Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 10, 2020 | Jun. 30, 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 21,309,580 | ||
Entity Public Float | $ 8,814,182 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenue | $ 87,891,000 | $ 87,969,000 |
Cost of sales | 78,008,000 | 80,397,000 |
Gross profit | 9,883,000 | 7,572,000 |
Selling, general and administrative | 13,680,000 | 10,474,000 |
Severance, relocation and other costs | 509,000 | 1,394,000 |
Operating loss | (4,306,000) | (4,296,000) |
Interest expense, net | 903,000 | 850,000 |
Other income, net | (1,256,000) | (1,436,000) |
(Loss) income before income taxes | (3,953,000) | (3,710,000) |
Income tax benefit, net | (4,000) | (205,000) |
Net loss | $ (3,949,000) | $ (3,505,000) |
Loss per common share: | ||
Basic (in dollars per share) | $ (0.19) | $ (0.17) |
Diluted (in dollars per share) | (0.19) | (0.17) |
Cash dividends per common share (in dollars per share) | $ 0 | $ 0 |
Weighted average shares outstanding: | ||
Basic (in shares) | 20,865 | 20,512 |
Diluted (in shares) | 20,865 | 20,512 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss | $ (3,949) | $ (3,505) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments, net of tax expense of $104 and tax benefit of $18 in 2019 and 2018, respectively | 344 | (52) |
Employee benefit related, net of tax expense of $136 and $230 in 2019 and 2018, respectively | 447 | 761 |
Other comprehensive income | 791 | 709 |
Comprehensive loss | $ (3,158) | $ (2,796) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign currency translation adjustments, tax | $ 104 | $ (18) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 5,095,000 | $ 10,704,000 |
Accounts receivable, net | 7,444,000 | 9,881,000 |
Inventory, net | 20,784,000 | 18,584,000 |
Other current assets | 4,282,000 | 4,755,000 |
Assets held for sale | 2,233,000 | 1,474,000 |
Total current assets | 39,838,000 | 45,398,000 |
Property, plant and equipment, net | 11,675,000 | 14,655,000 |
Operating lease right-of-use assets | 7,014,000 | 0 |
Other assets | 1,529,000 | 1,515,000 |
Total assets | 60,056,000 | 61,568,000 |
Current liabilities: | ||
Accounts payable | 9,346,000 | 13,427,000 |
Accrued liabilities | 12,495,000 | 14,965,000 |
Operating lease liabilities, current portion | 841,000 | 0 |
Finance lease obligations, current portion | 684,000 | 593,000 |
Total current liabilities | 23,366,000 | 28,985,000 |
Note payable – related party | 6,463,000 | 6,449,000 |
Operating lease obligations, net of current portion | 6,906,000 | 0 |
Finance lease obligations, net of current portion | 2,351,000 | 2,804,000 |
Other liabilities | 7,539,000 | 8,496,000 |
Total liabilities | 46,625,000 | 46,734,000 |
Stockholders’ equity: | ||
Preferred stock | ||
Common stock | 213,000 | 214,000 |
Additional paid-in capital | 154,702,000 | 154,388,000 |
Accumulated deficit | (117,433,000) | (114,926,000) |
Accumulated other comprehensive loss | (24,051,000) | (24,842,000) |
Treasury stock, 26,192 and 16,192 shares in 2019 and 2018, respectively | 0 | 0 |
Total stockholders’ equity | 13,431,000 | 14,834,000 |
Total liabilities and stockholders’ equity | 60,056,000 | 61,568,000 |
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, 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) | 21,324,618 | 21,414,374 |
Common stock, shares outstanding (in shares) | 21,298,426 | 21,398,182 |
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 Flow - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (3,949,000) | $ (3,505,000) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 2,671,000 | 2,648,000 |
Deferred income taxes | (260,000) | (509,000) |
Non-cash compensation | 469,000 | 637,000 |
Deferred loan costs amortized | 11,000 | 14,000 |
Insurance recovery gain | 0 | (2,275,000) |
Settlement gain | 0 | (1,890,000) |
Net (gain) loss on sale of assets | (654,000) | 249,000 |
Provision for excess and obsolete inventory | 616,000 | 520,000 |
Non-cash lease expense | 650,000 | 0 |
Other noncash items | (69,000) | 278,000 |
Contributions to pension plans | (382,000) | (77,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,425,000 | (612,000) |
Inventory | (2,823,000) | (2,857,000) |
Prepaid expenses and other assets | 560,000 | (1,163,000) |
Accounts payable | (4,066,000) | 2,948,000 |
Accrued and other liabilities | (1,019,000) | 7,486,000 |
Net cash (used in) provided by operating activities | (5,820,000) | 1,892,000 |
Cash flows from investing activities: | ||
Capital expenditures | (859,000) | (2,051,000) |
Proceeds from sale of assets | 1,858,000 | 1,380,000 |
Insurance proceeds for recovery of property damage, net | 0 | 2,275,000 |
Net cash provided by investing activities | 999,000 | 1,604,000 |
Cash flows from financing activities: | ||
Finance lease payments | (632,000) | (829,000) |
Indirect repurchase of shares for minimum statutory tax withholdings | (156,000) | (107,000) |
Net cash used in financing activities | (788,000) | (936,000) |
Net (decrease) increase in cash and cash equivalents | (5,609,000) | 2,560,000 |
Cash and cash equivalents at beginning of year | 10,704,000 | 8,144,000 |
Cash and cash equivalents at end of year | 5,095,000 | 10,704,000 |
Supplemental disclosure of cash flow information: | ||
Right-of-use assets obtained in exchange for finance lease obligations | $ 269,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock Outstanding [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 | $ 153,858 | $ (111,591) | $ (25,551) | $ 0 | |
Net loss | 0 | 0 | (3,505) | 0 | 0 | $ (3,505) |
Adoption of new accounting standard at Dec. 31, 2017 | 0 | 0 | 170 | 0 | 0 | |
Employee benefit related, net of tax expense of $136 and $230 in 2019 and 2018, 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 | |
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 |
Net loss | 0 | 0 | (3,949) | 0 | 0 | (3,949) |
Adoption of new accounting standard at Dec. 31, 2018 | 0 | 0 | 1,442 | 0 | 0 | |
Employee benefit related, net of tax expense of $136 and $230 in 2019 and 2018, respectively | 0 | 0 | 0 | 447 | 0 | 447 |
Foreign currency translation adjustment, net of tax | $ 0 | 0 | 0 | 344 | 0 | |
Noncash compensation (in shares) | 60,000 | |||||
Noncash compensation | $ 0 | 469 | 0 | 0 | 0 | |
Retire treasury stock (in shares) | (149,756) | |||||
Retire treasury stock | $ (1) | (155) | 0 | 0 | 0 | |
Treasury stock (in shares) | (10,000) | |||||
Treasury stock | $ 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Dec. 31, 2019 | 21,298,426 | |||||
Balance at Dec. 31, 2019 | $ 213 | $ 154,702 | $ (117,433) | $ (24,051) | $ 0 | $ 13,431 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 21 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 Leases Our lease portfolio represents leases of real estate, including manufacturing, assembly and office facilities, while the remainder represents leases of personal property, including manufacturing and information technology equipment. We have lease agreements with lease and non-lease components, which are accounted for as a single lease component. Leases with an initial term of 12 not 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 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, 2019 2018, $569,000 $582,000, December 31, 2019 2018 $156,000 $136,000, 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 27% December 31, 2019 two 17% 10%, December 31, 2019 40% December 31, 2018 two 22% 18%, December 31, 2018 The Company’s largest customers for the year ended December 31, 2019 22%, 14% 11%, December 31, 2018, 19%, 14% 14%, No 10% December 31, 2019 2018. 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 359, 57% December 31, 2019. no 12 51% 319 December 31, 2019. Recently Issued Accounting Standards In February 2016, No. 2016 02, Leases 842 39 SYPRIS SOLUTIONS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED 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 842. 2 842 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 June 2016, 2016 13, Credit Losses – Measurement of Credit Losses on Financial Instruments January 1, 2023, not In August 2018, 2018 14, Compensation – Retirement Benefits – Defined Benefit Plans – General, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans January 1, 2020 no 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 not In December 2019, 2019 12, Income Taxes – Simplifying the Accounting for Income Taxes January 1, 2021 |
Note 2 - Leases
