Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Apr. 05, 2015 | 1-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SYPRIS SOLUTIONS INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 20,791,544 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 864240 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 5-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 05, 2015 | Mar. 30, 2014 |
Net revenue: | ||
Outsourced services | $31,872 | $76,520 |
Products | 5,137 | 7,724 |
Total net revenue | 37,009 | 84,244 |
Cost of sales: | ||
Outsourced services | 35,786 | 67,981 |
Products | 4,380 | 5,699 |
Total cost of sales | 40,166 | 73,680 |
Gross (loss) profit | -3,157 | 10,564 |
Selling, general and administrative | 9,118 | 7,992 |
Research and development | 333 | 151 |
Severance | 285 | 0 |
Operating (loss) income | -12,893 | 2,421 |
Interest expense, net | 334 | 132 |
Other (income), net | -179 | -528 |
(Loss) income before taxes | -13,048 | 2,817 |
Income tax (benefit) expense, net | -15 | 1,165 |
Net (loss) income | ($13,033) | $1,652 |
(Loss) income per share: | ||
Basic (in Dollars per share) | ($0.66) | $0.08 |
Diluted (in Dollars per share) | ($0.66) | $0.08 |
Weighted average shares outstanding: | ||
Basic (in Shares) | 19,650 | 19,417 |
Diluted (in Shares) | 19,650 | 19,446 |
Dividends declared per common share (in Dollars per share) | $0 | $0.02 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 05, 2015 | Mar. 30, 2014 |
Net (loss) income | ($13,033) | $1,652 |
Other comprehensive income: | ||
Foreign currency translation adjustments, net of tax | -658 | 26 |
Comprehensive (loss) income | ($13,691) | $1,678 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Apr. 05, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $3,415 | $7,003 |
Accounts receivable, net | 30,375 | 47,666 |
Inventory, net | 29,992 | 29,031 |
Other current assets | 6,340 | 5,666 |
Total current assets | 70,122 | 89,366 |
Property, plant and equipment, net | 35,626 | 37,654 |
Other assets | 2,954 | 2,661 |
Total assets | 108,702 | 129,681 |
Current liabilities: | ||
Accounts payable | 32,291 | 39,027 |
Accrued liabilities | 15,266 | 18,775 |
Current portion of long-term debt | 15,949 | 17,000 |
Total current liabilities | 63,506 | 74,802 |
Note payable – related party | 4,000 | 0 |
Other liabilities | 7,870 | 7,991 |
Total liabilities | 75,376 | 82,793 |
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 208 | 206 |
Additional paid-in capital | 151,441 | 151,314 |
Retained deficit | -92,629 | -79,596 |
Accumulated other comprehensive loss | -25,693 | -25,035 |
Treasury stock, 82,692 and 82,692 shares in 2015 and 2014, respectively | -1 | -1 |
Total stockholders’ equity | 33,326 | 46,888 |
Total liabilities and stockholders’ equity | 108,702 | 129,681 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Stockholders’ equity: | ||
Common stock | $0 | $0 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Apr. 05, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 975,150 | 975,150 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 20,826,236 | 20,567,735 |
Common stock, shares outstanding | 20,743,544 | 20,485,043 |
Treasury stock | 82,692 | 82,692 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 24,850 | 24,850 |
Preferred stock, shares issued | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 0 | 0 |
Consolidated_Cash_Flow_Stateme
Consolidated Cash Flow Statements (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 05, 2015 | Mar. 30, 2014 |
Cash flows from operating activities: | ||
Net (loss) income | ($13,033) | $1,652 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 2,180 | 2,714 |
Stock-based compensation expense | 206 | 405 |
Deferred revenue recognized | -2,170 | -2,164 |
Deferred loan costs recognized | 77 | 19 |
Provision for excess and obsolete inventory | 82 | 103 |
Other noncash items | -183 | 113 |
Contributions to pension plans | -77 | -199 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 17,303 | -19,953 |
Inventory | -1,047 | -2,247 |
Other current assets | -691 | 1,662 |
Accounts payable | -7,046 | 17,925 |
Accrued and other liabilities | -916 | 2,469 |
Net cash (used in) provided by operating activities | -5,315 | 2,499 |
Cash flows from investing activities: | ||
Capital expenditures, net | -295 | -559 |
Proceeds from sale of assets | 0 | 8 |
Net cash used in investing activities | -295 | -551 |
Cash flows from financing activities: | ||
Net change in debt under revolving credit agreements | -1,051 | -1,000 |
Proceeds from related party note payable | 4,000 | 0 |
Debt modification costs | -440 | 0 |
Common stock repurchases | 0 | -116 |
Indirect repurchase of shares of minimum statutory tax withholdings | -77 | -33 |
Cash dividends paid | -410 | -408 |
Net cash provided by (used in) financing activities | 2,022 | -1,557 |
Net (decrease) increase in cash and cash equivalents | -3,588 | 391 |
Cash and cash equivalents at beginning of period | 7,003 | 18,674 |
Cash and cash equivalents at end of period | $3,415 | $19,065 |
Note_1_Nature_of_Business
Note 1 - Nature of Business | 3 Months Ended | |
Apr. 05, 2015 | ||
Disclosure Text Block [Abstract] | ||
Nature of Operations [Text Block] | -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 outsourced services and specialty products. The Company performs a wide range of manufacturing, engineering, design, and other technical services, often under multi-year, sole-source contracts with corporations and government agencies in the markets for truck components and assemblies and aerospace and defense electronics. The Company provides such services through its two segments, Sypris Technologies, Inc. (Sypris Technologies) and Sypris Electronics, LLC (Sypris Electronics). See Note 12, “Segment Data,” to the consolidated financial statements. |
Note_2_Basis_of_Presentation
Note 2 - Basis of Presentation | 3 Months Ended | |
Apr. 05, 2015 | ||
Accounting Policies [Abstract] | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | -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 the rules and regulations of the Securities and Exchange Commission. The Company’s operations are domiciled in the United States (U.S.), Mexico and the United Kingdom (U.K.) and 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 assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Actual results for the three months ended April 5, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements, and notes thereto, for the year ended December 31, 2014 as presented in the Company’s Annual Report on Form 10-K. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 3 Months Ended | |
