Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 15, 2019 | Jul. 01, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | SYPRIS SOLUTIONS INC | ||
Entity Central Index Key | 0000864240 | ||
Trading Symbol | sypr | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 21,354,203 | ||
Entity Public Float | $ 17,927,427 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net revenue | $ 87,969,000 | $ 82,294,000 |
Cost of sales | 80,397,000 | 78,964,000 |
Gross profit | 7,572,000 | 3,330,000 |
Selling, general and administrative | 10,474,000 | 13,078,000 |
Research and development | 0 | 38,000 |
Severance, relocation and other costs | 1,394,000 | 2,360,000 |
Operating loss | (4,296,000) | (12,146,000) |
Interest expense, net | 850,000 | 809,000 |
Other income, net | (1,436,000) | (1,515,000) |
Loss before income taxes | (3,710,000) | (11,440,000) |
Income tax benefit, net | (205,000) | (618,000) |
Net loss | $ (3,505,000) | $ (10,822,000) |
Loss per common share: | ||
Basic (in dollars per share) | $ (0.17) | $ (0.53) |
Diluted (in dollars per share) | (0.17) | (0.53) |
Cash dividends per common share (in dollars per share) | $ 0 | $ 0 |
Weighted average shares outstanding: | ||
Basic (in shares) | 20,512 | 20,326 |
Diluted (in shares) | 20,512 | 20,326 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net loss | $ (3,505) | $ (10,822) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments, net of a tax benefit of $18 and tax expense of $267 in 2018 and 2017, respectively | (52) | 419 |
Employee benefit related, net of tax of $230 and $400 in 2018 and 2017, respectively | 761 | 628 |
Other comprehensive income | 709 | 1,047 |
Comprehensive loss | $ (2,796) | $ (9,775) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Foreign currency translation adjustments, tax | $ 18 | $ 267 |
Employee benefit related, tax | $ 230 | $ 400 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 10,704 | $ 8,144 |
Accounts receivable, net | 9,881 | 9,317 |
Inventory, net | 18,584 | 17,641 |
Other current assets | 4,755 | 2,003 |
Assets held for sale | 1,474 | 2,898 |
Total current assets | 45,398 | 40,003 |
Property, plant and equipment, net | 14,655 | 15,574 |
Other assets | 1,515 | 1,578 |
Total assets | 61,568 | 57,155 |
Current liabilities: | ||
Accounts payable | 13,427 | 10,465 |
Accrued liabilities | 14,965 | 10,330 |
Current portion of capital lease obligations | 593 | 829 |
Total current liabilities | 28,985 | 21,624 |
Note payable – related party | 6,449 | 6,435 |
Long-term capital lease obligations | 2,804 | 3,397 |
Other liabilities | 8,496 | 8,769 |
Total liabilities | 46,734 | 40,225 |
Stockholders’ equity: | ||
Preferred stock | ||
Common stock | 214 | 214 |
Additional paid-in capital | 154,388 | 153,858 |
Accumulated deficit | (114,926) | (111,591) |
Accumulated other comprehensive loss | (24,842) | (25,551) |
Treasury stock, 16,192 in 2018 and 2017 | 0 | 0 |
Total stockholders’ equity | 14,834 | 16,930 |
Total liabilities and stockholders’ equity | 61,568 | 57,155 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | ||
Nonvoting Common Stock [Member] | ||
Stockholders’ equity: | ||
Common stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 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) | 21,414,374 | 21,438,269 |
Common stock, shares outstanding (in shares) | 21,398,182 | 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 Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (3,505,000) | $ (10,822,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 2,648,000 | 3,884,000 |
Deferred income taxes | (509,000) | (667,000) |
Non-cash compensation | 637,000 | 730,000 |
Deferred loan costs amortized | 14,000 | 60,000 |
Insurance recovery gain | (2,275,000) | 0 |
Settlement gain | (1,890,000) | 0 |
Net loss (gain) on sale of assets | 249,000 | (2,668,000) |
Provision for excess and obsolete inventory | 520,000 | 116,000 |
Other noncash items | 278,000 | (32,000) |
Contributions to pension plans | (77,000) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (612,000) | (1,419,000) |
Inventory | (2,857,000) | (3,204,000) |
Prepaid expenses and other assets | (1,163,000) | 951,000 |
Accounts payable | 2,948,000 | 3,491,000 |
Accrued and other liabilities | 7,486,000 | 121,000 |
Net cash provided by (used in) operating activities | 1,892,000 | (9,459,000) |
Cash flows from investing activities: | ||
Capital expenditures | (2,051,000) | (1,637,000) |
Proceeds from sale of assets | 1,380,000 | 2,801,000 |
Insurance proceeds for recovery of property damage, net | 2,275,000 | 0 |
Net cash provided by investing activities | 1,604,000 | 1,164,000 |
Cash flows from financing activities: | ||
Capital lease payments | (829,000) | (208,000) |
Indirect repurchase of shares for minimum statutory tax withholdings | (107,000) | (123,000) |
Net cash used in financing activities | (936,000) | (331,000) |
Net increase (decrease) in cash and cash equivalents | 2,560,000 | (8,626,000) |
Cash, cash equivalents and restricted cash at beginning of year | 8,144,000 | 16,770,000 |
Cash and cash equivalents at end of year | 10,704,000 | 8,144,000 |
Supplemental disclosure of cash flow information: | ||
Expenditures funded by capital lease borrowings | $ 0 | $ 1,277,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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) | ||
Net loss | (10,822) | $ (10,822) | ||||
Employee benefit related, net of tax of $230 and $400 in 2018 and 2017, respectively | $ 0 | 0 | 0 | 628 | $ 0 | 628 |
Foreign currency translation adjustment, net of tax | 419 | |||||
Restricted common stock grant (in shares) | 199,000 | |||||
Restricted common stock grant | $ 2 | (2) | ||||
Noncash compensation (in shares) | 42,000 | |||||
Noncash compensation | 730 | |||||
Treasury stock (in shares) | (39,000) | |||||
Retire treasury stock (in shares) | (109,613) | |||||
Retire treasury stock | $ (1) | (122) | ||||
Noncash compensation (in shares) | (42,000) | |||||
Balance (in shares) at Dec. 31, 2017 | 21,422,077 | |||||
Balance at Dec. 31, 2017 | $ 214 | 153,858 | (111,591) | (25,551) | 16,930 | |
Net loss | 0 | 0 | (3,505) | 0 | 0 | (3,505) |
Employee benefit related, net of tax of $230 and $400 in 2018 and 2017, respectively | 0 | 0 | 0 | 761 | 0 | 761 |
Foreign currency translation adjustment, net of tax | $ 0 | 0 | 0 | (52) | 0 | |
Noncash compensation (in shares) | (42,000) | |||||
Noncash compensation | $ 0 | 637 | 0 | 0 | 0 | |
Retire treasury stock (in shares) | (65,895) | |||||
Retire treasury stock | $ 0 | (107) | 0 | 0 | 0 | |
Noncash compensation (in shares) | 42,000 | |||||
Balance (in shares) at Dec. 31, 2018 | 21,398,182 | |||||
Balance at Dec. 31, 2018 | $ 214 | 154,388 | (114,926) | (24,842) | 0 | $ 14,834 |
Adoption of new accounting standards | $ 0 | $ 0 | $ 170 | $ 0 | $ 0 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ( 1 Organization and Significant Accounting Policies Consolidation Policy The accompanying consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries (collectively, “Sypris” or the “Company”) 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.) and Mexico and serve a wide variety of domestic and international customers. All intercompany accounts and transactions have been eliminated. Nature of Business 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 with corporations and government agencies. The Company offers such products through its two 22 Use of Estimates The preparation of the consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Changes in facts and circumstances could have a significant impact on the resulting estimated amounts included in our consolidated financial statements. Actual results could differ from these estimates. Fair Value Estimates The Company estimates fair value of its financial instruments utilizing an established three 1 2 3 Cash Equivalents Cash equivalents include all highly liquid investments with a maturity of three Inventory Inventory is stated at the lower of cost or estimated net realizable value. Costs for raw materials, work in process and finished goods is determined under the first first not The Company’s reserve for excess and obsolete inventory is primarily based upon forecasted demand for its product sales, and any change to the reserve arising from forecast revisions is reflected in cost of sales in the period the revision is made. Property, Plant and Equipment Property, plant and equipment is stated at cost. Depreciation of property, plant and equipment is generally computed using the straight-line method over their estimated economic lives. For land improvements, buildings and building improvements, the estimated economic life is generally 40 three fifteen Long-lived Assets The Company reviews the carrying value of amortizable long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not Held for sale The Company classifies long-lived assets or disposal groups as held for sale in the period: management commits to a plan to sell; the long-lived asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such long-lived assets or disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; the sale is probable within one Stock-based Compensation The Company accounts for stock-based compensation in accordance with the fair value recognition provisions using the Black-Scholes option-pricing method, which requires the input of several subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (expected term) and the estimated volatility of our common stock price over the expected term. Changes in the subjective assumptions can materially affect the fair value estimate of stock-based compensation and consequently, the related expense is recognized in the consolidated statements of operations. Income Taxes The Company uses the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not December 22, 2017, 21% 2018 20 In the ordinary course of business there is inherent uncertainty in quantifying the Company’s income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than- not 50% not not no 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 Net Revenue and Cost of Sales 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 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, Revenue from Contracts with Customers 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 due to the 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 control is transferred 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. Our contract profit margins may not Allowance for Doubtful Accounts An allowance for uncollectible trade receivables is recorded when accounts are deemed uncollectible based on consideration of write-off history, aging analysis, and any specific, known troubled accounts. Product Warranty Costs The provision for estimated warranty costs is recorded at the time of sale and is periodically adjusted to reflect actual experience. The Company’s warranty liability, which is included in accrued liabilities in the accompanying balance sheets, as of December 31, 2018 2017, $582,000 $666,000, December 31, 2018 2017 $136,000 $253,000, Concentrations of Credit Risk Financial instruments which potentially expose the Company to concentrations of credit risk consist of accounts receivable. The Company’s customer base consists of a number of customers in diverse industries across geographic areas, primarily in North America and Mexico, and aerospace and defense companies under contract with the U.S. Government. The Company performs periodic credit evaluations of its customers’ financial condition and does not 40% December 31, 2018 two 22% 18%, December 31, 2018 30% December 31, 2017 two 15% 15%, December 31, 2017 The Company’s largest customers for the year ended December 31, 2018 19%, 14% 14%, December 31, 2017, 14%, 13% 13%, No 10% December 31, 2018 2017. Foreign Currency Translation The functional currency for the Company’s Mexican subsidiaries is the Mexican peso. Assets and liabilities are translated at the period end exchange rate, and income and expense items are translated at the weighted average exchange rate. The resulting translation adjustments are recorded in comprehensive loss as a separate component of stockholders’ equity. Remeasurement gains or losses for U.S. dollar denominated accounts of the Company’s Mexican subsidiaries are included in other income, net. Collective Bargaining Agreements Approximately 459, 64% December 31, 2018. 