Note 2 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | ( 2 ) Leases The Company determines if an arrangement is a lease at its inception. The Company has entered into operating leases for real estate and personal property, including manufacturing and information technology equipment. These real estate 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 consolidated balance sheets as of December 31, 2019, December 31, 2019. $7,664,000 $8,549,000 January 1, 2019, January 1, 2019 December 31, 2019, $7,014,000 $7,747,000, 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 December 31, 2019. The following table presents information related to lease expense for the year ended December 31, 2019 Finance lease expense: Amortization expense $ 481 Interest expense 348 Operating lease expense 1,406 Variable lease expense 272 Total lease expense $ 2,507 The following table presents supplemental cash flow information related to leases for the year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,436 Operating cash flows from finance leases 348 Financing cash flows from finance leases 632 The annual future minimum lease payments as of December 31, 2019 Operating Finance Leases Leases Next 12 months $ 1,424 $ 945 12 to 24 months 1,476 644 24 to 36 months 1,492 612 36 to 48 months 1,509 612 48 to 60 months 1,318 559 Thereafter 2,931 595 Total lease payments 10,150 3,967 Less imputed interest (2,403 ) (932 ) Total $ 7,747 $ 3,035 For the year ended 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 December 31, 2019: Operating Finance Leases Leases Weighted-average remaining lease term (years) 7.1 5.3 Weighted-average discount rate (percentage) 8.0 10.3 |
Note 3 - Revenue from Contracts
Note 3 - Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 3 ) 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 Sypris Electronics’ contractual arrangements with customers are for one one $8,769,000 December 31, 2019, 41% 2020 2021. Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the years ended December 31, 2019 2018: December 31, 2019 2018 Sypris Technologies – transferred point in time $ 61,683 $ 59,816 Sypris Electronics – transferred point in time 6,201 5,800 Sypris Electronics – transferred over time 20,007 22,353 Net revenue $ 87,891 $ 87,969 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, 2019 2018 $906,000 $839,000, Contract liabilities December 31, 2019, $7,504,000, $5,769,000 $1,735,000 December 31, 2018, $8,369,000, not The Company recognized revenue from contract liabilities of $5,109,000 $1,121,000 December 31, 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 4 - Exit and Disposal Acti
Note 4 - Exit and Disposal Activities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | ( 4 ) Exit and Disposal Activities During 2016, 1 1 not January 1, 2017 On February 21, 2017, 2017. As a result of these initiatives, the Company recorded charges of $509,000, $0.02 $1,394,000, $0.07 2019 2018, 2019 2018 $361,000 $1,033,000 Costs Incurred Year Total Remaining Total Ended Recognized Costs to be Program Dec. 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 1,826 38 1,826 0 Other 1,609 471 1,546 63 $ 4,973 $ 509 $ 4,910 $ 63 The Company expects to incur additional pre-tax costs of approximately $63,000 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, 2019 2018 Property, plant and equipment $ 13,346 $ 11,207 Accumulated depreciation $ (11,113 ) $ (9,733 ) Property, plant and equipment, net $ 2,233 $ 1,474 |
Note 5 - Other Income, Net
Note 5 - Other Income, Net | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | ( 5 ) Other Income, Net The Company recognized other income of $1,256,000 December 31, 2019. 2019, $1,500,000 one two $1,500,000 2019. $654,000 December 31, 2019 $152,000 $970,000. The Company recognized other income of $1,436,000 December 31, 2018. second 2018. December 31, 2018, $2,447,000 $2,275,000, $21,000, $249,000 $584,000. |
Note 6 - Accounts Receivable
Note 6 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 6 ) Accounts Receivable Accounts receivable consists of the following (in thousands): December 31, 2019 2018 Commercial $ 7,494 $ 9,962 Allowance for doubtful accounts (50 ) (81 ) Net $ 7,444 $ 9,881 |
Note 7 - Inventory
Note 7 - Inventory | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 7 ) Inventory Inventory consists of the following (in thousands): December 31, 2019 2018 Raw materials $ 15,139 $ 12,354 Work in process $ 5,889 $ 6,331 Finished goods $ 1,675 $ 1,313 Reserve for excess and obsolete inventory $ (1,919 ) $ (1,414 ) Total $ 20,784 $ 18,584 |
Note 8 - Other Current Assets
Note 8 - Other Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | ( 8 ) Other Current Assets Other current assets consist of the following (in thousands): December 31, 2019 2018 Prepaid expenses $ 835 $ 576 Contract assets 906 839 Other 2,541 3,340 Total $ 4,282 $ 4,755 Included in other current assets are income and VAT taxes refundable, tools, spare parts and other items, none 5% |
Note 9 - Property, Plant and Eq
Note 9 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 9 ) Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): December 31, 2019 2018 Land and land improvements $ 50 $ 219 Buildings and building improvements 8,108 11,178 Machinery, equipment, furniture and fixtures 55,520 59,179 Construction in progress 371 2,141 64,049 72,717 Accumulated depreciation (52,374 ) (58,062 ) $ 11,675 $ 14,655 Depreciation expense, including amortization of assets recorded under finance leases, totaled approximately $2,671,000 $2,648,000 December 31, 2019 2018, not December 31, 2019 2018, Included within property, plant and equipment were assets under finance leases as follows (in thousands): December 31, 2019 2018 Buildings and building improvements $ 3,128 $ 2,995 Machinery, equipment, furniture and fixtures 1,546 1,277 4,674 4,272 Accumulated depreciation (1,495 ) (976 ) $ 3,179 $ 3,296 |
Note 10 - Other Assets
Note 10 - Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | ( 10 ) Other Assets Other assets consist of the following (in thousands): December 31, 2019 2018 Long term spare parts $ 183 $ 646 Long term deposits 396 507 Pension asset 607 138 Other 343 224 Total $ 1,529 $ 1,515 |
Note 11 - Accrued Liabilities
Note 11 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accrued Liabilities [Text Block] | ( 11 ) Accrued Liabilities Accrued liabilities consist of the following (in thousands): December 31, 2019 2018 Salaries, wages, employment taxes and withholdings $ 2,416 $ 2,019 Employee benefit plans 1,517 1,050 Accrued professional fees 966 821 Income, property and other taxes 355 453 Contract liabilities 5,769 8,369 Deferred gain from sale-leaseback 313 500 Other 1,159 1,753 Total $ 12,495 $ 14,965 Included in other accrued liabilities are accrued operating expenses, accrued warranty expenses, accrued interest, and other items, none 5% |
Note 12 - Other Liabilities
Note 12 - Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | ( 1 2 ) Other Liabilities Other liabilities consist of the following (in thousands): December 31, 2019 2018 Noncurrent pension liability $ 4,026 $ 4,272 Deferred gain from sale leaseback 1,616 3,093 Other 1,879 1,131 Total $ 7,539 $ 8,496 Upon the adoption of Topic 842 January 1, 2019, 2016 none 5% |
Note 13 - Debt
Note 13 - Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 13 ) Debt Long-term obligations consists of the following (in thousands): December 31, 2019 2018 Current: Current portion of finance lease obligations $ 684 $ 593 Long Term: Note payable – related party $ 6,500 $ 6,500 Finance lease obligations 2,351 2,804 Less unamortized debt issuance and modification costs (37 ) (51 ) Long term debt and finance lease obligations, net of unamortized debt costs $ 8,813 $ 9,253 The weighted average interest rate for outstanding borrowings at December 31, 2019 2018 8.0% no 2019 2018. December 31, 2019 2018 $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, 2019 2018. 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 Finance Lease Obligation s On March 9, 2016, 24 215,000,000 $12,182,000 ten 9 $2,421,000 December 31, 2019. In January 2018, 36 $1,277,000 2018. December 31, 2019 $384,000. In February 2019, 60 $269,000 December 31, 2019 $230,000. |
Note 14 - Fair Value of Financi
Note 14 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 14 ) 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, 2019 2 |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ( 15 ) 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, 2019 2018 Service cost $ 4 $ 4 Interest cost on projected benefit obligation 1,407 1,315 Net amortization of actuarial loss 666 632 Expected return on plan assets (1,103 ) (1,363 ) Net periodic benefit cost $ 974 $ 588 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, 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 34,690 $ 39,179 Service cost 4 4 Interest cost 1,407 1,315 Actuarial (gain) loss 2,835 (2,913 ) Benefits paid (2,886 ) (2,895 ) Benefit obligation at end of year $ 36,050 $ 34,690 Change in plan assets: Fair value of plan assets at beginning of year $ 30,199 $ 34,398 Actual return on plan assets 4,043 (1,381 ) Company contributions 382 77 Benefits paid (2,886 ) (2,895 ) Fair value of plan assets at end of year $ 31,738 $ 30,199 Underfunded status of the plans $ (4,312 ) $ (4,491 ) Balance sheet assets (liabilities): Other assets $ 607 $ 138 Accrued liabilities (893 ) (357 ) Other liabilities (4,026 ) (4,272 ) Net amount recognized $ (4,312 ) $ (4,491 ) Pension plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 24,843 $ 23,466 Accumulated benefit obligation 24,843 23,466 Fair value of plan assets 19,924 18,838 December 31, 2019 2018 Projected benefit obligation and net periodic pension cost assumptions: Discount rate – projected benefit obligation 3.15% 4.25% Discount rate – net periodic pension cost 4.25 3.55 Rate of compensation increase 4.00 4.00 Expected long-term rate of return on plan assets 3.65 – 3.90 3.95 – 4.30 Weighted average asset allocation: Equity securities 18% 16% Debt securities 78 80 Other 4 4 Total 100% 100% The fair values of our pension plan assets as of December 31, 2019 Significant Quoted Prices Other In Active Observable Markets Inputs (Level 1) (Level 2) Asset categories: Cash and cash equivalents $ 2,228 $ 0 Equity securities: U.S. Large Cap 1,935 0 U.S. Mid Cap 1,067 0 U.S. Small Cap 609 0 World Equity 2,214 0 Real Estate 546 0 Other 757 0 Fixed income securities 3,394 18,988 Total Plan Assets $ 12,750 $ 18,988 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 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 2020 $893,000, 2019 2018 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 3.90% 3.85% 3.65% 2019 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 loss 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, 2019 $13,007,000 not December 31, 2020 $635,000. 