Apr. 05, 2015 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | -3 | Recent Accounting Pronouncements |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued guidance that revises the definition of a discontinued operation. The revised definition limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on operations and financial results. The guidance also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance will apply to covered transactions that occur after 2014 and was optional for the initial reporting of disposals completed or approved in 2014. | ||
In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” This ASU supersedes the revenue recognition requirements in “Accounting Standard Codification 605 - Revenue Recognition” and most industry-specific guidance. The standard requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. The new guidance will also require new disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU is effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years and early adoption is not permitted. The guidance allows for either a full retrospective or a modified retrospective transition method. The Company is currently assessing the impact of the adoption of ASU 2014-09 on its results of operations, financial position and cash flows. | ||
In August 2014, the FASB issued ASU No. 2014-15 Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. |
Note_4_Loss_of_a_Key_Customer_
Note 4 - Loss of a Key Customer and Management's Recovery Plans | 3 Months Ended | |
Apr. 05, 2015 | ||
Risks and Uncertainties [Abstract] | ||
Concentration Risk Disclosure [Text Block] | -4 | Loss of a Key Customer and Management’s Recovery Plans |
Our supply agreement with Dana Holding Corporation (“Dana”) was originally scheduled to expire on December 31, 2014. For the year ended December 31, 2014, Dana represented approximately 59% of our net revenue. | ||
In July 2013, Sypris and Dana signed an amended and restated supply agreement to extend the supply agreement term beyond December 31, 2014, the binding effect of which is currently in dispute. Dana has repudiated this July 2013 agreement, and Dana has ceased ordering any components from us effective December 31, 2014. Sypris disputes Dana’s ability to do so and is seeking to recover its lost margins and additional remedies with respect to the revenues to which Sypris was entitled under the renewed agreement. | ||
Dana initiated an ancillary action in Ohio state court challenging the arbitrability of the existence and enforceability of the amended and restated July 2013 supply agreement on January 17, 2014. The parties have conducted discovery, and the Ohio trial court has granted an initial motion for judgment on the pleadings or summary judgment, which Sypris has appealed. If the case goes to trial and if ruled in the Company’s favor, the dispute would revert to an arbitrator to determine damages. | ||
Additionally, the parties have also asserted various damages claims against each other arising out of their prior supply agreement and have sought the assistance of an arbitrator in connection with these disputes. The parties had an arbitration hearing in January 2015, and the ruling was received on April 29, 2015, awarding Sypris $505,000. | ||
As a result of the dispute with Dana and the loss of the Dana business, the Company has taken significant actions during the fourth quarter of 2014 and the first quarter of 2015, including but not limited to the following: (i) bid on significant new business opportunities with existing and potential customers resulting from the strength of the commercial vehicle market and a perceived shift in market share among tier one suppliers, (ii) reduced workforce at the locations most impacted by the loss of Dana, (iii) reduced employment costs by reduced work schedules, senior management pay reductions, deferral of merit increases and certain benefit payments, and (iv) utilized labor for preventative maintenance on equipment and facilities, deployment of Toyota Production System management and production practices and refurbished the overall appearance of facilities to attract customers. The Company has engaged an investment banking firm to provide financial advisory services in connection with its effort to secure new subordinated debt. The Company has also engaged a commercial real estate firm to provide advisory and brokerage services related to the potential disposition of certain real property owned by the Company. However, there can be no assurance that our plans to mitigate the loss and to effectively manage our costs during the transition will be successful. Additionally, the Company amended its Credit Facility in March 2015 to support management’s plans and provide liquidity through January 2016 (see Note 11 “Debt,” to the consolidated financial statements). |
Note_5_Milestone_Revenue_Recog
Note 5 - Milestone Revenue Recognition | 3 Months Ended | |
Apr. 05, 2015 | ||
Milestone Revenue Recognition [Abstract] | ||
Milestone Revenue Recognition [Text Block] | -5 | Milestone Revenue Recognition |
The Company periodically enters into research and development contracts with customers related primarily to key encryption products. When the contracts provide for milestone or other interim payments, the Company will recognize revenue under the milestone method in accordance with Accounting Standards Codification (“ASC”) 605-28 Revenue Recognition, Milestone Method. The milestone method requires the Company to deem all milestone payments within each contract as either substantive or non-substantive. That conclusion is determined based upon a thorough review of each contract and the deliverables to which the Company has committed in each contract. For substantive milestones, the Company concludes that upon achievement of each milestone, the amount of the corresponding defined payment is commensurate with the effort required to achieve such milestone or the value of the delivered item. The payment associated with each milestone relates solely to past performance and is deemed reasonable upon consideration of the deliverables and the payment terms within the contract. Milestones may include, for example, the successful completion of design review or technical review, the submission and acceptance of technical drawings, delivery of hardware, software or regulatory agency certifications. The Company had one such milestone contract in process at December, 31, 2014. All milestones under that contract were deemed substantive. During the first quarters ended April 5, 2015 and March 30, 2014, revenue recognized through the achievement of multiple milestones amounted to $300,000 and $1,275,000, respectively. There are no performance, cancellation, termination or refund provisions in the arrangement that contain material financial consequences to the Company. As of April 5, 2015, all contracts utilizing the milestone method were completed. |
