LOUISVILLE, KY – Sypris Electronics reported second quarter revenue of $8.7 million, flat year-over-year, reflecting an increase in product sales and billings under a new engineering services contract, offset by a decrease in electronic manufacturing services due to the completion of a program in 2015.

Gross profit for the quarter ended July 3 was $1 million, compared to a loss of $600,000 for the prior year period.

Sypris Electronics entered into a new manufacturing facility lease agreement during the second quarter, expected to reduce its operating facility costs beginning in 2017.

Sypris Solutions reported second quarter revenue of $23.5 million, down 42.4% year-over-year, reflecting a reduction in demand for commercial vehicles and the rebalancing of customer inventory.

The company reported a net loss of $5.2 million, compared to a loss of $8.4 million for the prior year comparable period. Gross profit increased $800,000, reflecting an improvement in product mix within Sypris Electronics.

For the six months ended July 3, the firm reported revenue of $50.4 million, down 35.2% compared to the first half of 2015. Sypris Solutions reported a net loss for the period of $10.3 million, compared to a net loss of $21.4 million in the comparable six-month period of 2015.

“During the second quarter of 2016, Sypris Electronics saw significant year-over-year improvement in gross profit despite flat sales,” said Jeffrey T. Gill, president and chief executive officer. “With the proceeds generated from the sale to ADI, we will be able to focus on our trusted manufacturing services platform going forward, which is poised for meaningful growth in the future.”

Revenue for Sypris Technologies decreased 53.9% to $14.8 million in the second quarter, primarily as a result of softness in the commercial vehicle industry and the divestiture of the Morganton, NC, facility in July 2015. Gross profit for the quarter was a loss of $300,000, compared to profit of $600,000 in the same period of 2015.

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