2019 2018 $666,000 $632,000, At December 31, 2019, five five 2020 $ 2,839 2021 2,782 2022 2,715 2023 2,638 2024 2,571 2025-2029 11,582 Total $ 25,127 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% $392,000 $376,000 2019 2018, 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 $40,000 $41,000 2019 2018, not |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 16 ) Commitments and Contingencies As of December 31, 2019, $8,792,000 The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers’ compensation insurance programs 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, 2019 2018, no 3 10 On December 27, 2017, 401 not During the fourth 2018, $1,890,000 December 31, 2018. |
Note 17 - Stock Option and Purc
Note 17 - Stock Option and Purchase Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 17 ) 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, 2019 2018 1,153,271 1,444,771, The 2010 2015 thre e 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 $469,000 $637,000 December 31, 2019 2018, 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, 2019 2018 Expected life (years) 4.0 4.0 Expected volatility 53.9 % 51.8 % Risk-free interest rates 2.30 % 2.65 % 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, 2019 843,000 $ 1.01 Granted 0 0 Vested (508,500 ) 0.99 Forfeited (10,000 ) 1.06 Nonvested shares at December 31, 2019 324,500 $ 1.03 0.61 $ 253,000 The total fair value of shares vested during 2019 2018 $533,000 $381,000, The following table summarizes option activity for the year ended December 31, 2019: Weighted- Weighted- average average Aggregate Number of Exercise Price Remaining Intrinsic Shares Per Share Term Value Outstanding at January 1, 2019 2,326,250 $ 1.47 Granted 706,000 1.06 Exercised 0 0 Forfeited (160,000 ) 1.48 Expired (304,500 ) 2.33 Outstanding at December 31, 2019 2,567,750 $ 1.26 2.31 $ 0 Exercisable at December 31, 2019 1,010,500 $ 1.21 0.41 $ 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, 2019 2018 $0.46 $0.69 no 2019 2018. As of December 31, 2019, $478,000 1.0 December 31, 2019 2018 $318,000 $184,000, |
Note 18 - Stockholders' Equity
Note 18 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 18 ) Stockholders’ Equity As of December 31, 2019 2018, 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, 2019 2018 Foreign currency translation adjustments, net of tax $ (10,623 ) $ (10,967 ) Employee benefit related adjustments – U.S, net of tax. (13,544 ) (14,177 ) Employee benefit related adjustments – Mexico, net of tax 116 302 Accumulated other comprehensive loss $ (24,051 ) $ (24,842 ) 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, 2018 $ (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 ) Currency translation adjustments, net of tax 344 0 344 Net actuarial loss for the year, net of tax 0 (64 ) (64 ) Amortization for the year, net of tax 0 511 511 Balance at December 31, 2019 $ (10,623 ) $ (13,428 ) $ (24,051 ) |
Note 19 - Income Taxes
Note 19 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 19 ) 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. The components of income (loss) before taxes are as follows (in thousands): Year ended December 31, 2019 2018 Domestic $ (5,337 ) $ (5,331 ) Foreign 1,384 1,621 Total $ (3,953 ) $ (3,710 ) The components of income tax (benefit) expense are as follows (in thousands): Year ended December 31, 2019 2018 Current: Federal $ 0 $ 0 State (14 ) 2 Foreign 270 302 Total current income tax expense 256 304 Deferred: Federal (217 ) (191 ) State (23 ) (21 ) Foreign (20 ) (297 ) Total deferred income tax (benefit) expense (260 ) (509 ) Income tax (benefit) expense, net $ (4 ) $ (205 ) 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 years ended December 31, 2019 2018 2019 2018 23.3% December 31, 2019 2018 $240,000 $212,000, December 31, 2019 2018 $240,000 $212,000, On December 22, 2017, one 35% 21% January 1, 2018. one 1986 December 31, 2017. not The Company files a consolidated federal income tax return which includes all domestic subsidiaries. State income taxes paid in the U.S. during 2019 2018 $37,000 $33,000, 2019 2018 $51,000 $12,000, 2019 2018 $293,000 $109,000, no 2019 2018. no 2019 2018. $92,000 2019 no 2018. December 31, 2019, $136,127,000 2018 2026 2037. 2018 December 31, 2019 $1,769,000. At December 31, 2019, $2,537,000 2018 $ 2,431,000 2026 2037. 2018 December 31, 2019 $106,000. 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, 2019 2018 Federal tax expense at the statutory rate $ (830 ) $ (779 ) Current year permanent differences 257 82 State income taxes, net of federal tax impact (131 ) (118 ) Effect of tax rates of foreign subsidiaries 125 154 Currency translation effect on temporary differences 312 189 Change in valuation allowance (2,377 ) 358 Intraperiod tax allocation (240 ) (212 ) State NOL carryforwards 3,326 320 Other items (446 ) (199 ) Income tax (benefit) expense, net $ (4 ) $ (205 ) ASC 740, Income Taxes , not not two 740 The gross deferred tax asset for the Company’s Mexican subsidiaries was $4,054,000 $4,434,000 December 31, 2019 2018, Deferred income tax assets and liabilities are as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Compensation and benefit accruals $ 359 $ 450 Inventory valuation 866 759 Federal and state net operating loss carryforwards 30,591 33,567 Deferred revenue 975 90 Accounts receivable allowance 8 11 Depreciation 85 39 Defined benefit pension plan 591 573 Lease liabilities 1,334 0 Foreign deferred revenue and other provisions 4,054 4,434 Other 661 874 Total 39,524 40,797 Domestic valuation allowance (34,338 ) (36,363 ) Foreign valuation allowance (3,717 ) (4,137 ) Total deferred tax assets 1,469 297 Deferred tax liabilities: Right-of-use assets, net (1,132 ) 0 Total deferred tax liabilities (1,132 ) 0 Net deferred tax asset $ 337 $ 297 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, 2019 2018 $ 200,000 no December 31, 2019 2018. If the Company’s positions are sustained by the taxing authority, the entire balance at December 31, 2019 not 12 December 31, 2019 2018, 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 2016 2018, |
Note 20 - Loss Per Common Share
Note 20 - Loss Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 20 ) 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 years ended December 31, 2019 2018 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, 2019 2018 Loss attributable to stockholders: Net loss as reported $ (3,949 ) $ (3,505 ) Less distributed and undistributed earnings allocable to restricted award holders 0 0 Net loss allocable to common stockholders $ (3,949 ) $ (3,505 ) Loss per common share attributable to stockholders: Basic $ (0.19 ) $ (0.17 ) Diluted $ (0.19 ) $ (0.17 ) Weighted average shares outstanding – basic 20,865 20,512 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 20,865 20,512 |
Note 21 - Segment Data
Note 21 - Segment Data | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 21 ) Segment Information The Company is organized into two no The Company includes the unallocated costs of its corporate office, including the employment costs of its senior management team and other corporate personnel, administrative costs and net corporate interest expense incurred at the corporate level under the caption “General, corporate and other” in the table below. Such unallocated costs include those for centralized information technology, finance, legal and human resources support teams, certain professional fees, director fees, corporate office rent, certain self-insurance costs and recoveries, software license fees and various other administrative expenses that are not not The following table presents financial information for the reportable segments of the Company (in thousands): Year ended December 31, 2019 2018 Net revenue from unaffiliated customers: Sypris Technologies $ 61,683 $ 59,816 Sypris Electronics 26,208 28,153 $ 87,891 $ 87,969 Gross profit: Sypris Technologies $ 9,785 $ 7,523 Sypris Electronics 98 49 $ 9,883 $ 7,572 Operating income (loss): Sypris Technologies $ 4,257 $ 3,207 Sypris Electronics (2,999 ) (2,555 ) General, corporate and other (5,564 ) (4,948 ) $ (4,306 ) $ (4,296 ) Interest expense, net: Sypris Technologies $ 377 $ 293 Sypris Electronics 63 117 General, corporate and other 463 440 $ 903 $ 850 Other (income) expense, net: Sypris Technologies $ 272 $ (1,434 ) Sypris Electronics (33 ) 0 General, corporate and other (1,495 ) (2 ) $ (1,256 ) $ (1,436 ) Income (loss) before income taxes: Sypris Technologies $ 3,609 $ 4,349 Sypris Electronics (3,029 ) (2,672 ) General, corporate and other (4,533 ) (5,387 ) $ (3,953 ) $ (3,710 ) Income tax expense (benefit), net: Sypris Technologies $ 250 $ 5 Sypris Electronics 0 0 General, corporate and other (254 ) (210 ) $ (4 ) $ (205 ) Year ended December 31, 2019 2018 Depreciation and amortization: Sypris Technologies $ 1,927 $ 2,029 Sypris Electronics 506 515 General, corporate and other 238 104 $ 2,671 $ 2,648 Capital expenditures: Sypris Technologies $ 693 $ 1,311 Sypris Electronics 97 173 General, corporate and other 69 567 $ 859 $ 2,051 December 31, 2019 2018 Total assets: Sypris Technologies $ 29,694 $ 31,312 Sypris Electronics 24,985 19,208 General, corporate and other 5,377 11,048 $ 60,056 $ 61,568 Total liabilities: Sypris Technologies $ 19,989 $ 23,644 Sypris Electronics 17,416 15,180 General, corporate and other 9,220 7,910 $ 46,625 $ 46,734 The Company’s export sales from the U.S. totaled $7,239,000 $4,155,000 2019 2018, $40,536,000 $39,744,000 2019 2018, $6,669,000 $7,162,000 December 31, 2019 2018, $9,899,000 $6,495,000 December 31, 2019 2018 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 21 |
