Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 01, 2018 | May 08, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | SYPRIS SOLUTIONS INC | |
Entity Central Index Key | 864,240 | |
Trading Symbol | sypr | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 21,398,182 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 1, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Net revenue | $ 19,942 | $ 18,185 |
Cost of sales | 17,911 | 18,732 |
Gross profit (loss) | 2,031 | (547) |
Selling, general and administrative | 3,148 | 3,410 |
Research and development | 0 | 22 |
Severance, relocation and other costs | 509 | 998 |
Operating loss | (1,626) | (4,977) |
Interest expense, net | 213 | 188 |
Other (income), net | (84) | (1,848) |
Loss before taxes | (1,755) | (3,317) |
Income tax expense (benefit), net | 40 | (9) |
Net loss | $ (1,795) | $ (3,308) |
Loss per share: | ||
Basic (in dollars per share) | $ (0.09) | $ (0.16) |
Diluted (in dollars per share) | $ (0.09) | $ (0.16) |
Weighted average shares outstanding: | ||
Basic (in shares) | 20,394 | 20,173 |
Diluted (in shares) | 20,394 | 20,173 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Net loss | $ (1,795) | $ (3,308) |
Other comprehensive income: | ||
Foreign currency translation adjustments, net of tax | 408 | 876 |
Comprehensive loss | $ (1,387) | $ (2,432) |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Apr. 01, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 7,030 | $ 8,144 |
Accounts receivable, net | 9,998 | 9,317 |
Inventory, net | 16,579 | 17,641 |
Other current assets | 4,155 | 2,003 |
Assets held for sale | 2,861 | 2,898 |
Total current assets | 40,623 | 40,003 |
Property, plant and equipment, net | 15,706 | 15,574 |
Other assets | 1,394 | 1,578 |
Total assets | 57,723 | 57,155 |
Current liabilities: | ||
Accounts payable | 11,524 | 10,465 |
Accrued liabilities | 11,176 | 10,330 |
Current portion of capital lease obligations | 516 | 829 |
Total current liabilities | 23,216 | 21,624 |
Long-term capital lease obligations | 3,286 | 3,397 |
Note payable – related party | 6,438 | 6,435 |
Other liabilities | 8,927 | 8,769 |
Total liabilities | 41,867 | 40,225 |
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 214 | 214 |
Additional paid-in capital | 154,001 | 153,858 |
Accumulated deficit | (113,216) | (111,591) |
Accumulated other comprehensive loss | (25,143) | (25,551) |
Treasury stock, 16,192 shares in 2018 and 2017 | 0 | 0 |
Total stockholders’ equity | 15,856 | 16,930 |
Total liabilities and stockholders’ equity | 57,723 | 57,155 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Stockholders’ equity: | ||
Common stock | $ 0 | $ 0 |
Consolidated Balance Sheets (C5
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Apr. 01, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 975,150 | 975,150 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 21,372,374 | 21,438,269 |
Common stock, shares outstanding (in shares) | 21,356,182 | 21,422,077 |
Treasury stock (in shares) | 16,192 | 16,192 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 24,850 | 24,850 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements (Unaudited) - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (1,795,000) | $ (3,308,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 672,000 | 1,016,000 |
Stock-based compensation expense | 143,000 | 175,000 |
Deferred loan costs recognized | 3,000 | 15,000 |
Gain on the sale of assets | (281,000) | (2,416,000) |
Provision for excess and obsolete inventory | (75,000) | 35,000 |
Other noncash items | 68,000 | 507,000 |
Contributions to pension plans | (11,000) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (675,000) | (1,041,000) |
Inventory | 78,000 | (5,027,000) |
Other current assets | (667,000) | 413,000 |
Accounts payable | 1,047,000 | 5,729,000 |
Accrued and other liabilities | 847,000 | 3,062,000 |
Net cash used in operating activities | (646,000) | (840,000) |
Cash flows from investing activities: | ||
Capital expenditures, net | (406,000) | (176,000) |
Proceeds from sale of assets | 363,000 | 2,502,000 |
Net cash (used in) provided by investing activities | (43,000) | 2,326,000 |
Cash flows from financing activities: | ||
Capital lease payments | (425,000) | (37,000) |
Indirect repurchase of shares of minimum statutory tax withholdings | 0 | (2,000) |
Net cash used in financing activities | (425,000) | (39,000) |
Net (decrease) increase in cash and cash equivalents | (1,114,000) | 1,447,000 |
Cash and cash equivalents at beginning of period | 8,144,000 | 15,270,000 |
Cash and cash equivalents at end of period | $ 7,030,000 | $ 16,717,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 21,329,690 | |||||
Balance at Dec. 31, 2016 | $ 213 | $ 153,252 | $ (100,769) | $ (26,598) | $ 0 | |
Net income (loss) (in shares) | 0 | |||||
Net loss | (3,308) | $ (3,308) | ||||
Foreign currency translation adjustment (in shares) | 0 | |||||
Foreign currency translation adjustment | 876 | |||||
Restricted common stock grant (in shares) | 199,000 | |||||
Restricted common stock grant | $ 2 | (2) | 0 | 0 | 0 | |
Noncash compensation (in shares) | 0 | |||||
Noncash compensation | 175 | |||||
Retire treasury stock (in shares) | (76,787) | |||||
Retire treasury stock | $ (1) | (2) | ||||
Balance (in shares) at Apr. 02, 2017 | 21,451,903 | |||||
Balance at Apr. 02, 2017 | $ 214 | 153,423 | (104,077) | (25,722) | ||
Balance (in shares) at Dec. 31, 2017 | 21,422,077 | |||||
Balance at Dec. 31, 2017 | $ 214 | 153,858 | (111,591) | (25,551) | 0 | 16,930 |
Net income (loss) (in shares) | 0 | |||||
Net loss | $ 0 | 0 | (1,795) | 0 | 0 | |
Foreign currency translation adjustment (in shares) | 0 | |||||
Foreign currency translation adjustment | $ 0 | 0 | 0 | 408 | 0 | |
Noncash compensation (in shares) | 0 | |||||
Noncash compensation | $ 0 | 143 | 0 | 0 | 0 | |
Retire treasury stock (in shares) | (65,895) | |||||