36 12 59% 423 December 31, 2018. Recently Issued Accounting Standards In 2014, 2014 09 Revenue from Contracts with Customers 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 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 December 31, 2018 $600,000, 606. 606 $106,000, $0.01 December 31, 2018. The following table summarizes the effect of adopting ASC 606 December 31, 2018: Legacy GAAP Impact of As Reported Dec. 31, 2018 ASC 606 Dec. 31, 2018 Net revenue $ 87,369 $ 600 $ 87,969 Cost of sales 79,691 706 80,397 Gross profit 7,678 (106 ) 7,572 Selling, general and administrative 10,474 0 10,474 Severance, equipment relocation and other costs 1,394 0 1,394 Operating loss (4,190 ) (106 ) (4,296 ) Interest expense, net 850 0 850 Other (income), net (1,436 ) 0 (1,436 ) Loss before taxes (3,604 ) (106 ) (3,710 ) Income tax (benefit) expense, net (205 ) 0 (205 ) Net loss $ (3,399 ) $ (106 ) $ (3,505 ) The following table summarizes the cumulative effect of the changes to our consolidated balance sheets as of December 31, 2018 606: Legacy GAAP Impact of As Reported Dec. 31, 2018 ASC 606 Dec. 31, 2018 Assets Inventories – net $ 19,945 $ (1,361 ) $ 18,584 Contract assets 0 839 839 Liabilities and Equity Accumulated deficit $ (114,989 ) $ 63 $ (114,926 ) In February 2016, No. 2016 02, Leases 842 840, December 15, 2018, July 2018, No. 2018 11, Leases (Topic 842 not The new standard provides a number of optional practical expedients in transition. The Company expects to elect the ‘package of practical expedients’, which permits it not 1 not 2 The Company will adopt this update beginning on January 1, 2019 January 1, 2019. December 31, 2018, $11,273,000 not $7,000,000 $8,000,000, $7,500,000 $8,500,000 $1,442,000 While substantially complete, the Company is still in the process of finalizing its evaluation of the effect of ASU 842 first 2019. may In June 2016, 2016 13, Credit Losses – Measurement of Credit Losses on Financial Instruments January 1, 2020, not In October 2016, 2016 16, Income Taxes (Topic 740 2016 16 2016 16 January 1, 2018 no In November 2016, 2016 18, Restricted Cash January 1, 2018 2016 18 no December 31, 2017, $1,500,000 not December 31, 2018 2017. In March 2017, No. 2017 07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost 2017 07 January 1, 2018, $398,000 $398,000 December 31, 2017. 2017 07 not 16. In February 2018, No. 2018 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018 02 2018 02 December 15, 2018, not 2018 02 In August 2018, 2018 15, Intangibles-Goodwill and Other-Internal-Use Software: Customer ’ s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract 2018 15 2018 15 December 15, 2019 |
Note 2 - Revenue from Contracts
Note 2 - Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 2 ) 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 1 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 control is transferred 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. Our contract profit margins may not The majority of our arrangements are for one one $15,867,000 December 31, 2018, 58% 2019, 30% 2020 Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the year ended December 31, 2018: Year Ended Dec. 31, 2018 Sypris Technologies – transferred point in time $ 59,816 Sypris Electronics – transferred point in time 5,800 Sypris Electronics – transferred over time 22,353 Net revenue $ 87,969 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 December 31, 2018 606 $839,000 $825,000, Contract liabilities may December 31, 2018 606, $8,369,000 $1,509,000, not The amount of revenue recognized in the period that was included in the opening current deferred revenue, which reflects the contract liability amounts, was $1,121,000. Practical expedients and exemptions Sales commissions are expensed when incurred because the amortization period would have been one We do not one |
Note 3 - Strategic Actions
Note 3 - Strategic Actions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 3 ) Strategic Actions The Company completed a number of strategic actions during the past four fourth 2015 4 2016, 2016, 2015, 2017, August 2016. $6,500,000 2019. 2017 2021, 2023 2025 14 The Company has reduced its reliance on certain of its traditional Tier 1 not January 1, 2017, 2017 4 fourth 2018, three six |
Note 4 - Exit and Disposal Acti
Note 4 - Exit and Disposal Activities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | ( 4 ) Exit and Disposal Activities On February 21, 2017, 2017. As a result of these initiatives, the Company recorded charges of $1,394,000, $0.07 $2,360,000, $0.12 2018 2017, 2018 $361,000 $1,033,000 2017 $936,000 $1,424,000 Costs Incurred Year Total Remaining Total Ended Recognized Costs to be Program Dec. 31, 2018 to date Recognized Severance and benefit related costs $ 1,350 $ 0 $ 1,350 $ 0 Asset impairments 188 0 188 0 Equipment relocation costs 1,955 361 1,785 170 Other 1,308 1,033 1,078 230 $ 4,801 $ 1,394 $ 4,401 $ 400 A summary of costs and related reserves for the transition of production from the Broadway Plant at December 31, 2018 Accrued Cash Accrued Balance at Payments Balance at Dec. 31, 2018 or Asset Dec. 31, 2017 Charge Write-Offs 2018 Severance and benefit-related costs $ 145 $ 0 $ (145 ) $ 0 Equipment relocation costs 0 361 (361 ) 0 Other 0 1,033 (1,033 ) 0 $ 145 $ 1,394 $ (1,539 ) $ 0 The Company expects to incur additional pre-tax costs of approximately $400,000 As noted above, management expects to apply proceeds from the sale of underutilized or non-core assets to help fund the costs to transfer additional 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): December 31, 2018 2017 Property, plant and equipment $ 11,207 $ 28,874 Accumulated depreciation (9,733 ) (25,976 ) Property, plant and equipment, net $ 1,474 $ 2,898 |
Note 5 - Property Insurance Set
Note 5 - Property Insurance Settlement | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Insurance Recoveries [Text Block] | ( 5 ) Property Insurance Settlement Subsequent to the transfer of production from the Broadway Plant, the primary water supply and sprinkler pipes within the facility suffered freeze damage during an extended period of extreme cold temperatures. The Company and its insurer reached a full and final settlement agreement with respect to the claim during the second 2018. December 31, 2018, $2,447,000 $2,275,000, The Company is currently evaluating options related to the disposition of the Broadway Plant, including the extent to which repairs, if any, are made to the facility. The Company considered the need for an impairment recognition based on the change in the facility’s physical condition following the freeze damage. Although the fair market value of the facility was reduced by the freeze damage, the Company determined the fair market value of the building and land exceeds the net book value as of December 31, 2018. |
Note 6 - Other Income, Net
Note 6 - Other Income, Net | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | ( 6 ) Other Income, Net As described in Note 1, 2017 07 first 2018. 2017 07 December 31, 2018 2017 $584,000 $398,000, During 2018, $2,275,000 5 $249,000 $21,000 During the year ended December 31, 2017, $1,515,000, $2,668,000 $773,000 |
Note 7 - Accounts Receivable
Note 7 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 7 ) Accounts Receivable Accounts receivable consists of the following (in thousands): December 31, 2018 2017 Commercial $ 9,962 $ 9,464 Allowance for doubtful accounts (81 ) (147 ) Net $ 9,881 $ 9,317 |
Note 8 - Inventory
Note 8 - Inventory | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 8 ) Inventory Inventory consists of the following (in thousands): December 31, 2018 2017 Raw materials $ 12,354 $ 10,011 Work in process 6,331 7,150 Finished goods 1,313 1,645 Reserve for excess and obsolete inventory (1,414 ) (1,165 ) Total $ 18,584 $ 17,641 |
Note 9 - Other Current Assets
Note 9 - Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | ( 9 ) Other Current Assets Other current assets consist of the following (in thousands): December 31, 2018 2017 Prepaid expenses $ 576 $ 571 Contract assets 839 0 Other 3,340 1,432 Total $ 4,755 $ 2,003 Included in other current assets are income and VAT taxes refundable, tools, spare parts and other items, none 5% |
Note 10 - Property, Plant and E
Note 10 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 1 0 ) Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): December 31, 2018 2017 Land and land improvements $ 219 $ 219 Buildings and building improvements 11,178 11,140 Machinery, equipment, furniture and fixtures 59,179 54,554 Construction in progress 2,141 998 72,717 66,911 Accumulated depreciation (58,062 ) (51,337 ) $ 14,655 $ 15,574 Depreciation expense, including amortization of assets recorded under capital leases, totaled approximately $2,648,000 $3,884,000 December 31, 2018 2017, not December 31, 2018 2017, Included within property, plant and equipment were assets under capital leases as follows (in thousands): December 31, 2018 2017 Buildings and building improvements $ 2,995 $ 2,987 Machinery, equipment, furniture and fixtures 1,277 1,277 4,272 4,264 Accumulated depreciation (976 ) (548 ) $ 3,296 $ 3,716 |
Note 11 - Other Assets
Note 11 - Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | ( 1 1 ) Other Assets Other assets consist of the following (in thousands): December 31, 2018 2017 Long term spare parts $ 646 $ 871 Long term deposits 507 578 Other 362 129 Total $ 1,515 $ 1,578 |
Note 12 - Accrued Liabilities
Note 12 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Accrued Liabilities [Text Block] | ( 1 2 ) Accrued Liabilities Accrued liabilities consist of the following (in thousands): December 31, 2018 2017 Salaries, wages, employment taxes and withholdings $ 2,019 $ 1,720 Employee benefit plans 1,050 703 Accrued professional fees 821 3,596 Income, property and other taxes 453 387 Contract liabilities 8,369 1,509 Deferred gain from sale-leaseback 500 499 Exit and disposal activity accruals 0 145 Other 1,753 1,771 Total $ 14,965 $ 10,330 Included in other accrued liabilities are accrued operating expenses, accrued warranty expenses, accrued interest, and other items, none 5% |
Note 13 - Other Liabilities
Note 13 - Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | ( 1 3 ) Other Liabilities Other liabilities consist of the following (in thousands): December 31, 2018 2017 Noncurrent pension liability $ 4,272 $ 4,781 Deferred gain from sale leaseback 3,093 3,576 Other 1,131 412 Total $ 8,496 $ 8,769 Included in other liabilities are deferred rent expenses and other items, none 5% |
Note 14 - Debt
Note 14 - Debt | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 1 4 ) Debt Long-term obligations consists of the following (in thousands): December 31, 2018 2017 Current: Current portion of capital lease obligations $ 593 $ 829 Long Term: Note payable – related party $ 6,500 $ 6,500 Capital lease obligations 2,804 3,397 Less unamortized debt issuance and modification costs (51 ) (65 ) Long term debt and capital lease obligations, net of unamortized debt costs $ 9,253 $ 9,832 The weighted average interest rate for outstanding borrowings at December 31, 2018 2017 8.0% . no 2018 2017. December 31, 2018 2017 $526,000 $526,000, 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 December 31, 2018 December 31, 2017. one 8.0% March 31, 2019 April 1 st 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 s On March 9, 2016, 24 215,000,000 $12,182,000 ten 9 5 $2,699,000 December 31, 2018. In January 2018, 36 $1,277,000 2017. December 31, 2018 $698,000. The future minimum payments for capital leases as of December 31, 2018 2019 $ 927 2020 881 2021 580 2022 548 2023 548 Thereafter 1,143 Total future payments 4,627 Less: Amount representing interest (1,230 ) Present value of future minimum payments 3,397 Less: Current portion (593 ) Long term portion $ 2,804 |
Note 15 - Fair Value of Financi