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 Payment Arrangement [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 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 Goods and Service [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, 2019 2018, $569,000 $582,000, December 31, 2019 2018 $156,000 $136,000, |
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 27% December 31, 2019 two 17% 10%, December 31, 2019 40% December 31, 2018 two 22% 18%, December 31, 2018 The Company’s largest customers for the year ended December 31, 2019 22%, 14% 11%, December 31, 2018, 19%, 14% 14%, No 10% December 31, 2019 2018. |
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 359, 57% December 31, 2019. no 12 51% 319 December 31, 2019. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards 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 842. 2 842 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 June 2016, 2016 13, Credit Losses – Measurement of Credit Losses on Financial Instruments January 1, 2023, not In August 2018, 2018 14, Compensation – Retirement Benefits – Defined Benefit Plans – General, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans January 1, 2020 no 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 not In December 2019, 2019 12, Income Taxes – Simplifying the Accounting for Income Taxes January 1, 2021 |
Note 2 - Leases (Tables)
Note 2 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Finance lease expense: Amortization expense $ 481 Interest expense 348 Operating lease expense 1,406 Variable lease expense 272 Total lease expense $ 2,507 |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,436 Operating cash flows from finance leases 348 Financing cash flows from finance leases 632 |
Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance Leases Leases Next 12 months $ 1,424 $ 945 12 to 24 months 1,476 644 24 to 36 months 1,492 612 36 to 48 months 1,509 612 48 to 60 months 1,318 559 Thereafter 2,931 595 Total lease payments 10,150 3,967 Less imputed interest (2,403 ) (932 ) Total $ 7,747 $ 3,035 |
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) 7.1 5.3 Weighted-average discount rate (percentage) 8.0 10.3 |
Note 3 - Revenue from Contrac_2
Note 3 - Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | December 31, 2019 2018 Sypris Technologies – transferred point in time $ 61,683 $ 59,816 Sypris Electronics – transferred point in time 6,201 5,800 Sypris Electronics – transferred over time 20,007 22,353 Net revenue $ 87,891 $ 87,969 |
Note 4 - Exit and Disposal Ac_2
Note 4 - Exit and Disposal Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Costs Incurred Year Total Remaining Total Ended Recognized Costs to be Program Dec. 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 1,826 38 1,826 0 Other 1,609 471 1,546 63 $ 4,973 $ 509 $ 4,910 $ 63 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 31, 2019 2018 Property, plant and equipment $ 13,346 $ 11,207 Accumulated depreciation $ (11,113 ) $ (9,733 ) Property, plant and equipment, net $ 2,233 $ 1,474 |
Note 6 - Accounts Receivable (T
Note 6 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2019 2018 Commercial $ 7,494 $ 9,962 Allowance for doubtful accounts (50 ) (81 ) Net $ 7,444 $ 9,881 |
Note 7 - Inventory (Tables)
Note 7 - Inventory (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2019 2018 Raw materials $ 15,139 $ 12,354 Work in process $ 5,889 $ 6,331 Finished goods $ 1,675 $ 1,313 Reserve for excess and obsolete inventory $ (1,919 ) $ (1,414 ) Total $ 20,784 $ 18,584 |
Note 8 - Other Current Assets (
Note 8 - Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | December 31, 2019 2018 Prepaid expenses $ 835 $ 576 Contract assets 906 839 Other 2,541 3,340 Total $ 4,282 $ 4,755 |
Note 9 - Property, Plant and _2
Note 9 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2019 2018 Land and land improvements $ 50 $ 219 Buildings and building improvements 8,108 11,178 Machinery, equipment, furniture and fixtures 55,520 59,179 Construction in progress 371 2,141 64,049 72,717 Accumulated depreciation (52,374 ) (58,062 ) $ 11,675 $ 14,655 December 31, 2019 2018 Buildings and building improvements $ 3,128 $ 2,995 Machinery, equipment, furniture and fixtures 1,546 1,277 4,674 4,272 Accumulated depreciation (1,495 ) (976 ) $ 3,179 $ 3,296 |
Note 10 - Other Assets (Tables)
Note 10 - Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | December 31, 2019 2018 Long term spare parts $ 183 $ 646 Long term deposits 396 507 Pension asset 607 138 Other 343 224 Total $ 1,529 $ 1,515 |
Note 11 - Accrued Liabilities (
Note 11 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2019 2018 Salaries, wages, employment taxes and withholdings $ 2,416 $ 2,019 Employee benefit plans 1,517 1,050 Accrued professional fees 966 821 Income, property and other taxes 355 453 Contract liabilities 5,769 8,369 Deferred gain from sale-leaseback 313 500 Other 1,159 1,753 Total $ 12,495 $ 14,965 |
Note 12 - Other Liabilities (Ta
Note 12 - Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Other Liabilities [Table Text Block] | December 31, 2019 2018 Noncurrent pension liability $ 4,026 $ 4,272 Deferred gain from sale leaseback 1,616 3,093 Other 1,879 1,131 Total $ 7,539 $ 8,496 |
Note 13 - Debt (Tables)
Note 13 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2019 2018 Current: Current portion of finance lease obligations $ 684 $ 593 Long Term: Note payable – related party $ 6,500 $ 6,500 Finance lease obligations 2,351 2,804 Less unamortized debt issuance and modification costs (37 ) (51 ) Long term debt and finance lease obligations, net of unamortized debt costs $ 8,813 $ 9,253 |
Note 15 - Employee Benefit Pl_2
Note 15 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Year ended December 31, 2019 2018 Service cost $ 4 $ 4 Interest cost on projected benefit obligation 1,407 1,315 Net amortization of actuarial loss 666 632 Expected return on plan assets (1,103 ) (1,363 ) Net periodic benefit cost $ 974 $ 588 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | December 31, 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 34,690 $ 39,179 Service cost 4 4 Interest cost 1,407 1,315 Actuarial (gain) loss 2,835 (2,913 ) Benefits paid (2,886 ) (2,895 ) Benefit obligation at end of year $ 36,050 $ 34,690 Change in plan assets: Fair value of plan assets at beginning of year $ 30,199 $ 34,398 Actual return on plan assets 4,043 (1,381 ) Company contributions 382 77 Benefits paid (2,886 ) (2,895 ) Fair value of plan assets at end of year $ 31,738 $ 30,199 Underfunded status of the plans $ (4,312 ) $ (4,491 ) Balance sheet assets (liabilities): Other assets $ 607 $ 138 Accrued liabilities (893 ) (357 ) Other liabilities (4,026 ) (4,272 ) Net amount recognized $ (4,312 ) $ (4,491 ) Pension plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 24,843 $ 23,466 Accumulated benefit obligation 24,843 23,466 Fair value of plan assets 19,924 18,838 December 31, 2019 2018 Projected benefit obligation and net periodic pension cost assumptions: Discount rate – projected benefit obligation 3.15% 4.25% Discount rate – net periodic pension cost 4.25 3.55 Rate of compensation increase 4.00 4.00 Expected long-term rate of return on plan assets 3.65 – 3.90 3.95 – 4.30 Weighted average asset allocation: Equity securities 18% 16% Debt securities 78 80 Other 4 4 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 $ 2,228 $ 0 Equity securities: U.S. Large Cap 1,935 0 U.S. Mid Cap 1,067 0 U.S. Small Cap 609 0 World Equity 2,214 0 Real Estate 546 0 Other 757 0 Fixed income securities 3,394 18,988 Total Plan Assets $ 12,750 $ 18,988 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 |
Schedule of Expected Benefit Payments [Table Text Block] | 2020 $ 2,839 2021 2,782 2022 2,715 2023 2,638 2024 2,571 2025-2029 11,582 Total $ 25,127 |
Note 17 - Stock Option and Pu_2