Note_6_Dana_Claim
Note 6 - Dana Claim | 3 Months Ended | |
Apr. 05, 2015 | ||
Extraordinary and Unusual Items [Abstract] | ||
Extraordinary Items Disclosure [Text Block] | -6 | Dana Claim |
On March 3, 2006, Dana and 40 of its U.S. subsidiaries, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. On August 7, 2007, the Company entered into a comprehensive settlement agreement with Dana to resolve all outstanding disputes between the parties, terminate previously approved arbitration payments and replace three existing supply agreements with a single, revised contract running through 2014. In addition, Dana provided the Company with an allowed general unsecured non-priority claim in the face amount of $89,900,000 (the “Claim”). | ||
The Claim provided to the Company was agreed to by the Company and Dana as consideration for the aggregate economic impact of the various elements the two parties were negotiating. After the aggregate Claim value of $89,900,000 was established, the Company recorded the claim at the estimated fair value of $76,483,000 and allocated the estimated fair value to each commercial issue negotiated. The revenues and resulting net income associated with each of those issues requiring the Company’s continued involvement were deferred and were recognized over the applicable period of the involvement. For the three months ended March 30, 2014, the Company recognized into revenue $2,164,000 related to the Claim. The Claim was fully amortized as of December 31, 2014. |
Note_7_Other_Income_Net
Note 7 - Other (Income), Net | 3 Months Ended | |
Apr. 05, 2015 | ||
Other Income and Expenses [Abstract] | ||
Other Income and Other Expense Disclosure [Text Block] | -7 | Other (Income), Net |
During the three months ended April 5, 2015, the company recognized net foreign currency related gains of $134,000 related to the U.S. dollar denominated monetary asset position of our Mexican subsidiaries for which the Mexican peso is the functional currency. During the three months ended March 30, 2014, the Company recognized net gains of $591,000 within Sypris Technologies from the receipt of federal grant funds for improvements made under a flood relief program. Additionally, the Company recognized foreign currency related losses of $31,000 in the three months ended March 30, 2014. These gains and losses are included in other (income), net on the consolidated statements of operations. |
Note_8_Loss_Earnings_Per_Commo
Note 8 - (Loss) Earnings Per Common Share | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | -8 | (Loss) Earnings Per Common Share | |||||||
The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Restricted stock granted by the Company is considered a participating security since it contains a non-forfeitable right to dividends. | |||||||||
Our potentially dilutive securities include potential common shares related to our stock options and restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted earnings per share excludes the impact of common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the three months ended April 5, 2015, diluted weighted average common shares do not include the impact of any outstanding stock options and unvested compensation-related shares because the effect of these items on diluted net loss would be anti-dilutive. There were 858,000 potential common shares excluded from diluted earnings per share for the three months ended March 30, 2014. | |||||||||
A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted (loss) earnings per common share is as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
April 5, | March 30, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
(Loss) income attributable to stockholders: | |||||||||
Net (loss) as reported | $ | (13,033 | ) | $ | 1,652 | ||||
Less distributed and undistributed earnings allocable to restricted awarded holders | 0 | (54 | ) | ||||||
Less dividends declared attributed to restricted awarded holders | 0 | (14 | ) | ||||||
Net (loss) income allocable to common stockholders | $ | (13,033 | ) | $ | 1,584 | ||||
Three Months Ended | |||||||||
April 5, | March 30, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
(Loss) income per common share attributable to stockholders: | |||||||||
Basic | $ | (0.66 | ) | $ | 0.08 | ||||
Diluted | $ | (0.66 | ) | $ | 0.08 | ||||
Weighted average shares outstanding – basic | 19,650 | 19,417 | |||||||
Weighted average additional shares assuming conversion of potential common shares | 0 | 29 | |||||||
Weighted average shares outstanding – diluted | 19,650 | 19,446 | |||||||
Note_9_Inventory
Note 9 - Inventory | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | -9 | Inventory | |||||||
Inventory consists of the following (in thousands): | |||||||||
April 5, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Raw materials | $ | 16,797 | $ | 16,687 | |||||
Work in process | 13,564 | 11,702 | |||||||
Finished goods | 6,051 | 6,991 | |||||||
Reserve for excess and obsolete inventory | (6,420 | ) | (6,349 | ) | |||||
$ | 29,992 | $ | 29,031 | ||||||
Note_10_Property_Plant_and_Equ
Note 10 - Property, Plant and Equipment | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | -10 | Property, Plant and Equipment | |||||||
Property, plant and equipment consists of the following (in thousands): | |||||||||
April 5, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Land and land improvements | $ | 2,703 | $ | 2,770 | |||||
Buildings and building improvements | 25,947 | 26,055 | |||||||
Machinery, equipment, furniture and fixtures | 159,050 | 158,816 | |||||||
Construction in progress | 1,079 | 2,100 | |||||||
188,779 | 189,741 | ||||||||
Accumulated depreciation | (153,153 | ) | (152,087 | ) | |||||
$ | 35,626 | $ | 37,654 | ||||||