Note 15 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 1 5 ) 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 December 31, 2018 2 |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ( 1 6 ) Employee Benefit Plans Sypris Technologies sponsors noncontributory defined benefit pension plans (the “Pension Plans”) covering certain of its employees. The Pension Plans covering salaried and management employees provide pension benefits that are based on the employees’ highest five ten The following table details the components of pension (income) expense (in thousands): Year ended December 31, 2018 2017 Service cost $ 4 $ 6 Interest cost on projected benefit obligation 1,315 1,518 Net amortization of actuarial loss 632 693 Expected return on plan assets (1,363 ) (1,813 ) Net periodic benefit cost $ 588 $ 404 The following are summaries of the changes in the benefit obligations and plan assets and of the funded status of the Pension Plans (in thousands): December 31, 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 39,179 $ 39,312 Service cost 4 6 Interest cost 1,315 1,518 Actuarial (gain) loss (2,913 ) 1,278 Benefits paid (2,895 ) (2,935 ) Benefit obligation at end of year $ 34,690 $ 39,179 Change in plan assets: Fair value of plan assets at beginning of year $ 34,398 $ 33,838 Actual return on plan assets (1,381 ) 3,495 Company contributions 77 0 Benefits paid (2,895 ) (2,935 ) Fair value of plan assets at end of year $ 30,199 $ 34,398 Underfunded status of the plans $ (4,491 ) $ (4,781 ) Balance sheet assets (liabilities): Other assets $ 138 $ 0 Accrued liabilities (357 ) 0 Other liabilities (4,272 ) (4,781 ) Net amount recognized $ (4,491 ) $ (4,781 ) Pension plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 23,466 $ 26,327 Accumulated benefit obligation 23,466 26,327 Fair value of plan assets 18,838 21,539 December 31, 2018 2017 Projected benefit obligation and net periodic pension cost assumptions: Discount rate – projected benefit obligation 4.25% 3.55% Discount rate – net periodic pension cost 3.55 4.05 Rate of compensation increase 4.00 4.00 Expected long-term rate of return on plan assets 3.95 – 4.30 5.15 – 6.30 Weighted average asset allocation: Equity securities 16% 27% Debt securities 80 71 Other 4 2 Total 100% 100% The fair values of our pension plan assets as of December 31, 2018 Significant Quoted Prices Other In Active Observable Markets Inputs (Level 1) (Level 2) Asset categories: Cash and cash equivalents $ 1,415 $ 0 Equity securities: U.S. Large Cap 1,590 0 U.S. Mid Cap 967 0 U.S. Small Cap 489 0 World Equity 1,886 0 Real Estate 458 0 Other 690 0 Fixed income securities 5,237 17,467 Total Plan Assets $ 12,732 $ 17,467 The fair values of our pension plan assets as of December 31, 2017 Significant Quoted Prices Other In Active Observable Markets Inputs (Level 1) (Level 2) Asset categories: Cash and cash equivalents $ 1,090 $ 0 Equity securities: U.S. Large Cap 5,845 0 U.S. Mid Cap 1,343 0 U.S. Small Cap 795 0 World Equity 1,484 0 Real Estate 473 0 Other 147 0 Fixed income securities 6,462 16,759 Total Plan Assets $ 17,639 $ 16,759 Investments in our defined benefit plans are stated at fair value. The following valuation methods were used to value our pension assets: Equity securities The fair value of equity securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not Fixed income securities The fair value of fixed income securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not Cash and cash equivalents The fair value of cash and cash equivalents is set equal to its cost. The methods described above may may not The Company uses December 31 2019 $285,000, 2018 2017 0 55%, 35 100% 0 10% When establishing the expected long-term rate of return on our U.S. pension plan assets, the Company considered historical performance and forward looking return estimates reflective of our portfolio mix and investment strategy. Based on the most recent analysis of projected portfolio returns, the Company concluded that the use of 3.95% 4.30% 4.20% 2018 Actuarial gains and losses, which are primarily the result of changes in the discount rate and other assumptions and differences between actual and expected asset returns, are deferred in Accumulated Other Comprehensive Income and amortized to expense following the corridor approach. We use the average remaining service period of active participants unless almost all of the plan’s participants are inactive, in which case we use the average remaining life expectancy for all active and inactive participants. Accumulated other comprehensive loss at December 31, 2018 $13,777,000 not December 31, 2019 $674,000. 2018 2017 $632,000 $693,000, At December 31, 2018, five five 2019 2,903 2020 2,833 2021 2,787 2022 2,723 2023 2,653 2024-2028 12,130 Total $ 26,029 The Company sponsors a defined contribution plan (the “Defined Contribution Plan”) for substantially all domestic employees of the Company. The Defined Contribution Plan is intended to meet the requirements of Section 401 3% 2018 2017 $428,000 $530,000, In addition, certain of the Company’s non-U.S. employees are covered by various defined benefit and defined contribution plans. The Company’s expenses for these plans totaled approximately $41,000 $20,000 2018 2017, not |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 1 7 ) Commitments and Contingencies The Company leases certain of its real property and certain equipment under operating leases with terms ranging from month-to-month to ten one December 31, 2018 2019 $ 1,453 2020 1,387 2021 1,430 2022 1,443 2023 1,459 2024 and thereafter 4,101 Total $ 11,273 Rent expense for the years ended December 31, 2018 2017 $1,415,000 $1,427,000, As of December 31, 2018, $12,027,000 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. generally accepted accounting principles (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 December 31, 2018 2017, no 3 10 On December 27, 2017, 401 not February 2019 During the year ended December 31, 2017, one no $759,000 December 31, 2018. December 21, 2017, December 31, 2018, $293,000 not December 31, 2018. No $246,000 December 31, 2018 not $513,000. During the fourth 2018, $1,890,000 December 31, 2018. |
Note 18 - Stock Option and Purc
Note 18 - Stock Option and Purchase Plans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 18 ) Stock Option and Purchase Plans The Company’s stock compensation program provides for the grant of restricted stock (including performance-based restricted stock), unrestricted stock, stock options and stock appreciation rights. A total of 3,655,088 2010 May 19, 2015, 2010 2015 3,476,021 2015 2010 2015 December 31, 2018 2017 544,771 1,314,021, The 2010 2015 three not Under the plans, the Company may may not 2010 2015 five three Compensation expense is measured based on the fair value at the date of grant and is recognized on a straight-line basis over the vesting period. Fair value for restricted shares is equal to the stock price on the date of grant, while the fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing method. The Company uses historical Company and industry data to estimate the expected price volatility, the expected option life and the expected dividend yield. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. Forfeitures are recorded as they occur. Stock based compensation expense of $637,000 $730,000 December 31, 2018 2017, The following weighted average assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model: Year ended December 31, 2018 2017 Expected life (years) 4.0 4.0 Expected volatility 51.8 % 51.2 % Risk-free interest rates 2.65 % 1.91 % Expected dividend yield 0.0 % 0.0 % A summary of the restricted stock activity is as follows: Weighted- Weighted- average average Aggregate Number of Grant Date Remaining Intrinsic Shares Fair Value Term Value Nonvested shares at January 1, 2018 1,029,000 $ 1.20 Granted 0 0 Vested (186,000 ) 2.05 Forfeited 0 0 Nonvested shares at December 31, 2018 843,000 $ 1.01 0.83 $ 902,000 The total fair value of shares vested during 2018 2017 $381,000 $408,000, The following table summarizes option activity for the year ended December 31, 2018: Weighted- Weighted- average average Aggregate Number of Exercise Price Remaining Intrinsic Shares Per Share Term Value Outstanding at January 1, 2018 1,821,000 $ 1.70 Granted 757,750 1.61 Exercised 0 0 Forfeited (33,500 ) 1.24 Expired (219,000 ) 3.93 Outstanding at December 31, 2018 2,326,250 $ 1.47 2.43 $ 0 Exercisable at December 31, 2018 524,700 $ 2.21 0.81 $ 0 The weighted average grant date fair value based on the Black-Scholes option pricing model for options granted in the years ended December 31, 2018 2017 $0.69 $0.45 no 2018 2017. As of December 31, 2018, $677,000 1.1 December 31, 2018 2017 $184,000 $228,000, |
Note 19 - Stockholders' Equity
Note 19 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 19 ) Stockholders’ Equity As of December 31, 2018 2017, 24,850 October 2011. no no The holders of our common stock were not 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): December 31, 2018 2017 Foreign currency translation adjustments, net of tax $ (10,967 ) $ (10,915 ) Employee benefit related adjustments – U.S, net of tax. (14,177 ) (14,748 ) Employee benefit related adjustments – Mexico, net of tax 302 112 Accumulated other comprehensive loss $ (24,842 ) $ (25,551 ) Changes in each component of accumulated other comprehensive loss consisted of the following: Accumulated Foreign Defined Other Currency Benefit Comprehensive Translation Plans Loss Balance at January 1, 2017 $ (11,334 ) $ (15,264 ) $ (26,598 ) Currency translation adjustments, net of tax 419 0 419 Net actuarial gain for the year, net of tax 0 205 205 Amortization for the year, net of tax 0 423 423 Balance at December 31, 2017 (10,915 ) (14,636 ) (25,551 ) Currency translation adjustments, net of tax (52 ) 0 (52 ) Net actuarial gain for the year, net of tax 0 276 276 Amortization for the year, net of tax 0 485 485 Balance at December 31, 2018 $ (10,967 ) $ (13,875 ) $ (24,842 ) |
Note 20 - Income Taxes
Note 20 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 2 0 ) Income Taxes The Company accounts for income taxes under the liability method. Accordingly, deferred income taxes have been provided for temporary differences between the recognition of revenue and expenses for financial and income tax reporting purposes and between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. On December 22, 2017, 2017 35% 21%, 30% one The components of income (loss) before taxes are as follows (in thousands): Year ended December 31, 2018 2017 Domestic $ (5,331 ) $ (7,328 ) Foreign 1,621 (4,112 ) Total $ (3,710 ) $ (11,440 ) The components of income tax (benefit) expense are as follows (in thousands): Year ended December 31, 2018 2017 Current: Federal $ 0 $ (184 ) State 2 39 Foreign 302 194 Total current income tax expense 304 49 Deferred: Federal (191 ) (600 ) State (21 ) (67 ) Foreign (297 ) 0 Total deferred income tax (benefit) expense (509 ) (667 ) Income tax (benefit) expense, net $ (205 ) $ (618 ) Income tax (benefit) expense for each year is allocated to continuing operations, discontinued operations, extraordinary items, other comprehensive income, the cumulative effects of accounting changes, and other charges or credits recorded directly to shareholders’ equity. ASC 740 20 45 Income Taxes, Intraperiod Tax Allocation, Other Presentation Matters not As the Company experienced a net loss from operations in the U.S. for the year ended December 31, 2018 2018 23.3% December 31, 2018 $212,000 December 31, 2018 $212,000. December 31, 2017 $667,000 December 31, 2017 $667,000. The Company files a consolidated federal income tax return which includes all domestic subsidiaries. State income taxes paid in the U.S. during 2018 2017 $33,000 $110,000, 2018 2017 $12,000 $63,000, 2018 2017 $109,000 $486,000, no 2018 2017. no 2018 2017, no 2018 2017. December 31, 2018, $137,764,000 2018 2026 2037. 2018 December 31, 2018 $3,186,000. At December 31, 2018, $5,869,000 2026 2038. The following is a reconciliation of income tax (benefit) expense to that computed by applying the federal statutory rate to income (loss) before income taxes (in thousands): Year ended December 31, 2018 2017 Federal tax expense at the statutory rate $ (779 ) $ (4,004 ) Current year permanent differences 82 239 State income taxes, net of federal tax impact (118 ) (262 ) Federal tax reform – deferred rate change 0 19,395 State deferred rate change 0 239 Foreign repatriation, net of foreign tax credits 0 (544 ) Effect of tax rates of foreign subsidiaries 154 203 Currency translation effect on temporary differences 189 (372 ) Change in valuation allowance 358 (15,230 ) State NOL carryforwards, stock compensation and other items (91 ) (282 ) Income tax (benefit) expense, net $ (205 ) $ (618 ) ASC 740, Income Taxes , not not two 740 In addition, we remeasured certain net deferred tax assets and liabilities in 2017 $19,395,000, 1986 2017. December 31, 2017, The gross deferred tax asset for the Company’s Mexican subsidiaries was $4,434,000 $4,942,000 December 31, 2018 2017, Deferred income tax assets and liabilities are as follows (in thousands): December 31, 2018 2017 Deferred tax assets: Compensation and benefit accruals $ 450 $ 585 Inventory valuation 759 739 Federal and state net operating loss carryforwards 33,567 32,646 Deferred revenue 90 296 Accounts receivable allowance 11 34 Depreciation 39 0 Defined benefit pension plan 573 802 Foreign deferred revenue and other provisions 4,434 4,942 Other 874 917 Total 40,797 40,961 Domestic valuation allowance (36,363 ) (35,387 ) Foreign valuation allowance (4,137 ) (4,942 ) Total deferred tax assets 297 632 Deferred tax liabilities: Depreciation 0 (632 ) Total deferred tax liabilities 0 (632 ) Net deferred tax asset $ 297 $ 0 The ASC Income Tax topic includes guidance for the accounting for uncertainty in income taxes recognized in an enterprise’s financials. Specifically, the guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The total amount of gross unrecognized tax benefits as of December 31, 2018 2017 $200,000. no December 31, 2018 2017. If the Company’s positions are sustained by the taxing authority, the entire balance at December 31, 2018 not 12 December 31, 2018 2017, not The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Internal Revenue Service (IRS) is not 2015 2017, |
