LOUISVILLE, KY – Sypris Electronics reported first quarter revenue of $5.4 million, down 40.7% year-over-year, reflecting the impact of the sale of the CSS business. Revenue increased 34% sequentially.

Gross profit for the quarter ended Apr. 2 was $100,000, compared to $1.4 million for the prior year period, primarily reflecting lower volumes as a result of the CSS sale and an unfavorable product mix, the firm says.

Sypris Solutions reported total revenue of $18.2 million for the first quarter, a decrease of 32.3% compared to the same quarter in 2016.
The company reported a net loss of $3.3 million, compared to a net loss of $5.1 million for the prior-year comparable period.

First quarter revenue for Sypris Technologies was $12.8 million, down 28.1% year-over-year. The segment posted a loss of $800,000, or 6.2% of revenue, compared to a loss of $700,000, or 3.7% of revenue, for the same period in 2016.

“We are pleased to announce we are on track to meet the targets laid out during our year-end conference call held in March of this year,” said president and CEO Jeffrey T. Gill. “All major milestones are expected to be achieved by the end of May. The progress made during this past year and in the first quarter of 2017 will enable the company’s operations to return to profitability by the second half of 2017.”