LOUISVILLE, KY – Sypris Solutions reported third-quarter revenue of $76.3 million down 3% year-over-year.

For the period ended Sept. 29, the company reported a net loss of $2 million, compared to a net loss of $5.7 million for the third quarter of 2012.

Third-quarter revenue for the Electronics Group decreased 29.4% year-over-year to $9.6 million; revenue for the group increased 24.7% sequentially. The firm attributes the year-over-year decline in part to budgetary and funding uncertainties within the US Department of Defense.

The Electronics Group registered a net loss of $200,000 for the quarter, compared to profit of $2.8 million for the third quarter of 2012, primarily reflecting the lower sales volume and change in product mix. In the second quarter, the group experienced a net loss of $500,000.

Revenue for the Industrial Group increased 2% from the third quarter of last year to $66.7 million, while gross profit increased 13% to $7.4 million, or 11.1% of revenue.

For the nine months ended Sept. 29, the firm reported revenue of $236.9 million, down 13.6% year-over-year. Sypris reported a net loss for the nine months of $9.9 million, compared to net income of $4 million in the first nine months of last year.

During the nine-month period, revenue and gross profit for the Electronics Group declined to $24.6 million and a loss of $700,000, respectively.

The firm posted an 8% decline in revenue for the Industrial Group compared to the first nine months of 2012.

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