Note 21 - Loss Per Common Share
Note 21 - Loss Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 2 1 ) 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. All potential common shares were excluded from diluted earnings per share for the year ended December 31, 2018 2017 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): Year ended December 31, 2018 2017 Loss attributable to stockholders: Net loss as reported $ (3,505 ) $ (10,822 ) Less distributed and undistributed earnings allocable to restricted award holders 0 0 Net loss allocable to common stockholders $ (3,505 ) $ (10,822 ) Loss per common share attributable to stockholders: Basic $ (0.17 ) $ (0.53 ) Diluted $ (0.17 ) $ (0.53 ) Weighted average shares outstanding – basic 20,512 20,326 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 20,512 20,326 |
Note 22 - Segment Information
Note 22 - Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 2 2 ) Segment Information The Company is organized into two no The following table presents financial information for the reportable segments of the Company (in thousands): Year ended December 31, 2018 2017 Net revenue from unaffiliated customers: Sypris Technologies $ 59,816 $ 54,891 Sypris Electronics 28,153 27,403 $ 87,969 $ 82,294 Gross profit: Sypris Technologies $ 7,523 $ 743 Sypris Electronics 49 2,587 $ 7,572 $ 3,330 Operating income (loss): Sypris Technologies $ 3,207 $ (7,061 ) Sypris Electronics (2,555 ) 147 General, corporate and other (4,948 ) (5,232 ) $ (4,296 ) $ (12,146 ) Other income, net: Sypris Technologies $ (1,434 ) $ (1,508 ) Sypris Electronics 0 (2 ) General, corporate and other (2 ) (5 ) $ (1,436 ) $ (1,515 ) Income (loss) before income taxes: Sypris Technologies $ 4,349 $ (5,844 ) Sypris Electronics (2,672 ) 150 General, corporate and other (5,386 ) (5,746 ) $ (3,710 ) $ (11,440 ) Income tax expense (benefit), net: Sypris Technologies $ 5 $ 194 Sypris Electronics 0 0 General, corporate and other (210 ) (812 ) $ (205 ) $ (618 ) Depreciation and amortization: Sypris Technologies $ 2,029 $ 3,399 Sypris Electronics 515 372 General, corporate and other 104 113 $ 2,648 $ 3,884 Year ended December 31, 2018 2017 Capital expenditures: Sypris Technologies $ 1,311 $ 1,003 Sypris Electronics 173 366 General, corporate and other 567 268 $ 2,051 $ 1,637 December 31, 2018 2017 Total assets: Sypris Technologies $ 31,312 $ 31,725 Sypris Electronics 19,208 17,440 General, corporate and other 11,048 7,990 $ 61,568 $ 57,155 Total liabilities: Sypris Technologies $ 23,644 $ 23,854 Sypris Electronics 15,180 8,352 General, corporate and other 7,910 8,019 $ 46,734 $ 40,225 The Company’s export sales from the U.S. totaled $4,155,000 $12,068,000 2018 2017, $39,744,000 $22,874,000 2018 2017, $7,162,000 $6,659,000 December 31, 2018 2017, $6,495,000 $5,327,000 December 31, 2018 2017 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation Policy The accompanying consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries (collectively, “Sypris” or the “Company”) 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.) and Mexico and serve a wide variety of domestic and international customers. All intercompany accounts and transactions have been eliminated. |
Nature of Business [Policy Text Block] | Nature of Business 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 with corporations and government agencies. The Company offers such products through its two 22 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Changes in facts and circumstances could have a significant impact on the resulting estimated amounts included in our consolidated financial statements. Actual results could differ from these estimates. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Estimates The Company estimates fair value of its financial instruments utilizing an established three 1 2 3 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents Cash equivalents include all highly liquid investments with a maturity of three |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of cost or estimated net realizable value. Costs for raw materials, work in process and finished goods is determined under the first first not The Company’s reserve for excess and obsolete inventory is primarily based upon forecasted demand for its product sales, and any change to the reserve arising from forecast revisions is reflected in cost of sales in the period the revision is made. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment is stated at cost. Depreciation of property, plant and equipment is generally computed using the straight-line method over their estimated economic lives. For land improvements, buildings and building improvements, the estimated economic life is generally 40 three fifteen |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Long-lived Assets The Company reviews the carrying value of amortizable long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not Held for sale The Company classifies long-lived assets or disposal groups as held for sale in the period: management commits to a plan to sell; the long-lived asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such long-lived assets or disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; the sale is probable within one |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation The Company accounts for stock-based compensation in accordance with the fair value recognition provisions using the Black-Scholes option-pricing method, which requires the input of several subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (expected term) and the estimated volatility of our common stock price over the expected term. Changes in the subjective assumptions can materially affect the fair value estimate of stock-based compensation and consequently, the related expense is recognized in the consolidated statements of operations. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company uses the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not December 22, 2017, 21% 2018 20 In the ordinary course of business there is inherent uncertainty in quantifying the Company’s income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than- not 50% not not no 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 |
Cost of Sales, Policy [Policy Text Block] | Net Revenue and Cost of Sales 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 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, Revenue from Contracts with Customers 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 due to the 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 control is transferred 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. Our contract profit margins may not |
Premiums Receivable, Allowance for Doubtful Accounts, Estimation Methodology, Policy [Policy Text Block] | Allowance for Doubtful Accounts An allowance for uncollectible trade receivables is recorded when accounts are deemed uncollectible based on consideration of write-off history, aging analysis, and any specific, known troubled accounts. |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty Costs The provision for estimated warranty costs is recorded at the time of sale and is periodically adjusted to reflect actual experience. The Company’s warranty liability, which is included in accrued liabilities in the accompanying balance sheets, as of December 31, 2018 2017, $582,000 $666,000, December 31, 2018 2017 $136,000 $253,000, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments which potentially expose the Company to concentrations of credit risk consist of accounts receivable. The Company’s customer base consists of a number of customers in diverse industries across geographic areas, primarily in North America and Mexico, and aerospace and defense companies under contract with the U.S. Government. The Company performs periodic credit evaluations of its customers’ financial condition and does not 40% December 31, 2018 two 22% 18%, December 31, 2018 30% December 31, 2017 two 15% 15%, December 31, 2017 The Company’s largest customers for the year ended December 31, 2018 19%, 14% 14%, December 31, 2017, 14%, 13% 13%, No 10% December 31, 2018 2017. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency for the Company’s Mexican subsidiaries is the Mexican peso. Assets and liabilities are translated at the period end exchange rate, and income and expense items are translated at the weighted average exchange rate. The resulting translation adjustments are recorded in comprehensive loss as a separate component of stockholders’ equity. Remeasurement gains or losses for U.S. dollar denominated accounts of the Company’s Mexican subsidiaries are included in other income, net. |
Collective Bargaining Agreements [Policy Text Block] | Collective Bargaining Agreements Approximately 459, 64% December 31, 2018. 36 12 59% 423 December 31, 2018. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In 2014, 2014 09 Revenue from Contracts with Customers 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 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 December 31, 2018 $600,000, 606. 606 $106,000, $0.01 December 31, 2018. The following table summarizes the effect of adopting ASC 606 December 31, 2018: Legacy GAAP Impact of As Reported Dec. 31, 2018 ASC 606 Dec. 31, 2018 Net revenue $ 87,369 $ 600 $ 87,969 Cost of sales 79,691 706 80,397 Gross profit 7,678 (106 ) 7,572 Selling, general and administrative 10,474 0 10,474 Severance, equipment relocation and other costs 1,394 0 1,394 Operating loss (4,190 ) (106 ) (4,296 ) Interest expense, net 850 0 850 Other (income), net (1,436 ) 0 (1,436 ) Loss before taxes (3,604 ) (106 ) (3,710 ) Income tax (benefit) expense, net (205 ) 0 (205 ) Net loss $ (3,399 ) $ (106 ) $ (3,505 ) The following table summarizes the cumulative effect of the changes to our consolidated balance sheets as of December 31, 2018 606: Legacy GAAP Impact of As Reported Dec. 31, 2018 ASC 606 Dec. 31, 2018 Assets Inventories – net $ 19,945 $ (1,361 ) $ 18,584 Contract assets 0 839 839 Liabilities and Equity Accumulated deficit $ (114,989 ) $ 63 $ (114,926 ) In February 2016, No. 2016 02, Leases 842 840, December 15, 2018, July 2018, No. 2018 11, Leases (Topic 842 not The new standard provides a number of optional practical expedients in transition. The Company expects to elect the ‘package of practical expedients’, which permits it not 1 not 2 The Company will adopt this update beginning on January 1, 2019 January 1, 2019. December 31, 2018, $11,273,000 not $7,000,000 $8,000,000, $7,500,000 $8,500,000 $1,442,000 While substantially complete, the Company is still in the process of finalizing its evaluation of the effect of ASU 842 first 2019. may In June 2016, 2016 13, Credit Losses – Measurement of Credit Losses on Financial Instruments January 1, 2020, not In October 2016, 2016 16, Income Taxes (Topic 740 2016 16 2016 16 January 1, 2018 no In November 2016, 2016 18, Restricted Cash January 1, 2018 2016 18 no December 31, 2017, $1,500,000 not December 31, 2018 2017. In March 2017, No. 2017 07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost 2017 07 January 1, 2018, $398,000 $398,000 December 31, 2017. 2017 07 not 16. In February 2018, No. 2018 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018 02 2018 02 December 15, 2018, not 2018 02 In August 2018, 2018 15, Intangibles-Goodwill and Other-Internal-Use Software: Customer ’ s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract 2018 15 2018 15 December 15, 2019 |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 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 ) Legacy GAAP Impact of As Reported Dec. 31, 2018 ASC 606 Dec. 31, 2018 Net revenue $ 87,369 $ 600 $ 87,969 Cost of sales 79,691 706 80,397 Gross profit 7,678 (106 ) 7,572 Selling, general and administrative 10,474 0 10,474 Severance, equipment relocation and other costs 1,394 0 1,394 Operating loss (4,190 ) (106 ) (4,296 ) Interest expense, net 850 0 850 Other (income), net (1,436 ) 0 (1,436 ) Loss before taxes (3,604 ) (106 ) (3,710 ) Income tax (benefit) expense, net (205 ) 0 (205 ) Net loss $ (3,399 ) $ (106 ) $ (3,505 ) Legacy GAAP Impact of As Reported Dec. 31, 2018 ASC 606 Dec. 31, 2018 Assets Inventories – net $ 19,945 $ (1,361 ) $ 18,584 Contract assets 0 839 839 Liabilities and Equity Accumulated deficit $ (114,989 ) $ 63 $ (114,926 ) |