Note 17 - Stock Option and Purchase Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Year ended December 31, 2019 2018 Expected life (years) 4.0 4.0 Expected volatility 53.9 % 51.8 % Risk-free interest rates 2.30 % 2.65 % Expected dividend yield 0.0 % 0.0 % |
Share-based Payment Arrangement, Restricted Stock Unit, 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, 2019 843,000 $ 1.01 Granted 0 0 Vested (508,500 ) 0.99 Forfeited (10,000 ) 1.06 Nonvested shares at December 31, 2019 324,500 $ 1.03 0.61 $ 253,000 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Weighted- average average Aggregate Number of Exercise Price Remaining Intrinsic Shares Per Share Term Value Outstanding at January 1, 2019 2,326,250 $ 1.47 Granted 706,000 1.06 Exercised 0 0 Forfeited (160,000 ) 1.48 Expired (304,500 ) 2.33 Outstanding at December 31, 2019 2,567,750 $ 1.26 2.31 $ 0 Exercisable at December 31, 2019 1,010,500 $ 1.21 0.41 $ 0 |
Note 18 - Stockholders' Equity
Note 18 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | December 31, 2019 2018 Foreign currency translation adjustments, net of tax $ (10,623 ) $ (10,967 ) Employee benefit related adjustments – U.S, net of tax. (13,544 ) (14,177 ) Employee benefit related adjustments – Mexico, net of tax 116 302 Accumulated other comprehensive loss $ (24,051 ) $ (24,842 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Foreign Defined Other Currency Benefit Comprehensive Translation Plans Loss Balance at January 1, 2018 $ (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 ) Currency translation adjustments, net of tax 344 0 344 Net actuarial loss for the year, net of tax 0 (64 ) (64 ) Amortization for the year, net of tax 0 511 511 Balance at December 31, 2019 $ (10,623 ) $ (13,428 ) $ (24,051 ) |
Note 19 - Income Taxes (Tables)
Note 19 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year ended December 31, 2019 2018 Domestic $ (5,337 ) $ (5,331 ) Foreign 1,384 1,621 Total $ (3,953 ) $ (3,710 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, 2019 2018 Current: Federal $ 0 $ 0 State (14 ) 2 Foreign 270 302 Total current income tax expense 256 304 Deferred: Federal (217 ) (191 ) State (23 ) (21 ) Foreign (20 ) (297 ) Total deferred income tax (benefit) expense (260 ) (509 ) Income tax (benefit) expense, net $ (4 ) $ (205 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 31, 2019 2018 Federal tax expense at the statutory rate $ (830 ) $ (779 ) Current year permanent differences 257 82 State income taxes, net of federal tax impact (131 ) (118 ) Effect of tax rates of foreign subsidiaries 125 154 Currency translation effect on temporary differences 312 189 Change in valuation allowance (2,377 ) 358 Intraperiod tax allocation (240 ) (212 ) State NOL carryforwards 3,326 320 Other items (446 ) (199 ) Income tax (benefit) expense, net $ (4 ) $ (205 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2018 Deferred tax assets: Compensation and benefit accruals $ 359 $ 450 Inventory valuation 866 759 Federal and state net operating loss carryforwards 30,591 33,567 Deferred revenue 975 90 Accounts receivable allowance 8 11 Depreciation 85 39 Defined benefit pension plan 591 573 Lease liabilities 1,334 0 Foreign deferred revenue and other provisions 4,054 4,434 Other 661 874 Total 39,524 40,797 Domestic valuation allowance (34,338 ) (36,363 ) Foreign valuation allowance (3,717 ) (4,137 ) Total deferred tax assets 1,469 297 Deferred tax liabilities: Right-of-use assets, net (1,132 ) 0 Total deferred tax liabilities (1,132 ) 0 Net deferred tax asset $ 337 $ 297 |
Note 20 - Loss Per Common Sha_2
Note 20 - Loss Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, 2019 2018 Loss attributable to stockholders: Net loss as reported $ (3,949 ) $ (3,505 ) Less distributed and undistributed earnings allocable to restricted award holders 0 0 Net loss allocable to common stockholders $ (3,949 ) $ (3,505 ) Loss per common share attributable to stockholders: Basic $ (0.19 ) $ (0.17 ) Diluted $ (0.19 ) $ (0.17 ) Weighted average shares outstanding – basic 20,865 20,512 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 20,865 20,512 |
Note 21 - Segment Data (Tables)
Note 21 - Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year ended December 31, 2019 2018 Net revenue from unaffiliated customers: Sypris Technologies $ 61,683 $ 59,816 Sypris Electronics 26,208 28,153 $ 87,891 $ 87,969 Gross profit: Sypris Technologies $ 9,785 $ 7,523 Sypris Electronics 98 49 $ 9,883 $ 7,572 Operating income (loss): Sypris Technologies $ 4,257 $ 3,207 Sypris Electronics (2,999 ) (2,555 ) General, corporate and other (5,564 ) (4,948 ) $ (4,306 ) $ (4,296 ) Interest expense, net: Sypris Technologies $ 377 $ 293 Sypris Electronics 63 117 General, corporate and other 463 440 $ 903 $ 850 Other (income) expense, net: Sypris Technologies $ 272 $ (1,434 ) Sypris Electronics (33 ) 0 General, corporate and other (1,495 ) (2 ) $ (1,256 ) $ (1,436 ) Income (loss) before income taxes: Sypris Technologies $ 3,609 $ 4,349 Sypris Electronics (3,029 ) (2,672 ) General, corporate and other (4,533 ) (5,387 ) $ (3,953 ) $ (3,710 ) Income tax expense (benefit), net: Sypris Technologies $ 250 $ 5 Sypris Electronics 0 0 General, corporate and other (254 ) (210 ) $ (4 ) $ (205 ) Year ended December 31, 2019 2018 Depreciation and amortization: Sypris Technologies $ 1,927 $ 2,029 Sypris Electronics 506 515 General, corporate and other 238 104 $ 2,671 $ 2,648 Capital expenditures: Sypris Technologies $ 693 $ 1,311 Sypris Electronics 97 173 General, corporate and other 69 567 $ 859 $ 2,051 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2019 2018 Total assets: Sypris Technologies $ 29,694 $ 31,312 Sypris Electronics 24,985 19,208 General, corporate and other 5,377 11,048 $ 60,056 $ 61,568 Total liabilities: Sypris Technologies $ 19,989 $ 23,644 Sypris Electronics 17,416 15,180 General, corporate and other 9,220 7,910 $ 46,625 $ 46,734 |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
Number of Operating Segments | 2 | ||
Standard and Extended Product Warranty Accrual, Ending Balance | $ 569,000 | $ 582,000 | |
Product Warranty Expense | $ 156,000 | 136,000 | |
Multi Employer Plans Collective Bargaining Arrangement Number of Participants | 359 | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants | 57.00% | ||
Operating Lease, Right-of-Use Asset | $ 7,014,000 | 0 | |
Operating Lease, Liability, Total | 7,747,000 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (117,433,000) | $ (114,926,000) | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 7,664,000 | ||
Operating Lease, Liability, Total | 8,549,000 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (1,442,000) | ||
Employee Benefit Related Adjustments Mexico [Member] | |||
Multi Employer Plans Collective Bargaining Arrangement Number of Participants | 319 | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants | 51.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 27.00% | 40.00% | |
Number of Major Customers | 2 | 2 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Sistemas [Member] | |||
Concentration Risk, Percentage | 17.00% | 18.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Detroit Diesel [Member] | |||
Concentration Risk, Percentage | 10.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Northrop Grumman [Member] | |||
Concentration Risk, Percentage | 22.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Sistemas [Member] | |||
Concentration Risk, Percentage | 22.00% | 19.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Detroit Diesel [Member] | |||
Concentration Risk, Percentage | 14.00% | 14.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Northrop Grumman [Member] | |||
Concentration Risk, Percentage | 11.00% | 14.00% | |
Land Improvements, Buildings and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Machinery, Equipment, Furniture, and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery, Equipment, Furniture, and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 15 years |
Note 2 - Leases (Details Textua
Note 2 - Leases (Details Textual) - USD ($) | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lessee, Operating Lease, Renewal Term | 5 years | ||
Operating Lease, Right-of-Use Asset | $ 7,014,000 | $ 0 | |
Operating Lease, Liability, Total | $ 7,747,000 | ||
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 2 - Leases - Lease Expense
Note 2 - Leases - Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Amortization expense | $ 481 |
Interest expense | 348 |
Operating lease expense | 1,406 |
Variable lease expense | 272 |
Total lease expense | $ 2,507 |
Note 2 - Leases - Supplemental
Note 2 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating cash flows from operating leases | $ 1,436 | |
Operating cash flows from finance leases | 348 | |
Financing cash flows from finance leases | $ 632 | $ 829 |
Note 2 - Leases - Maturities of
Note 2 - Leases - Maturities of Lease Liabilities (Details) | Dec. 31, 2019USD ($) |
Next 12 months, Operating Leases | $ 1,424,000 |
Next 12 months, Finance Leases | 945,000 |
12 to 24 months, Operating Leases | 1,476,000 |
12 to 24 months, Finance Leases | 644,000 |
24 to 36 months, Operating Leases | 1,492,000 |
24 to 36 months, Finance Leases | 612,000 |
