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Last $1.30 USD
Change Today -0.03 / -2.26%
Volume 3.8K
SYPR On Other Exchanges
As of 8:10 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

sypris solutions inc (SYPR) Snapshot

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08/4/14 - $4.82
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sypris solutions inc (SYPR) Details

Sypris Solutions, Inc. offers outsourced services and specialty products in the United States, Mexico, Denmark, and the United Kingdom. It provides manufacturing, engineering, design, and other technical services under contracts with corporations and government agencies in the industrial manufacturing, and aerospace and defense electronics markets. The company’s Industrial Group segment supplies forged and machined components for the commercial vehicle, off highway vehicle, light truck, and energy markets. This segment produces drive train components, such as axle shafts, gear sets, differential cases, steer axle forgings, and other components for truck manufacturers; axle shafts and drive train components for medium and heavy-duty trucks; axle beams for trailers; transmission shafts for heavy-duty trucks; and specialty closures for oil and gas pipelines. It’s Electronics Group segment offers secure communications, electronic key management, Sypris Data Systems branded products, and product design and development to the U.S. Government, defense and civilian agencies, international government agencies, and aerospace and defense prime contractors; and designs and builds information assurance products include link encryptors, data recording products, and electronic key fill devices. This segment is also involved in the circuit card and full box build manufacturing, dedicated space and high reliability manufacturing, integrated design and engineering services, systems assembly and integration, design for manufacturability, and design to specification work to aerospace and defense companies. The company’s specialized products comprise light weight axle components, digital and analog data systems, and encryption devices used in military applications, cyber security training and identity authentication solutions, specialty closures, and joints used in pipeline and chemical systems. Sypris Solutions, Inc. was founded in 1954 and is headquartered in Louisville, Kentucky.

1,332 Employees
Last Reported Date: 03/31/15
Founded in 1954

sypris solutions inc (SYPR) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $672.5K
Vice President and President of Sypris Techno...
Total Annual Compensation: $414.6K
Vice President and President of Sypris Electr...
Total Annual Compensation: $357.7K
Vice President, General Counsel and Secretary
Total Annual Compensation: $374.4K
Compensation as of Fiscal Year 2014.

sypris solutions inc (SYPR) Key Developments

Sypris Solutions, Inc. and Certain of its Subsidiaries Enter into an Amendment to the Loan Agreement with PNC Bank, National Bank

On July 2, 2015, Sypris Solutions Inc. and certain of its subsidiaries entered into an amendment to the loan agreement with PNC Bank, National Bank. The lender, as the agent and lender under the loan agreement, agreed: to reduce the reserved amount available to be borrowed under the loan agreement from $25.0 million to $22.5 million prior to the sale of certain assets used in the company's manufacturing business in Morganton, North Carolina, and to further reduce such reserved amount to $10.0 million after the Morganton Sale. The third amendment also: waives certain existing or potential events of default under the loan agreement, amends the company's borrowing base formula, relaxes the company's financial covenants to reflect its near term forecasts, and commits the company to repay all amounts borrowed under the loan agreement on or before September 30, 2015, and to take a number of mutually agreed actions designed to accomplish that goal, including the continued retention of various advisers to assist in the company's efforts to divest non-core, underutilized or other appropriate assets and to modify its cost structure as needed, and the completion of the Morganton Sale. The company agreed to pay the lender a fee of $0.5 million in connection with the execution of the third amendment, and a success fee of $0.5 million on September 30, 2015. The company expects to be able to comply with the amended covenants or to be able to obtain a waiver for certain covenants. However, no assurances can be given that changing business, regulatory or economic conditions might not cause the company to violate one or more covenants which could result in default or acceleration of any debt under the agreements.

Sypris Solutions Inc. Announces Consolidated Unaudited Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Quarter of 2015

Sypris Solutions Inc. announced consolidated unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues of $37,009,000 compared with $84,244,000 for the same period a year ago. Operating loss was $12,893,000 compared with operating income of $2,421,000 for the same period a year ago. Loss before taxes was $13,048,000 against income of $2,817,000 a year ago. Net loss was $13,033,000 or $0.66 per diluted share compared with net income of $1,652,000 or $0.08 per diluted share for the same period a year ago. Net cash used in operating activities was $5,315,000 compared with net cash provided from operating activities of $2,499,000 for the same period a year ago. Capital expenditures were $295,000 compared with $559,000 for the same period a year ago. The decline in revenue resulted in a loss at the gross profit line of $3.2 million for the first quarter of 2015. Negative EBITDA for the quarter of $10.5 million compared to $5.7 million in the prior year. Net debt increased to $16.5 million at the end of first quarter, which represented 33% of total capital. For the second quarter, the company expects significant sequential improvement in this metric during the second quarter when are passed toward achieving positive EBITDA, again in the second half of 2015. The company expects 15% to 30% sequential increase in revenue from first quarter to second quarter, which would result in second quarter revenue in the range of $42 million to $48 million. The company anticipates both segments will contribute to this growth with a strong commercial vehicle market and a ramp of new programs driving the top line growth for Sypris Technologies.

Sypris Solutions Inc. to Report Q1, 2015 Results on May 14, 2015

Sypris Solutions Inc. announced that they will report Q1, 2015 results at 9:00 AM, US Eastern Standard Time on May 14, 2015


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