Note 2 - Revenue from Contrac_2
Note 2 - Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended Dec. 31, 2018 Sypris Technologies – transferred point in time $ 59,816 Sypris Electronics – transferred point in time 5,800 Sypris Electronics – transferred over time 22,353 Net revenue $ 87,969 |
Note 4 - Exit and Disposal Ac_2
Note 4 - Exit and Disposal Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Costs Incurred Year Total Remaining Total Ended Recognized Costs to be Program Dec. 31, 2018 to date Recognized Severance and benefit related costs $ 1,350 $ 0 $ 1,350 $ 0 Asset impairments 188 0 188 0 Equipment relocation costs 1,955 361 1,785 170 Other 1,308 1,033 1,078 230 $ 4,801 $ 1,394 $ 4,401 $ 400 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Accrued Cash Accrued Balance at Payments Balance at Dec. 31, 2018 or Asset Dec. 31, 2017 Charge Write-Offs 2018 Severance and benefit-related costs $ 145 $ 0 $ (145 ) $ 0 Equipment relocation costs 0 361 (361 ) 0 Other 0 1,033 (1,033 ) 0 $ 145 $ 1,394 $ (1,539 ) $ 0 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 31, 2018 2017 Property, plant and equipment $ 11,207 $ 28,874 Accumulated depreciation (9,733 ) (25,976 ) Property, plant and equipment, net $ 1,474 $ 2,898 |
Note 7 - Accounts Receivable (T
Note 7 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2018 2017 Commercial $ 9,962 $ 9,464 Allowance for doubtful accounts (81 ) (147 ) Net $ 9,881 $ 9,317 |
Note 8 - Inventory (Tables)
Note 8 - Inventory (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2018 2017 Raw materials $ 12,354 $ 10,011 Work in process 6,331 7,150 Finished goods 1,313 1,645 Reserve for excess and obsolete inventory (1,414 ) (1,165 ) Total $ 18,584 $ 17,641 |
Note 9 - Other Current Assets (
Note 9 - Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | December 31, 2018 2017 Prepaid expenses $ 576 $ 571 Contract assets 839 0 Other 3,340 1,432 Total $ 4,755 $ 2,003 |
Note 10 - Property, Plant and_2
Note 10 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2018 2017 Land and land improvements $ 219 $ 219 Buildings and building improvements 11,178 11,140 Machinery, equipment, furniture and fixtures 59,179 54,554 Construction in progress 2,141 998 72,717 66,911 Accumulated depreciation (58,062 ) (51,337 ) $ 14,655 $ 15,574 December 31, 2018 2017 Buildings and building improvements $ 2,995 $ 2,987 Machinery, equipment, furniture and fixtures 1,277 1,277 4,272 4,264 Accumulated depreciation (976 ) (548 ) $ 3,296 $ 3,716 |
Note 11 - Other Assets (Tables)
Note 11 - Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | December 31, 2018 2017 Long term spare parts $ 646 $ 871 Long term deposits 507 578 Other 362 129 Total $ 1,515 $ 1,578 |
Note 12 - Accrued Liabilities (
Note 12 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2018 2017 Salaries, wages, employment taxes and withholdings $ 2,019 $ 1,720 Employee benefit plans 1,050 703 Accrued professional fees 821 3,596 Income, property and other taxes 453 387 Contract liabilities 8,369 1,509 Deferred gain from sale-leaseback 500 499 Exit and disposal activity accruals 0 145 Other 1,753 1,771 Total $ 14,965 $ 10,330 |
Note 13 - Other Liabilities (Ta
Note 13 - Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Other Liabilities [Table Text Block] | December 31, 2018 2017 Noncurrent pension liability $ 4,272 $ 4,781 Deferred gain from sale leaseback 3,093 3,576 Other 1,131 412 Total $ 8,496 $ 8,769 |
Note 14 - Debt (Tables)
Note 14 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2018 2017 Current: Current portion of capital lease obligations $ 593 $ 829 Long Term: Note payable – related party $ 6,500 $ 6,500 Capital lease obligations 2,804 3,397 Less unamortized debt issuance and modification costs (51 ) (65 ) Long term debt and capital lease obligations, net of unamortized debt costs $ 9,253 $ 9,832 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | 2019 $ 927 2020 881 2021 580 2022 548 2023 548 Thereafter 1,143 Total future payments 4,627 Less: Amount representing interest (1,230 ) Present value of future minimum payments 3,397 Less: Current portion (593 ) Long term portion $ 2,804 |
Note 16 - Employee Benefit Pl_2
Note 16 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Year ended December 31, 2018 2017 Service cost $ 4 $ 6 Interest cost on projected benefit obligation 1,315 1,518 Net amortization of actuarial loss 632 693 Expected return on plan assets (1,363 ) (1,813 ) Net periodic benefit cost $ 588 $ 404 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | December 31, 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 39,179 $ 39,312 Service cost 4 6 Interest cost 1,315 1,518 Actuarial (gain) loss (2,913 ) 1,278 Benefits paid (2,895 ) (2,935 ) Benefit obligation at end of year $ 34,690 $ 39,179 Change in plan assets: Fair value of plan assets at beginning of year $ 34,398 $ 33,838 Actual return on plan assets (1,381 ) 3,495 Company contributions 77 0 Benefits paid (2,895 ) (2,935 ) Fair value of plan assets at end of year $ 30,199 $ 34,398 Underfunded status of the plans $ (4,491 ) $ (4,781 ) Balance sheet assets (liabilities): Other assets $ 138 $ 0 Accrued liabilities (357 ) 0 Other liabilities (4,272 ) (4,781 ) Net amount recognized $ (4,491 ) $ (4,781 ) Pension plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 23,466 $ 26,327 Accumulated benefit obligation 23,466 26,327 Fair value of plan assets 18,838 21,539 December 31, 2018 2017 Projected benefit obligation and net periodic pension cost assumptions: Discount rate – projected benefit obligation 4.25% 3.55% Discount rate – net periodic pension cost 3.55 4.05 Rate of compensation increase 4.00 4.00 Expected long-term rate of return on plan assets 3.95 – 4.30 5.15 – 6.30 Weighted average asset allocation: Equity securities 16% 27% Debt securities 80 71 Other 4 2 Total 100% 100% |
Schedule of Allocation of Plan Assets [Table Text Block] | Significant Quoted Prices Other In Active Observable Markets Inputs (Level 1) (Level 2) Asset categories: Cash and cash equivalents $ 1,415 $ 0 Equity securities: U.S. Large Cap 1,590 0 U.S. Mid Cap 967 0 U.S. Small Cap 489 0 World Equity 1,886 0 Real Estate 458 0 Other 690 0 Fixed income securities 5,237 17,467 Total Plan Assets $ 12,732 $ 17,467 Significant Quoted Prices Other In Active Observable Markets Inputs (Level 1) (Level 2) Asset categories: Cash and cash equivalents $ 1,090 $ 0 Equity securities: U.S. Large Cap 5,845 0 U.S. Mid Cap 1,343 0 U.S. Small Cap 795 0 World Equity 1,484 0 Real Estate 473 0 Other 147 0 Fixed income securities 6,462 16,759 Total Plan Assets $ 17,639 $ 16,759 |
Schedule of Expected Benefit Payments [Table Text Block] | 2019 2,903 2020 2,833 2021 2,787 2022 2,723 2023 2,653 2024-2028 12,130 Total $ 26,029 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Lessee, Operating Lease, Disclosure [Table Text Block] | 2019 $ 1,453 2020 1,387 2021 1,430 2022 1,443 2023 1,459 2024 and thereafter 4,101 Total $ 11,273 |
Note 18 - Stock Option and Pu_2
Note 18 - Stock Option and Purchase Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Year ended December 31, 2018 2017 Expected life (years) 4.0 4.0 Expected volatility 51.8 % 51.2 % Risk-free interest rates 2.65 % 1.91 % Expected dividend yield 0.0 % 0.0 % |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Weighted- Weighted- average average Aggregate Number of Grant Date Remaining Intrinsic Shares Fair Value Term Value Nonvested shares at January 1, 2018 1,029,000 $ 1.20 Granted 0 0 Vested (186,000 ) 2.05 Forfeited 0 0 Nonvested shares at December 31, 2018 843,000 $ 1.01 0.83 $ 902,000 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted- Weighted- average average Aggregate Number of Exercise Price Remaining Intrinsic Shares Per Share Term Value Outstanding at January 1, 2018 1,821,000 $ 1.70 Granted 757,750 1.61 Exercised 0 0 Forfeited (33,500 ) 1.24 Expired (219,000 ) 3.93 Outstanding at December 31, 2018 2,326,250 $ 1.47 2.43 $ 0 Exercisable at December 31, 2018 524,700 $ 2.21 0.81 $ 0 |
Note 19 - Stockholders' Equity
Note 19 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | December 31, 2018 2017 Foreign currency translation adjustments, net of tax $ (10,967 ) $ (10,915 ) Employee benefit related adjustments – U.S, net of tax. (14,177 ) (14,748 ) Employee benefit related adjustments – Mexico, net of tax 302 112 Accumulated other comprehensive loss $ (24,842 ) $ (25,551 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Foreign Defined Other Currency Benefit Comprehensive Translation Plans Loss Balance at January 1, 2017 $ (11,334 ) $ (15,264 ) $ (26,598 ) Currency translation adjustments, net of tax 419 0 419 Net actuarial gain for the year, net of tax 0 205 205 Amortization for the year, net of tax 0 423 423 Balance at December 31, 2017 (10,915 ) (14,636 ) (25,551 ) Currency translation adjustments, net of tax (52 ) 0 (52 ) Net actuarial gain for the year, net of tax 0 276 276 Amortization for the year, net of tax 0 485 485 Balance at December 31, 2018 $ (10,967 ) $ (13,875 ) $ (24,842 ) |
Note 20 - Income Taxes (Tables)
Note 20 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year ended December 31, 2018 2017 Domestic $ (5,331 ) $ (7,328 ) Foreign 1,621 (4,112 ) Total $ (3,710 ) $ (11,440 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, 2018 2017 Current: Federal $ 0 $ (184 ) State 2 39 Foreign 302 194 Total current income tax expense 304 49 Deferred: Federal (191 ) (600 ) State (21 ) (67 ) Foreign (297 ) 0 Total deferred income tax (benefit) expense (509 ) (667 ) Income tax (benefit) expense, net $ (205 ) $ (618 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 31, 2018 2017 Federal tax expense at the statutory rate $ (779 ) $ (4,004 ) Current year permanent differences 82 239 State income taxes, net of federal tax impact (118 ) (262 ) Federal tax reform – deferred rate change 0 19,395 State deferred rate change 0 239 Foreign repatriation, net of foreign tax credits 0 (544 ) Effect of tax rates of foreign subsidiaries 154 203 Currency translation effect on temporary differences 189 (372 ) Change in valuation allowance 358 (15,230 ) State NOL carryforwards, stock compensation and other items (91 ) (282 ) Income tax (benefit) expense, net $ (205 ) $ (618 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2018 2017 Deferred tax assets: Compensation and benefit accruals $ 450 $ 585 Inventory valuation 759 739 Federal and state net operating loss carryforwards 33,567 32,646 Deferred revenue 90 296 Accounts receivable allowance 11 34 Depreciation 39 0 Defined benefit pension plan 573 802 Foreign deferred revenue and other provisions 4,434 4,942 Other 874 917 Total 40,797 40,961 Domestic valuation allowance (36,363 ) (35,387 ) Foreign valuation allowance (4,137 ) (4,942 ) Total deferred tax assets 297 632 Deferred tax liabilities: Depreciation 0 (632 ) Total deferred tax liabilities 0 (632 ) Net deferred tax asset $ 297 $ 0 |
Note 21 - Loss Per Common Sha_2
Note 21 - Loss Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, 2018 2017 Loss attributable to stockholders: Net loss as reported $ (3,505 ) $ (10,822 ) Less distributed and undistributed earnings allocable to restricted award holders 0 0 Net loss allocable to common stockholders $ (3,505 ) $ (10,822 ) Loss per common share attributable to stockholders: Basic $ (0.17 ) $ (0.53 ) Diluted $ (0.17 ) $ (0.53 ) Weighted average shares outstanding – basic 20,512 20,326 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 20,512 20,326 |