Retire treasury stock | $ 0 | 0 | 0 | 0 | 0 | |
Adoption of new accounting standards | $ 0 | 0 | 170 | 0 | 0 | |
Balance (in shares) at Apr. 02, 2018 | 21,356,182 | |||||
Balance at Apr. 02, 2018 | $ 214 | 154,001 | (113,216) | (25,143) | 0 | |
Balance (in shares) at Dec. 31, 2017 | 21,422,077 | |||||
Balance at Dec. 31, 2017 | $ 214 | $ 153,858 | $ (111,591) | $ (25,551) | $ 0 | 16,930 |
Net loss | (1,795) | |||||
Balance at Apr. 01, 2018 | $ 15,856 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
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 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 13 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
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 accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form 10 10 X December 31, 2017 not 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 three April 1, 2018 not may December 31, 2018. December 31, 2017 10 |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ( 3 Recent Accounting Pronouncements In 2014, 2014 09 606 2014 09, 606.” ASC 606 January 1, 2018 not January 1, 2018 606, not 605, We recorded a net decrease to beginning accumulated deficit of $170,000 January 1, 2018, The following table summarizes the cumulative effect of the changes to our unaudited consolidated balance sheet as of January 1, 2018 606: Opening Balance at ASC 606 Balance at Dec. 31, 2017 Adjustments Jan. 1, 2018 Assets Inventories – net $ 17,641 $ (655 ) $ 16,986 Contract assets 0 825 825 Liabilities and Equity Accumulated deficit $ (111,591 ) $ 170 $ (111,421 ) Under the modified retrospective method of adoption, we are also required to disclose in the first 605 April 1, 2018 $507,000 606. 606 $106,000 $0.01 April 1, 2018. The following table summarizes the effect of adopting ASC 606 April 1, 2018: As Reported Impact of Legacy GAAP April 1, 2018 ASC 606 April 1, 2018 Net revenue $ 19,942 $ 507 $ 19,435 Cost of sales 17,911 401 17,510 Gross profit 2,031 106 1,925 Selling, general and administrative 3,148 0 3,148 Severance, equipment relocation and other costs 509 0 509 Operating loss (1,626 ) 106 (1,732 ) Interest expense, net 213 0 213 Other (income), net (84 ) 0 (84 ) Loss before taxes (1,755 ) 106 (1,861 ) Income tax expense 40 0 40 Net loss $ (1,795 ) $ 106 $ (1,901 ) The following table summarizes the cumulative effect of the changes to our unaudited consolidated balance sheets as of April 1, 2018 606: As Reported Impact of Legacy GAAP April 1, 2018 ASC 606 April 1, 2018 Assets Inventories – net $ 16,579 $ 1,055 $ 17,634 Contract assets 1,331 1,331 0 Liabilities and Equity Accumulated deficit $ (113,216 ) $ 276 $ (113,492 ) In February 2016, No. 2016 02, 842 840, December 15, 2018, In August 2016, No. 2016 15, 2016 15 January 1, 2018. not In October 2016, January 1, 2018. not In November 2016, January 1, 2018. not In March 2017, No. 2017 07, 2017 07 January 1, 2018, $156,000 $156,000 three April 2, 2017. 2017 07 not 16. In May 2017, No. 2017 09, 718, 718. January 1, 2018. 2017 09 not In February 2018, No. 2018 02, 2018 02 2018 02 2017 December 15, 2018, 2018 02. |
Note 4 - Revenue from Contracts
Note 4 - Revenue from Contracts with Customers | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 4 ) Revenue from Contracts with Customers The Company recognizes revenue when it satisfies a performance obligation by transferring control of a promised product or rendering a service to a customer. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for the product or service (the “transaction price”). The Company’s transaction price in its contracts with customers is generally fixed; no not 14 not A performance obligation is a promise in a contract to transfer a distinct product or render a service to a customer and is the unit of account to which the transaction price is allocated under ASC 606. For contracts where Sypris Electronics serves as a contractor for aerospace and defense companies under federally funded programs, we generally recognize revenue over time as we perform because of continuous transfer of control to the customer. This continuous transfer of control to the customer is supported by clauses in the contracts that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We use labor hours incurred as a measure of progress for these contracts because it best depicts the Company’s performance of the obligation to the customer, which occurs as we incur labor on our contracts. Under this measure of progress, the extent of progress towards completion is measured based on the ratio of labor hours incurred to date to the total estimated labor hours at completion of the performance obligation. The majority of our arrangements are for one one $6,211,000 April 1, 2018, 70% 2018, 22% 2019 Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the three April 1, 2018: April 1, 2018 (Unaudited) Sypris Technologies – transferred point in time $ 14,507 Sypris Electronics – transferred point in time 914 Sypris Electronics – transferred over time 4,521 Net revenue $ 19,942 Contract Balances Differences in the timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the consolidated balance sheets. Contract assets April 1, 2018 606 $1,331,000 $825,000, Contract liabilities — April 1, 2018 606, $1,268,000 $1,509,000, not The Company recognized revenue from contract liabilities of $727,000 $250,000 first 2018 2017, Practical expedients and exemptions Sales commissions are expensed when incurred because the amortization period would have been one We do not one |
Note 5 - Strategic Actions
Note 5 - Strategic Actions | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 5 ) Strategic Actions The Company completed a number of strategic actions during the past three fourth 2015 6 2016, 2016, 2015, 2017, August 2016. $6,500,000 2019. 2017 2021, 2023 2025 12 The Company has embraced a strategic change in its business by repositioning away from certain of its traditional Tier 1 not January 1, 2017, 2017 6 |