36 to 48 months, Operating Leases | 1,509,000 |
36 to 48 months, Finance Leases | 612,000 |
48 to 60 months, Operating Leases | 1,318,000 |
48 to 60 months, Finance Leases | 559,000 |
Thereafter, Operating Leases | 2,931,000 |
Thereafter, Finance Leases | 595,000 |
Total lease payments, Operating Leases | 10,150,000 |
Total lease payments, Finance Leases | 3,967,000 |
Less imputed interest, Operating Leases | (2,403,000) |
Less imputed interest, Finance Leases | (932,000) |
Total, Operating Leases | 7,747,000 |
Total, Finance Leases | $ 3,035,000 |
Note 2 - Leases - Future Minimu
Note 2 - 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 2 - Leases - Information R
Note 2 - Leases - Information Related to Lease Terms and Discount Rates (Details) | Dec. 31, 2019 |
Weighted-average remaining lease term (Year) | 7 years 36 days |
Weighted-average remaining lease term (Year) | 5 years 109 days |
Weighted-average discount rate (percentage) | 8.00% |
Weighted-average discount rate (percentage) | 10.30% |
Note 3 - Revenue from Contrac_3
Note 3 - Revenue from Contracts with Customers 1 (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Remaining Performance Obligation, Amount | $ 8,769,000 | |
Contract with Customer, Asset, Net, Current, Total | 906,000 | $ 839,000 |
Contract with Customer, Liability, Total | 7,504,000 | |
Contract with Customer, Liability, Current | 5,769,000 | 8,369,000 |
Contract with Customer, Liability, Revenue Recognized | 5,109,000 | 1,121,000 |
Other Current Assets [Member] | ||
Contract with Customer, Asset, Net, Current, Total | 906,000 | 839,000 |
Accrued Liabilities [Member] | ||
Contract with Customer, Liability, Current | 5,769,000 | $ 8,369,000 |
Other Noncurrent Liabilities [Member] | ||
Contract with Customer, Liability, Noncurrent | $ 1,735,000 |
Note 3 - Revenue from Contrac_4
Note 3 - Revenue from Contracts with Customers 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Dec. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 41.00% |
Note 3 - Revenue from Contrac_5
Note 3 - Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenue | $ 87,891 | $ 87,969 |
Sypris Technologies [Member] | ||
Net revenue | 61,683 | 59,816 |
Sypris Technologies [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 61,683 | 59,816 |
Sypris Electronics [Member] | ||
Net revenue | 26,208 | 28,153 |
Sypris Electronics [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 6,201 | 5,800 |
Sypris Electronics [Member] | Transferred over Time [Member] | ||
Net revenue | $ 20,007 | $ 22,353 |
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, 2019 | Dec. 31, 2018 | |
Restructuring and Related Costs, Incurred Cost, Total | $ 509,000 | $ 1,394,000 |
Restructuring and Related Cost, Incurred Cost, Per Share | $ 0.02 | $ 0.07 |
Restructuring Charges, Total | $ 509,000 | |
Restructuring and Related Cost, Expected Cost Remaining | 63,000 | |
Sypris Electronics [Member] | ||
Restructuring and Related Cost, Expected Cost Remaining | 63,000 | |
Equipment Relocation Costs [Member] | ||
Restructuring Charges, Total | 38,000 | $ 361,000 |
Restructuring and Related Cost, Expected Cost Remaining | 0 | |
Other Restructuring [Member] | ||
Restructuring Charges, Total | 471,000 | $ 1,033,000 |
Restructuring and Related Cost, Expected Cost Remaining | $ 63,000 |
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, 2019 | Dec. 31, 2018 | |
Total Program | $ 4,973,000 | |
Costs Incurred | 509,000 | |
Recognized Costs | 4,910,000 | |
Remaining Costs to be Recognized | 63,000 | |
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 | 1,826,000 | |
Costs Incurred | 38,000 | $ 361,000 |
Recognized Costs | 1,826,000 | |
Remaining Costs to be Recognized | 0 | |
Other Restructuring [Member] | ||
Total Program | 1,609,000 | |
Costs Incurred | 471,000 | $ 1,033,000 |
Recognized Costs | 1,546,000 | |
Remaining Costs to be Recognized | $ 63,000 |
Note 4 - Exit and Disposal Ac_5
Note 4 - Exit and Disposal Activities - Segregation of Assets Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment | $ 13,346 | $ 11,207 |
Accumulated depreciation | (11,113) | (9,733) |
Property, plant and equipment, net | $ 2,233 | $ 1,474 |
Note 5 - Other Income, Net (Det
Note 5 - Other Income, Net (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Nonoperating Income (Expense), Total | $ 1,256,000 | $ 1,436,000 |
Gain Related to Settlement Agreement | 1,500,000 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 654,000 | (249,000) |
Foreign Currency Transaction Gain (Loss), before Tax, Total | 152,000 | 21,000 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 970,000 | 584,000 |
Proceeds from Insurance Settlement, Investing Activities | 2,447,000 | |
Gain on Business Interruption Insurance Recovery | 0 | $ 2,275,000 |
Other Current Assets [Member] | ||
Loss Contingency, Receivable, Ending Balance | $ 1,500,000 |
Note 6 - Accounts Receivable -
Note 6 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Account receivable, long-term contracts or programs | $ 7,494 | $ 9,962 |
Allowance for doubtful accounts | (50) | (81) |
Net | $ 7,444 | $ 9,881 |
Note 7 - Inventory - Inventory
Note 7 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Raw materials | $ 15,139 | $ 12,354 |
Work in process | 5,889 | 6,331 |
Finished goods | 1,675 | 1,313 |
Reserve for excess and obsolete inventory | (1,919) | (1,414) |
Total | $ 20,784 | $ 18,584 |
Note 8 - Other Current Assets_2
Note 8 - Other Current Assets (Details Textual) | 12 Months Ended |
Dec. 31, 2019 | |
Percentage of Current Assets Included in Other Current Assets | 5.00% |
Note 8 - Other Current Assets -
Note 8 - Other Current Assets - Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Prepaid expenses | $ 835 | $ 576 |
Contract assets | 906 | 839 |
Other | 2,541 | 3,340 |
Total | $ 4,282 | $ 4,755 |
Note 9 - Property, Plant and _3
Note 9 - Property, Plant and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 2,671,000 | $ 2,648,000 |
Note 9 - Property, Plant and _4
Note 9 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Gross property, plant and equipment | $ 64,049 | $ 72,717 |
Accumulated depreciation | (52,374) | (58,062) |
Property plant and equipment net | 11,675 | 14,655 |
Capital Leased Assets, Gross | 4,674 | 4,272 |
Accumulated depreciation | (1,495) | (976) |
Capital Leased Assets, Net | 3,179 | 3,296 |
Land and Land Improvements [Member] | ||
Gross property, plant and equipment | 50 | 219 |
Building and Building Improvements [Member] | ||
Gross property, plant and equipment | 8,108 | 11,178 |
Capital Leased Assets, Gross | 3,128 | 2,995 |
Machinery, Equipment, Furniture, and Fixtures [Member] | ||
Capital Leased Assets, Gross | 1,546 | 1,277 |
Property, Plant and Equipment, Other Types [Member] | ||
Gross property, plant and equipment | 55,520 | 59,179 |
Construction in Progress [Member] | ||
Gross property, plant and equipment | $ 371 | $ 2,141 |
Note 10 - Other Assets - Summar
Note 10 - Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long term spare parts | $ 183 | $ 646 |
Long term deposits | 396 | 507 |
Pension asset | 607 | 138 |
Other | 343 | 224 |
Total | $ 1,529 | $ 1,515 |
Note 11 - Accrued Liabilities_2
Note 11 - Accrued Liabilities (Details Textual) | Dec. 31, 2019 |
Accrued Operating Expenses, Accrued Warranty Expenses, Accrued Interest, and Other Items | 5.00% |
Note 11 - Accrued Liabilities -
Note 11 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Salaries, wages, employment taxes and withholdings | $ 2,416 | $ 2,019 |
Employee benefit plans | 1,517 | 1,050 |
Accrued professional fees | 966 | 821 |
Income, property and other taxes | 355 | 453 |
Contract liabilities | 5,769 | 8,369 |
Deferred gain from sale-leaseback | 313 | 500 |
Other | 1,159 | 1,753 |
Total | $ 12,495 | $ 14,965 |
Note 12 - Other Liabilities (De
Note 12 - Other Liabilities (Details Textual) | Dec. 31, 2019 |
Accrued Long-term Warranty Expenses and Other Items, Percentage | 5.00% |
Note 12 - Other Liabilities - O
Note 12 - Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Noncurrent pension liability | $ 4,026 | $ 4,272 |
Deferred gain from sale leaseback | 1,616 | 3,093 |
Other | 1,879 | 1,131 |
Total | $ 7,539 | $ 8,496 |
Note 13 - Debt (Details Textual
Note 13 - Debt (Details Textual) | Apr. 01, 2019 | Mar. 09, 2016USD ($)a | Mar. 09, 2016MXN ($)a | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019 | Feb. 28, 2019USD ($) | Jan. 31, 2018USD ($) |
Interest Costs Capitalized | $ 0 | $ 0 | ||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 526,000 | 526,000 | ||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 1,858,000 | $ 1,380,000 | ||||||
Finance Lease, Liability, Total | 3,035,000 | |||||||
Production Equipment Installed at Sypris Electronics Facility [Member] | ||||||||
Lessee, Finance Lease, Term of Contract | 3 years | |||||||
Finance Lease, Liability, Total | 384,000 | $ 1,277,000 | ||||||
Machinery at Sypris Technologies Facility [Member] | ||||||||
Lessee, Finance Lease, Term of Contract | 5 years | |||||||
Finance Lease, Liability, Total | 230,000 | $ 269,000 | ||||||
Toluca Property [Member] | ||||||||
Area of Land | a | 24 | 24 | ||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 12,182,000 | $ 215,000,000 | ||||||