Note 22 - Segment Information (
Note 22 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year ended December 31, 2018 2017 Net revenue from unaffiliated customers: Sypris Technologies $ 59,816 $ 54,891 Sypris Electronics 28,153 27,403 $ 87,969 $ 82,294 Gross profit: Sypris Technologies $ 7,523 $ 743 Sypris Electronics 49 2,587 $ 7,572 $ 3,330 Operating income (loss): Sypris Technologies $ 3,207 $ (7,061 ) Sypris Electronics (2,555 ) 147 General, corporate and other (4,948 ) (5,232 ) $ (4,296 ) $ (12,146 ) Other income, net: Sypris Technologies $ (1,434 ) $ (1,508 ) Sypris Electronics 0 (2 ) General, corporate and other (2 ) (5 ) $ (1,436 ) $ (1,515 ) Income (loss) before income taxes: Sypris Technologies $ 4,349 $ (5,844 ) Sypris Electronics (2,672 ) 150 General, corporate and other (5,386 ) (5,746 ) $ (3,710 ) $ (11,440 ) Income tax expense (benefit), net: Sypris Technologies $ 5 $ 194 Sypris Electronics 0 0 General, corporate and other (210 ) (812 ) $ (205 ) $ (618 ) Depreciation and amortization: Sypris Technologies $ 2,029 $ 3,399 Sypris Electronics 515 372 General, corporate and other 104 113 $ 2,648 $ 3,884 Year ended December 31, 2018 2017 Capital expenditures: Sypris Technologies $ 1,311 $ 1,003 Sypris Electronics 173 366 General, corporate and other 567 268 $ 2,051 $ 1,637 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2018 2017 Total assets: Sypris Technologies $ 31,312 $ 31,725 Sypris Electronics 19,208 17,440 General, corporate and other 11,048 7,990 $ 61,568 $ 57,155 Total liabilities: Sypris Technologies $ 23,644 $ 23,854 Sypris Electronics 15,180 8,352 General, corporate and other 7,910 8,019 $ 46,734 $ 40,225 |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Jan. 01, 2018USD ($) | |
Number of Operating Segments | 2 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Standard and Extended Product Warranty Accrual, Ending Balance | $ 582,000 | $ 666,000 | |
Product Warranty Expense | $ 136,000 | 253,000 | |
Multi Employer Plans Collective Bargaining Arrangement Number of Participants | 459 | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants | 64.00% | ||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (114,926,000) | (111,591,000) | $ (111,421,000) |
Revenue from Contract with Customer, Including Assessed Tax | 87,969,000 | 82,294,000 | |
Net Income (Loss) Attributable to Parent, Total | $ (3,505,000) | $ (10,822,000) | |
Earnings Per Share, Basic, Total | $ / shares | $ (0.17) | $ (0.53) | |
Operating Leases, Future Minimum Payments Due, Total | $ 11,273,000 | ||
Operating Income (Loss), Total | (4,296,000) | $ (12,146,000) | |
Other Nonoperating Income (Expense), Total | 1,436,000 | 1,515,000 | |
Accounting Standards Update 2014-09 [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 170,000 | ||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | 63,000 | ||
Revenue from Contract with Customer, Including Assessed Tax | 600,000 | ||
Net Income (Loss) Attributable to Parent, Total | $ (106,000) | ||
Earnings Per Share, Basic, Total | $ / shares | $ (0.01) | ||
Operating Income (Loss), Total | $ (106,000) | ||
Other Nonoperating Income (Expense), Total | 0 | ||
Accounting Standards Update 2018-11 [Member] | |||
Operating Leases, Future Minimum Payments Due, Total | 11,273,000 | ||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 1,442,000 | ||
Accounting Standards Update 2016-18 [Member] | |||
Cash, Period Increase (Decrease), Total | (1,500,000) | ||
Accounting Standards Update 2017-07 [Member] | |||
Operating Income (Loss), Total | 398,000 | ||
Other Nonoperating Income (Expense), Total | $ 398,000 | ||
Collective Bargaining Agreements That Expire in Next 12 Months [Member] | |||
Multi Employer Plans Collective Bargaining Arrangement Number of Participants | 36 | ||
Employee Benefit Related Adjustments Mexico [Member] | |||
Multi Employer Plans Collective Bargaining Arrangement Number of Participants | 423 | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants | 59.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 40.00% | 30.00% | |
Number of Major Customers | 2 | 2 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Sistemas [Member] | |||
Concentration Risk, Percentage | 22.00% | 15.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Northrop Grumman [Member] | |||
Concentration Risk, Percentage | 18.00% | 15.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer Sistemas [Member] | |||
Concentration Risk, Percentage | 19.00% | 13.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Northrop Grumman [Member] | |||
Concentration Risk, Percentage | 14.00% | 13.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer Detroit Diesel [Member] | |||
Concentration Risk, Percentage | 14.00% | 14.00% | |
Minimum [Member] | Accounting Standards Update 2018-11 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 7,000,000 | ||
Operating Lease, Liability, Total | 7,500,000 | ||
Maximum [Member] | Accounting Standards Update 2018-11 [Member] | |||
Operating Lease, Right-of-Use Asset | 8,000,000 | ||
Operating Lease, Liability, Total | $ 8,500,000 | ||
Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 15 years |
Note 1 - Organization and Sig_4
Note 1 - Organization and Significant Accounting Policies - Adoption of ASC 606 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Inventory, net | $ 18,584,000 | $ 17,641,000 | $ 16,986,000 |
Contract assets | 839,000 | 0 | 825,000 |
Accumulated deficit | (114,926,000) | (111,591,000) | (111,421,000) |
Net revenue | 87,969,000 | 82,294,000 | |
Cost of sales | 80,397,000 | 78,964,000 | |
Gross profit | 7,572,000 | 3,330,000 | |
Selling, general and administrative | 10,474,000 | 13,078,000 | |
Severance, equipment relocation and other costs | 1,394,000 | 2,360,000 | |
Operating loss | (4,296,000) | (12,146,000) | |
Interest expense, net | 850,000 | 809,000 | |
Other (income), net | (1,436,000) | (1,515,000) | |
Loss before income taxes | (3,710,000) | (11,440,000) | |
Income tax (benefit) expense, net | (205,000) | (618,000) | |
Net loss | (3,505,000) | $ (10,822,000) | |
Accounting Standards Update 2014-09 [Member] | |||
Inventory, net | (655,000) | ||
Contract assets | 825,000 | ||
Accumulated deficit | $ 170,000 | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Inventory, net | 19,945,000 | ||
Contract assets | 0 | ||
Accumulated deficit | (114,989,000) | ||
Net revenue | 87,369,000 | ||
Cost of sales | 79,691,000 | ||
Gross profit | 7,678,000 | ||
Selling, general and administrative | 10,474,000 | ||
Severance, equipment relocation and other costs | 1,394,000 | ||
Operating loss | (4,190,000) | ||
Interest expense, net | 850,000 | ||
Other (income), net | (1,436,000) | ||
Loss before income taxes | (3,604,000) | ||
Income tax (benefit) expense, net | (205,000) | ||
Net loss | (3,399,000) | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Inventory, net | (1,361,000) | ||
Contract assets | 839,000 | ||
Accumulated deficit | 63,000 | ||
Net revenue | 600,000 | ||
Cost of sales | 706,000 | ||
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 income taxes | (106,000) | ||
Income tax (benefit) expense, net | 0 | ||
Net loss | $ (106,000) |
Note 2 - Revenue from Contrac_3
Note 2 - Revenue from Contracts with Customers 1 (Details Textual) - USD ($) | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue, Remaining Performance Obligation, Amount | $ 15,867,000 | ||
Contract with Customer, Asset, Net, Current, Total | 839,000 | $ 825,000 | $ 0 |
Contract with Customer, Liability, Current | 1,121,000 | ||
Other Current Assets [Member] | |||
Contract with Customer, Asset, Net, Current, Total | 839,000 | 825,000 | |
Accrued Liabilities [Member] | |||
Contract with Customer, Liability, Current | $ 8,369,000 | $ 1,509,000 |
Note 2 - Revenue from Contrac_4
Note 2 - Revenue from Contracts with Customers 2 (Details Textual) | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 58.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 30.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Note 2 - Revenue from Contrac_5
Note 2 - Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net revenue | $ 87,969 | $ 82,294 |
Sypris Technologies [Member] | ||
Net revenue | 59,816 | 54,891 |
Sypris Technologies [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 59,816 | |
Sypris Electronics [Member] | ||
Net revenue | 28,153 | $ 27,403 |
Sypris Electronics [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 5,800 | |
Sypris Electronics [Member] | Transferred over Time [Member] | ||
Net revenue | $ 22,353 |
Note 3 - Strategic Actions (Det
Note 3 - Strategic Actions (Details Textual) - USD ($) | Dec. 31, 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 4 - Exit and Disposal Ac_3
Note 4 - Exit and Disposal Activities (Details Textual) - Transition of Production from the Broadway Plant [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring and Related Costs, Incurred Cost, Total | $ 1,394,000 | $ 2,360,000 |
Restructuring and Related Cost, Incurred Cost, Per Share | $ 0.07 | $ 0.12 |
Restructuring Charges, Total | $ 1,394,000 | |
Restructuring and Related Cost, Expected Cost Remaining | 400,000 | |
Sypris Electronics [Member] | ||
Restructuring and Related Cost, Expected Cost Remaining | 400,000 | |
Equipment Relocation Costs [Member] | ||
Restructuring Charges, Total | 361,000 | $ 1,424,000 |
Restructuring and Related Cost, Expected Cost Remaining | 170,000 | |
Facility Closing [Member] | ||
Restructuring Charges, Total | 1,033,000 | |
Employee Severance [Member] | ||
Restructuring Charges, Total | 0 | $ 936,000 |
Restructuring and Related Cost, Expected Cost Remaining | $ 0 |
Note 4 - Exit and Disposal Ac_4
Note 4 - Exit and Disposal Activities - Summary of Pre-tax Restructuring Chargers (Details) - Transition of Production from the Broadway Plant [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Total Program | $ 4,801,000 | |
Costs Incurred | 1,394,000 | |
Recognized Costs | 4,401,000 | |
Remaining Costs to be Recognized | 400,000 | |
Employee Severance [Member] | ||
Total Program | 1,350,000 | |
Costs Incurred | 0 | $ 936,000 |
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 | 1,955,000 | |
Costs Incurred | 361,000 | $ 1,424,000 |
Recognized Costs | 1,785,000 | |
Remaining Costs to be Recognized | 170,000 | |
Other Restructuring [Member] | ||
Total Program | 1,308,000 | |
Costs Incurred | 1,033,000 | |
Recognized Costs | 1,078,000 | |
Remaining Costs to be Recognized | $ 230,000 |
Note 4 - Exit and Disposal Ac_5
Note 4 - Exit and Disposal Activities - Costs and Related Restructuring Reserves (Details) - Transition of Production from the Broadway Plant [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accrued, Beginning Balance | $ 145,000 | |
Costs Incurred | 1,394,000 | |
Cash Payments or Asset Write-Offs | (1,539,000) | |
Accrued, Ending Balance | 0 | $ 145,000 |
Employee Severance [Member] | ||
Accrued, Beginning Balance | 145,000 | |
Costs Incurred | 0 | 936,000 |
Cash Payments or Asset Write-Offs | (145,000) | |
Accrued, Ending Balance | 0 | 145,000 |
Equipment Relocation Costs [Member] | ||
Accrued, Beginning Balance | 0 | |
Costs Incurred | 361,000 | 1,424,000 |
Cash Payments or Asset Write-Offs | (361,000) | |
Accrued, Ending Balance | 0 | 0 |
Other Restructuring [Member] | ||
Accrued, Beginning Balance | 0 | |
Costs Incurred | 1,033,000 | |
Cash Payments or Asset Write-Offs | (1,033,000) | |
Accrued, Ending Balance | $ 0 | $ 0 |
Note 4 - Exit and Disposal Ac_6
Note 4 - Exit and Disposal Activities - Segregation of Assets Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, plant and equipment | $ 11,207 | $ 28,874 |
Accumulated depreciation | (9,733) | (25,976) |
Property, plant and equipment, net | $ 1,474 | $ 2,898 |
Note 5 - Property Insurance S_2
Note 5 - Property Insurance Settlement (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Proceeds from Insurance Settlement, Investing Activities | $ 2,447,000 | |
Gain on Business Interruption Insurance Recovery | $ 2,275,000 | $ 0 |
Note 6 - Other Income, Net (Det
Note 6 - Other Income, Net (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ 584,000 | $ 398,000 |
Gain on Business Interruption Insurance Recovery | 2,275,000 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (249,000) | 2,668,000 |
Foreign Currency Transaction Gain (Loss), before Tax, Total | 21,000 | 773,000 |
