Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 08, 2019 | |
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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 21,294,463 | |
Entity Shell Company | false | |
Document Type | 10-Q/A | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | true | |
Amendment Description | We are filing this Amendment No. 1 (this "Form 10-Q/A") to amend our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2019, which was filed with the United States Securities and Exchange Commission ("SEC") on May 15, 2019 (the "Original Filing"). This Form 10-Q/A includes restated unaudited consolidated financial statements as of and for the three months ended March 31, 2019. As previously described in our Current Report on Form 8-K filed with the SEC on June 27, 2019, our Audit and Finance Committee of the Board of Directors (the "Audit Committee"), after considering the recommendation of management, concluded that the unaudited consolidated financial statements as of and for the three months ended March 31, 2019 included in the Original Filing should no longer be relied upon and would be restated through the filing of this Form 10-Q/A. As previously disclosed, we identified certain misstatements in our previously filed unaudited interim financial statements for the first quarter of 2019 which required restatement. These misstatements arose as a result of the implementation of a new enterprise resource planning system ("ERP system") at our Sypris Electronics segment effective January 1, 2019. Due to data entry processing errors following this transition, certain vendor invoices related to raw material inventory receipts in the first quarter of 2019 for the Sypris Electronics segment were incorrectly recorded in the second quarter of 2019. These errors resulted in an understatement of accounts payable and cost of sales of approximately $786,000 as of and for the quarter ended March 31, 2019. Promptly upon identifying the error, the Company undertook a review of its systems and processes related to the transition to the new ERP system, as well as a review of certain accounting entries in the first quarter. The Company also corrected other immaterial accounting errors affecting the first quarter of 2019 discovered through this review related to the ERP system transition. To correct all misstatements as reflected in this Form 10-Q/A, the Company recognized an incremental net loss of $731,000 for the three months ended March 31, 2019. As a result, net loss increased from $2,305,000 as reported in the Original Filing to $3,036,000 and net loss per share increased from $0.11 to $0.15 for the three months ended March 31, 2019. Cash flows from operating activities did not change as a result of the restatement. See Note 3 (Restatement of Previously Reported Financial Statements) to the Company's financial statements in Part I, Item 1 of this Form 10-Q/A for further details. The information in this Form 10-Q/A not only restates the unaudited consolidated financial statements that were contained in the Original Filing, but also amends other information contained in the Original Filing affected by the corrections described above. Therefore, this Form 10-Q/A should be read together with the Original Filing. Additionally, except for the restatement and related matters, this Form 10-Q/A does not reflect events occurring after the date of the Original Filing and should be read in conjunction with our filings with the SEC subsequent to the date of the Original Filing. These corrections had no impact on the Company's Sypris Technologies reportable business segment. The following items in the Original Filing have been revised in this Form 10-Q/A: Part I - Item 1 - Financial Statements Part I - Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Part I - Item 4 - Controls and Procedures Part II - Item 1A - Risk Factors Part II - Item 6 - Exhibits Pursuant to the rules of the SEC, Part II - Item 6 of the Original Filing has been amended to include the currently-dated certifications from our chief executive officer and chief financial officer as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002. These certifications are included in this Form 10-Q/A as Exhibits 31(i)-1, 31(i)-2, and 32.1. | |
Title of 12(b) Security | Common Stock |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Net revenue | $ 19,564,000 | $ 19,942,000 |
Cost of sales | 18,704,000 | 17,911,000 |
Gross profit | 860,000 | 2,031,000 |
Selling, general and administrative | 3,454,000 | 3,148,000 |
Severance, relocation and other costs | 98,000 | 509,000 |
Operating loss | (2,692,000) | (1,626,000) |
Interest expense, net | 217,000 | 213,000 |
Other expense (income), net | 51,000 | (84,000) |
Loss before taxes | (2,960,000) | (1,755,000) |
Income tax expense | 76,000 | 40,000 |
Net loss | $ (3,036,000) | $ (1,795,000) |
Loss per share: | ||
Basic (in dollars per share) | $ (0.15) | $ (0.09) |
Diluted (in dollars per share) | $ (0.15) | $ (0.09) |
Weighted average shares outstanding: | ||
Basic (in shares) | 20,669 | 20,394 |
Diluted (in shares) | 20,669 | 20,394 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Net loss | $ (3,036,000) | $ (1,795,000) |
Other comprehensive income: | ||
Foreign currency translation adjustments, net of tax | 125,000 | 408,000 |
Comprehensive loss | $ (2,911,000) | $ (1,387,000) |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 5,689,000 | $ 10,704,000 |
Accounts receivable, net | 9,120,000 | 9,881,000 |
Inventory, net | 21,109,000 | 18,584,000 |
Other current assets | 4,385,000 | 4,755,000 |
Assets held for sale | 1,474,000 | 1,474,000 |
Total current assets | 41,777,000 | 45,398,000 |
Property, plant and equipment, net | 14,758,000 | 14,655,000 |
Operating lease right-of-use assets | 7,532,000 | 0 |
Other assets | 1,509,000 | 1,515,000 |
Total assets | 65,576,000 | 61,568,000 |
Current liabilities: | ||
Accounts payable | 12,301,000 | 13,427,000 |
Accrued liabilities | 14,717,000 | 14,965,000 |
Operating lease liabilities, current portion | 980,000 | 0 |
Finance lease obligations, current portion | 632,000 | 593,000 |
Total current liabilities | 28,630,000 | 28,985,000 |
Note payable – related party | 6,453,000 | 6,449,000 |
Operating lease liabilities, net of current portion | 7,367,000 | 0 |
Finance lease obligations, net of current portion | 2,889,000 | 2,804,000 |
Other liabilities | 6,810,000 | 8,496,000 |
Total liabilities | 52,149,000 | 46,734,000 |
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 214,000 | 214,000 |
