LOUISVILLE, KY – Sypris Electronics reported revenue of $4 million in the fourth quarter of 2016, down 55% year-over-year, reflecting the impact of the sale of Sypris Solutions’ Cyber Security Solutions business. Gross profit was a loss of $1.2 million, compared to profit of $300,000 for the same period the prior year.

Revenue for Sypris Technologies was $15.9 million in the fourth quarter, down 21.3% year-over-year. Gross profit was $1 million, or 6.4% of revenue, compared to $800,000, or 3.8% of revenue for the same period in 2015.

Sypris Solutions posted total revenue of $20 million for the quarter, down 31.3% year-over-year. The company reported a net loss of $4.6 million, compared to a loss of $5.5 million for the prior-year comparable period.

For the full year ended Dec. 31, Sypris Solutions reported revenue of $91.8 million, down 37% year-over-year. Net income was $6 million, compared to a net loss of $27.2 million for 2015.

“Significant progress has been made during this past year,” said Jeffrey T. Gill, president and CEO. “The company’s total manufacturing overhead costs are being reduced; our underperforming and underutilized assets are being divested; significant liquidity has been raised, and important new business has been secured.

“The completion of the sale of the CSS business to Analog Devices for $42 million during the third quarter was another important milestone for the company. As we move forward into 2017, the proceeds from this transaction will enable us to complete the actions we started in 2015 to position the company’s operations to return to profitability.”

During the fourth quarter, the company completed the relocation of its Sypris Electronics facility in Tampa, reducing its footprint by approximately 83%, or 250,000 sq. ft.

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