Sypris Technologies performed an asset recoverability test for one of its asset groups totaling approximately $31,331,000 as of April 5, 2015. The Company concluded that the undiscounted sum of estimated future cash flows exceeded the carrying value for such asset group, and accordingly, no impairment was recognized. |
Note_11_Debt
Note 11 - Debt | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Long-term Debt [Text Block] | -11 | Debt | |||||||
Debt consists of the following: | |||||||||
April 5, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Revolving credit facility | $ | 15,949 | $ | 17,000 | |||||
Note payable – related party | 4,000 | 0 | |||||||
$ | 19,949 | $ | 17,000 | ||||||
The Credit Facility was amended during the first quarter of 2015 to, among other things: (i) waive certain existing or potential events of default, (ii) limit total borrowings to $25,000,000, (iii) restrict the payment of dividends, (iv) increase the applicable margin on borrowings which will result in an initial interest rate of approximately 6% and increasing by 50 basis points beginning June 2015 and each month thereafter to an estimated interest rate of 10% in January 2016, (v) revise the maturity date to January 15, 2016, (vi) revise certain financial covenants to include a minimum cumulative free cash flow covenant, (vii) establish minimum excess availability of $1,000,000 initially, through May 31, 2015, and then in the amount of up to $5,000,000 on or before September 30, 2015, and (viii) require the Company to raise new capital by securing subordinated debt or divesting certain real property or a combination thereof on or before September 30, 2015 (and, if earlier than September 30, 2015, to maintain minimum excess availability of up to $5,000,000 thereafter). | |||||||||
The Company engaged an investment banking firm on March 20, 2015 to provide financial advisory services in connection with its effort to secure new subordinated debt. The Company also engaged a commercial real estate firm to provide advisory and brokerage services related to a potential transaction involving certain real property owned by the Company. | |||||||||
As a result of the aforementioned modification, the Company incurred $440,000 of loan costs, which are included in other assets in the consolidated balance sheets. | |||||||||
The Credit Facility is secured by substantially all domestic assets of the Company. In addition to the aforementioned pursuit of capital sources, the Company is also considering opportunities to support its cash flow from operations in 2015 through sources of cash from either investing or financing activities. The Company is exploring alternatives to monetize certain assets of the Company for values in excess of the availability being provided under the Credit facility, thereby generating additional sources of capital to the Company. | |||||||||
In connection with the amendment, the Company has received the proceeds of subordinated indebtedness from Gill Family Capital Management in an amount of $4,000,000. Gill Family Capital Management is an entity controlled by our president and chief executive officer, Jeffrey T. Gill and one of our directors, R. Scott Gill. Gill Family Capital Management, Inc., Jeffrey T. Gill and R. Scott Gill are significant beneficial stockholders of the Company. The promissory note bears interest at a rate of 8.00% per year and matures on April 12, 2016. All principal and interest on the promissory note will be due and payable on the maturity date. | |||||||||
Actual borrowing availability under the Credit Facility is determined by a daily borrowing base collateral calculation that is based on specified percentages of the value of eligible accounts receivable, inventory and machinery and equipment, less certain reserves and subject to certain other adjustments. Based on that calculation, at April 5, 2015, we had actual total borrowing availability under the Credit Facility of $20,922,000, of which we had drawn $15,948,000, leaving $4,219,000 available for borrowing, after accounting for the letter of credit. Standby letters of credit up to a maximum of $5,000,000 could be issued under the Credit Facility of which $755,000 were issued at April 5, 2015 and December 31, 2014. Obligations under the Credit Facility are guaranteed by all of our U.S. subsidiaries and are secured by a first priority lien on substantially all domestic assets of the Company. | |||||||||
The Credit Facility contains a number of covenants that, among other things, limit or restrict our ability to dispose of assets, incur additional indebtedness, incur guarantee obligations, engage in sale and leaseback transactions, prepay other indebtedness, modify organizational documents and certain other agreements, create restrictions affecting subsidiaries, make dividends and other restricted payments without bank approval, create liens, make investments, make acquisitions, engage in mergers, change the nature of our business and engage in certain transactions with affiliates. | |||||||||
Non-compliance with the covenants would provide the debt holder with the ability to demand immediate repayment of all outstanding borrowings under the amended Credit Facility. Accordingly, the inability to comply with covenants, obtain waivers for non-compliance, or obtain alternative financing would have a material adverse effect on the Company’s financial position, results of operations and cash flows. |
Note_12_Segment_Data
Note 12 - Segment Data | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Reporting Disclosure [Text Block] | -12 | Segment Data | |||||||
The Company is organized into two business groups, Sypris Technologies and Sypris Electronics. These segments are each managed separately because of the distinctions between the products, services, markets, customers, technologies and workforce skills of the segments. Sypris Technologies provides manufacturing services for a variety of customers that outsource forged and finished steel components and subassemblies. Sypris Technologies also manufactures high-pressure closures and other fabricated products. Sypris Electronics provides manufacturing and technical services as an outsourced service provider and manufactures complex data storage systems, trusted solutions for identity management, cryptographic key distribution and cyber analytics. There was no intersegment net revenue recognized in any of the periods presented. | |||||||||