Additional paid-in capital | 154,450,000 | 154,388,000 |
Accumulated deficit | (116,520,000) | (114,926,000) |
Accumulated other comprehensive loss | (24,717,000) | (24,842,000) |
Treasury stock, 16,192 shares in 2019 and 2018 | 0 | 0 |
Total stockholders’ equity | 13,427,000 | 14,834,000 |
Total liabilities and stockholders’ equity | 65,576,000 | 61,568,000 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Stockholders’ equity: | ||
Common stock | $ 0 | $ 0 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
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) | 21,370,395 | 21,414,374 |
Common stock, shares outstanding (in shares) | 21,354,203 | 21,398,182 |
Treasury stock (in shares) | 16,192 | 16,192 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 24,850 | 24,850 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (3,036,000) | $ (1,795,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 691,000 | 672,000 |
Stock-based compensation expense | 111,000 | 143,000 |
Deferred loan costs recognized | 4,000 | 3,000 |
Gain on the sale of assets | 0 | (281,000) |
Provision for excess and obsolete inventory | 37,000 | (75,000) |
Other noncash items | (127,000) | 68,000 |
Contributions to pension plans | (10,000) | (11,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 758,000 | (675,000) |
Inventory | (2,564,000) | 78,000 |
Other current assets | 398,000 | (667,000) |
Accounts payable | (1,170,000) | 1,047,000 |
Accrued and other liabilities | 436,000 | 847,000 |
Net cash used in operating activities | (4,472,000) | (646,000) |
Cash flows from investing activities: | ||
Capital expenditures, net | (348,000) | (406,000) |
Proceeds from sale of assets | 0 | 363,000 |
Net cash used in investing activities | (348,000) | (43,000) |
Cash flows from financing activities: | ||
Principal payments on finance lease obligations | (146,000) | (425,000) |
Indirect repurchase of shares of minimum statutory tax withholdings | (49,000) | 0 |
Net cash used in financing activities | (195,000) | (425,000) |
Net decrease in cash and cash equivalents | (5,015,000) | (1,114,000) |
Cash and cash equivalents at beginning of period | 10,704,000 | 8,144,000 |
Cash and cash equivalents at end of period | 5,689,000 | 7,030,000 |
Supplemental disclosure of cash flow information: | ||
Right-of-use assets obtained in exchange for finance lease obligations | $ 269,000 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | 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, 2017 | 21,422,077 | |||||
Balance at Dec. 31, 2017 | $ 214,000 | $ 153,858,000 | $ (111,591,000) | $ (25,551,000) | $ 0 | |
Net loss | 0 | 0 | (1,795,000) | 0 | 0 | $ (1,795,000) |
Foreign currency translation adjustment | 0 | 0 | 0 | 408,000 | 0 | |
Noncash compensation | $ 0 | 143,000 | 0 | 0 | 0 | |
Retire treasury stock (in shares) | (65,895) | |||||
Retire treasury stock | $ 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Apr. 01, 2018 | 21,356,182 | |||||
Balance at Apr. 01, 2018 | $ 214,000 | 154,001,000 | (113,216,000) | (25,143,000) | 0 | |
Adoption of new accounting standards | $ 0 | 0 | 170,000 | 0 | 0 | |
Balance (in shares) at Dec. 31, 2018 | 21,398,182 | |||||
Balance at Dec. 31, 2018 | $ 214,000 | 154,388,000 | (114,926,000) | (24,842,000) | 0 | 14,834,000 |
Net loss | 0 | 0 | (3,036,000) | 0 | 0 | (3,036,000) |
Foreign currency translation adjustment | 0 | 0 | 0 | 125,000 | 0 | |
Noncash compensation | $ 0 | 111,000 | 0 | 0 | 0 | |
Retire treasury stock (in shares) | (43,979) | |||||
Retire treasury stock | $ 0 | (49,000) | 0 | 0 | 0 | |
Balance (in shares) at Mar. 31, 2019 | 21,354,203 | |||||
Balance at Mar. 31, 2019 | $ 214,000 | 154,450,000 | (116,520,000) | (24,717,000) | 0 | $ 13,427,000 |
Adoption of new accounting standards | $ 0 | $ 0 | $ 1,442,000 | $ 0 | $ 0 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | ( 1 Nature of Business All references to “Sypris,” the “Company,” “we” or “our” include Sypris Solutions, Inc. and its wholly-owned subsidiaries. Sypris is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. The Company offers such products through its two 13 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ( 2 Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form 10 10 X December 31, 2018 not These unaudited consolidated financial statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state the results of operations, financial position and cash flows for the periods presented, and the disclosures herein are adequate to make the information presented not three March 31, 2019 not may December 31, 2019. December 31, 2018 10 |
Note 3 - Restatement of Previou
Note 3 - Restatement of Previously Reported Financial Statements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | ( 3 Restatement of Previously Reported Financial Statements Subsequent to March 31, 2019, January 1, 2019. first 2019 second 2019. $786,000 March 31, 2019. first first 2019 10 $731,000 three March 31, 2019. $2,305,000 $3,036,000 $0.11 $0.15 three March 31, 2019. not The following tables summarize the effects of the restatement on the specific items presented in the Company’s consolidated financial statements as of March 31, 2019: Unaudited Consolidated Statement of Operations as of March 31, 2019: Previously Reported Adjustment Restated Net revenue $ 19,564 $ 0 $ 19,564 Cost of sales 17,973 731 18,704 Gross profit 1,591 (731 ) 860 Selling, general and administrative 3,454 0 3,454 Severance, equipment relocation and other costs 98 0 98 Operating loss (1,961 ) (731 ) (2,692 ) Interest expense, net 217 0 217 Other expense (income), net 51 0 51 Loss before taxes (2,229 ) (731 ) (2,960 ) Income tax expense 76 0 76 Net loss $ (2,305 ) $ (731 ) $ (3,036 ) Loss per share: Basic (0.11 ) (0.04 ) (0.15 ) Diluted (0.11 ) (0.04 ) (0.15 ) Selected Unaudited Consolidated Balance Sheet Information as of March 31, 2019: Previously Reported Adjustment Restated Inventory $ 21,209 $ (100 ) $ 21,109 Total current assets 41,877 (100 ) 41,777 Total assets 65,676 (100 ) 65,576 Accounts payable 11,670 631 12,301 Total current liabilities 27,999 631 28,630 Total liabilities 51,518 631 52,149 Accumulated deficit (115,789 ) (731 ) (116,520 ) Total stockholders’ equity 14,158 (731 ) 13,427 Total liabilities and stockholders’ equity 65,676 (100 ) 65,576 |
Note 4 - Recent Accounting Pron
