Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 04, 2021 | May 08, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | SYPRIS SOLUTIONS INC | |
Entity Central Index Key | 0000864240 | |
Trading Symbol | sypr | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 21,470,282 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Apr. 4, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Apr. 05, 2020 | |
Net revenue | $ 19,982 | $ 22,425 |
Cost of sales | 18,166 | 18,700 |
Gross profit | 1,816 | 3,725 |
Selling, general and administrative | 2,882 | 3,448 |
Operating (loss) income | (1,066) | 277 |
Interest expense, net | 222 | 227 |
Other expense, net | 221 | 283 |
Loss before taxes | (1,509) | (233) |
Income tax expense, net | 121 | 72 |
Net loss | $ (1,630) | $ (305) |
Basic (in dollars per share) | $ (0.08) | $ (0.01) |
Diluted (in dollars per share) | $ (0.08) | $ (0.01) |
Weighted average shares outstanding: | ||
Basic (in shares) | 21,394 | 20,988 |
Diluted (in shares) | 21,394 | 20,988 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Apr. 05, 2020 | |
Net loss | $ (1,630) | $ (305) |
Other comprehensive loss: | ||
Foreign currency translation adjustments, net of tax | (406) | (1,906) |
Comprehensive loss | $ (2,036) | $ (2,211) |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Apr. 04, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 9,369,000 | $ 11,606,000 |
Accounts receivable, net | 7,962,000 | 7,234,000 |
Inventory, net | 18,675,000 | 16,236,000 |
Other current assets | 4,580,000 | 4,360,000 |
Total current assets | 40,586,000 | 39,436,000 |
Property, plant and equipment, net | 10,430,000 | 10,161,000 |
Operating lease right-of-use assets | 5,887,000 | 6,103,000 |
Other assets | 4,691,000 | 5,008,000 |
Total assets | 61,594,000 | 60,708,000 |
Current liabilities: | ||
Accounts payable | 10,056,000 | 6,734,000 |
Accrued liabilities | 11,681,000 | 13,409,000 |
Operating lease liabilities, current portion | 988,000 | 965,000 |
Finance lease obligations, current portion | 403,000 | 393,000 |
Equipment financing obligations, current portion | 104,000 | 0 |
Note payable – PPP Loan, current portion | 1,779,000 | 1,186,000 |
Note payable – related party, current portion | 2,500,000 | 0 |
Total current liabilities | 27,511,000 | 22,687,000 |
Operating lease liabilities, net of current portion | 5,683,000 | 5,941,000 |
Finance lease obligations, net of current portion | 1,822,000 | 1,927,000 |
Equipment financing obligations, net of current portion | 197,000 | 0 |
Note payable – PPP Loan, net of current portion | 1,779,000 | 2,372,000 |
Note payable – related party, net of current portion | 3,979,000 | 6,477,000 |
Other liabilities | 8,125,000 | 6,529,000 |
Total liabilities | 49,096,000 | 45,933,000 |
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 214,000 | 213,000 |
Additional paid-in capital | 154,783,000 | 155,025,000 |
Accumulated deficit | (117,395,000) | (115,765,000) |
Accumulated other comprehensive loss | (25,104,000) | (24,698,000) |
Treasury stock, 19 and 1,236 shares in 2021 and 2020, respectively | 0 | 0 |
Total stockholders’ equity | 12,498,000 | 14,775,000 |
Total liabilities and stockholders’ equity | 61,594,000 | 60,708,000 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Stockholders’ equity: | ||
Common stock | $ 0 | $ 0 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Apr. 04, 2021 | Dec. 31, 2020 |
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) | 21,436,982 | 21,302,194 |
Common stock, shares outstanding (in shares) | 21,436,963 | 21,300,958 |
Treasury stock (in shares) | 19 | 1,236 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 24,850 | 24,850 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Apr. 05, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (1,630) | $ (305) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 621 | 620 |
Deferred income taxes | 116 | 0 |
Non-cash compensation expense | 61 | 94 |
Deferred loan costs recognized | 2 | 4 |
Net loss (gain) on the disposal or abandonment of assets | 20 | (154) |
Provision for excess and obsolete inventory | 2 | 40 |
Non-cash lease expense | 217 | 288 |
Other noncash items | 36 | 190 |
Contributions to pension plans | (120) | (34) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (733) | (1,478) |
Inventory | (2,431) | 846 |
Prepaid expenses and other assets | (108) | (99) |
Accounts payable | 3,346 | 1,474 |
Accrued and other liabilities | (309) | (772) |
Net cash (used in) provided by operating activities | (910) | 714 |
Cash flows from investing activities: | ||
Capital expenditures, net | (790) | (453) |
Proceeds from sale of assets | 0 | 288 |
Net cash used in investing activities | (790) | (165) |
Cash flows from financing activities: | ||
Principal payments on finance lease obligations | (94) | (143) |
Principal payments on equipment financing obligations | (22) | 0 |
Indirect repurchase of shares of minimum statutory tax withholdings | (301) | (7) |