Other Nonoperating Income (Expense), Total | $ 1,436,000 | 1,515,000 |
Sypris Technologies [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 2,668,000 |
Note 7 - Accounts Receivable -
Note 7 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Account receivable, long-term contracts or programs | $ 9,962 | $ 9,464 |
Allowance for doubtful accounts | (81) | (147) |
Net | $ 9,881 | $ 9,317 |
Note 8 - Inventory - Inventory
Note 8 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Raw materials | $ 12,354 | $ 10,011 | |
Work in process | 6,331 | 7,150 | |
Finished goods | 1,313 | 1,645 | |
Reserve for excess and obsolete inventory | (1,414) | (1,165) | |
Total | $ 18,584 | $ 16,986 | $ 17,641 |
Note 9 - Other Current Assets_2
Note 9 - Other Current Assets (Details Textual) | 12 Months Ended |
Dec. 31, 2018 | |
Percentage of Current Assets Included in Other Current Assets | 5.00% |
Note 9 - Other Current Assets -
Note 9 - Other Current Assets - Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Prepaid expenses | $ 576 | $ 571 | |
Contract assets | 839 | $ 825 | 0 |
Other | 3,340 | 1,432 | |
Total | $ 4,755 | $ 2,003 |
Note 10 - Property, Plant and_3
Note 10 - Property, Plant and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation, Total | $ 2,648,000 | $ 3,884,000 |
Note 10 - Property, Plant and_4
Note 10 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Gross property, plant and equipment | $ 72,717 | $ 66,911 |
Accumulated depreciation | (58,062) | (51,337) |
Property plant and equipment net | 14,655 | 15,574 |
Capital Leased Assets, Gross | 4,272 | 4,264 |
Accumulated depreciation | (976) | (548) |
Capital Leased Assets, Net | 3,296 | 3,716 |
Land and Land Improvements [Member] | ||
Gross property, plant and equipment | 219 | 219 |
Building and Building Improvements [Member] | ||
Gross property, plant and equipment | 11,178 | 11,140 |
Capital Leased Assets, Gross | 2,995 | 2,987 |
Machinery, Equipment, Furniture, and Fixtures [Member] | ||
Capital Leased Assets, Gross | 1,277 | 1,277 |
Property, Plant and Equipment, Other Types [Member] | ||
Gross property, plant and equipment | 59,179 | 54,554 |
Construction in Progress [Member] | ||
Gross property, plant and equipment | $ 2,141 | $ 998 |
Note 11 - Other Assets - Summar
Note 11 - Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long term spare parts | $ 646 | $ 871 |
Long term deposits | 507 | 578 |
Other | 362 | 129 |
Total | $ 1,515 | $ 1,578 |
Note 12 - Accrued Liabilities_2
Note 12 - Accrued Liabilities (Details Textual) | Dec. 31, 2018 |
Accrued Operating Expenses, Accrued Warranty Expenses, Accrued Interest, and Other Items | 5.00% |
Note 12 - Accrued Liabilities -
Note 12 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Salaries, wages, employment taxes and withholdings | $ 2,019 | $ 1,720 |
Employee benefit plans | 1,050 | 703 |
Accrued professional fees | 821 | 3,596 |
Income, property and other taxes | 453 | 387 |
Contract liabilities | 8,369 | 1,509 |
Deferred gain from sale-leaseback | 500 | 499 |
Exit and disposal activity accruals | 0 | 145 |
Other | 1,753 | 1,771 |
Total | $ 14,965 | $ 10,330 |
Note 13 - Other Liabilities (De
Note 13 - Other Liabilities (Details Textual) | Dec. 31, 2018 |
Accrued Long-term Warranty Expenses and Other Items, Percentage | 5.00% |
Note 13 - Other Liabilities - O
Note 13 - Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Noncurrent pension liability | $ 4,272 | $ 4,781 |
Deferred gain from sale leaseback | 3,093 | 3,576 |
Other | 1,131 | 412 |
Total | $ 8,496 | $ 8,769 |
Note 14 - Debt (Details Textual
Note 14 - Debt (Details Textual) | Apr. 01, 2019 | Mar. 09, 2016USD ($)a | Mar. 09, 2016MXN ($)a | Jan. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 31, 2016USD ($) |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 8.00% | 8.00% | |||||
Interest Costs Capitalized | $ 0 | $ 0 | |||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 526,000 | 526,000 | |||||
Capital Lease Obligations, Total | $ 1,277,000 | 698,000 | |||||
Capital Lease Obligations [Member] | |||||||
Debt Instrument, Term | 3 years | ||||||
Toluca [Member] | |||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | 2,699,000 | ||||||
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 | 1 year 180 days | ||||||
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent | 60.00% |
Note 14 - Debt - Debt Component
Note 14 - Debt - Debt Components (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current portion of capital lease obligations | $ 593 | $ 829 |
Note payable – related party | 6,500 | 6,500 |
Capital lease obligations | 2,804 | 3,397 |
Less unamortized debt issuance and modification costs | (51) | (65) |
Long term debt and capital lease obligations, net of unamortized debt costs | $ 9,253 | $ 9,832 |
Note 14 - Debt - Capital Lease
Note 14 - Debt - Capital Lease Future Minimum Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
2019 | $ 927 | |
2020 | 881 | |
2021 | 580 | |
2022 | 548 | |
2023 | 548 | |
Thereafter | 1,143 | |
Total future payments | 4,627 | |
Less: Amount representing interest | (1,230) | |
Present value of future minimum payments | 3,397 | |
Less: Current portion | (593) | $ (829) |
Long term portion | $ 2,804 | $ 3,397 |
Note 16 - Employee Benefit Pl_3
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Highest Average Compensation Period | 5 years | |
Defined Benefit Plan Maximum Period Allocated for Calculating Average Compensation | 10 years | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 285,000 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax, Total | (13,777,000) | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (674,000) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax, Total | $ 632,000 | $ 693,000 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Defined Contribution Plan [Member] | ||
Defined Contribution Plan, Cost | $ 428,000 | 530,000 |
Non US Employees Defined Benefit Plan [Member] | ||
Defined Benefit Plan, Plan Assets, Administration Expense | $ 41,000 | $ 20,000 |
Louisville Hourly Plan [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.95% | |
Marion Plan [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.30% | |
Louisville Salaried Plan [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.20% | |
Minimum [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.95% | 5.15% |
Maximum [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.30% | 6.30% |
Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | |
Fixed Income Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 35.00% | |
Fixed Income Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |
Non Traditional Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Non Traditional Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% |
Note 16 - Employee Benefit Pl_4
Note 16 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Service cost | $ 4 | $ 6 |
Interest cost | 1,315 | 1,518 |
Net amortization of actuarial loss | 632 | 693 |
Expected return on plan assets | (1,363) | (1,813) |
Net periodic benefit cost | $ 588 | $ 404 |
Note 16 - Employee Benefit Pl_5
Note 16 - Employee Benefit Plans - Summaries of Changes in Benefit Obligations and Plan Assets and of Funded Status of Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligation: | ||
Benefit obligation at beginning of year | $ 39,179 | $ 39,312 |
Service cost | 4 | 6 |
Interest cost | 1,315 | 1,518 |
Actuarial (gain) loss | (2,913) | 1,278 |
Benefits paid | (2,895) | (2,935) |
Benefit obligation at end of year | 34,690 | 39,179 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 34,398 | 33,838 |
Actual return on plan assets | (1,381) | 3,495 |
Company contributions | 77 | 0 |
Benefits paid | (2,895) | (2,935) |
Fair value of plan assets at end of year | 30,199 | 34,398 |
Underfunded status of the plans | (4,491) | (4,781) |
Balance sheet assets (liabilities): | ||
Other assets | 138 | 0 |
Accrued liabilities | (357) | 0 |
Other liabilities | (4,272) | (4,781) |
Net amount recognized | (4,491) | (4,781) |
Pension plans with accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 23,466 | 26,327 |
Accumulated benefit obligation | 23,466 | 26,327 |
Fair value of plan assets | $ 18,838 | $ 21,539 |
Discount rate – projected benefit obligation | 4.25% | 3.55% |
Discount rate – net periodic pension cost | 3.55% | 4.05% |
Rate of compensation increase | 4.00% | 4.00% |
Equity securities | 100.00% | 100.00% |
Equity Securities [Member] | ||
Pension plans with accumulated benefit obligation in excess of plan assets: | ||
Equity securities | 16.00% | 27.00% |
Debt Securities [Member] | ||
Pension plans with accumulated benefit obligation in excess of plan assets: | ||
Equity securities | 80.00% | 71.00% |
Other [Member] | ||
Pension plans with accumulated benefit obligation in excess of plan assets: | ||
Equity securities | 4.00% | 2.00% |
Minimum [Member] | ||
Pension plans with accumulated benefit obligation in excess of plan assets: | ||
Expected long-term rate of return on plan assets | 3.95% | 5.15% |
Maximum [Member] | ||
Pension plans with accumulated benefit obligation in excess of plan assets: | ||
Expected long-term rate of return on plan assets | 4.30% | 6.30% |
Note 16 - Employee Benefit Pl_6
Note 16 - Employee Benefit Plans - Summary of Fair Values of Pension Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair value of plan assets | $ 30,199 | $ 34,398 | $ 33,838 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 12,732 | 17,639 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Fair value of plan assets | 1,415 | 1,090 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | |||
Fair value of plan assets | 1,590 | 5,845 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, US, Mid Cap [Member] | |||
Fair value of plan assets | 967 | 1,343 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, US, Small Cap [Member] | |||
Fair value of plan assets | 489 | 795 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | |||
Fair value of plan assets | 1,886 | 1,484 | |
Fair Value, Inputs, Level 1 [Member] | Real Estate [Member] | |||
Fair value of plan assets | 458 | 473 | |
Fair Value, Inputs, Level 1 [Member] | Other Equity Securities [Member] | |||
Fair value of plan assets | 690 | 147 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities [Member] | |||
Fair value of plan assets | 5,237 | 6,462 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 17,467 | 16,759 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, US, Mid Cap [Member] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, US, Small Cap [Member] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Other Equity Securities [Member] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | |||
Fair value of plan assets | $ 17,467 | $ 16,759 |
Note 16 - Employee Benefit Pl_7
Note 16 - Employee Benefit Plans - Benefits Expected to be Paid (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 2,903 |
2020 | 2,833 |
2021 | 2,787 |
2022 | 2,723 |
2023 | 2,653 |
2024-2028 | 12,130 |
Total | $ 26,029 |
Note 17 - Commitments and Con_3
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Operating Leases, Rent Expense, Net, Total | $ 1,415,000 | $ 1,427,000 | ||
Purchase Obligation, Total | 12,027,000 | |||
Accrual for Environmental Loss Contingencies, Ending Balance | 0 | 0 | ||
Inventory, Net, Total | 18,584,000 | 17,641,000 | $ 16,986,000 | |
Revenue from Contract with Customer, Including Assessed Tax | 87,969,000 | 82,294,000 | ||
Inventory Valuation Reserves, Ending Balance | 1,414,000 | 1,165,000 | ||
Gain (Loss) Related to Litigation Settlement, Total | 1,890,000 | $ 0 | ||
Selling, General and Administrative Expenses [Member] | ||||
Gain (Loss) Related to Litigation Settlement, Total | 1,890,000 | |||
New Supply Agreement [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 293,000 | |||
Inventory Valuation Reserves, Ending Balance | 246,000 | |||
New Supply Agreement [Member] | Scenario, Forecast [Member] | ||||
Increase (Decrease), Inventory Valuation Reserves | $ 513,000 | |||
Customer Lawsuit Against Distributor [Member] | Inventory Related to Customer Involved in Lawsuit Against Distributor [Member] | ||||
Inventory, Net, Total | $ 759,000 |
Note 17 - Commitments and Con_4
Note 17 - Commitments and Contingencies - Future Minimum Annual Lease Commitment Under Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 1,453 |
2020 | 1,387 |
2021 | 1,430 |
2022 | 1,443 |
2023 | 1,459 |
2024 and thereafter | 4,101 |
Total | $ 11,273 |
Note 18 - Stock Option and Pu_3