Note 4 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ( 4 Recent Accounting Pronouncements In February 2016, No. 2016 02, Leases 842 The Company adopted this update beginning on January 1, 2019 not not not not not 12 842 January 1, 2019 $7,664,000 $8,549,000. $1,442,000, 2016 no 5 842 In August 2016, No. 2016 15 230: Classification of Certain Cash Receipts and Cash Payments No. 2016 15 No. 2016 15 first not In June 2016, 2016 13, Credit Losses – Measurement of Credit Losses on Financial Instruments January 1, 2020, not In February 2018, No. 2018 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018 02 2018 02 2017 December 15, 2018, January 1, 2019, not 2018 02 not 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 5 - Leases
Note 5 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | ( 5 ) Leases The Company determines if an arrangement is a lease at its inception. The Company has entered into operating leases for real estate. These leases have initial terms which range from 10 11 one 5 not not Some leases may one These operating leases are included in “Operating lease right-of-use assets” on the Company’s March 31, 2019 March 31, 2019 $7,664,000 $8,549,000 January 1, 2019, January 1, 2019 March 31, 2019, $7,532,000 $8,347,000, We primarily use our incremental borrowing rate, which is updated quarterly, based on the information available at commencement date, in determining the present value of lease payments. If readily available, we would use the implicit rate in a new lease to determine the present value of lease payments. The Company has certain contracts for real estate which may The Company has entered into various short-term operating leases, primarily for office equipment with an initial term of twelve not not three March 31, 2019. The following table presents information related to lease expense for the three March 31, 2019 Three Months Ended March 31, 2019 (Unaudited) Finance lease expense: Amortization expense $ 111 Interest expense 91 Operating lease expense 351 Variable lease expense 79 Total lease expense $ 632 The following table presents supplemental cash flow information related to leases (in thousands): Three Months Ended March 31, 2019 (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 354 Operating cash flows from finance leases 91 Financing cash flows from finance leases 146 Maturities of lease liabilities as of March 31, 2019 Operating Finance Leases Leases 2020 $ 1,445 $ 945 2021 1,428 927 2022 1,480 612 2023 1,496 612 2024 1,514 607 Thereafter 3,867 1,006 Total lease payments 11,230 4,709 Less imputed interest (2,883 ) (1,188 ) Total $ 8,347 $ 3,521 As previously reported in the Annual Report on Form 10 December 31, 2018, 840 December 31, 2018 Operating Finance Leases Leases 2019 $ 1,453 $ 927 2020 1,387 881 2021 1,430 580 2022 1,443 548 2023 1,459 548 Thereafter 4,101 1,143 Total lease payments 11,273 4,627 Less imputed interest (1,230 ) Total $ 3,397 The following table presents certain information related to lease terms and discount rates for leases as of March 31, 2019: Operating Finance Leases Leases Weighted-average remaining lease term (years) 7.8 5.7 Weighted-average discount rate (percentage) 8.0 10.4 |
Note 6 - Revenue from Contracts
Note 6 - Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 6 ) Revenue from Contracts with Customers The Company recognizes revenue when it satisfies a performance obligation by transferring control of a promised product or rendering a service to a customer. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for the product or service (the “transaction price”). The Company’s transaction price in its contracts with customers is generally fixed; no not 14 not A performance obligation is a promise in a contract to transfer a distinct product or render a service to a customer and is the unit of account to which the transaction price is allocated under ASC 606. For contracts where Sypris Electronics serves as a contractor for aerospace and defense companies under federally funded programs, we generally recognize revenue over time as we perform because of continuous transfer of control to the customer. This continuous transfer of control to the customer is supported by clauses in the contracts that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Because 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 $13,269,000 March 31, 2019, 37% 2019 50% 2020 Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the three March 31, 2019 April 1, 2018 ( March 31, April 1, 2019 2018 (Unaudited) Sypris Technologies – transferred point in time $ 16,141 $ 14,507 Sypris Electronics – transferred point in time 682 914 Sypris Electronics – transferred over time 2,741 4,521 Net revenue $ 19,564 $ 19,942 Contract Balances Differences in the timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the consolidated balance sheets. Contract assets March 31, 2019 December 31, 2018 $554,000 $839,000, Contract liabilities March 31, 2019 December 31, 2018, $8,733,000 $8,369,000, not The Company recognized revenue from contract liabilities of $1,344,000 $727,000 first 2019 2018, Practical expedients and exemptions Sales commissions are expensed when incurred because the amortization period would have been one We do not one |
Note 7 - Strategic Actions
Note 7 - Strategic Actions | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 7 ) Strategic Actions The Company completed a number of strategic actions during the past four fourth 2015 8 2016, 2016, 2015, 2017, August 2016. $6,500,000 2021, 2023 2025. The Company has reduced its reliance on certain of its traditional Tier 1 not January 1, 2017, 2017 8 fourth 2018, three six |
Note 8 - Exit and Disposal Acti
Note 8 - Exit and Disposal Activities | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | ( 8 ) Exit and Disposal Activities On February 21, 2017, 2017. As a result of these initiatives, the Company recorded charges of $98,000, $0.01 $509,000, $0.03 first three 2019 2018, first 2019 first 2018 $68,000 $441,000 A summary of the total pre-tax charges is as follows (in thousands): Costs Incurred Three Months Total Remaining Total Ended Recognized Costs to be Program March 31, 2019 to date Recognized Severance and benefit related costs $ 1,350 $ 0 $ 1,350 $ 0 Asset impairments 188 0 188 0 Equipment relocation costs 1,895 8 1,793 102 Other 1,454 90 1,168 286 $ 4,887 $ 98 $ 4,499 $ 388 The Company expects to incur additional pre-tax costs of approximately $388,000 As noted above, management expects to use proceeds from the sale of underutilized or non-core assets to fund costs incurred on the transfer of equipment from the Broadway Plant. The following assets have been segregated and included in assets held for sale in the consolidated balance sheets (in thousands): March 31, December 31, 2019 2018 (Unaudited) Machinery, equipment, furniture and fixtures $ 11,207 $ 11,207 Accumulated depreciation (9,733 ) (9,733 ) Property, plant and equipment, net $ 1,474 $ 1,474 |