Lessee, Finance Lease, Term of Contract | 10 years | 10 years | ||||||
Sale Leaseback Transaction, Portion of Real Estate Property Leased Back to Seller | a | 9 | 9 | ||||||
Finance Lease, Liability, Total | $ 2,421,000 | |||||||
Promissory Note [Member] | Gill Family Capital Management [Member] | ||||||||
Debt, Weighted Average Interest Rate | 8.00% | 8.00% | ||||||
Subordinated Debt, Ending Balance | $ 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] | ||||||||
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 13 - Debt - Debt Component
Note 13 - Debt - Debt Components (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finance lease obligations, current portion | $ 684 | $ 593 |
Note payable – related party | 6,500 | 6,500 |
Finance lease obligations, net of current portion | 2,351 | 2,804 |
Less unamortized debt issuance and modification costs | (37) | (51) |
Long term debt and finance lease obligations, net of unamortized debt costs | $ 8,813 | $ 9,253 |
Note 15 - Employee Benefit Pl_3
Note 15 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Maximum Period Allocated for Calculating Average Compensation | 10 years | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 893,000 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.90% | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax, Total | $ (13,007,000) | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (635,000) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax, Total | $ 666,000 | $ 632,000 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Louisville Hourly Plan [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.90% | |
Marion Plan [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.85% | |
Louisville Salaried Plan [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.65% | |
Defined Contribution Plan [Member] | ||
Defined Contribution Plan, Cost | $ 392,000 | 376,000 |
Non US Employees Defined Benefit Plan [Member] | ||
Defined Benefit Plan, Plan Assets, Administration Expense | $ 40,000 | $ 41,000 |
Minimum [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.65% | 4.30% |
Maximum [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.95% | |
Defined Benefit Plan, Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Defined Benefit Plan, 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 15 - Employee Benefit Pl_4
Note 15 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Service cost | $ 4 | $ 4 |
Interest cost on projected benefit obligation | 1,407 | 1,315 |
Net amortization of actuarial loss | 666 | 632 |
Expected return on plan assets | (1,103) | (1,363) |
Net periodic benefit cost | $ 974 | $ 588 |
Note 15 - Employee Benefit Pl_5
Note 15 - 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, 2019 | Dec. 31, 2018 | |
Benefit obligation at beginning of year | $ 34,690 | $ 39,179 |
Service cost | 4 | 4 |
Interest cost on projected benefit obligation | 1,407 | 1,315 |
Actuarial (gain) loss | 2,835 | (2,913) |
Benefits paid | (2,886) | (2,895) |
Benefit obligation at end of year | 36,050 | 34,690 |
Fair value of plan assets at beginning of year | 30,199 | 34,398 |
Actual return on plan assets | 4,043 | (1,381) |
Company contributions | 382 | 77 |
Benefits paid | (2,886) | (2,895) |
Fair value of plan assets at end of year | 31,738 | 30,199 |
Underfunded status of the plans | (4,312) | (4,491) |
Other assets | 607 | 138 |
Accrued liabilities | (893) | (357) |
Other liabilities | (4,026) | (4,272) |
Net amount recognized | (4,312) | (4,491) |
Projected benefit obligation | 24,843 | 23,466 |
Accumulated benefit obligation | 24,843 | 23,466 |
Fair value of plan assets | $ 19,924 | $ 18,838 |
Discount rate – projected benefit obligation | 3.15% | 4.25% |
Discount rate – net periodic pension cost | 4.25% | 3.55% |
Rate of compensation increase | 4.00% | 4.00% |
Expected long-term rate of return on plan assets | 3.90% | |
Weighted average asset allocation: | 100.00% | 100.00% |
Equity Securities [Member] | ||
Weighted average asset allocation: | 18.00% | 16.00% |
Debt Securities [Member] | ||
Weighted average asset allocation: | 78.00% | 80.00% |
Other [Member] | ||
Weighted average asset allocation: | 4.00% | 4.00% |
Minimum [Member] | ||
Expected long-term rate of return on plan assets | 3.65% | 4.30% |
Maximum [Member] | ||
Expected long-term rate of return on plan assets | 3.95% |
Note 15 - Employee Benefit Pl_6
Note 15 - Employee Benefit Plans - Summary of Fair Values of Pension Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair value of plan assets | $ 31,738 | $ 30,199 | $ 34,398 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 12,750 | 12,732 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Fair value of plan assets | 2,228 | 1,415 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | |||
Fair value of plan assets | 1,935 | 1,590 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, US, Mid Cap [Member] | |||
Fair value of plan assets | 1,067 | 967 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, US, Small Cap [Member] | |||
Fair value of plan assets | 609 | 489 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | |||
Fair value of plan assets | 2,214 | 1,886 | |
Fair Value, Inputs, Level 1 [Member] | Real Estate [Member] | |||
Fair value of plan assets | 546 | 458 | |
Fair Value, Inputs, Level 1 [Member] | Other Equity Securities [Member] | |||
Fair value of plan assets | 757 | 690 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities [Member] | |||
Fair value of plan assets | 3,394 | 5,237 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 18,988 | 17,467 | |
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 | $ 18,988 | $ 17,467 |
Note 15 - Employee Benefit Pl_7
Note 15 - Employee Benefit Plans - Benefits Expected to be Paid (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 2,839 |
2021 | 2,782 |
2022 | 2,715 |
2023 | 2,638 |
2024 | 2,571 |
2025-2029 | 11,582 |
Total | $ 25,127 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Purchase Obligation, Total | $ 8,792,000 | |
Accrual for Environmental Loss Contingencies, Ending Balance | 0 | $ 0 |
Gain (Loss) Related to Litigation Settlement, Total | $ 0 | 1,890,000 |
Selling, General and Administrative Expenses [Member] | ||
Gain (Loss) Related to Litigation Settlement, Total | $ 1,890,000 |
Note 17 - Stock Option and Pu_3
Note 17 - Stock Option and Purchase Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,153,271 | 1,444,771 |
Share-based Payment Arrangement, Expense | $ 469,000 | $ 637,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.46 | $ 0.69 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 478,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 318,000 | $ 184,000 |
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 | |
Share-based Payment Arrangement, Option [Member] | The 2010 Sypris Omnibus Plan [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 3,655,088 | |
Share-based Payment Arrangement, 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 | $ 533,000 | $ 381,000 |
Note 17 - Stock Option and Pu_4
Note 17 - Stock Option and Purchase Plans - Estimate Fair Value of Options Granted (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Expected life (years) (Year) | 4 years | 4 years |
Expected volatility | 53.90% | 51.80% |
Risk-free interest rates | 2.30% | 2.65% |
Expected dividend yield | 0.00% | 0.00% |
Note 17 - Stock Option and Pu_5
Note 17 - Stock Option and Purchase Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Novested shares (in shares) | shares | 843,000 |
Nonvested shares, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.01 |
Granted (in shares) | shares | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | shares | (508,500) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.99 |
Forfeited (in shares) | shares | (10,000) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.06 |
Nonvested shares (in shares) | shares | 324,500 |
Nonvested shares, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.03 |
Nonvested, weighted average remaining term (Year) | 222 days |
Nonvested, aggregate intrinsic value | $ | $ 253,000 |
Note 17 - Stock Option and Pu_6
Note 17 - Stock Option and Purchase Plans - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding (in shares) | 2,326,250 | |
Outstanding, weighted average exercise price per share (in dollars per share) | $ 1.47 | |
Granted (in shares) | 706,000 | |
Granted, weighted average exercise price per share (in dollars per share) | $ 1.06 | |
Exercised (in shares) | 0 | 0 |
Exercised, weighted average exercise price per share (in dollars per share) | $ 0 | |
Forfeited (in shares) | (160,000) | |
Forfeited, weighted average exercise price per share (in dollars per share) | $ 1.48 | |
Expired (in shares) | (304,500) | |
Expired, weighted average exercise price per share (in dollars per share) | $ 2.33 | |
Outstanding (in shares) | 2,567,750 | 2,326,250 |
Outstanding, weighted average exercise price per share (in dollars per share) | $ 1.26 | $ 1.47 |
Outstanding, weighted average remaining term (Year) | 2 years 113 days | |
Outstanding, aggregate intrinsic value | $ 0 | |
Exercisable (in shares) | 1,010,500 | |
Exercisable, weighted average exercise price per share (in dollars per share) | $ 1.21 | |