Note 18 - Stock Option and Purchase Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 544,771 | 1,314,021 |
Allocated Share-based Compensation Expense, Total | $ 637,000 | $ 730,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.69 | $ 0.45 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 677,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 36 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 184,000 | $ 228,000 |
The 2010 Sypris Omnibus Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Lapsing Restrictions Period | 3 years | |
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 | |
The 2015 Omnibus Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Lapsing Restrictions Period | 3 years | |
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 | |
Employee Stock Option [Member] | The 2010 Sypris Omnibus Plan [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 3,655,088 | |
Employee Stock Option [Member] | The 2015 Omnibus Plan [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 3,476,021 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 381,000 | $ 408,000 |
Note 18 - Stock Option and Pu_4
Note 18 - Stock Option and Purchase Plans - Estimate Fair Value of Options Granted (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Expected life (years) (Year) | 4 years | 4 years |
Expected volatility | 51.80% | 51.20% |
Risk-free interest rates | 2.65% | 1.91% |
Expected dividend yield | 0.00% | 0.00% |
Note 18 - Stock Option and Pu_5
Note 18 - Stock Option and Purchase Plan - Summary of Restricted Stock Activity (Details) | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Novested shares (in shares) | shares | 1,029,000 |
Nonvested shares, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.20 |
Granted (in shares) | shares | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | shares | (186,000) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.05 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Nonvested shares (in shares) | shares | 843,000 |
Nonvested shares, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.01 |
Nonvested, weighted average remaining term (Year) | 302 days |
Nonvested, aggregate intrinsic value | $ | $ 902,000 |
Note 18 - Stock Option and Pu_6
Note 18 - Stock Option and Purchase Plan - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Outstanding (in shares) | 1,821,000 | |
Outstanding, weighted average exercise price per share (in dollars per share) | $ 1.70 | |
Granted (in shares) | 757,750 | |
Granted, weighted average exercise price per share (in dollars per share) | $ 1.61 | |
Exercised (in shares) | 0 | 0 |
Exercised, weighted average exercise price per share (in dollars per share) | $ 0 | |
Forfeited (in shares) | (33,500) | |
Forfeited, weighted average exercise price per share (in dollars per share) | $ 1.24 | |
Expired (in shares) | (219,000) | |
Expired, weighted average exercise price per share (in dollars per share) | $ 3.93 | |
Outstanding (in shares) | 2,326,250 | 1,821,000 |
Outstanding, weighted average exercise price per share (in dollars per share) | $ 1.47 | $ 1.70 |
Outstanding, weighted average remaining term (Year) | 2 years 156 days | |
Outstanding, aggregate intrinsic value | $ 0 | |
Exercisable (in shares) | 524,700 | |
Exercisable, weighted average exercise price per share (in dollars per share) | $ 2.21 | |
Exercisable, weighted average remaining term (Year) | 295 days | |
Exercisable, aggregate intrinsic value | $ 0 |
Note 19 - Stockholders' Equit_2
Note 19 - Stockholders' Equity (Details Textual) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred Stock, Shares Authorized | 975,150 | 975,150 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized | 24,850 | 24,850 |
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 |
Note 19 - Stockholders' Equit_3
Note 19 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Foreign currency translation adjustments, net of tax | $ (10,967) | $ (10,915) |
Accumulated other comprehensive loss | (24,842) | (25,551) |
Internal Revenue Service (IRS) [Member] | ||
Employee benefit related adjustments, net of tax | (14,177) | (14,748) |
Mexican Tax Authority [Member] | ||
Employee benefit related adjustments, net of tax | $ 302 | $ 112 |
Note 19 - Stockholders' Equit_4
Note 19 - Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 16,930 | |
Foreign currency translation adjustments, net of a tax benefit of $18 and tax expense of $267 in 2018 and 2017, respectively | (52) | $ 419 |
Balance | 14,834 | 16,930 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (10,915) | (11,334) |
Foreign currency translation adjustments, net of a tax benefit of $18 and tax expense of $267 in 2018 and 2017, respectively | (52) | 419 |
Net actuarial gain for the year, net of tax | 0 | 0 |
Amortization for the year, net of tax | 0 | 0 |
Balance | (10,967) | (10,915) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (14,636) | (15,264) |
Foreign currency translation adjustments, net of a tax benefit of $18 and tax expense of $267 in 2018 and 2017, respectively | 0 | 0 |
Net actuarial gain for the year, net of tax | 276 | 205 |
Amortization for the year, net of tax | 485 | 423 |
Balance | (13,875) | (14,636) |
AOCI Attributable to Parent [Member] | ||
Balance | (25,551) | (26,598) |
Foreign currency translation adjustments, net of a tax benefit of $18 and tax expense of $267 in 2018 and 2017, respectively | (52) | 419 |
Net actuarial gain for the year, net of tax | 276 | 205 |
Amortization for the year, net of tax | 485 | 423 |
Balance | $ (24,842) | $ (25,551) |
Note 20 - Income Taxes (Details
Note 20 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.30% | |
Deferred Federal, State and Local, Tax Expense (Benefit), Total | $ (212,000) | $ (667,000) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Total | 212,000 | 667,000 |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 19,395,000 | |
Deferred Tax Assets, Foreign Deferred Revenue and Other Provision | 4,434,000 | 4,942,000 |
Unrecognized Tax Benefits, Ending Balance | 200,000 | 200,000 |
Mexican Subsidiaries [Member] | ||
Deferred Tax Assets, Foreign Deferred Revenue and Other Provision | 4,434,000 | 4,942,000 |
State and Local Jurisdiction [Member] | ||
Income Taxes Paid | 33,000 | 110,000 |
Proceeds from Income Tax Refunds | 12,000 | 63,000 |
Operating Loss Carryforwards, Total | 5,869,000 | |
Foreign Tax Authority [Member] | ||
Income Taxes Paid | 109,000 | 486,000 |
Proceeds from Income Tax Refunds | 0 | 0 |
Domestic Tax Authority [Member] | ||
Income Taxes Paid | 0 | 0 |
Proceeds from Income Tax Refunds | 0 | $ 0 |
Operating Loss Carryforwards, Total | 137,764,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $ 3,186,000 |
Note 20 - Income Taxes - Compon
Note 20 - Income Taxes - Components of Income (Loss) From Continuing Operations Before Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Domestic | $ (5,331) | $ (7,328) |
Foreign | 1,621 | (4,112) |
(Loss) income before income taxes | $ (3,710) | $ (11,440) |
Note 20 - Income Taxes - Comp_2
Note 20 - Income Taxes - Components of Income Tax Expense (Benefit) Applicable to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | ||
Federal | $ 0 | $ (184) |
State | 2 | 39 |
Foreign | 302 | 194 |
Total current income tax expense | 304 | 49 |
Deferred: | ||
Federal | (191) | (600) |
State | (21) | (67) |
Foreign | (297) | 0 |
Total deferred income tax (benefit) expense | (509) | (667) |
Income tax (benefit) expense, net | $ (205) | $ (618) |
Note 20 - Income Taxes - Summar
Note 20 - Income Taxes - Summary of Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal tax expense at the statutory rate | $ (779) | $ (4,004) |
Current year permanent differences | 82 | 239 |
State income taxes, net of federal tax impact | (118) | (262) |
Federal tax reform – deferred rate change | 0 | 19,395 |
State deferred rate change | 0 | 239 |
Foreign repatriation, net of foreign tax credits | 0 | (544) |
Effect of tax rates of foreign subsidiaries | 154 | 203 |
Currency translation effect on temporary differences | 189 | (372) |
Change in valuation allowance | 358 | (15,230) |
State NOL carryforwards, stock compensation and other items | (91) | (282) |
Income tax (benefit) expense, net | $ (205) | $ (618) |
Note 20 - Income Taxes - Summ_2
Note 20 - Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Compensation and benefit accruals | $ 450 | $ 585 |
Inventory valuation | 759 | 739 |
Federal and state net operating loss carryforwards | 33,567 | 32,646 |
Deferred revenue | 90 | 296 |
Accounts receivable allowance | 11 | 34 |
Depreciation | 39 | 0 |
Defined benefit pension plan | 573 | 802 |
Foreign deferred revenue and other provisions | 4,434 | 4,942 |
Other | 874 | 917 |
Total | 40,797 | 40,961 |
Domestic valuation allowance | (36,363) | (35,387) |
Foreign valuation allowance | (4,137) | (4,942) |
Total deferred tax assets | 297 | 632 |
Deferred tax liabilities: | ||
Depreciation | 0 | (632) |
Total deferred tax liabilities | 0 | (632) |
Net deferred tax asset | $ 297 | $ 0 |
Note 21 - Loss Per Common Sha_3
Note 21 - 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, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net loss | $ (3,505) | $ (10,822) |
Less distributed and undistributed earnings allocable to restricted award holders | 0 | 0 |
Net loss allocable to common stockholders | $ (3,505) | $ (10,822) |
Basic (in dollars per share) | $ (0.17) | $ (0.53) |
Diluted (in dollars per share) | $ (0.17) | $ (0.53) |
Basic (in shares) | 20,512 | 20,326 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 0 | 0 |
Weighted average shares outstanding – diluted (in shares) | 20,512 | 20,326 |
Note 22 - Segment Information_2
Note 22 - Segment Information (Details Textual) | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Number of Operating Segments | 2 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 87,969,000 | $ 82,294,000 |
International Operation [Member] | ||
Export Sales | 4,155,000 | 12,068,000 |
Revenues, Total | 39,744,000 | 22,874,000 |
Long-Lived Assets | 7,162,000 | 6,659,000 |
Net Assets, Ending Balance | 6,495,000 | 5,327,000 |
Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 |
Note 22 - Segment Data - Financ
Note 22 - Segment Data - Financial Information From Reportable Segments - Income Statement (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net revenue from unaffiliated customers | $ 87,969,000 | $ 82,294,000 |
Gross profit (loss) | 7,572,000 | 3,330,000 |
Operating loss | (4,296,000) | (12,146,000) |
Other (income), net | (1,436,000) | (1,515,000) |
Income (loss) before income taxes | (3,710,000) | (11,440,000) |
Income tax (beneft) expense, net | (205,000) | (618,000) |
Depreciation and amortization | 2,648,000 | 3,884,000 |
Capital expenditures | 2,051,000 | 1,637,000 |
Sypris Technologies [Member] | ||
Net revenue from unaffiliated customers | 59,816,000 | 54,891,000 |
Gross profit (loss) | 7,523,000 | 743,000 |
Operating loss | 3,207,000 | (7,061,000) |
Other (income), net | (1,434,000) | (1,508,000) |
Income (loss) before income taxes | 4,349,000 | (5,844,000) |
Income tax (beneft) expense, net | 5,000 | 194,000 |
Depreciation and amortization | 2,029,000 | 3,399,000 |
Capital expenditures | 1,311,000 | 1,003,000 |
Sypris Electronics [Member] | ||
Net revenue from unaffiliated customers | 28,153,000 | 27,403,000 |
Gross profit (loss) | 49,000 | 2,587,000 |
Operating loss | (2,555,000) | 147,000 |
Other (income), net | 0 | (2,000) |
Income (loss) before income taxes | (2,672,000) | 150,000 |
Income tax (beneft) expense, net | 0 | 0 |
Depreciation and amortization | 515,000 | 372,000 |
Capital expenditures | 173,000 | 366,000 |
Corporate and Other [Member] | ||
Operating loss | (4,948,000) | (5,232,000) |
Other (income), net | (2,000) | (5,000) |
Income (loss) before income taxes | (5,386,000) | (5,746,000) |
Income tax (beneft) expense, net | (210,000) | (812,000) |
Depreciation and amortization | 104,000 | 113,000 |
Capital expenditures | $ 567,000 | $ 268,000 |
Note 22 - Segment Data - Fina_2
Note 22 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Total assets | $ 61,568 | $ 57,155 |
Total liabilities | 46,734 | 40,225 |
Sypris Technologies [Member] | ||
Total assets | 31,312 | 31,725 |
Total liabilities | 23,644 | 23,854 |
Sypris Electronics [Member] | ||
Total assets | 19,208 | 17,440 |
Total liabilities | 15,180 | 8,352 |
Corporate and Other [Member] | ||
Total assets | 11,048 | 7,990 |
Total liabilities | $ 7,910 | $ 8,019 |