The following table presents financial information for the reportable segments of the Company (in thousands): | |||||||||
Three Months Ended | |||||||||
April 5, | March 30, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Net revenue from unaffiliated customers: | |||||||||
Sypris Technologies | $ | 28,070 | $ | 75,839 | |||||
Sypris Electronics | 8,939 | 8,405 | |||||||
$ | 37,009 | $ | 84,244 | ||||||
Gross profit (loss): | |||||||||
Sypris Technologies | $ | (4,104 | ) | $ | 11,154 | ||||
Sypris Electronics | 947 | (590 | ) | ||||||
$ | (3,157 | ) | $ | 10,564 | |||||
Operating (loss) income: | |||||||||
Sypris Technologies | $ | (9,368 | ) | $ | 8,113 | ||||
Sypris Electronics | (1,590 | ) | (3,077 | ) | |||||
General, corporate and other | (1,935 | ) | (2,615 | ) | |||||
$ | (12,893 | ) | $ | 2,421 | |||||
April 5, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Total assets: | |||||||||
Sypris Technologies | $ | 78,627 | $ | 95,108 | |||||
Sypris Electronics | 28,553 | 26,874 | |||||||
General corporate and other | 1,522 | 7,699 | |||||||
$ | 108,702 | $ | 129,681 | ||||||
Note_13_Commitments_and_Contin
Note 13 - Commitments and Contingencies | 3 Months Ended | |
Apr. 05, 2015 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies Disclosure [Text Block] | -13 | Commitments and Contingencies |
The provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. The Company’s warranty liability, which is included in accrued liabilities in the accompanying balance sheets, as of April 5, 2015 and December 31, 2014 was $811,000 and $825,000, respectively. The Company’s warranty expense for the three months ended April 5, 2015 and March 30, 2014 was $64,000 and $67,000, respectively. | ||
Additionally, the Company sells three and five-year extended warranties for certain link encryption products. The revenue from the extended warranties is deferred and recognized ratably over the contractual term. As of April 5, 2015 and December 31, 2014, the Company had deferred revenue of $749,000 and $839,000, respectively, related to extended warranties. | ||
The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers’ compensation insurance programs and a self-insured employee health program. The Company records estimated liabilities for its insurance programs based on information provided by the third-party plan administrators, historical claims experience, expected costs of claims incurred but not paid, and expected costs to settle unpaid claims. The Company monitors its estimated insurance-related liabilities on a quarterly basis. As facts change, it may become necessary to make adjustments that could be material to the Company’s consolidated results of operations and financial condition. The Company believes that its present insurance coverage and level of accrued liabilities are adequate. | ||
The Company is involved in certain litigation and contract issues arising in the normal course of business. While the outcome of these matters cannot, at this time, be predicted in light of the uncertainties inherent therein, management does not expect that these matters will have a material adverse effect on the consolidated financial position or results of operations of the Company, although the loss of the Dana business, which is the subject of current litigation, could have such an effect (see Note 4 “Loss of a Significant Customer and Management’s Recovery Plans”). | ||
The Company has various current and previously-owned facilities subject to a variety of environmental regulations. The Company has received certain indemnifications either from companies previously owning these facilities or from purchasers of those facilities. As of April 5, 2015 and December 31, 2014, no amounts were accrued for any environmental matters. | ||
As of April 5, 2015, the Company had outstanding purchase commitments of approximately $5,542,000, primarily for the acquisition of inventory and manufacturing equipment. As of April 5, 2015, the Company also had outstanding letters of credit approximating $755,000 primarily under the aforementioned captive insurance program. |
Note_14_Income_Taxes
Note 14 - Income Taxes | 3 Months Ended | |
Apr. 05, 2015 | ||
Income Tax Disclosure [Abstract] | ||
Income Tax Disclosure [Text Block] | -14 | Income Taxes |
The provision for income taxes includes federal, state, local and foreign taxes. The Company’s effective tax rate varies from period to period due to the proportion of foreign and domestic pre-tax income expected to be generated by the Company. The Company provides for income taxes for its domestic operations at a statutory rate of 35% and for its foreign operations at a statutory rate of 30% in 2015 and 2014. Reconciling items between the federal statutory rate and the effective tax rate also include the expected usage of federal net operating loss carryforwards, state income taxes, valuation allowances and certain other permanent differences. | ||
The Company recognizes liabilities or assets for the deferred tax consequences of temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements in accordance with ASC 740, Income Taxes. These temporary differences will result in taxable or deductible amounts in future years when the reported amounts of assets or liabilities are recovered or settled. ASC 740 requires that a valuation allowance be established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company evaluates its deferred tax position on a quarterly basis and valuation allowances are provided as necessary. During this evaluation, the Company reviews its forecast of income in conjunction with other positive and negative evidence surrounding the realizability of its deferred tax assets to determine if a valuation allowance is needed. Based on its current forecast, the Company has established a valuation allowance against the domestic net deferred tax asset. Until an appropriate level and characterization of profitability is attained, the Company expects to continue to maintain a valuation allowance on its net deferred tax assets related to future U.S. and certain non-U.S. tax benefits. | ||