Note 9 - Loss Per Common Share
Note 9 - Loss Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 9 ) Loss Per Common Share The Company computes earnings per share using the two Our potentially dilutive securities include potential common shares related to our stock options and restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted earnings per share excludes the impact of common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the three March 31, 2019 April 1, 2018, not A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted loss per common share is as follows (in thousands): Three Months Ended March 31, April 1, 2019 2018 (Restated) (Unaudited) Loss attributable to stockholders: Net loss as reported $ (3,036 ) $ (1,795 ) Less distributed and undistributed earnings allocable to restricted awarded holders 0 0 Less dividends declared attributed to restricted awarded holders 0 0 Net loss allocable to common stockholders $ (3,036 ) $ (1,795 ) Loss per common share attributable to stockholders: Basic $ (0.15 ) $ (0.09 ) Diluted $ (0.15 ) $ (0.09 ) Weighted average shares outstanding – basic 20,669 20,394 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 20,669 20,394 |
Note 10 - Inventory
Note 10 - Inventory | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 10 ) Inventory Inventory consists of the following (in thousands): March 31, December 31, 2019 2018 (Restated) (Unaudited) Raw materials $ 15,894 $ 12,354 Work in process 5,385 6,331 Finished goods 1,251 1,313 Reserve for excess and obsolete inventory (1,421 ) (1,414 ) Total $ 21,109 $ 18,584 |
Note 11 - Property, Plant and E
Note 11 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 11 ) Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): March 31, December 31, 2019 2018 (Unaudited) Land and land improvements $ 219 $ 219 Buildings and building improvements 11,257 11,178 Machinery, equipment, furniture and fixtures 60,199 59,179 Construction in progress 2,025 2,141 73,700 72,717 Accumulated depreciation (58,942 ) (58,062 ) $ 14,758 $ 14,655 |
Note 12 - Debt
Note 12 - Debt | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 12 ) Debt Debt outstanding consists of the following (in thousands): March 31, December 31, 2019 2018 (Unaudited) Current: Current portion of finance lease obligation $ 632 $ 593 Long Term: Note payable – related party $ 6,500 $ 6,500 Finance lease obligation 2,889 2,804 Less unamortized debt issuance and modification costs (47 ) (51 ) Long term debt net of unamortized debt costs $ 9,342 $ 9,253 |
Note 13 - Segment Data
Note 13 - Segment Data | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 13 ) Segment Data The Company is organized into two no The following table presents financial information for the reportable segments of the Company (in thousands): Three Months Ended March 31, April 1, 2019 2018 (Restated) (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 16,141 $ 14,507 Sypris Electronics 3,423 5,435 $ 19,564 $ 19,942 Gross profit (loss): Sypris Technologies $ 2,304 $ 2,107 Sypris Electronics (1,444 ) (76 ) $ 860 $ 2,031 Operating income (loss): Sypris Technologies $ 1,052 $ 305 Sypris Electronics (2,310 ) (755 ) General, corporate and other (1,434 ) (1,176 ) $ (2,692 ) $ (1,626 ) Income (loss) before taxes: Sypris Technologies $ 907 $ 304 Sypris Electronics (2,327 ) (773 ) General, corporate and other (1,540 ) (1,286 ) $ (2,960 ) $ (1,755 ) March 31, December 31, 2019 2018 (Restated) (Unaudited) Total assets: Sypris Technologies $ 34,120 $ 31,312 Sypris Electronics 23,768 19,208 General, corporate and other 7,688 11,048 $ 65,576 $ 61,568 Total liabilities: Sypris Technologies $ 23,940 $ 23,644 Sypris Electronics 19,333 15,180 General, corporate and other 8,876 7,910 $ 52,149 $ 46,734 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 14 ) Commitments and Contingencies The provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. The Company’s warranty liability, which is included in accrued liabilities in the accompanying consolidated balance sheets as of March 31, 2019 December 31, 2018 $572,000 $582,000, three March 31, 2019 April 1, 2018 not The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers’ compensation insurance programs, a self-insured worker’s compensation program and a self-insured employee health program. The Company records estimated liabilities for its insurance programs based on information provided by the third not may The Company is involved in certain litigation and contract issues arising in the normal course of business. While the outcome of these matters cannot, at this time, be predicted in light of the uncertainties inherent therein, management does not The Company accounts for loss contingencies in accordance with U.S. GAAP. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may no The Company has various current and previously-owned facilities subject to a variety of environmental regulations. The Company has received certain indemnifications from either companies previously owning these facilities or from purchasers of those facilities. As of March 31, 2019 December 31, 2018, no On December 27, 2017, 401 not February 2019 During the year ended December 31, 2017, one no $746,000 March 31, 2019. December 21, 2017, March 31, 2019, $293,000 not March 31, 2019. No $246,000 March 31, 2019 not $500,000. As of March 31, 2019, $9,831,000, |
Note 15 - Income Taxes
Note 15 - Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 15 ) Income Taxes The provision for income taxes includes federal, state, local and foreign taxes. The Company’s effective tax rate varies from period to period due to the proportion of foreign and domestic pre-tax income expected to be generated by the Company. The Company provides for income taxes for its domestic operations at a statutory rate of 21% 2019 2018 30% 2019 2018. The Company recognizes liabilities or assets for the deferred tax consequences of temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements in accordance with ASC 740, 740 740 not not |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ( 16 ) Employee Benefit Plans Pension expense (benefit) consisted of the following (in thousands): Three Months Ended March 31, April 1, 2019 2018 (Unaudited) Service cost $ 1 $ 2 Interest cost on projected benefit obligation 329 333 Net amortizations of actuarial loss 158 168 Expected return on plan assets (325 ) (326 ) Net periodic benefit cost $ 163 $ 177 The net periodic benefit cost of the defined benefit pension plans incurred during the three March 31, 2019 April 1, 2018 Three Months Ended March 31, April 1, 2019 2018 (Unaudited) Service cost: Selling, general and administrative expenses (1 ) (2 ) Other net periodic benefit costs: Other expense (income), net (162 ) (175 ) Total $ (163 ) $ (177 ) |
