Sypris Solutions Inc. Files 10-Q for Q1 2024

TL;DR

<b>Sypris Solutions Inc. filed its Q1 2024 10-Q report on May 15, 2024.</b>

AI Summary

SYPRIS SOLUTIONS INC (SYPR) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Sypris Solutions Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. Sypris Solutions Inc. is incorporated in Delaware. The company's SIC code is 3823 for Industrial Instruments for Measurement, Display, and Control.

Why It Matters

For investors and stakeholders tracking SYPRIS SOLUTIONS INC, this filing contains several important signals. This 10-Q filing provides investors with the company's financial performance and operational details for the first quarter of 2024. The report includes updated balance sheet, income statement, and cash flow information, crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — SYPRIS SOLUTIONS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately apparent unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand Sypris Solutions Inc.'s operational and financial trends for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-15 — Filing Date (Date the report was filed)
• 1231 — Fiscal Year End (Company's fiscal year end)
• 0000864240 — Central Index Key (Company's SEC identifier)

Key Players & Entities

• SYPRIS SOLUTIONS INC (company) — Filer name
• SYPR (company) — Ticker symbol
• 10-Q (filing) — Form type
• 2024-03-31 (date) — Period of report
• 2024-05-15 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• 3823 (sic_code) — Standard Industrial Classification
• LOUISVILLE (location) — Business address city

FAQ

Industry Context

Sypris Solutions Inc. operates within the industrial instruments sector, focusing on measurement, display, and control technologies.

Regulatory Implications

The filing is a standard 10-Q, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics.
2. Examine segment information to understand performance drivers.
3. Review any disclosed risk factors or management discussion and analysis for insights into business challenges and strategies.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-15: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year's filings.

Key Financial Figures

• $5,529,000 — rch 31, 2024 and December 31, 2023 were $5,529,000 and $4,638,000, respectively, and are i
• $4,638,000 — d December 31, 2023 were $5,529,000 and $4,638,000, respectively, and are included within

Filing Documents

• sypr20240331_10q.htm (10-Q) — 935KB
• ex_667791.htm (EX-10.1) — 34KB
• ex_667793.htm (EX-10.2) — 25KB
• ex_667795.htm (EX-31.1) — 13KB
• ex_667796.htm (EX-31.2) — 13KB
• ex_667797.htm (EX-32) — 9KB
• dircompheader.jpg (GRAPHIC) — 14KB
• logo.jpg (GRAPHIC) — 12KB
• 0001437749-24-016886.txt (&nbsp;) — 5277KB
• sypr-20240331.xsd (EX-101.SCH) — 48KB
• sypr-20240331_def.xml (EX-101.DEF) — 326KB
• sypr-20240331_lab.xml (EX-101.LAB) — 269KB
• sypr-20240331_pre.xml (EX-101.PRE) — 356KB
• sypr-20240331_cal.xml (EX-101.CAL) — 56KB
• sypr20240331_10q_htm.xml (XML) — 742KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and April 2, 2023 2 Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2024 and April 2, 2023 3 Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 4 Consolidated Cash Flow Statements for the Three Months Ended March 31, 2024 and April 2, 2023 5 Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and April 2, 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 26

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Sypris Solutions, Inc. Consolidated Statements of Operations (in thousands, except for per share data) (Unaudited) Three Months Ended March 31, 2024 April 2, 2023 Net revenue $ 35,553 $ 32,292 Cost of sales 32,669 28,131 Gross profit 2,884 4,161 Selling, general and administrative 4,258 3,745 Operating (loss) income ( 1,374 ) 416 Interest expense, net 318 226 Other expense, net 341 71 (Loss) income before taxes ( 2,033 ) 119 Income tax expense, net 188 294 Net loss $ ( 2,221 ) $ ( 175 ) (Loss) earnings per share: Basic $ ( 0.10 ) $ ( 0.01 ) Diluted $ ( 0.10 ) $ ( 0.01 ) Weighted average shares outstanding: Basic 21,965 21,796 Diluted 21,965 21,796 Dividends declared per common share $ 0.00 $ 0.00 The accompanying notes are an integral part of the consolidated financial statements. 2 Sypris Solutions, Inc. Consolidated Statements of Comprehensive (Loss) Income (in thousands) (Unaudited) Three Months Ended March, 2024 April 2, 2023 Net loss $ ( 2,221 ) $ ( 175 ) Other comprehensive income: Foreign currency translation adjustments, net of tax 405 1,373 Comprehensive (loss) income $ ( 1,816 ) $ 1,198 The accompanying notes are an integral part of the consolidated financial statements. 3 Sypris Solutions, Inc. Consolidated Balance Sheets (in thousands, except for share data) March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 8,096 $ 7,881 Accounts receivable, net 13,093 8,929 Inventory, net 70,890 77,314 Other current assets 10,777 9,743 Total current assets 102,856 103,867 Property, plant and equipment, net 16,706 17,133 Operating lease right-of-use assets 4,617 3,309 Other assets 4,866 5,033 Total assets $ 129,045 $ 129,342 Liabilities and Stockholders ' Equity Current li

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (1) Nature of Business All references to "Sypris," the "Company," "we" or "our" include Sypris Solutions, Inc. and its wholly-owned subsidiaries. Sypris is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. The Company offers such products through its two business segments, Sypris Technologies, Inc. ("Sypris Technologies") and Sypris Electronics, LLC ("Sypris Electronics") (See Note 10). (2) Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. The December 31, 2023 consolidated balance sheet data was derived from audited statements, but does not include all disclosures required by U.S. GAAP. The Company's operations are domiciled in the United States (U.S.) and Mexico, and we serve a wide variety of domestic and international customers. All intercompany transactions and accounts have been eliminated. These unaudited consolidated financial statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state the results of operations, financial position and cash flows for the periods presented, and the disclosures herein are adequate to make the information presented not misleading. Preparing financial statements requires management to make estimates and assumption

View Full Filing

View this 10-Q filing on SEC EDGAR