Note 6 - Exit and Disposal Acti
Note 6 - Exit and Disposal Activities | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | ( 6 ) Exit and Disposal Activities On February 21, 2017, 2017. 2018. As a result of these initiatives, the Company recorded charges of $509,000, $0.03 $998,000, $0.05 first three 2018 2017, $509,000 three April 1, 2018 $68,000 $441,000 three April 2, 2017 $627,000 $371,000 Costs Incurred Three Months Total Remaining Total Ended Recognized Costs to be Program April 1, 2018 to date Recognized Severance and benefit related costs $ 1,350 $ (13 ) $ 1,350 $ 0 Asset impairments 188 0 188 0 Equipment relocation costs 1,552 68 1,492 60 Other 1,006 454 484 522 $ 4,096 $ 509 $ 3,514 $ 582 A summary of costs and related reserves for the transition of production from the Broadway Plant at April 1, 2018 Accrued Cash Accrued Balance at Payments Balance at Dec. 31, 2018 or Asset April 1, 2017 Charge Write-Offs 2018 Severance and benefit-related costs $ 145 $ (13 ) $ (71 ) $ 61 Equipment relocation costs 0 68 (68 ) 0 Other 0 454 (454 ) 0 $ 145 $ 509 $ (593 ) $ 61 The Company expects to incur additional pre-tax costs of approximately $582,000 As noted above, management expects to use proceeds from the sale of underutilized or non-core assets to fund costs incurred on the transfer of equipment from the Broadway Plant and the transition of the related production. The following assets have been segregated and included in assets held for sale in the consolidated balance sheets (in thousands): April 1, December 31, 2018 2017 (Unaudited) Machinery, equipment, furniture and fixtures $ 26,353 $ 28,874 Accumulated depreciation (23,492 ) (25,976 ) Property, plant and equipment, net $ 2,861 $ 2,898 |
Note 7 - Other (Income), Net
Note 7 - Other (Income), Net | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | ( 7 ) Other (Income), Net As described in Note 3 16, 2017 07 first 2018. 2017 07 three April 1, 2018 April 2, 2017 $175,000 $156,000, During the three April 1, 2018, $281,000 $27,000 three April 2, 2017, $2,416,000 $430,000 three April 2, 2017. |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 8 ) Stock-Based Compensation On April 1, 2018, 665,000 five three not April 1, 2018. |
Note 9 - Loss Per Common Share
Note 9 - Loss Per Common Share | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 9 ) Loss Per Common Share The Company computes earnings per share using the two 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 April 1, 2018 April 2, 2017, not A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted loss per common share is as follows (in thousands): Three Months Ended April 1, April 2, 2018 2017 (Unaudited) Loss attributable to stockholders: Net loss as reported $ (1,795 ) $ (3,308 ) Less distributed and undistributed earnings allocable to restricted awarded holders 0 0 Less dividends declared attributed to restricted awarded holders 0 0 Net loss allocable to common stockholders $ (1,795 ) $ (3,308 ) Three Months Ended April 1, April 2, 2018 2017 (Unaudited) Loss per common share attributable to stockholders: Basic $ (0.09 ) $ (0.16 ) Diluted $ (0.09 ) $ (0.16 ) Weighted average shares outstanding – basic 20,394 20,173 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 20,394 20,173 |
Note 10 - Inventory
Note 10 - Inventory | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 10 ) Inventory Inventory consists of the following (in thousands): April 1, December 31, 2018 2017 (Unaudited) Raw materials $ 9,633 $ 10,011 Work in process 6,509 7,150 Finished goods 1,563 1,645 Reserve for excess and obsolete inventory (1,126 ) (1,165 ) Total $ 16,579 $ 17,641 |
Note 11 - Property, Plant and E
Note 11 - Property, Plant and Equipment | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 11 ) Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): April 1, December 31, 2018 2017 (Unaudited) Land and land improvements $ 219 $ 219 Buildings and building improvements 11,367 11,140 Machinery, equipment, furniture and fixtures 51,858 49,726 Construction in progress 1,209 998 64,653 62,083 Accumulated depreciation (48,947 ) (46,509 ) $ 15,706 $ 15,574 |
Note 12 - Debt
Note 12 - Debt | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 1 2 ) Debt Debt outstanding consists of the following (in thousands): April 1, December 31, 2018 2017 (Unaudited) Current: Current portion of capital lease obligation $ 516 $ 829 Long Term: Note payable – related party $ 6,500 $ 6,500 Capital lease obligation 3,286 3,397 Less unamortized debt issuance and modification costs (62 ) (65 ) Long term debt net of unamortized debt costs $ 9,724 $ 9,832 Note Payable – Related Party The Company has received the benefit of cash infusions from GFCM in the form of secured promissory note obligations totaling $6,500,000 April 1, 2018 December 31, 2017. one 8.0% March 31, 2019 8.0% 500 five 90 $2,500,000 April 1, 2021, $2,000,000 April 1, 2023 April 1, 2025. 18 60% April 2021 2023. Obligations under the promissory note are guaranteed by all of the subsidiaries and are secured by a first Capital Lease Obligation On March 9, 2016, 24 215,000,000 $12,182,000 ten 9 $2,890,000 April 1, 2018. In January 2018, 36 $1,277,000 2017. April 1, 2018 $912,000. |
Note 13 - Segment Data