The Company expects to repatriate available non-U.S. cash holdings in 2015 and 2016 to support management’s strategic objectives and fund ongoing U.S. operational cash flow requirements; therefore current earnings from non-U.S. operations are not treated as permanently reinvested. The U.S. income tax recorded in 2015 on these non-U.S. earnings is expected to be offset by the benefit of a partial release of a valuation allowance on U.S. net operating loss carryforwards. Should the U.S. valuation allowance be released at some future date, the U.S. tax on foreign earnings not permanently reinvested might have a material effect on our effective tax rate. For the year ending December 31, 2015, the Company expects any additional tax expense from non-U.S. withholding and other taxes expected to be incurred on repatriation of current earnings would not be material. |
Note_15_Employee_Benefit_Plans
Note 15 - Employee Benefit Plans | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | -15 | Employee Benefit Plans | |||||||
Pension expense (benefit) consisted of the following (in thousands): | |||||||||
Three Months Ended | |||||||||
April 5, | March 30, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Service cost | $ | 4 | $ | 6 | |||||
Interest cost on projected benefit obligation | 434 | 447 | |||||||
Net amortizations of actuarial loss | 170 | 142 | |||||||
Expected return on plan assets | (564 | ) | (607 | ) | |||||
$ | 44 | $ | (12 | ) | |||||
Note_16_Accumulated_Other_Comp
Note 16 - Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Comprehensive Income (Loss) Note [Text Block] | -16 | Accumulated Other Comprehensive Loss | |||||||
The Company’s accumulated other comprehensive loss consists of employee benefit related adjustments and foreign currency translation adjustments. | |||||||||
Accumulated other comprehensive loss consisted of the following (in thousands): | |||||||||
April 5, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Foreign currency translation adjustments | $ | (7,923 | ) | $ | (7,265 | ) | |||
Employee benefit related adjustments – U.S. | (17,584 | ) | (17,584 | ) | |||||
Employee benefit related adjustments – Mexico | (186 | ) | (186 | ) | |||||
Accumulated other comprehensive loss | $ | (25,693 | ) | $ | (25,035 | ) | |||
Note_17_Fair_Value_of_Financia
Note 17 - Fair Value of Financial Instruments | 3 Months Ended | |
Apr. 05, 2015 | ||
Disclosure Text Block [Abstract] | ||
Fair Value, Measurement Inputs, Disclosure [Text Block] | -17 | Fair Value of Financial Instruments |
Cash, accounts receivable, accounts payable and accrued liabilities are reflected in the consolidated financial statements at their carrying amount which approximates fair value because of the short-term maturity of those instruments. The carrying amount of debt outstanding at April 5, 2015 under the Credit Facility and the related party note payable approximates fair value because borrowings mature in January 2016 and April 2016, respectively. |
Note_18_Subsequent_Events
Note 18 - Subsequent Events | 3 Months Ended | |
Apr. 05, 2015 | ||
Subsequent Events [Abstract] | ||
Subsequent Events [Text Block] | -18 | Subsequent Events |
On December 30, 2013, Sypris filed a Notice of Supplemental Claims in an arbitration proceeding, seeking up to approximately $9.0 million in damages for Dana’s alleged breach of the parties’ original 2007 supply agreement; Dana filed a counterclaim for certain unpaid price rebates in the amount of approximately $3.0 million. The parties had an arbitration hearing in January 2015, and the ruling was received on April 29, 2015, awarding Sypris $505,000. |
Note_8_Loss_Earnings_Per_Commo1
Note 8 - (Loss) Earnings Per Common Share (Tables) | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended | ||||||||
April 5, | March 30, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
(Loss) income attributable to stockholders: | |||||||||
Net (loss) as reported | $ | (13,033 | ) | $ | 1,652 | ||||
Less distributed and undistributed earnings allocable to restricted awarded holders | 0 | (54 | ) | ||||||
Less dividends declared attributed to restricted awarded holders | 0 | (14 | ) | ||||||
Net (loss) income allocable to common stockholders | $ | (13,033 | ) | $ | 1,584 | ||||
Three Months Ended | |||||||||
April 5, | March 30, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
(Loss) income per common share attributable to stockholders: | |||||||||
Basic | $ | (0.66 | ) | $ | 0.08 | ||||
Diluted | $ | (0.66 | ) | $ | 0.08 | ||||
Weighted average shares outstanding – basic | 19,650 | 19,417 | |||||||
Weighted average additional shares assuming conversion of potential common shares | 0 | 29 | |||||||
Weighted average shares outstanding – diluted | 19,650 | 19,446 |
Note_9_Inventory_Tables
Note 9 - Inventory (Tables) | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | April 5, | December 31, | |||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Raw materials | $ | 16,797 | $ | 16,687 | |||||
Work in process | 13,564 | 11,702 | |||||||
Finished goods | 6,051 | 6,991 | |||||||
Reserve for excess and obsolete inventory | (6,420 | ) | (6,349 | ) | |||||
$ | 29,992 | $ | 29,031 |
Note_10_Property_Plant_and_Equ1
Note 10 - Property, Plant and Equipment (Tables) | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | April 5, | December 31, | |||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Land and land improvements | $ | 2,703 | $ | 2,770 | |||||
Buildings and building improvements | 25,947 | 26,055 | |||||||
Machinery, equipment, furniture and fixtures | 159,050 | 158,816 | |||||||
Construction in progress | 1,079 | 2,100 | |||||||
188,779 | 189,741 | ||||||||
Accumulated depreciation | (153,153 | ) | (152,087 | ) | |||||
$ | 35,626 | $ | 37,654 |
Note_11_Debt_Tables
Note 11 - Debt (Tables) | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | April 5, | December 31, | |||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Revolving credit facility | $ | 15,949 | $ | 17,000 | |||||
Note payable – related party | 4,000 | 0 | |||||||
$ | 19,949 | $ | 17,000 |
Note_12_Segment_Data_Tables
Note 12 - Segment Data (Tables) | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Income Statement [Member] | |||||||||
Note 12 - Segment Data (Tables) [Line Items] | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended | ||||||||
April 5, | March 30, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Net revenue from unaffiliated customers: | |||||||||
Sypris Technologies | $ | 28,070 | $ | 75,839 | |||||
Sypris Electronics | 8,939 | 8,405 | |||||||
$ | 37,009 | $ | 84,244 | ||||||
Gross profit (loss): | |||||||||
Sypris Technologies | $ | (4,104 | ) | $ | 11,154 | ||||
Sypris Electronics | 947 | (590 | ) | ||||||
$ | (3,157 | ) | $ | 10,564 | |||||
