February 23, 2017 2:02 PM ET

Machinery

Company Overview of Sypris Technologies, Inc.

Company Overview

Sypris Technologies, Inc. manufactures and supplies forging, extruding, machining, and assembling equipment. Its forging products include up setters, presses, hammers, and forming products. The company also provides machining cells and related equipment, such as CNC turning, CNC drilling, spline hobbling, grinding and hard turning, roller burnishing, broaching, and gear blanking products. In addition, it offers heat treating products, including normalizing, quench and temper, induction hardening, and controlled cooling products; assembling products, such as friction welding, butt welding, and automated bracket welding products; and axle shafts, trailer beams, knuckles, I-beams, carriers, dif...

101 Bullitt Lane

Suite 205

Louisville, KY 40222

United States

Founded in 1927

Phone:

502-420-1222

Fax:

502-420-1232

Key Executives for Sypris Technologies, Inc.

President
Age: 60
Vice President of Operations
Age: 59
Assistant Secretary
Age: 57
Vice President of Sales and Strategic Initiatives and Director
Age: 61
Compensation as of Fiscal Year 2016.

Sypris Technologies, Inc. Key Developments

Sypris Technologies, Inc. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended July 3, 2016

Sypris Technologies, Inc. reported unaudited earnings results for the second quarter and six months ended July 3, 2016. For the quarter, net revenue was $14,769,000 compared to $32,010,000 a year ago. The decrease in revenue was primarily as a result of softness in the commercial vehicle industry and the divestiture of the Morganton, North Carolina facility in July 2015. Gross loss was $260,000 compared to gross profit of $581,000 a year ago. For the six months, net revenue was $32,596,000 compared to $60,080,000 a year ago. Gross loss was $916,000 compared to $3,523,000 a year ago.

Sypris Technologies Announces Earnings Results for the First Quarter Ended April 3, 2016

Sypris Technologies announced earnings results for the first quarter ended April 3, 2016. The company's revenue decreased 36.5% to $17.8 million in the first quarter of 2016 compared to $28.1 million for the prior year period, primarily as a result of softness in the commercial vehicle industry and the divestiture of the Morganton, North Carolina facility in July 2015. Gross profit for the quarter was a loss of $0.7 million, compared to a loss of $4.1 million for the same period in 2015. EBITDA for the company improved significantly from first quarter of 2015 to first quarter of 2016. A $7.6 million year-over-year increase reflects the gross profit improvement, the SG&A decrease and the sale-leaseback gain previously discussed. EBITDA was $300,000. There are 2 primary factors for the revenue decrease for company. First, in July 2015, the company sold Morganton, North Carolina facility to Meritor. Although the company transferred certain manufacturing assets related to axle machining from Morganton to Louisville, Kentucky facility, the trailer axle business produced in Morganton transferred to Meritor as part of the transaction. The divestiture of this business accounts for $4.8 million of the decrease in revenue for the comparable periods.

Sypris Technologies Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015

Sypris Technologies announced unaudited revenue results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company’s revenue decreased 74.8% to $20.2 million compared to $80.2 million for the prior year period, primarily as a result of the cessation of the Dana business. Gross profit for the quarter was $0.8 million, or 3.8% of revenue, compared to $10.2 million, or 12.7% of revenue for the same period in 2014. For the full year, the company reported revenue of $108,134,000 compared to $322,262,000 a year ago.

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