Note 17 - Accumulated Other Com
Note 17 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 17 ) Accumulated Other Comprehensive Loss The Company’s accumulated other comprehensive loss consists of employee benefit related adjustments and foreign currency translation adjustments. Accumulated other comprehensive loss consisted of the following (in thousands): March 31, December 31, 2019 2018 (Unaudited) Foreign currency translation adjustments $ (10,842 ) $ (10,967 ) Employee benefit related adjustments – U.S., net of tax (14,177 ) (14,177 ) Employee benefit related adjustments – Mexico, net of tax 302 302 Accumulated other comprehensive loss $ (24,717 ) $ (24,842 ) |
Note 18 - Fair Value of Financi
Note 18 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 18 ) 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 March 31, 2019 2 |
Note 3 - Restatement of Previ_2
Note 3 - Restatement of Previously Reported Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Previously Reported Adjustment Restated Net revenue $ 19,564 $ 0 $ 19,564 Cost of sales 17,973 731 18,704 Gross profit 1,591 (731 ) 860 Selling, general and administrative 3,454 0 3,454 Severance, equipment relocation and other costs 98 0 98 Operating loss (1,961 ) (731 ) (2,692 ) Interest expense, net 217 0 217 Other expense (income), net 51 0 51 Loss before taxes (2,229 ) (731 ) (2,960 ) Income tax expense 76 0 76 Net loss $ (2,305 ) $ (731 ) $ (3,036 ) Loss per share: Basic (0.11 ) (0.04 ) (0.15 ) Diluted (0.11 ) (0.04 ) (0.15 ) Previously Reported Adjustment Restated Inventory $ 21,209 $ (100 ) $ 21,109 Total current assets 41,877 (100 ) 41,777 Total assets 65,676 (100 ) 65,576 Accounts payable 11,670 631 12,301 Total current liabilities 27,999 631 28,630 Total liabilities 51,518 631 52,149 Accumulated deficit (115,789 ) (731 ) (116,520 ) Total stockholders’ equity 14,158 (731 ) 13,427 Total liabilities and stockholders’ equity 65,676 (100 ) 65,576 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2019 (Unaudited) Finance lease expense: Amortization expense $ 111 Interest expense 91 Operating lease expense 351 Variable lease expense 79 Total lease expense $ 632 |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Three Months Ended March 31, 2019 (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 354 Operating cash flows from finance leases 91 Financing cash flows from finance leases 146 |
Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance Leases Leases 2020 $ 1,445 $ 945 2021 1,428 927 2022 1,480 612 2023 1,496 612 2024 1,514 607 Thereafter 3,867 1,006 Total lease payments 11,230 4,709 Less imputed interest (2,883 ) (1,188 ) Total $ 8,347 $ 3,521 |
Schedule of Future Minimum Lease Payments for Operating and Capital Leases [Table Text Block] | Operating Finance Leases Leases 2019 $ 1,453 $ 927 2020 1,387 881 2021 1,430 580 2022 1,443 548 2023 1,459 548 Thereafter 4,101 1,143 Total lease payments 11,273 4,627 Less imputed interest (1,230 ) Total $ 3,397 |
Lease Terms and Discount Rates for Leases [Table Text Block] | Operating Finance Leases Leases Weighted-average remaining lease term (years) 7.8 5.7 Weighted-average discount rate (percentage) 8.0 10.4 |
Note 6 - Revenue from Contrac_2
Note 6 - Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | March 31, April 1, 2019 2018 (Unaudited) Sypris Technologies – transferred point in time $ 16,141 $ 14,507 Sypris Electronics – transferred point in time 682 914 Sypris Electronics – transferred over time 2,741 4,521 Net revenue $ 19,564 $ 19,942 |
Note 8 - Exit and Disposal Ac_2
Note 8 - Exit and Disposal Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Costs Incurred Three Months Total Remaining Total Ended Recognized Costs to be Program March 31, 2019 to date Recognized Severance and benefit related costs $ 1,350 $ 0 $ 1,350 $ 0 Asset impairments 188 0 188 0 Equipment relocation costs 1,895 8 1,793 102 Other 1,454 90 1,168 286 $ 4,887 $ 98 $ 4,499 $ 388 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | March 31, December 31, 2019 2018 (Unaudited) Machinery, equipment, furniture and fixtures $ 11,207 $ 11,207 Accumulated depreciation (9,733 ) (9,733 ) Property, plant and equipment, net $ 1,474 $ 1,474 |
Note 9 - Loss Per Common Share
Note 9 - Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, April 1, 2019 2018 (Restated) (Unaudited) Loss attributable to stockholders: Net loss as reported $ (3,036 ) $ (1,795 ) Less distributed and undistributed earnings allocable to restricted awarded holders 0 0 Less dividends declared attributed to restricted awarded holders 0 0 Net loss allocable to common stockholders $ (3,036 ) $ (1,795 ) Loss per common share attributable to stockholders: Basic $ (0.15 ) $ (0.09 ) Diluted $ (0.15 ) $ (0.09 ) Weighted average shares outstanding – basic 20,669 20,394 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 20,669 20,394 |
Note 10 - Inventory (Tables)
Note 10 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2019 2018 (Restated) (Unaudited) Raw materials $ 15,894 $ 12,354 Work in process 5,385 6,331 Finished goods 1,251 1,313 Reserve for excess and obsolete inventory (1,421 ) (1,414 ) Total $ 21,109 $ 18,584 |
Note 11 - Property, Plant and_2
Note 11 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2019 2018 (Unaudited) Land and land improvements $ 219 $ 219 Buildings and building improvements 11,257 11,178 Machinery, equipment, furniture and fixtures 60,199 59,179 Construction in progress 2,025 2,141 73,700 72,717 Accumulated depreciation (58,942 ) (58,062 ) $ 14,758 $ 14,655 |
Note 12 - Debt (Tables)
Note 12 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, December 31, 2019 2018 (Unaudited) Current: Current portion of finance lease obligation $ 632 $ 593 Long Term: Note payable – related party $ 6,500 $ 6,500 Finance lease obligation 2,889 2,804 Less unamortized debt issuance and modification costs (47 ) (51 ) Long term debt net of unamortized debt costs $ 9,342 $ 9,253 |
Note 13 - Segment Data (Tables)
