LOUISVILLE, KY -- Sypris Solutions today reported revenue of $94.5 million for the fourth quarter compared to $103.7 million for the prior year period. The company reported a net loss of $10.6 million before special charges and non-cash impairments for the period ended Dec. 31, compared to a net loss of $2.2 million a year ago.

For the year, the company reported revenue of $411.3 million compared to $435.9 million for the prior year period and a net loss of $18.3 million before charges compared to a net loss of $3.7 million. Sypris also took $45.1 million worth of restructuring charges and non-cash charges of $66.8 million.

The restructuring plans, which include the consolidation of three North American plants into other existing Sypris facilities and a reduction of approximately 12.5% of the domestic workforce, are expected to save $25 million a year.

A bright spot was the company's electronics group. Revenue increased 5.5% to $47.3 million in the fourth quarter over the prior year. Gross profit for the quarter decreased to $3.4 million compared to $5.8 million for the same period in 2007, primarily as a result of $2.8 million of non-cash charges.

Revenue for the Aerospace & Defense segment increased 4.8% to $33.4 million in the fourth quarter on sales of link encryption products. Gross profit for the segment decreased to a loss of $100,000 compared to gross profit in the prior year of $2.6 million due to the non-cash expenses.

Revenue for the Test & Measurement segment increased 7.1% to $13.9 million. Gross profit increased 5.6% to $3.4 million due to increased sales volume during the quarter.

Jeffrey T. Gill, president and chief executive said, “Our Electronics Group continued to make important progress. Orders for Aerospace & Defense increased 37% during the quarter when compared to the prior year period, while revenue for our Test & Measurement segment increased 7% during the quarter when compared to the fourth quarter of 2007. Revenue from our Electronics Group represents approximately 41% of total portfolio revenue as compared to 36% for the prior year.

“The outlook for our Electronics Group remains positive, with year-over-year performance improvements expected to continue despite the challenging economic environment.”

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