LOUISVILLE, KY – Sypris Solutions’ Electronics Group posted revenue of $7.1 million for the fourth quarter of 2014, down 29% year-over-year, reflecting lower product sales to overseas customers and budgetary and funding uncertainties within the US Department of Defense.

The Electronics Group recorded a gross loss of $1 million for the quarter, compared to a loss of $900,000 for the prior year period, primarily reflecting the lower sales volume and change in product mix.

“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,” said Jeffrey T. Gill, president and CEO.

Sypris Solutions reported total fourth quarter revenue of $87.2 million, up 18% year-over-year. The company reported a net loss of $2 million, compared to net income of $61,000 for the prior year. For the full year ended Dec. 31, Sypris Solutions reported revenue of $354.8 million, up 14.2% year-over-year. The firm posted a net loss of $1.2 million for the year, compared to a net loss of $9.9 million for 2013.

“Our Industrial Group continued to respond well to the rebound in demand from our commercial vehicle customers,” said Gill. “Revenue for this segment during the fourth quarter increased 25% year-over-year, primarily reflecting increased customer demand across all markets.”

“Our Aerospace and Defense business continued its efforts to diversify its portfolio of products and services in response to the challenges posed by the US defense industry. Our team continues to make progress in the development of a Cyber Security Laboratory with our partner, NEC Asia Pacific, for the Singapore Government. While we have not recognized any material revenue under the program, it represents one of the steps toward the achievement of our diversification objectives,” Gill said.

• Prev
• Next