Operating (loss) income: | |||||||||
Sypris Technologies | $ | (9,368 | ) | $ | 8,113 | ||||
Sypris Electronics | (1,590 | ) | (3,077 | ) | |||||
General, corporate and other | (1,935 | ) | (2,615 | ) | |||||
$ | (12,893 | ) | $ | 2,421 | |||||
Balance Sheet [Member] | |||||||||
Note 12 - Segment Data (Tables) [Line Items] | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | April 5, | December 31, | |||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Total assets: | |||||||||
Sypris Technologies | $ | 78,627 | $ | 95,108 | |||||
Sypris Electronics | 28,553 | 26,874 | |||||||
General corporate and other | 1,522 | 7,699 | |||||||
$ | 108,702 | $ | 129,681 |
Note_15_Employee_Benefit_Plans1
Note 15 - Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended | ||||||||
April 5, | March 30, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Service cost | $ | 4 | $ | 6 | |||||
Interest cost on projected benefit obligation | 434 | 447 | |||||||
Net amortizations of actuarial loss | 170 | 142 | |||||||
Expected return on plan assets | (564 | ) | (607 | ) | |||||
$ | 44 | $ | (12 | ) |
Note_16_Accumulated_Other_Comp1
Note 16 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||
Apr. 05, 2015 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | April 5, | December 31, | |||||||
2015 | 2014 | ||||||||
(Unaudited) | |||||||||
Foreign currency translation adjustments | $ | (7,923 | ) | $ | (7,265 | ) | |||
Employee benefit related adjustments – U.S. | (17,584 | ) | (17,584 | ) | |||||
Employee benefit related adjustments – Mexico | (186 | ) | (186 | ) | |||||
Accumulated other comprehensive loss | $ | (25,693 | ) | $ | (25,035 | ) |
Note_1_Nature_of_Business_Deta
Note 1 - Nature of Business (Details) | 3 Months Ended |
Apr. 05, 2015 | |
Disclosure Text Block [Abstract] | |
Number of Operating Segments | 2 |
Note_4_Loss_of_a_Key_Customer_1
Note 4 - Loss of a Key Customer and Management's Recovery Plans (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Aug. 07, 2007 | Apr. 29, 2015 | Dec. 31, 2014 | |
Note 4 - Loss of a Key Customer and Management's Recovery Plans (Details) [Line Items] | |||
Litigation Settlement, Amount | $89,900,000 | ||
Subsequent Event [Member] | |||
Note 4 - Loss of a Key Customer and Management's Recovery Plans (Details) [Line Items] | |||
Litigation Settlement, Amount | $505,000 | ||
Dana [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Note 4 - Loss of a Key Customer and Management's Recovery Plans (Details) [Line Items] | |||
Concentration Risk, Percentage | 59.00% |
Note_5_Milestone_Revenue_Recog1
Note 5 - Milestone Revenue Recognition (Details) (USD $) | 3 Months Ended | |
Apr. 05, 2015 | Mar. 30, 2014 | |
Milestone Revenue Recognition [Abstract] | ||
Revenue Recognition, Milestone Method, Revenue Recognized | $300,000 | $1,275,000 |
Note_6_Dana_Claim_Details
Note 6 - Dana Claim (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
Aug. 07, 2007 | Mar. 30, 2014 | Mar. 03, 2006 | |
Note 6 - Dana Claim (Details) [Line Items] | |||
Number Of Subsidiaries Of Client | 40 | ||
Number Of Supply Commitments Replaced | 3 | ||
Bankruptcy Claims, Amount of Claims Filed | $89,900,000 | ||
Litigation Settlement, Amount | 89,900,000 | ||
Deferred Revenue, Revenue Recognized | 2,164,000 | ||
Fair Value [Member] | |||
Note 6 - Dana Claim (Details) [Line Items] | |||
Litigation Settlement, Amount | $76,483,000 |
Note_7_Other_Income_Net_Detail
Note 7 - Other (Income), Net (Details) (Other Nonoperating Income (Expense) [Member], USD $) | 3 Months Ended | |
Apr. 05, 2015 | Mar. 30, 2014 | |
Note 7 - Other (Income), Net (Details) [Line Items] | ||
Foreign Currency Transaction Gain (Loss), Realized | $134,000 | ($31,000) |
Sypris Technologies [Member] | ||
Note 7 - Other (Income), Net (Details) [Line Items] | ||
Gain (Loss) on Disposition of Assets | $591,000 |
Note_8_Loss_Earnings_Per_Commo2
Note 8 - (Loss) Earnings Per Common Share (Details) | 3 Months Ended | |
Apr. 05, 2015 | Mar. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 858,000 |
Note_8_Loss_Earnings_Per_Commo3
Note 8 - (Loss) Earnings Per Common Share (Details) - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted (Loss) Earnings Per Common Share (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 05, 2015 | Mar. 30, 2014 |
Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted (Loss) Earnings Per Common Share [Abstract] | ||
Net (loss) as reported | ($13,033) | $1,652 |
Less distributed and undistributed earnings allocable to restricted awarded holders | 0 | -54 |
Less dividends declared attributed to restricted awarded holders | 0 | -14 |
Net (loss) income allocable to common stockholders | ($13,033) | $1,584 |
Basic (in Dollars per share) | ($0.66) | $0.08 |
Diluted (in Dollars per share) | ($0.66) | $0.08 |
Weighted average shares outstanding – basic (in Shares) | 19,650 | 19,417 |
Weighted average additional shares assuming conversion of potential common shares (in Shares) | 0 | 29 |
Weighted average shares outstanding – diluted (in Shares) | 19,650 | 19,446 |
Note_9_Inventory_Details_Inven
Note 9 - Inventory (Details) - Inventory (USD $) | Apr. 05, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ||
Raw materials | $16,797 | $16,687 |
Work in process | 13,564 | 11,702 |
Finished goods | 6,051 | 6,991 |
Reserve for excess and obsolete inventory | -6,420 | -6,349 |
$29,992 | $29,031 |
Note_10_Property_Plant_and_Equ2
Note 10 - Property, Plant and Equipment (Details) (USD $) | 3 Months Ended |
Apr. 05, 2015 | |
Property, Plant and Equipment [Abstract] | |
Long-Lived Assets | $31,331,000 |
Tangible Asset Impairment Charges | $0 |
Note_10_Property_Plant_and_Equ3
Note 10 - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | Apr. 05, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, gross | $188,779 | $189,741 |
Accumulated depreciation | -153,153 | -152,087 |
35,626 | 37,654 | |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, gross | 2,703 | 2,770 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, gross | 25,947 | 26,055 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, gross | 159,050 | 158,816 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, gross | $1,079 | $2,100 |
Note_11_Debt_Details
Note 11 - Debt (Details) (USD $) | 3 Months Ended | |||
Apr. 05, 2015 | Mar. 31, 2015 | Jan. 31, 2016 | Dec. 31, 2014 | |
Note 11 - Debt (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $25,000,000 | |||