Note 13 - Segment Data | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 1 3 ) Segment Data The Company is organized into two no The following table presents financial information for the reportable segments of the Company (in thousands): Three Months Ended April 1, April 2, 2018 2017 (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 14,507 $ 12,760 Sypris Electronics 5,435 5,425 $ 19,942 $ 18,185 Gross profit (loss): Sypris Technologies $ 2,107 $ (644 ) Sypris Electronics (76 ) 97 $ 2,031 $ (547 ) Operating income (loss): Sypris Technologies $ 305 $ (3,140 ) Sypris Electronics (755 ) (431 ) General, corporate and other (1,176 ) (1,406 ) $ (1,626 ) $ (4,977 ) Income (loss) before taxes: Sypris Technologies $ 304 $ (1,358 ) Sypris Electronics (773 ) (431 ) General, corporate and other (1,286 ) (1,528 ) $ (1,755 ) $ (3,317 ) April 1, December 31, 2018 2017 (Unaudited) Total assets: Sypris Technologies $ 31,635 $ 31,725 Sypris Electronics 18,177 17,440 General, corporate and other 7,911 7,990 $ 57,723 $ 57,155 April 1, December 31, 2018 2017 (Unaudited) Total liabilities: Sypris Technologies $ 25,424 $ 23,854 Sypris Electronics 8,613 8,352 General, corporate and other 7,830 8,019 $ 41,867 $ 40,225 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 1 4 ) 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 consolidated balance sheets as of April 1, 2018 December 31, 2017 $607,000 $666,000, three April 1, 2018 April 2, 2017 not The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers’ compensation insurance programs, a self-insured worker’s compensation program and a self-insured employee health program. The Company records estimated liabilities for its insurance programs based on information provided by the third not may 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 The Company accounts for loss contingencies in accordance with U.S. GAAP. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may no The Company has various current and previously-owned facilities subject to a variety of environmental regulations. The Company has received certain indemnifications from either companies previously owning these facilities or from purchasers of those facilities. As of April 1, 2018 December 31, 2017, no On December 27, 2017, 401 not During the year ended December 31, 2017, one no $1,036,000 April 1, 2018. December 21, 2017 No no not As of April 1, 2018, $9,543,000, |
Note 15 - Income Taxes
Note 15 - Income Taxes | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 15 ) 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 21% 35% 2018 2017, 30% 2018 2017. 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, 740 740 not not In December 2017, 2017 2017 35 21 December 31, 2017. 2017 2017 10 No. 118, 740, 2017 The Tax Act also provides that undistributed and previously untaxed post- 1986 2017 not December 31, 2017, not April 1, 2018 December 31, 2017, |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ( 1 6 ) Employee Benefit Plans Pension expense (benefit) consisted of the following (in thousands): Three Months Ended April 1, April 2, 2018 2017 (Unaudited) Service cost $ 2 $ 2 Interest cost on projected benefit obligation 333 388 Net amortizations of actuarial loss 168 183 Expected return on plan assets (326 ) (415 ) Net periodic benefit cost $ 177 $ 158 In the first 2018, 2017 07, $156,000 three April 2, 2017. The net periodic benefit cost of the defined benefit pension plans incurred during the three April 1, 2018 April 2, 2017 Three Months Ended April 1, April 2, 2018 2017 (Unaudited) Service cost: Selling, general and administrative expenses (2 ) (2 ) Other net periodic benefit costs: Other (income), net (175 ) (156 ) Total $ (177 ) $ (158 ) |
Note 17 - Accumulated Other Com
Note 17 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 1 7 ) 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 1, December 31, 2018 2017 (Unaudited) Foreign currency translation adjustments $ (10,507 ) $ (10,915 ) Employee benefit related adjustments – U.S. (14,748 ) (14,748 ) Employee benefit related adjustments – Mexico 112 112 Accumulated other comprehensive loss $ (25,143 ) $ (25,551 ) |
Note 18 - Fair Value of Financi
Note 18 - Fair Value of Financial Instruments | 3 Months Ended |
Apr. 01, 2018 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 1 8 ) 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 1, 2018 2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 01, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | In 2014, 2014 09 606 2014 09, 606.” ASC 606 January 1, 2018 not January 1, 2018 606, not 605, We recorded a net decrease to beginning accumulated deficit of $170,000 January 1, 2018, The following table summarizes the cumulative effect of the changes to our unaudited consolidated balance sheet as of January 1, 2018 606: Opening Balance at ASC 606 Balance at Dec. 31, 2017 Adjustments Jan. 1, 2018 Assets Inventories – net $ 17,641 $ (655 ) $ 16,986 Contract assets 0 825 825 Liabilities and Equity Accumulated deficit $ (111,591 ) $ 170 $ (111,421 ) Under the modified retrospective method of adoption, we are also required to disclose in the first 605 April 1, 2018 $507,000 606. 606 $106,000 $0.01 April 1, 2018. The following table summarizes the effect of adopting ASC 606 April 1, 2018: As Reported Impact of Legacy GAAP April 1, 2018 ASC 606 April 1, 2018 Net revenue $ 19,942 $ 507 $ 19,435 Cost of sales 17,911 401 17,510 Gross profit 2,031 106 1,925 Selling, general and administrative 3,148 0 3,148 Severance, equipment relocation and other costs 509 0 509 Operating loss (1,626 ) 106 (1,732 ) Interest expense, net 213 0 213 Other (income), net (84 ) 0 (84 ) Loss before taxes (1,755 ) 106 (1,861 ) Income tax expense 40 0 40 Net loss $ (1,795 ) $ 106 $ (1,901 ) The following table summarizes the cumulative effect of the changes to our unaudited consolidated balance sheets as of April 1, 2018 606: As Reported Impact of Legacy GAAP April 1, 2018 ASC 606 April 1, 2018 Assets Inventories – net $ 16,579 $ 1,055 $ 17,634 Contract assets 1,331 1,331 0 Liabilities and Equity Accumulated deficit $ (113,216 ) $ 276 $ (113,492 ) In February 2016, No. 2016 02, 842 840, December 15, 2018, In August 2016, No. 2016 15, 2016 15 January 1, 2018. not In October 2016, January 1, 2018. not In November 2016, January 1, 2018. not In March 2017, No. 2017 07, 2017 07 January 1, 2018, $156,000 $156,000 three April 2, 2017. 2017 07 not 16. In May 2017, No. 2017 09, 718, 718. January 1, 2018. 2017 09 not In February 2018, No. 2018 02, 2018 02 2018 02 2017 December 15, 2018, 2018 02. |
