LOUISVILLE, KY – Sypris Solutions Inc. today reported first-quarter revenue of $81.7 million, down 23% year-over-year.

The firm reported a net loss of $11.3 million compared to net income of $400,000 in the prior year period, which includes $2 million of charges associated with a restructuring program.

“The results for the quarter were in line with our expectations, reflecting the continued decline in the economy and its impact on demand in the markets served by our industrial group,” said Jeffrey T. Gill, president and CEO. “The 46% decline in comparable period revenue for this group more than offset the 21% increase in sales posted by our electronics group.”

Sypris’ aerospace & defense segment posted a 29% increase in revenue for the quarter, and the test & measurement segment increased 7%.

The firm’s electronics group now represents 54% of portfolio revenue compared to 34% for the prior year period. Revenue for the group increased 21% year-over-year to $44.2 million. The firm’s outlook is positive for this group in 2009.

Sypris Solutions provides technology-based outsourced services and specialty products.

• Prev
• Next