Note 13 - Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, April 1, 2019 2018 (Restated) (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 16,141 $ 14,507 Sypris Electronics 3,423 5,435 $ 19,564 $ 19,942 Gross profit (loss): Sypris Technologies $ 2,304 $ 2,107 Sypris Electronics (1,444 ) (76 ) $ 860 $ 2,031 Operating income (loss): Sypris Technologies $ 1,052 $ 305 Sypris Electronics (2,310 ) (755 ) General, corporate and other (1,434 ) (1,176 ) $ (2,692 ) $ (1,626 ) Income (loss) before taxes: Sypris Technologies $ 907 $ 304 Sypris Electronics (2,327 ) (773 ) General, corporate and other (1,540 ) (1,286 ) $ (2,960 ) $ (1,755 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, December 31, 2019 2018 (Restated) (Unaudited) Total assets: Sypris Technologies $ 34,120 $ 31,312 Sypris Electronics 23,768 19,208 General, corporate and other 7,688 11,048 $ 65,576 $ 61,568 Total liabilities: Sypris Technologies $ 23,940 $ 23,644 Sypris Electronics 19,333 15,180 General, corporate and other 8,876 7,910 $ 52,149 $ 46,734 |
Note 16 - Employee Benefit Pl_2
Note 16 - Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, April 1, 2019 2018 (Unaudited) Service cost $ 1 $ 2 Interest cost on projected benefit obligation 329 333 Net amortizations of actuarial loss 158 168 Expected return on plan assets (325 ) (326 ) Net periodic benefit cost $ 163 $ 177 |
Net Periodic Benefit Cost Recognized in Income Statement [Table Text Block] | Three Months Ended March 31, April 1, 2019 2018 (Unaudited) Service cost: Selling, general and administrative expenses (1 ) (2 ) Other net periodic benefit costs: Other expense (income), net (162 ) (175 ) Total $ (163 ) $ (177 ) |
Note 17 - Accumulated Other C_2
Note 17 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | March 31, December 31, 2019 2018 (Unaudited) Foreign currency translation adjustments $ (10,842 ) $ (10,967 ) Employee benefit related adjustments – U.S., net of tax (14,177 ) (14,177 ) Employee benefit related adjustments – Mexico, net of tax 302 302 Accumulated other comprehensive loss $ (24,717 ) $ (24,842 ) |
Note 1 - Nature of Business (De
Note 1 - Nature of Business (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Number of Operating Segments | 2 |
Note 3 - Restatement of Previ_3
Note 3 - Restatement of Previously Reported Financial Statements (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Apr. 01, 2018 | Dec. 31, 2018 | |
Accounts Payable, Current, Total | $ 12,301,000 | $ 13,427,000 | |
Net Income (Loss) Attributable to Parent, Total | $ (3,036,000) | $ (1,795,000) | |
Earnings Per Share, Basic, Total | $ (0.15) | $ (0.09) | |
Cost of Goods and Services Sold, Total | $ 18,704,000 | $ 17,911,000 | |
Earnings Per Share, Diluted, Total | $ (0.15) | $ (0.09) | |
Restatement Adjustment [Member] | |||
Accounts Payable, Current, Total | $ 631,000 | ||
Net Income (Loss) Attributable to Parent, Total | $ (731,000) | ||
Earnings Per Share, Basic, Total | $ (0.04) | ||
Cost of Goods and Services Sold, Total | $ 731,000 | ||
Earnings Per Share, Diluted, Total | $ (0.04) | ||
Previously Reported [Member] | |||
Accounts Payable, Current, Total | $ 11,670,000 | ||
Net Income (Loss) Attributable to Parent, Total | $ (2,305,000) | ||
Earnings Per Share, Basic, Total | $ (0.11) | ||
Cost of Goods and Services Sold, Total | $ 17,973,000 | ||
Earnings Per Share, Diluted, Total | $ (0.11) | ||
Understatement [Member] | |||
Accounts Payable, Current, Total | $ 786,000 | ||
Cost of Goods and Services Sold, Total | $ 786,000 |
Note 3 - Restatement of Previ_4
Note 3 - Restatement of Previously Reported Financial Statements - Schedule of Restatements (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Apr. 01, 2018 | Dec. 31, 2018 | |
Net revenue | $ 19,564,000 | $ 19,942,000 | |
Cost of sales | 18,704,000 | 17,911,000 | |
Gross profit | 860,000 | 2,031,000 | |
Selling, general and administrative | 3,454,000 | 3,148,000 | |
Severance, equipment relocation and other costs | 98,000 | 509,000 | |
Operating loss | (2,692,000) | (1,626,000) | |
Interest expense, net | 217,000 | 213,000 | |
Other expense (income), net | 51,000 | (84,000) | |
Loss before taxes | (2,960,000) | (1,755,000) | |
Income tax expense | 76,000 | 40,000 | |
Net loss | $ (3,036,000) | $ (1,795,000) | |
Basic (in dollars per share) | $ (0.15) | $ (0.09) | |
Diluted (in dollars per share) | $ (0.15) | $ (0.09) | |
Inventory, Net, Total | $ 21,109,000 | $ 18,584,000 | |
Total current assets | 41,777,000 | 45,398,000 | |
Total assets | 65,576,000 | 61,568,000 | |
Accounts payable | 12,301,000 | 13,427,000 | |
Total current liabilities | 28,630,000 | 28,985,000 | |
Total liabilities | 52,149,000 | 46,734,000 | |
Accumulated deficit | (116,520,000) | (114,926,000) | |
Total stockholders’ equity | 13,427,000 | 14,834,000 | |
Total liabilities and stockholders’ equity | 65,576,000 | $ 61,568,000 | |
Previously Reported [Member] | |||
Net revenue | 19,564,000 | ||
Cost of sales | 17,973,000 | ||
Gross profit | 1,591,000 | ||
Selling, general and administrative | 3,454,000 | ||
Severance, equipment relocation and other costs | 98,000 | ||
Operating loss | (1,961,000) | ||
Interest expense, net | 217,000 | ||
Other expense (income), net | 51,000 | ||
Loss before taxes | (2,229,000) | ||
Income tax expense | 76,000 | ||
Net loss | $ (2,305,000) | ||
Basic (in dollars per share) | $ (0.11) | ||
Diluted (in dollars per share) | $ (0.11) | ||
Inventory, Net, Total | $ 21,209,000 | ||
Total current assets | 41,877,000 | ||
Total assets | 65,676,000 | ||
Accounts payable | 11,670,000 | ||
Total current liabilities | 27,999,000 | ||
Total liabilities | 51,518,000 | ||
Accumulated deficit | (115,789,000) | ||
Total stockholders’ equity | 14,158,000 | ||
Total liabilities and stockholders’ equity | 65,676,000 | ||
Restatement Adjustment [Member] | |||
Net revenue | 0 | ||
Cost of sales | 731,000 | ||
Gross profit | (731,000) | ||
Selling, general and administrative | 0 | ||
Severance, equipment relocation and other costs | 0 | ||
Operating loss | (731,000) | ||
Interest expense, net | 0 | ||
Other expense (income), net | 0 | ||
Loss before taxes | (731,000) | ||
Income tax expense | 0 | ||
Net loss | $ (731,000) | ||
Basic (in dollars per share) | $ (0.04) | ||
Diluted (in dollars per share) | $ (0.04) | ||
Inventory, Net, Total | $ (100,000) | ||
Total current assets | (100,000) | ||
Total assets | (100,000) | ||
Accounts payable | 631,000 | ||
Total current liabilities | 631,000 | ||
Total liabilities | 631,000 | ||
Accumulated deficit | (731,000) | ||