Note 3 - Recent Accounting Pr27
Note 3 - Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Opening Balance at ASC 606 Balance at Dec. 31, 2017 Adjustments Jan. 1, 2018 Assets Inventories – net $ 17,641 $ (655 ) $ 16,986 Contract assets 0 825 825 Liabilities and Equity Accumulated deficit $ (111,591 ) $ 170 $ (111,421 ) As Reported Impact of Legacy GAAP April 1, 2018 ASC 606 April 1, 2018 Net revenue $ 19,942 $ 507 $ 19,435 Cost of sales 17,911 401 17,510 Gross profit 2,031 106 1,925 Selling, general and administrative 3,148 0 3,148 Severance, equipment relocation and other costs 509 0 509 Operating loss (1,626 ) 106 (1,732 ) Interest expense, net 213 0 213 Other (income), net (84 ) 0 (84 ) Loss before taxes (1,755 ) 106 (1,861 ) Income tax expense 40 0 40 Net loss $ (1,795 ) $ 106 $ (1,901 ) As Reported Impact of Legacy GAAP April 1, 2018 ASC 606 April 1, 2018 Assets Inventories – net $ 16,579 $ 1,055 $ 17,634 Contract assets 1,331 1,331 0 Liabilities and Equity Accumulated deficit $ (113,216 ) $ 276 $ (113,492 ) |
Note 4 - Revenue from Contrac28
Note 4 - Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | April 1, 2018 (Unaudited) Sypris Technologies – transferred point in time $ 14,507 Sypris Electronics – transferred point in time 914 Sypris Electronics – transferred over time 4,521 Net revenue $ 19,942 |
Note 6 - Exit and Disposal Ac29
Note 6 - Exit and Disposal Activities (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Costs Incurred Three Months Total Remaining Total Ended Recognized Costs to be Program April 1, 2018 to date Recognized Severance and benefit related costs $ 1,350 $ (13 ) $ 1,350 $ 0 Asset impairments 188 0 188 0 Equipment relocation costs 1,552 68 1,492 60 Other 1,006 454 484 522 $ 4,096 $ 509 $ 3,514 $ 582 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Accrued Cash Accrued Balance at Payments Balance at Dec. 31, 2018 or Asset April 1, 2017 Charge Write-Offs 2018 Severance and benefit-related costs $ 145 $ (13 ) $ (71 ) $ 61 Equipment relocation costs 0 68 (68 ) 0 Other 0 454 (454 ) 0 $ 145 $ 509 $ (593 ) $ 61 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | April 1, December 31, 2018 2017 (Unaudited) Machinery, equipment, furniture and fixtures $ 26,353 $ 28,874 Accumulated depreciation (23,492 ) (25,976 ) Property, plant and equipment, net $ 2,861 $ 2,898 |
Note 9 - Loss Per Common Share
Note 9 - Loss Per Common Share (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended April 1, April 2, 2018 2017 (Unaudited) Loss attributable to stockholders: Net loss as reported $ (1,795 ) $ (3,308 ) Less distributed and undistributed earnings allocable to restricted awarded holders 0 0 Less dividends declared attributed to restricted awarded holders 0 0 Net loss allocable to common stockholders $ (1,795 ) $ (3,308 ) Three Months Ended April 1, April 2, 2018 2017 (Unaudited) Loss per common share attributable to stockholders: Basic $ (0.09 ) $ (0.16 ) Diluted $ (0.09 ) $ (0.16 ) Weighted average shares outstanding – basic 20,394 20,173 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 20,394 20,173 |
Note 10 - Inventory (Tables)
Note 10 - Inventory (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 1, December 31, 2018 2017 (Unaudited) Raw materials $ 9,633 $ 10,011 Work in process 6,509 7,150 Finished goods 1,563 1,645 Reserve for excess and obsolete inventory (1,126 ) (1,165 ) Total $ 16,579 $ 17,641 |
Note 11 - Property, Plant and32
Note 11 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | April 1, December 31, 2018 2017 (Unaudited) Land and land improvements $ 219 $ 219 Buildings and building improvements 11,367 11,140 Machinery, equipment, furniture and fixtures 51,858 49,726 Construction in progress 1,209 998 64,653 62,083 Accumulated depreciation (48,947 ) (46,509 ) $ 15,706 $ 15,574 |
Note 12 - Debt (Tables)
Note 12 - Debt (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | April 1, December 31, 2018 2017 (Unaudited) Current: Current portion of capital lease obligation $ 516 $ 829 Long Term: Note payable – related party $ 6,500 $ 6,500 Capital lease obligation 3,286 3,397 Less unamortized debt issuance and modification costs (62 ) (65 ) Long term debt net of unamortized debt costs $ 9,724 $ 9,832 |
Note 13 - Segment Data (Tables)
Note 13 - Segment Data (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended April 1, April 2, 2018 2017 (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 14,507 $ 12,760 Sypris Electronics 5,435 5,425 $ 19,942 $ 18,185 Gross profit (loss): Sypris Technologies $ 2,107 $ (644 ) Sypris Electronics (76 ) 97 $ 2,031 $ (547 ) Operating income (loss): Sypris Technologies $ 305 $ (3,140 ) Sypris Electronics (755 ) (431 ) General, corporate and other (1,176 ) (1,406 ) $ (1,626 ) $ (4,977 ) Income (loss) before taxes: Sypris Technologies $ 304 $ (1,358 ) Sypris Electronics (773 ) (431 ) General, corporate and other (1,286 ) (1,528 ) $ (1,755 ) $ (3,317 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | April 1, December 31, 2018 2017 (Unaudited) Total assets: Sypris Technologies $ 31,635 $ 31,725 Sypris Electronics 18,177 17,440 General, corporate and other 7,911 7,990 $ 57,723 $ 57,155 April 1, December 31, 2018 2017 (Unaudited) Total liabilities: Sypris Technologies $ 25,424 $ 23,854 Sypris Electronics 8,613 8,352 General, corporate and other 7,830 8,019 $ 41,867 $ 40,225 |
Note 16 - Employee Benefit Pl35
Note 16 - Employee Benefit Plans (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended April 1, April 2, 2018 2017 (Unaudited) Service cost $ 2 $ 2 Interest cost on projected benefit obligation 333 388 Net amortizations of actuarial loss 168 183 Expected return on plan assets (326 ) (415 ) Net periodic benefit cost $ 177 $ 158 |