Debt Instrument Incremental Basis Point Monthly Increase | 0.50% | |||
Line of Credit Facility, Current Borrowing Capacity | 20,922,000 | |||
Proceeds from Lines of Credit | 15,948,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 4,219,000 | |||
Letters of Credit Outstanding, Amount | 755,000 | |||
Scenario, Forecast [Member] | Maximum [Member] | ||||
Note 11 - Debt (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||
Through May 31, 2015 [Member] | ||||
Note 11 - Debt (Details) [Line Items] | ||||
Line of Credit Facility, Minimum Availability | 1,000,000 | |||
On or Before September 30, 2015 [Member] | ||||
Note 11 - Debt (Details) [Line Items] | ||||
Line of Credit Facility, Minimum Availability | 5,000,000 | |||
Gill Family Capital Management [Member] | Promissory Note [Member] | ||||
Note 11 - Debt (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Proceeds from Issuance of Debt | 4,000,000 | |||
Other Assets [Member] | ||||
Note 11 - Debt (Details) [Line Items] | ||||
Debt Issuance Cost | 440,000 | |||
Minimum [Member] | ||||
Note 11 - Debt (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Standby Letters of Credit [Member] | ||||
Note 11 - Debt (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | |||
Letters of Credit Outstanding, Amount | $755,000 | $755,000 |
Note_11_Debt_Details_Debt
Note 11 - Debt (Details) - Debt (USD $) | Apr. 05, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt [Abstract] | ||
Revolving credit facility | $15,949 | $17,000 |
Note payable – related party | 4,000 | 0 |
$19,949 | $17,000 |
Note_12_Segment_Data_Details
Note 12 - Segment Data (Details) (USD $) | 3 Months Ended | |
Apr. 05, 2015 | Mar. 30, 2014 | |
Note 12 - Segment Data (Details) [Line Items] | ||
Number of Operating Segments | 2 | |
Revenues | $37,009,000 | $84,244,000 |
Intersegment Eliminations [Member] | ||
Note 12 - Segment Data (Details) [Line Items] | ||
Revenues | $0 | $0 |
Note_12_Segment_Data_Details_F
Note 12 - Segment Data (Details) - Financial Information From Reportable Segments - Income Statement (USD $) | 3 Months Ended | |
Apr. 05, 2015 | Mar. 30, 2014 | |
Net revenue from unaffiliated customers: | ||
Net revenue | $37,009,000 | $84,244,000 |
Gross profit (loss): | ||
Gross profit (loss) | -3,157,000 | 10,564,000 |
Operating (loss) income: | ||
Operating (loss) income | -12,893,000 | 2,421,000 |
Sypris Technologies [Member] | ||
Net revenue from unaffiliated customers: | ||
Net revenue | 28,070,000 | 75,839,000 |
Gross profit (loss): | ||
Gross profit (loss) | -4,104,000 | 11,154,000 |
Operating (loss) income: | ||
Operating (loss) income | -9,368,000 | 8,113,000 |
Sypris Electronics [Member] | ||
Net revenue from unaffiliated customers: | ||
Net revenue | 8,939,000 | 8,405,000 |
Gross profit (loss): | ||
Gross profit (loss) | 947,000 | -590,000 |
Operating (loss) income: | ||
Operating (loss) income | -1,590,000 | -3,077,000 |
General, Corporate and Other [Member] | ||
Operating (loss) income: | ||
Operating (loss) income | ($1,935,000) | ($2,615,000) |
Note_12_Segment_Data_Details_F1
Note 12 - Segment Data (Details) - Financial Information From Reportable Segments - Balance Sheet (USD $) | Apr. 05, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Total assets: | ||
Assets | $108,702 | $129,681 |
Sypris Technologies [Member] | ||
Total assets: | ||
Assets | 78,627 | 95,108 |
Sypris Electronics [Member] | ||
Total assets: | ||
Assets | 28,553 | 26,874 |
General, Corporate and Other [Member] | ||
Total assets: | ||
Assets | $1,522 | $7,699 |
Note_13_Commitments_and_Contin1
Note 13 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Apr. 05, 2015 | Mar. 30, 2014 | Dec. 31, 2014 | |
Note 13 - Commitments and Contingencies (Details) [Line Items] | |||
Product Warranty Accrual | $811,000 | $825,000 | |
Product Warranty Expense | 64,000 | 67,000 | |
Extended Product Warranty Accrual, Warranties Issued | 749,000 | 839,000 | |
Accrual for Environmental Loss Contingencies | 0 | 0 | |
Purchase Obligation | 5,542,000 | ||
Letters of Credit Outstanding, Amount | $755,000 | ||
Link Encryption Products [Member] | Minimum [Member] | |||
Note 13 - Commitments and Contingencies (Details) [Line Items] | |||
Extended Product Warranty, Term | 3 years | ||
Link Encryption Products [Member] | Maximum [Member] | |||
Note 13 - Commitments and Contingencies (Details) [Line Items] | |||
Extended Product Warranty, Term | 5 years |
Note_14_Income_Taxes_Details
Note 14 - Income Taxes (Details) | 3 Months Ended | 12 Months Ended |
Apr. 05, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 30.00% | 30.00% |
Note_15_Employee_Benefit_Plans2
Note 15 - Employee Benefit Plans (Details) - Components of Pension Expense (Benefit) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 05, 2015 | Mar. 30, 2014 |
Components of Pension Expense (Benefit) [Abstract] | ||
Service cost | $4 | $6 |
Interest cost on projected benefit obligation | 434 | 447 |
Net amortizations of actuarial loss | 170 | 142 |
Expected return on plan assets | -564 | -607 |
$44 | ($12) |
Note_16_Accumulated_Other_Comp2
Note 16 - Accumulated Other Comprehensive Loss (Details) - Accumulated Other Comprehensive Loss (USD $) | Apr. 05, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation adjustments | ($7,923) | ($7,265) |
Accumulated other comprehensive loss | -25,693 | -25,035 |
UNITED STATES | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Employee benefit related adjustments | -17,584 | -17,584 |
MEXICO | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Employee benefit related adjustments | ($186) | ($186) |
Note_18_Subsequent_Events_Deta
Note 18 - Subsequent Events (Details) (USD $) | 0 Months Ended | ||
Aug. 07, 2007 | Apr. 29, 2015 | Dec. 30, 2013 | |
Note 18 - Subsequent Events (Details) [Line Items] | |||
Litigation Settlement, Amount | $89,900,000 | ||
Subsequent Event [Member] | |||
Note 18 - Subsequent Events (Details) [Line Items] | |||
Litigation Settlement, Amount | 505,000 | ||
Alleged Breach of Supply Agreement [Member] | Notice of Supplemental Claims Filed by the Company Against Dana Holding Corporation [Member] | |||
Note 18 - Subsequent Events (Details) [Line Items] | |||
Loss Contingency, Damages Sought, Value | 9,000,000 | ||
Unpaid Price Rebates [Member] | Counterclaim for Certain Unpaid Price Rebates Filed by Dana Holding Corporation Against the Company [Member] | |||
Note 18 - Subsequent Events (Details) [Line Items] | |||
Loss Contingency, Damages Sought, Value | $3,000,000 |