The GAAP loss from continuing operations narrowed to $5 million, from $90 million in the second quarter of last year.
The company had non-GAAP net income from continuing operations of $40 million, excluding $45 million of charges. The company took a one-time charge of $40 million for the pending sale of one of its Japanese facilities, a $3 million restructuring charge and a $2 million charge related to its convertible note exchange offer.
He had been CFO of Sypris since March 1998.
Sypris named vice president and treasurer Anthony C. Allen acting CFO. The process for identifying a permanent replacement has been initiated.
SARATOGA, CA - The decline in semiconductors that began in the second half of 2004 possibly came to a halt in January, according to a leading research firm. "Although it seems that the decline stalled in January, we discourage extrapolating this incident into the future as one month does not make a trend," warned Rosa Luis, director of marketing and sales at Advanced Forecasting.
AFI said January's data shows a clear stagnation in IC revenues, which were flat month-on-month; units, which has begun to slow, indicating a bottom is near; and average selling price, which increased slightly in January after a slight decline in December. Historical data shows this is a rare occurrence in that ASPs do not tend to increase once they have begun a decline, AFI said.
"We remain optimistic that the current decline will end during the first half of 2005," said Luis. "We stand by our original forecast of a near zero growth rate for the full year."
TOKYO - A massive earthquake that hit Kyushu Island Sunday temporarily disrupted several electronics companies located in the area. Various reports placed the estimated number of injured close to 700, with at least one person killed.
Although Japan is among the most earthquake-prone areas in the world, Kyushu, known as Silicon Island because of the number of electronics companies there, hasn't been struck in centuries.
The quake measured 7.0 on the Richter scale and has been followed by several aftershocks. A magnitude 7 quake can cause tremendous damage in populated areas, and can trigger tsunamis.
AUCKLAND, New Zealand - Navman has finished a major expansion in Northcote that doubled the size of its electronics manufacturing space.
The company, which is owned by Brunswick Corp., a U.S. company, designs and builds marine, wireless data and personal and car navigation systems.
The company spent more than 12 months and NZ$4 million on the expansion. The company employs 450 staff in Auckland.
The 85,000 sq. ft. campus is more than twice the previous size.
In a statement, Brunswick chief executive and chairman George Buckley said Navman "is on track to achieve $400 million this year" and NZ$1 billion within three to five years.
Norcross, GA, March 23 -- The Electronics Assembly Systems Division of Siemens Logistics and Assembly Systems Inc. is providing SMT Process training on April 18-22, in partnership with the Center for Electronics Manufacturing & Assembly (CEMA) at Rochester Institute of Technology, (RIT).
The training will take place at RIT's CEMA facility in New York. It features a fully equipped SMT Laboratory, which includes screen printing, dispensing, pick-and-place, reflow, rework stations, optoelectronics workstations, wire bonding, test and inspection equipment.
The hands-on course provides participants with a thorough understanding of SMT and advanced packaging principles needed for supporting and troubleshooting the SMT process. It will offer discussions on process parameters and process characteristics, paste qualification including lead-free solder compounds, as well as identifying and correcting defects.
The course is offered as a result of the Siemens Electronics Consortium for the Advancement of Electronics Manufacturing Education (CAEME).
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