Schedule of Costs of Retirement Plans [Table Text Block] | Three Months Ended April 1, April 2, 2018 2017 (Unaudited) Service cost: Selling, general and administrative expenses (2 ) (2 ) Other net periodic benefit costs: Other (income), net (175 ) (156 ) Total $ (177 ) $ (158 ) |
Note 17 - Accumulated Other C36
Note 17 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | April 1, December 31, 2018 2017 (Unaudited) Foreign currency translation adjustments $ (10,507 ) $ (10,915 ) Employee benefit related adjustments – U.S. (14,748 ) (14,748 ) Employee benefit related adjustments – Mexico 112 112 Accumulated other comprehensive loss $ (25,143 ) $ (25,551 ) |
Note 1 - Nature of Business (De
Note 1 - Nature of Business (Details Textual) | 3 Months Ended | 12 Months Ended |
Apr. 01, 2018 | Dec. 31, 2018 | |
Number of Operating Segments | 2 | 2 |
Note 3 - Recent Accounting Pr38
Note 3 - Recent Accounting Pronouncements (Details Textual) - USD ($) | 3 Months Ended | |||
Apr. 01, 2018 | Apr. 02, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (113,216,000) | $ (111,421,000) | $ (111,591,000) | |
Revenue from Contract with Customer, Including Assessed Tax | $ 19,942,000 | $ 18,185,000 | ||
Earnings Per Share, Basic, Total | $ (0.09) | $ (0.16) | ||
Operating Income (Loss), Total | $ (1,626,000) | $ (4,977,000) | ||
Other Nonoperating Income (Expense), Total | (84,000) | (1,848,000) | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | 276,000 | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 507,000 | |||
Earnings Per Share, Basic, Total | $ 0.01 | |||
Operating Income (Loss), Total | $ 106,000 | |||
Other Nonoperating Income (Expense), Total | 0 | |||
Accounting Standards Update 2014-09 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 170,000 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | (106,000) | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ (106,000) | |||
Accounting Standards Update 2017-07 [Member] | ||||
Operating Income (Loss), Total | 156,000 | |||
Other Nonoperating Income (Expense), Total | $ (156,000) |
Note 3 - Recent Accounting Pr39
Note 3 - Recent Accounting Pronouncements - Adoption of ASC 606 (Details) - USD ($) | 3 Months Ended | |||
Apr. 01, 2018 | Apr. 02, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Inventory, net | $ 16,579,000 | $ 16,986,000 | $ 17,641,000 | |
Contract assets | 1,331,000 | 825,000 | 0 | |
Accumulated deficit | (113,216,000) | (111,421,000) | $ (111,591,000) | |
Net revenue | 19,942,000 | $ 18,185,000 | ||
Cost of sales | 17,911,000 | 18,732,000 | ||
Gross profit | 2,031,000 | (547,000) | ||
Selling, general and administrative | 3,148,000 | 3,410,000 | ||
Severance, equipment relocation and other costs | 509,000 | 998,000 | ||
Operating loss | (1,626,000) | (4,977,000) | ||
Interest expense, net | 213,000 | 188,000 | ||
Other (income), net | (84,000) | (1,848,000) | ||
Loss before taxes | (1,755,000) | (3,317,000) | ||
Income tax expense | 40,000 | (9,000) | ||
Net loss | (1,795,000) | $ (3,308,000) | ||
Accounting Standards Update 2014-09 [Member] | ||||
Inventory, net | (655,000) | |||
Contract assets | 825,000 | |||
Accumulated deficit | $ 170,000 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
Inventory, net | 1,055,000 | |||
Contract assets | 1,331,000 | |||
Accumulated deficit | 276,000 | |||
Net revenue | 507,000 | |||
Cost of sales | 401,000 | |||
Gross profit | 106,000 | |||
Selling, general and administrative | 0 | |||
Severance, equipment relocation and other costs | 0 | |||
Operating loss | 106,000 | |||
Interest expense, net | 0 | |||
Other (income), net | 0 | |||
Loss before taxes | 106,000 | |||
Income tax expense | 0 | |||
Net loss | 106,000 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Inventory, net | 17,634,000 | |||
Contract assets | 0 | |||
Accumulated deficit | (113,492,000) | |||
Net revenue | 19,435,000 | |||
Cost of sales | 17,510,000 | |||
Gross profit | 1,925,000 | |||
Selling, general and administrative | 3,148,000 | |||
Severance, equipment relocation and other costs | 509,000 | |||
Operating loss | (1,732,000) | |||
Interest expense, net | 213,000 | |||
Other (income), net | (84,000) | |||
Loss before taxes | (1,861,000) | |||
Income tax expense | 40,000 | |||
Net loss | $ (1,901,000) |
Note 4 - Revenue from Contrac40
Note 4 - Revenue from Contracts with Customers (Details Textual) - USD ($) | 3 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Jan. 01, 2018 | |
Revenue, Remaining Performance Obligation, Amount | $ 6,211,000 | ||
Contract with Customer, Liability, Revenue Recognized | 727,000 | $ 250,000 | |
Other Current Assets [Member] | |||
Contract with Customer, Asset, Net, Current, Total | 1,331,000 | $ 825,000 | |
Accrued Liabilities [Member] | |||
Contract with Customer, Liability, Current | $ 1,268,000 | $ 1,509,000 |
Note 4 - Revenue from Contrac41
Note 4 - Revenue from Contracts with Customers - Remaining Performance Obligation Percentages (Details Textual) | Apr. 01, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-02 | |
Revenue, Remaining Performance Obligation, Percentage | 70.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 22.00% |
Note 4 - Revenue from Contrac42
Note 4 - Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Net revenue | $ 19,942 | $ 18,185 |
Sypris Technologies [Member] | ||
Net revenue | 14,507 | 12,760 |
Sypris Technologies [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 14,507 | |
Sypris Electronics [Member] | ||
Net revenue | 5,435 | $ 5,425 |
Sypris Electronics [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 914 | |
Sypris Electronics [Member] | Transferred over Time [Member] | ||
Net revenue | $ 4,521 |
Note 5 - Strategic Actions (Det
Note 5 - Strategic Actions (Details Textual) - USD ($) | Apr. 01, 2018 | Dec. 31, 2017 | Aug. 31, 2016 |
Gill Family Capital Management [Member] | Promissory Note [Member] | |||
Subordinated Debt, Ending Balance | $ 6,500,000 | $ 6,500,000 | $ 6,500,000 |