Exercisable, weighted average remaining term (Year) | 149 days | |
Exercisable, aggregate intrinsic value | $ 0 |
Note 18 - Stockholders' Equit_2
Note 18 - Stockholders' Equity (Details Textual) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
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 18 - Stockholders' Equit_3
Note 18 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Foreign currency translation adjustments, net of tax | $ (10,623) | $ (10,967) |
Accumulated other comprehensive loss | (24,051) | (24,842) |
Internal Revenue Service (IRS) [Member] | ||
Employee benefit related adjustments, net of tax | (13,544) | (14,177) |
Mexican Tax Authority [Member] | ||
Employee benefit related adjustments, net of tax | $ 116 | $ 302 |
Note 18 - Stockholders' Equit_4
Note 18 - Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 14,834 | |
Foreign currency translation adjustments, net of tax expense of $104 and tax benefit of $18 in 2019 and 2018, respectively | 344 | $ (52) |
Balance | 13,431 | 14,834 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (10,967) | (10,915) |
Foreign currency translation adjustments, net of tax expense of $104 and tax benefit of $18 in 2019 and 2018, respectively | 344 | (52) |
Net actuarial gain (loss) for the year, net of tax | 0 | 0 |
Amortization for the year, net of tax | 0 | 0 |
Balance | (10,623) | (10,967) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (13,875) | (14,636) |
Foreign currency translation adjustments, net of tax expense of $104 and tax benefit of $18 in 2019 and 2018, respectively | 0 | 0 |
Net actuarial gain (loss) for the year, net of tax | (64) | 276 |
Amortization for the year, net of tax | 511 | 485 |
Balance | (13,428) | (13,875) |
AOCI Attributable to Parent [Member] | ||
Balance | (24,842) | (25,551) |
Foreign currency translation adjustments, net of tax expense of $104 and tax benefit of $18 in 2019 and 2018, respectively | 344 | (52) |
Net actuarial gain (loss) for the year, net of tax | (64) | 276 |
Amortization for the year, net of tax | 511 | 485 |
Balance | $ (24,051) | $ (24,842) |
Note 19 - Income Taxes (Details
Note 19 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.30% | 23.30% |
Deferred Federal, State and Local, Tax Expense (Benefit), Total | $ 240,000 | $ 212,000 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Total | 240,000 | 212,000 |
Deferred Tax Assets, Foreign Deferred Revenue and Other Provision | 4,054,000 | 4,434,000 |
Unrecognized Tax Benefits, Ending Balance | 200,000 | 200,000 |
Unrecognized Tax Benefits, Period Increase (Decrease), Total | 0 | 0 |
Mexican Subsidiaries [Member] | ||
Deferred Tax Assets, Foreign Deferred Revenue and Other Provision | 4,054,000 | 4,434,000 |
State and Local Jurisdiction [Member] | ||
Income Taxes Paid | 37,000 | 33,000 |
Proceeds from Income Tax Refunds | 51,000 | 12,000 |
Operating Loss Carryforwards, Total | 2,537,000 | 2,431,000 |
Operating Loss Carryforwards, Not Subject to Expiration | 106,000 | |
Foreign Tax Authority [Member] | ||
Income Taxes Paid | 293,000 | 109,000 |
Proceeds from Income Tax Refunds | 0 | 0 |
Domestic Tax Authority [Member] | ||
Income Taxes Paid | 0 | 0 |
Proceeds from Income Tax Refunds | 92,000 | $ 0 |
Operating Loss Carryforwards, Total | 136,127,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $ 1,769,000 |
Note 19 - Income Taxes - Compon
Note 19 - Income Taxes - Components of Income (Loss) From Continuing Operations Before Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Domestic | $ (5,337) | $ (5,331) |
Foreign | 1,384 | 1,621 |
(Loss) income before income taxes | $ (3,953) | $ (3,710) |
Note 19 - Income Taxes - Comp_2
Note 19 - Income Taxes - Components of Income Tax Expense (Benefit) Applicable to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | ||
Federal | $ 0 | $ 0 |
State | (14) | 2 |
Foreign | 270 | 302 |
Total current income tax expense | 256 | 304 |
Deferred: | ||
Federal | (217) | (191) |
State | (23) | (21) |
Foreign | (20) | (297) |
Total deferred income tax (benefit) expense | (260) | (509) |
Income tax (benefit) expense, net | $ (4) | $ (205) |
Note 19 - Income Taxes - Summar
Note 19 - Income Taxes - Summary of Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal tax expense at the statutory rate | $ (830) | $ (779) |
Current year permanent differences | 257 | 82 |
State income taxes, net of federal tax impact | (131) | (118) |
Effect of tax rates of foreign subsidiaries | 125 | 154 |
Currency translation effect on temporary differences | 312 | 189 |
Change in valuation allowance | (2,377) | 358 |
Intraperiod tax allocation | (240) | (212) |
State NOL carryforwards | 3,326 | 320 |
Other items | (446) | (199) |
Income tax (benefit) expense, net | $ (4) | $ (205) |
Note 19 - Income Taxes - Summ_2
Note 19 - Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Compensation and benefit accruals | $ 359 | $ 450 |
Inventory valuation | 866 | 759 |
Federal and state net operating loss carryforwards | 30,591 | 33,567 |
Deferred revenue | 975 | 90 |
Accounts receivable allowance | 8 | 11 |
Depreciation | 85 | 39 |
Defined benefit pension plan | 591 | 573 |
Lease liabilities | 1,334 | 0 |
Foreign deferred revenue and other provisions | 4,054 | 4,434 |
Other | 661 | 874 |
Total | 39,524 | 40,797 |
Domestic valuation allowance | (34,338) | (36,363) |
Foreign valuation allowance | (3,717) | (4,137) |
Total deferred tax assets | 1,469 | 297 |
Deferred tax liabilities: | ||
Right-of-use assets, net | (1,132) | 0 |
Total deferred tax liabilities | (1,132) | 0 |
Net deferred tax asset | $ 337 | $ 297 |
Note 20 - Loss Per Common Sha_3
Note 20 - Loss Per Common Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss as reported | $ (3,949) | $ (3,505) |
Less distributed and undistributed earnings allocable to restricted award holders | 0 | 0 |
Net loss allocable to common stockholders | $ (3,949) | $ (3,505) |
Basic (in dollars per share) | $ (0.19) | $ (0.17) |
Diluted (in dollars per share) | $ (0.19) | $ (0.17) |
Basic (in shares) | 20,865 | 20,512 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 0 | 0 |
Weighted average shares outstanding – diluted (in shares) | 20,865 | 20,512 |
Note 21 - Segment Data (Details
Note 21 - Segment Data (Details Textual) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Operating Segments | 2 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 87,891,000 | $ 87,969,000 |
International Operation [Member] | ||
Export Sales | 7,239,000 | 4,155,000 |
Revenues, Total | 40,536,000 | 39,744,000 |
Long-Lived Assets | 6,669,000 | 7,162,000 |
Net Assets, Ending Balance | 9,899,000 | 6,495,000 |
Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 |
Note 21 - Segment Data - Financ
Note 21 - Segment Data - Financial Information From Reportable Segments - Income Statement (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenue from unaffiliated customers | $ 87,891,000 | $ 87,969,000 |
Gross profit (loss) | 9,883,000 | 7,572,000 |
Operating income (loss) | (4,306,000) | (4,296,000) |
Interest expense, net | 903,000 | 850,000 |
Other (income) expense, net | (1,256,000) | (1,436,000) |
Income (loss) before taxes | (3,953,000) | (3,710,000) |
Income tax expense (benefit), net | (4,000) | (205,000) |
Depreciation and amortization | 2,671,000 | 2,648,000 |
Capital expenditures | 859,000 | 2,051,000 |
Sypris Technologies [Member] | ||
Net revenue from unaffiliated customers | 61,683,000 | 59,816,000 |
Gross profit (loss) | 9,785,000 | 7,523,000 |
Operating income (loss) | 4,257,000 | 3,207,000 |
Interest expense, net | 377,000 | 293,000 |
Other (income) expense, net | 272,000 | (1,434,000) |
Income (loss) before taxes | 3,609,000 | 4,349,000 |
Income tax expense (benefit), net | 250,000 | 5,000 |
Depreciation and amortization | 1,927,000 | 2,029,000 |
Capital expenditures | 693,000 | 1,311,000 |
Sypris Electronics [Member] | ||
Net revenue from unaffiliated customers | 26,208,000 | 28,153,000 |
Gross profit (loss) | 98,000 | 49,000 |
Operating income (loss) | (2,999,000) | (2,555,000) |
Interest expense, net | 63,000 | 117,000 |
Other (income) expense, net | (33,000) | 0 |
Income (loss) before taxes | (3,029,000) | (2,672,000) |
Income tax expense (benefit), net | 0 | 0 |
Depreciation and amortization | 506,000 | 515,000 |
Capital expenditures | 97,000 | 173,000 |
Corporate and Other [Member] | ||
Operating income (loss) | (5,564,000) | (4,948,000) |
Interest expense, net | 463,000 | 440,000 |
Other (income) expense, net | (1,495,000) | (2,000) |
Income (loss) before taxes | (4,533,000) | (5,387,000) |
Income tax expense (benefit), net | (254,000) | (210,000) |
Depreciation and amortization | 238,000 | 104,000 |
Capital expenditures | $ 69,000 | $ 567,000 |
Note 21 - Segment Data - Fina_2
Note 21 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Total assets | $ 60,056 | $ 61,568 |
Total liabilities | 46,625 | 46,734 |
Sypris Technologies [Member] | ||
Total assets | 29,694 | 31,312 |
Total liabilities | 19,989 | 23,644 |
Sypris Electronics [Member] | ||
Total assets | 24,985 | 19,208 |
Total liabilities | 17,416 | 15,180 |
Corporate and Other [Member] | ||
Total assets | 5,377 | 11,048 |
Total liabilities | $ 9,220 | $ 7,910 |