LOUISVILLE, KY -- Sypris Solutions' Electronics unit totaled revenues of $9.1 million for the first quarter ended Apr. 3.

Sales were up 2.3% from last year on new cyber-related sales and an increase in product sales, offset in part by lower electronics manufacturing services revenues. Gross profit for the quarter was $1.4 million, compared to $900,000 for the prior year, primarily reflecting a favorable mix in sales of higher margin products and services in addition to a reduction in the overhead structure.

Sypris Electronics booked $29 million in multi-year orders for the first quarter as compared to $4.6 million for the comparable period in 2015.

Overall company revenue for the quarter was $26.9 million, down 27% from 2015. The net loss narrowed to $5.1 million, from $13 million in the prior year.

Gross profit increased $3.9 million, reflecting the adjustment in our fixed overhead structure within Sypris Technologies and an improvement in product mix within Sypris Electronics.

“Sypris Electronics continued its efforts to diversify its portfolio of products and services in response to the challenges posed by the US defense industry,” said Jeff Gill, president and chief executive. “During the first quarter we saw significant year-over-year improvement. We are pleased to note that the strength in orders was across the board, including demand for our legacy products, trusted manufacturing, engineering services, and new technologies where the Sypris Cyber Range continues to gain important momentum."

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