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Sypris Reports Q2 Revenue Down 5% YoY |
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Written by Chelsey Drysdale
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Wednesday, 30 July 2008 |
LOUISVILLE, KY – Sypris Solutions reported revenue of $110.4 million for the second quarter, down nearly 5% year-over-year.
The company reported a net loss of $900,000 compared to a net loss of $2.3 million for the second quarter last year.
For the six months ended June 29, the firm reported revenue of $216.6 million, down 4.9% year-over-year, and a net loss of $600,000 compared to a net loss of $2.5 million in 2007.
Revenue for the Electronics Group decreased 4% to $41.3 million year-over-year. Gross profit for the quarter was $5.7 million, up nearly 30% compared to the same period in 2007. The Electronics Group provides contract electronics design and assembly services.
“The company’s financial results were in line with our expectations, despite lower-than-expected shipments during the latter part of the quarter,” said Jeffrey T. Gill, president and CEO. “Continued margin improvement served to offset the impact of lower revenue, which was driven by decreased demand in the commercial vehicle and trailer markets, as well as reduced funding for data systems products in our Electronics Group.”
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