Note 6 - Exit and Disposal Ac44
Note 6 - Exit and Disposal Activities (Details Textual) - Transition of Production from the Broadway Plant [Member] - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Restructuring and Related Costs, Incurred Cost, Total | $ 509,000 | $ 998,000 |
Restructuring and Related Cost, Incurred Cost, Per Share | $ 0.03 | $ 0.05 |
Restructuring Charges, Total | $ 509,000 | |
Restructuring and Related Cost, Expected Cost Remaining | 582,000 | |
Sypris Electronics [Member] | ||
Restructuring and Related Cost, Expected Cost Remaining | 582,000 | |
Equipment Relocation Costs [Member] | ||
Restructuring Charges, Total | 68,000 | $ 371,000 |
Restructuring and Related Cost, Expected Cost Remaining | 60,000 | |
Facility Closing [Member] | ||
Restructuring Charges, Total | 441,000 | |
Employee Severance [Member] | ||
Restructuring Charges, Total | (13,000) | $ 627,000 |
Restructuring and Related Cost, Expected Cost Remaining | $ 0 |
Note 6 - Exit and Disposal Ac45
Note 6 - Exit and Disposal Activities - Summary of Pre-tax Restructuring Chargers (Details) - Transition of Production from the Broadway Plant [Member] - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Total Program | $ 4,096,000 | |
Costs Incurred | 509,000 | |
Recognized Costs | 3,514,000 | |
Remaining Costs to be Recognized | 582,000 | |
Employee Severance [Member] | ||
Total Program | 1,350,000 | |
Costs Incurred | (13,000) | $ 627,000 |
Recognized Costs | 1,350,000 | |
Remaining Costs to be Recognized | 0 | |
Asset Impairment [Member] | ||
Total Program | 188,000 | |
Costs Incurred | 0 | |
Recognized Costs | 188,000 | |
Remaining Costs to be Recognized | 0 | |
Equipment Relocation Costs [Member] | ||
Total Program | 1,552,000 | |
Costs Incurred | 68,000 | $ 371,000 |
Recognized Costs | 1,492,000 | |
Remaining Costs to be Recognized | 60,000 | |
Other Restructuring [Member] | ||
Total Program | 1,006,000 | |
Costs Incurred | 454,000 | |
Recognized Costs | 484,000 | |
Remaining Costs to be Recognized | $ 522,000 |
Note 6 - Exit and Disposal Ac46
Note 6 - Exit and Disposal Activities - Costs and Related Restructuring Reserves (Details) - Transition of Production from the Broadway Plant [Member] - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Accrued, Beginning Balance | $ 145,000 | |
Costs Incurred | 509,000 | |
Cash Payments or Asset Write-Offs | (593,000) | |
Accrued, Ending Balance | 61,000 | |
Employee Severance [Member] | ||
Accrued, Beginning Balance | 145,000 | |
Costs Incurred | (13,000) | $ 627,000 |
Cash Payments or Asset Write-Offs | (71,000) | |
Accrued, Ending Balance | 61,000 | |
Equipment Relocation Costs [Member] | ||
Accrued, Beginning Balance | 0 | |
Costs Incurred | 68,000 | $ 371,000 |
Cash Payments or Asset Write-Offs | (68,000) | |
Accrued, Ending Balance | 0 | |
Other Restructuring [Member] | ||
Accrued, Beginning Balance | 0 | |
Costs Incurred | 454,000 | |
Cash Payments or Asset Write-Offs | (454,000) | |
Accrued, Ending Balance | $ 0 |
Note 6 - Exit and Disposal Ac47
Note 6 - Exit and Disposal Activities - Segregation of Assets Held for Sale (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Dec. 31, 2017 |
Machinery, equipment, furniture and fixtures | $ 26,353 | $ 28,874 |
Accumulated depreciation | (23,492) | (25,976) |
Property, plant and equipment, net | $ 2,861 | $ 2,898 |
Note 7 - Other (Income), Net (D
Note 7 - Other (Income), Net (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ 175,000 | $ 156,000 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 281,000 | 2,416,000 |
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ (27,000) | $ (430,000) |
Note 8 - Stock-based Compensa49
Note 8 - Stock-based Compensation (Details Textual) | Apr. 01, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 665,000 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note 9 - Loss Per Common Shar50
Note 9 - Loss Per Common Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Net loss as reported | $ (1,795) | $ (3,308) |
Less distributed and undistributed earnings allocable to restricted awarded holders | 0 | 0 |
Less dividends declared attributed to restricted awarded holders | 0 | 0 |
Net loss allocable to common stockholders | $ (1,795) | $ (3,308) |
Basic (in dollars per share) | $ (0.09) | $ (0.16) |
Diluted (in dollars per share) | $ (0.09) | $ (0.16) |
Basic (in shares) | 20,394 | 20,173 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 0 | 0 |
Weighted average shares outstanding – diluted (in shares) | 20,394 | 20,173 |
Note 10 - Inventory - Inventory
Note 10 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Raw materials | $ 9,633 | $ 10,011 | |
Work in process | 6,509 | 7,150 | |
Finished goods | 1,563 | 1,645 | |
Reserve for excess and obsolete inventory | (1,126) | (1,165) | |
Total | $ 16,579 | $ 16,986 | $ 17,641 |
Note 11 - Property, Plant and52
Note 11 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Dec. 31, 2017 |
Gross property, plant and equipment | $ 64,653 | $ 62,083 |
Accumulated depreciation | (48,947) | (46,509) |
Property plant and equipment net | 15,706 | 15,574 |
Land and Land Improvements [Member] | ||
Gross property, plant and equipment | 219 | 219 |
Building and Building Improvements [Member] | ||
Gross property, plant and equipment | 11,367 | 11,140 |
Property, Plant and Equipment, Other Types [Member] | ||
Gross property, plant and equipment | 51,858 | 49,726 |
Construction in Progress [Member] | ||
Gross property, plant and equipment | $ 1,209 | $ 998 |
Note 12 - Debt (Details Textual
Note 12 - Debt (Details Textual) | Apr. 01, 2019 | Mar. 09, 2016USD ($)a | Mar. 09, 2016MXN ($)a | Jan. 31, 2018USD ($) | Apr. 01, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 31, 2016USD ($) |
Capital Lease Obligations, Total | $ 1,277,000 | $ 912,000 | |||||
Capital Lease Obligations [Member] | |||||||
Debt Instrument, Term | 3 years | ||||||
