LOUISVILLE, KY -- Sypris Solutions today reported fourth-quarter revenue rose 10% over a year ago even while its EMS unit saw sales dip on lower defense demand. The Electronics Group's revenue fell 20% from 2012, but increased 3% sequentially to $10 million.

Gross loss for the unit was $900,000 compared to a profit of $3.1 million for the prior year period, primarily reflecting the lower sales volume and change in product mix.

For the year, Sypris' revenue fell 9% to $310.7 million, as its Electronics Group declined to $34.6 million, reflecting the impact of sequestration and other defense-related spending delays. The net loss was $9.9 million, compared to net income of $3 million for the prior year. The results for 2013 include a $6.9 million non-cash impairment of goodwill and foreign currency related losses of $300,000, partially offset by a non-cash income tax benefit of $2.4 million and a gain of $1.5 million from the sale of idle assets.

In a statement, president and chief executive Jeffrey T. Gill said, "Our Electronics Group will continue to face near-term revenue challenges until such time as new programs, products and cyber-related services achieve sufficient traction to offset the ongoing defense spending uncertainty.”

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