LOUISVILLE, KY -- Sypris Solutions today reported second-quarter revenue at its electronics unit was $8.7 million, down 7.5% from a year ago.

The gross loss for the quarter ended July 5 was $600,000, flat with the prior-year period.

Overall revenue for the company was $40.8 million, up 10.1% sequentially but down 56% from the prior year period, reflecting the ending of shipments to Dana Holding. The company swung to a net loss of $8.4 million, from income of $400,000 a year ago. Gross profit was was breakeven for quarter, a sequential improvement of $3.1 million.

“Sypris Technologies continued to adjust manpower and overhead expenses to reflect the cessation of shipments to Dana, while optimizing our ability to bring in potential new business,” said Jeffrey T. Gill, president and chief executive. “We believe that these adjustments and reduced SG&A spending will make a positive contribution to the Company’s overall financial performance during the second half of 2015.”

“We are targeting further margin improvement in the third quarter of this year to the extent that both business units benefit from the lower cost structures, new program shipments and in the case of Sypris Electronics, the commissioning of the Cyber Security Lab in Singapore,” Gill said. “We will continue to review alternatives for further improving our margins, business mix and return on assets.”

"Sypris Electronics 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,” he added.

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