LOUISVILLE, KY – Sypris Solutions reported third quarter revenue of $91.2 million, up 24% year-over-year, driven by a 38% increase in sales for the Industrial Group.
Net income was $6.1 million, compared to a net loss of $1.9 million for the prior year period.

For the nine months ended Oct. 2, the company reported revenue of $252 million, up 26.4% year-over-year. Net income was $6.6 million, compared to a net loss of $8.6 million in 2010.

 “Revenue for our Electronics Group increased 15% sequentially for the quarter, while gross profit increased 223% sequentially,” said Jeffrey T. Gill, president and CEO.

Revenue for the Electronics Group was $18.5 million in the third quarter, down 10.7% year-over-year, while gross profit for the quarter was $3.3 million, or 18% of revenue, down 33% compared to the same period in 2010.

Revenue for the period continued to reflect the impact of the delay in funding for orders as a result of the late enactment of 2011 federal budget, while gross profit was impacted by unfavorable mix and additional engineering costs for product portfolio improvements, the firm says.

For the Electronics Group, Sypris expects to see continued recovery of the defense market once the 2012 budget authorization is enacted.