Toluca [Member] | |||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | 2,890,000 | ||||||
Toluca [Member] | Sypris Technologies Mexico, S. de R.L. de C.V. [Member] | |||||||
Area of Land | a | 24 | 24 | |||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities, Total | $ 12,182,000 | $ 215,000,000 | |||||
Sale Leaseback Transaction, Term of Lease | 10 years | 10 years | |||||
Sale Leaseback Transaction, Portion of Real Estate Property Leased Back to Seller | a | 9 | 9 | |||||
Promissory Note [Member] | Gill Family Capital Management [Member] | |||||||
Subordinated Debt, Ending Balance | $ 6,500,000 | $ 6,500,000 | $ 6,500,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||
Promissory Note [Member] | Gill Family Capital Management [Member] | Five-year Treasury Note Average During Preceding 90-day Period [Member] | Scenario, Forecast [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ||||||
Promissory Note with Maturity on April 1, 2021 [Member] | Gill Family Capital Management [Member] | |||||||
Subordinated Debt, Ending Balance | $ 2,500,000 | ||||||
Promissory Note with Maturity on April 1, 2023 [Member] | Gill Family Capital Management [Member] | |||||||
Subordinated Debt, Ending Balance | $ 2,000,000 | ||||||
Promissory Notes with Maturity on April 1, 2021 and April 1, 2023 [Member] | Gill Family Capital Management [Member] | |||||||
Debt Instrument, Allowance for Payment Deferral Period | 18 years | ||||||
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent | 60.00% |
Note 12 - Debt - Debt Component
Note 12 - Debt - Debt Components (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Dec. 31, 2017 |
Current portion of capital lease obligation | $ 516 | $ 829 |
Note payable – related party | 6,500 | 6,500 |
Capital lease obligation | 3,286 | 3,397 |
Less unamortized debt issuance and modification costs | (62) | (65) |
Long term debt net of unamortized debt costs | $ 9,724 | $ 9,832 |
Note 13 - Segment Data (Details
Note 13 - Segment Data (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 01, 2018USD ($) | Apr. 02, 2017USD ($) | Dec. 31, 2018 | |
Number of Operating Segments | 2 | 2 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 19,942 | $ 18,185 | |
Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 |
Note 13 - Segment Data - Financ
Note 13 - Segment Data - Financial Information From Reportable Segments - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Net revenue from unaffiliated customers | $ 19,942 | $ 18,185 |
Gross profit (loss) | 2,031 | (547) |
Operating loss | (1,626) | (4,977) |
Income (loss) before taxes | (1,755) | (3,317) |
Sypris Technologies [Member] | ||
Net revenue from unaffiliated customers | 14,507 | 12,760 |
Gross profit (loss) | 2,107 | (644) |
Operating loss | 305 | (3,140) |
Income (loss) before taxes | 304 | (1,358) |
Sypris Electronics [Member] | ||
Net revenue from unaffiliated customers | 5,435 | 5,425 |
Gross profit (loss) | (76) | 97 |
Operating loss | (755) | (431) |
Income (loss) before taxes | (773) | (431) |
Corporate and Other [Member] | ||
Operating loss | (1,176) | (1,406) |
Income (loss) before taxes | $ (1,286) | $ (1,528) |
Note 13 - Segment Data - Fina57
Note 13 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Dec. 31, 2017 |
Total assets | $ 57,723 | $ 57,155 |
Total liabilities | 41,867 | 40,225 |
Sypris Technologies [Member] | ||
Total assets | 31,635 | 31,725 |
Total liabilities | 25,424 | 23,854 |
Sypris Electronics [Member] | ||
Total assets | 18,177 | 17,440 |
Total liabilities | 8,613 | 8,352 |
Corporate and Other [Member] | ||
Total assets | 7,911 | 7,990 |
Total liabilities | $ 7,830 | $ 8,019 |
Note 14 - Commitments and Con58
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) | Apr. 01, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Standard and Extended Product Warranty Accrual, Ending Balance | $ 607,000 | $ 666,000 | |
Inventory, Net, Total | 16,579,000 | $ 16,986,000 | $ 17,641,000 |
Purchase Obligation, Total | 9,543,000 | ||
Customer Lawsuit Against Distributor [Member] | Inventory Related to Customer Involved in Lawsuit Against Distributor [Member] | |||
Inventory, Net, Total | $ 1,036,000 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 30.00% | 30.00% | ||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 16 - Employee Benefit Pl60
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Operating Income (Loss), Total | $ (1,626,000) | $ (4,977,000) |
Other Nonoperating Income (Expense), Total | $ (84,000) | (1,848,000) |
Accounting Standards Update 2017-07 [Member] | ||
Operating Income (Loss), Total | 156,000 | |
Other Nonoperating Income (Expense), Total | $ (156,000) |
Note 16 - Employee Benefit Pl61
Note 16 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Service cost | $ 2 | $ 2 |
Interest cost on projected benefit obligation | 333 | 388 |
Net amortizations of actuarial loss | 168 | 183 |
Expected return on plan assets | (326) | (415) |
Net periodic benefit cost | $ 177 | $ 158 |
Note 16 - Employee Benefit Pl62
Note 16 - Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Selling, general and administrative expenses | $ 2,000 | $ 2,000 |
Other (income), net | 175,000 | 156,000 |
Total | 177,000 | 158,000 |
Selling, General and Administrative Expenses [Member] | ||
Selling, general and administrative expenses | 2,000 | 2,000 |
Other Nonoperating Income (Expense) [Member] | ||
Other (income), net | $ 175,000 | $ 156,000 |
Note 17 - Accumulated Other C63
Note 17 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Dec. 31, 2017 | Apr. 02, 2017 |
Foreign currency translation adjustments | $ (10,507) | $ (10,915) | |
Accumulated other comprehensive loss | (25,143) | $ (25,551) | (25,551) |
UNITED STATES | |||
Employee benefit related adjustments, net of tax | (14,748) | (14,748) | |
MEXICO | |||
Employee benefit related adjustments, net of tax | $ 112 | $ 112 |