Total stockholders’ equity | (731,000) | ||
Total liabilities and stockholders’ equity | $ (100,000) |
Note 4 - Recent Accounting Pr_2
Note 4 - Recent Accounting Pronouncements (Details Textual) - USD ($) | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Apr. 01, 2018 |
Operating Lease, Right-of-Use Asset | $ 7,532,000 | $ 0 | ||
Operating Lease, Liability, Total | 8,347,000 | |||
Retained Earnings [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,442,000 | $ 170,000 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 7,664,000 | |||
Operating Lease, Liability, Total | 8,549,000 | |||
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,442,000 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lessee, Operating Lease, Renewal Term | 5 years | ||
Operating Lease, Right-of-Use Asset | $ 7,532,000 | $ 0 | |
Operating Lease, Liability, Total | $ 8,347,000 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 7,664,000 | ||
Operating Lease, Liability, Total | $ 8,549,000 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract | 10 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract | 11 years |
Note 5 - Leases - Lease Expense
Note 5 - Leases - Lease Expense (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Amortization expense | $ 111 |
Interest expense | 91 |
Operating lease expense | 351 |
Variable lease expense | 79 |
Total lease expense | $ 632 |
Note 5 - Leases - Supplemental
Note 5 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Operating cash flows from operating leases | $ 354 | |
Operating cash flows from finance leases | 91 | |
Financing cash flows from finance leases | $ 146 | $ 425 |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of Lease Liabilities (Details) | Mar. 31, 2019USD ($) |
2020, Operating Leases | $ 1,445,000 |
2020, Finance Leases | 945,000 |
2021, Operating Leases | 1,428,000 |
2021, Finance Leases | 927,000 |
2022, Operating Leases | 1,480,000 |
2022, Finance Leases | 612,000 |
2023, Operating Leases | 1,496,000 |
2023, Finance Leases | 612,000 |
2024, Operating Leases | 1,514,000 |
2024, Finance Leases | 607,000 |
Thereafter, Operating Leases | 3,867,000 |
Thereafter, Finance Leases | 1,006,000 |
Total lease payments, Operating Leases | 11,230,000 |
Total lease payments, Finance Leases | 4,709,000 |
Less imputed interest, Operating Leases | (2,883,000) |
Less imputed interest, Finance Leases | (1,188,000) |
Total, Operating Leases | 8,347,000 |
Total, Finance Leases | $ 3,521,000 |
Note 5 - Leases - Future Minimu
Note 5 - Leases - Future Minimum Annual Lease Commitment Under Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019, Operating Leases | $ 1,453 |
2019, Finance Leases | 927 |
2020, Operating Leases | 1,387 |
2020, Finance Leases | 881 |
2021, Operating Leases | 1,430 |
2021, Finance Leases | 580 |
2022, Operating Leases | 1,443 |
2022, Finance Leases | 548 |
2023, Operating Leases | 1,459 |
2023, Finance Leases | 548 |
Thereafter, Operating Leases | 4,101 |
Thereafter, Finance Leases | 1,143 |
Total lease payments, Operating Leases | 11,273 |
Total lease payments, Finance Leases | 4,627 |
Less imputed interest, Finance Leases | (1,230) |
Total, Finance Leases | $ 3,397 |
Note 5 - Leases - Information R
Note 5 - Leases - Information Related to Lease Terms and Discount Rates (Details) | Mar. 31, 2019 |
Weighted-average remaining lease term (years) (Year) | 7 years 292 days |
Weighted-average remaining lease term (years) (Year) | 5 years 255 days |
Weighted-average discount rate (percentage) | 8.00% |
Weighted-average discount rate (percentage) | 10.40% |
Note 6 - Revenue from Contrac_3
Note 6 - Revenue from Contracts with Customers 1 (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Apr. 01, 2018 | Dec. 31, 2018 | |
Revenue, Remaining Performance Obligation, Amount | $ 13,269,000 | ||
Contract with Customer, Liability, Revenue Recognized | 1,344,000 | $ 727,000 | |
Other Current Assets [Member] | |||
Contract with Customer, Asset, Net, Current, Total | 554,000 | $ 839,000 | |
Accrued Liabilities [Member] | |||
Contract with Customer, Liability, Current | $ 8,733,000 | $ 8,369,000 |
Note 6 - Revenue from Contrac_4
Note 6 - Revenue from Contracts with Customers 2 (Details Textual) | Mar. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Percentage | 37.00% |
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 | 50.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Note 6 - Revenue from Contrac_5
Note 6 - Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Net revenue | $ 19,564 | $ 19,942 |
Sypris Technologies [Member] | ||
Net revenue | 16,141 | 14,507 |
Sypris Technologies [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 16,141 | 14,507 |
Sypris Electronics [Member] | ||
Net revenue | 3,423 | 5,435 |
Sypris Electronics [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 682 | 914 |
Sypris Electronics [Member] | Transferred over Time [Member] | ||
Net revenue | $ 2,741 | $ 4,521 |
Note 7 - Strategic Actions (Det
Note 7 - Strategic Actions (Details Textual) | Aug. 31, 2016USD ($) |
Gill Family Capital Management [Member] | Promissory Note [Member] | |
Subordinated Debt, Ending Balance | $ 6,500,000 |
Note 8 - Exit and Disposal Ac_3
Note 8 - Exit and Disposal Activities (Details Textual) - Transition of Production from the Broadway Plant [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Restructuring and Related Costs, Incurred Cost, Total | $ 98,000 | $ 509,000 |
Restructuring and Related Cost, Incurred Cost, Per Share | $ 0.01 | $ 0.03 |
Restructuring Charges, Total | $ 98,000 | |
Restructuring and Related Cost, Expected Cost Remaining | 388,000 | |
Sypris Electronics [Member] | ||
Restructuring and Related Cost, Expected Cost Remaining | 388,000 | |
Equipment Relocation Costs [Member] | ||
Restructuring Charges, Total | 8,000 | $ 68,000 |
Restructuring and Related Cost, Expected Cost Remaining | 102,000 | |
Other Restructuring [Member] | ||
Restructuring Charges, Total | 90,000 | $ 441,000 |
Restructuring and Related Cost, Expected Cost Remaining | $ 286,000 |
Note 8 - Exit and Disposal Ac_4
Note 8 - Exit and Disposal Activities - Summary of Pre-tax Restructuring Chargers (Details) - Transition of Production from the Broadway Plant [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Total Program | $ 4,887,000 | |
Costs Incurred | 98,000 | |
Recognized Costs | 4,499,000 | |
Remaining Costs to be Recognized | 388,000 | |
Employee Severance [Member] | ||
Total Program | 1,350,000 | |
Costs Incurred | 0 | |
