:45AM ET on Wednesday May 15, 2024 by Business Wire

  7:45AM ET on Wednesday May 15, 2024 by Business Wire
  Companies Mentioned: SYPR

  Sypris Solutions, Inc. (Nasdaq/GM: SYPR) today reported financial results for its first quarter ended March 31, 2024.

  HIGHLIGHTS

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  The Company's first quarter 2024 consolidated revenue increased 10.1% to $35.6 million compared with the prior year quarter, representing the 11th quarter of double-digit year-over-year growth during the past 12 quarterly periods. Revenue for Sypris Electronics increased 34.5% year-over-year and 9.5% sequentially, reflecting the continued growth in shipments under recently announced contracts with customers serving the markets for electronic warfare, aircraft and missile avionics, and subsea communications. Revenue for Sypris Technologies decreased 5.9% year-over-year to $18.4 million, reflecting the short-term timing of certain energy, specialty automotive and ATV product shipments. Orders for Sypris Technologies energy products increased during the first quarter compared to the same period in 2023, driving backlog up 50.1% from year end. During the quarter, Sypris Technologies announced that it had 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. In May, Sypris Electronics announced that it received releases for an additional four systems under a multi-year production contract that was first announced in 2022. The modules to be produced by Sypris will be integrated into an electronic warfare improvement program for the U.S. Navy. Deliveries are expected to begin in 2024. The Company updated its full-year outlook for 2024, maintaining the expected increase in revenue at 10%-15% year-over-year, while adjusting the gross margin guidance to a 100-125 basis point increase, reflecting the impact of unfavorable foreign currency exchange rates and program ramp costs.