LOUISVILLE, KY -- Sypris Solutions today said first-quarter revenue at its Electronics Group rose 16% to $8.4 million. Gross loss for the quarter was $600,000, down from breakeven in 2013, primarily reflecting a change in mix of electronics manufacturing services due to the loss of certain high margin space programs in 2013.

For the period ended March 30, overall company revenue rose 7% year-over-year and 14% sequentially to $84.2 million, while the gross profit increased 31% versus a year ago and 66% sequentially to $10.6 million.

Net income was $1.7 million, up from a net loss of $6.5 million last year, when the firm took a $6.9 million, non-cash charge for goodwill.

Jeffrey T. Gill, president and chief executive,  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.”

• Prev
• Next