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 | 1,895,000 | |
Costs Incurred | 8,000 | $ 68,000 |
Recognized Costs | 1,793,000 | |
Remaining Costs to be Recognized | 102,000 | |
Other Restructuring [Member] | ||
Total Program | 1,454,000 | |
Costs Incurred | 90,000 | $ 441,000 |
Recognized Costs | 1,168,000 | |
Remaining Costs to be Recognized | $ 286,000 |
Note 8 - Exit and Disposal Ac_5
Note 8 - Exit and Disposal Activities - Segregation of Assets Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Machinery, equipment, furniture and fixtures | $ 11,207 | $ 11,207 |
Accumulated depreciation | (9,733) | (9,733) |
Property, plant and equipment, net | $ 1,474 | $ 1,474 |
Note 9 - Loss Per Common Shar_2
Note 9 - Loss Per Common Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Net loss | $ (3,036,000) | $ (1,795,000) |
Less distributed and undistributed earnings allocable to restricted awarded holders | 0 | 0 |
Less dividends declared attributed to restricted awarded holders | 0 | 0 |
Net loss allocable to common stockholders | $ (3,036,000) | $ (1,795,000) |
Basic (in dollars per share) | $ (0.15) | $ (0.09) |
Diluted (in dollars per share) | $ (0.15) | $ (0.09) |
Basic (in shares) | 20,669 | 20,394 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 0 | 0 |
Weighted average shares outstanding – diluted (in shares) | 20,669 | 20,394 |
Note 10 - Inventory - Inventory
Note 10 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Raw materials | $ 15,894 | $ 12,354 |
Work in process | 5,385 | 6,331 |
Finished goods | 1,251 | 1,313 |
Reserve for excess and obsolete inventory | (1,421) | (1,414) |
Total | $ 21,109 | $ 18,584 |
Note 11 - Property, Plant and_3
Note 11 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Gross property, plant and equipment | $ 73,700 | $ 72,717 |
Accumulated depreciation | (58,942) | (58,062) |
Property plant and equipment net | 14,758 | 14,655 |
Land and Land Improvements [Member] | ||
Gross property, plant and equipment | 219 | 219 |
Building and Building Improvements [Member] | ||
Gross property, plant and equipment | 11,257 | 11,178 |
Property, Plant and Equipment, Other Types [Member] | ||
Gross property, plant and equipment | 60,199 | 59,179 |
Construction in Progress [Member] | ||
Gross property, plant and equipment | $ 2,025 | $ 2,141 |
Note 12 - Debt - Debt Component
Note 12 - Debt - Debt Components (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current portion of finance lease obligation | $ 632 | $ 593 |
Note payable – related party | 6,500 | 6,500 |
Finance lease obligation | 2,889 | 2,804 |
Less unamortized debt issuance and modification costs | (47) | (51) |
Long term debt net of unamortized debt costs | $ 9,342 | $ 9,253 |
Note 13 - Segment Data (Details
Note 13 - Segment Data (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | Apr. 01, 2018USD ($) | |
Number of Operating Segments | 2 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 19,564 | $ 19,942 |
Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 |
Note 13 - Segment Data - Financ
Note 13 - Segment Data - Financial Information From Reportable Segments - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Net revenue from unaffiliated customers | $ 19,564 | $ 19,942 |
Gross profit (loss) | 860 | 2,031 |
Operating loss | (2,692) | (1,626) |
ncome (loss) before taxes | (2,960) | (1,755) |
Sypris Technologies [Member] | ||
Net revenue from unaffiliated customers | 16,141 | 14,507 |
Gross profit (loss) | 2,304 | 2,107 |
Operating loss | 1,052 | 305 |
ncome (loss) before taxes | 907 | 304 |
Sypris Electronics [Member] | ||
Net revenue from unaffiliated customers | 3,423 | 5,435 |
Gross profit (loss) | (1,444) | (76) |
Operating loss | (2,310) | (755) |
ncome (loss) before taxes | (2,327) | (773) |
Corporate and Other [Member] | ||
Operating loss | (1,434) | (1,176) |
ncome (loss) before taxes | $ (1,540) | $ (1,286) |
Note 13 - Segment Data - Fina_2
Note 13 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Total assets | $ 65,576 | $ 61,568 |
Total liabilities | 52,149 | 46,734 |
Sypris Technologies [Member] | ||
Total assets | 34,120 | 31,312 |
Total liabilities | 23,940 | 23,644 |
Sypris Electronics [Member] | ||
Total assets | 23,768 | 19,208 |
Total liabilities | 19,333 | 15,180 |
Corporate and Other [Member] | ||
Total assets | 7,688 | 11,048 |
Total liabilities | $ 8,876 | $ 7,910 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Apr. 01, 2018 | Dec. 31, 2018 | |
Standard and Extended Product Warranty Accrual, Ending Balance | $ 572,000 | $ 582,000 | |
Accrual for Environmental Loss Contingencies, Ending Balance | 0 | 0 | |
Inventory, Net, Total | 21,109,000 | 18,584,000 | |
Revenue from Contract with Customer, Including Assessed Tax | 19,564,000 | $ 19,942,000 | |
Inventory Valuation Reserves, Ending Balance | 1,421,000 | $ 1,414,000 | |
Selling, General and Administrative Expenses [Member] | |||
Gain (Loss) Related to Litigation Settlement, Total | 9,831,000 | ||
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] | Forecast [Member] | |||
Increase (Decrease), Inventory Valuation Reserves | 500,000 | ||
Customer Lawsuit Against Distributor [Member] | Inventory Related to Customer Involved in Lawsuit Against Distributor [Member] | |||
Inventory, Net, Total | $ 746,000 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 30.00% | 30.00% |
Note 16 - Employee Benefit Pl_3
Note 16 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Service cost | $ 1 | $ 2 |
Interest cost on projected benefit obligation | 329 | 333 |
Net amortizations of actuarial loss | 158 | 168 |
Expected return on plan assets | (325) | (326) |
Net periodic benefit cost | $ 163 | $ 177 |
Note 16 - Employee Benefit Pl_4
Note 16 - Employee Benefit Plans - Net Periodic Benefit Cost Recognized in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Selling, general and administrative expenses | $ (1) | $ (2) |
Total | (163) | (177) |
Selling, General and Administrative Expenses [Member] | ||
Selling, general and administrative expenses | (1) | (2) |
Other Nonoperating Income (Expense) [Member] | ||
Other expense (income), net | $ (162) | $ (175) |
Note 17 - Accumulated Other C_3
Note 17 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Foreign currency translation adjustments | $ (10,842) | $ (10,967) |
Accumulated other comprehensive loss | (24,717) | (24,842) |
UNITED STATES | ||
Employee benefit related adjustments, net of tax | (14,177) | (14,177) |
Foreign Plan [Member] | ||
Employee benefit related adjustments, net of tax | $ 302 | $ 302 |