LOUISVILLE -- Sypris Solutions today reported revenue of $100.2 million for its third quarter, down 4.1% from the prior year.

The company swung to a net loss of $7.8 million, whereas a year-ago it reported income of $2.6 million. The most recent results included restructuring charges of $700,000 and foreign exchange losses of $1.0 million.

In a statement, the company announced layoffs would be forthcoming following a decision to merge its  Electronics and Data Systems businesses. The company will also shutter a facility in Kenton, OH.

Sypris Electronics' revenue increased 14% during the quarter to $42.2 million, on a 19% increase for aerospace and defense programs and continued growth in test and measurement. Gross profit for the quarter increased 10.2% to $6.3 million. Electronics now represents 42% of the company’s overall portfolio, up seven points from the prior year.

"We believe that our Electronics Group will continue to perform well during the coming months despite the current economic environment,” said chief executive Jeffrey Gill.

For the nine months ended Sept. 28, the company reported revenue dropped 4.6% to $316.8 million, while the net loss of $8.3 million was down from net income of $100,000. Free cash flow was positive through the nine months.

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