Net cash used in financing activities | (417) | (150) |
Effect of exchange rate changes on cash balances | (120) | (288) |
Net (decrease) increase in cash and cash equivalents | (2,237) | 111 |
Cash and cash equivalents at beginning of period | 11,606 | 5,095 |
Cash and cash equivalents at end of period | 9,369 | 5,206 |
Supplemental disclosure of cash flow information: | ||
Fixed assets acquired with equipment financing loan | $ 323 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 2019 | 21,298,426 | |||||
Balance at Dec. 31, 2019 | $ 213 | $ 154,702 | $ (117,433) | $ (24,051) | $ 0 | |
Net loss | 0 | 0 | (305) | 0 | 0 | $ (305) |
Foreign currency translation adjustment | $ 0 | 0 | 0 | (1,906) | 0 | |
Exercise of stock options (in shares) | 11,154 | |||||
Exercise of stock options | $ 0 | (7) | 0 | 0 | 0 | |
Noncash compensation (in shares) | 0 | |||||
Noncash compensation | $ 0 | 94 | 0 | 0 | 0 | |
Balance (in shares) at Apr. 05, 2020 | 21,309,580 | |||||
Balance at Apr. 05, 2020 | $ 213 | 154,789 | (117,738) | (25,957) | 0 | |
Balance (in shares) at Dec. 31, 2020 | 21,300,958 | |||||
Balance at Dec. 31, 2020 | $ 213 | 155,025 | (115,765) | (24,698) | 0 | 14,775 |
Net loss | 0 | 0 | (1,630) | 0 | 0 | (1,630) |
Foreign currency translation adjustment | $ 0 | 0 | 0 | (406) | 0 | |
Exercise of stock options (in shares) | 136,005 | |||||
Exercise of stock options | $ 1 | (303) | 0 | 0 | 0 | |
Noncash compensation (in shares) | 0 | |||||
Noncash compensation | $ 0 | 61 | 0 | 0 | 0 | |
Balance (in shares) at Apr. 04, 2021 | 21,436,963 | |||||
Balance at Apr. 04, 2021 | $ 214 | $ 154,783 | $ (117,395) | $ (25,104) | $ 0 | $ 12,498 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | ( 1 Nature of Business All references to “Sypris,” the “Company,” “we” or “our” include Sypris Solutions, Inc. and its wholly-owned subsidiaries. Sypris is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. The Company offers such products through its two 11 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ( 2 Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form 10 10 X December 31, 2020 not These unaudited consolidated financial statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state the results of operations, financial position and cash flows for the periods presented, and the disclosures herein are adequate to make the information presented not 19 19 19 three April 4, 2021 not may December 31, 2021. December 31, 2020 10 Certain prior period amounts have been reclassified to conform to the 2021 no |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | ( 3 Recent Accounting Pronouncements In June 2016, 2016 13, January 1, 2023, not In December 2019, 2019 12, January 1, 2021. not |
Note 4 - Leases
Note 4 - Leases | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | ( 4 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, and represent the Company's right to use the underlying asset for the lease term. The Company's obligations to make lease payments are included in “Operating lease liabilities, current portion” and “Operating lease liabilities, net of current portion” on the Company's consolidated balance sheets. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As of April 4, 2021, $5,887,000 $6,671,000, December 31, 2020, $6,103,000 $6,906,000, We primarily use our incremental borrowing rate, which is updated quarterly, based on the information available at commencement date, in determining the present value of lease payments. If readily available, we would use the implicit rate in a new lease to determine the present value of lease payments. The Company has certain contracts for real estate which may The Company has entered into various short-term operating leases, primarily for office equipment with an initial term of twelve not not three April 4, 2021 April 5, 2020. The following table presents information related to lease expense for the three April 4, 2021 April 5, 2020 ( Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Finance lease expense: Amortization expense $ 86 $ 120 Interest expense 58 77 Operating lease expense 351 351 Variable lease expense 78 68 Total lease expense $ 573 $ 616 The following table presents supplemental cash flow information related to leases (in thousands): Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 379 $ 329 Operating cash flows from finance leases 58 77 Financing cash flows from finance leases 94 143 The annual future minimum lease payments as of April 4, 2021 Operating Finance Leases Leases Next 12 months $ 1,480 $ 612 12 to 24 months 1,496 612 24 to 36 months 1,514 607 36 to 48 months 1,244 549 48 to 60 months 1,164 457 Thereafter 1,458 0 Total lease payments 8,356 2,837 Less imputed interest (1,685 ) (612 ) Total $ 6,671 $ 2,225 The following table presents certain information related to lease terms and discount rates for leases as of April 4, 2021 December 31, 2020: April 4, December 31, 2021 2020 (Unaudited) Weighted-average remaining lease term (years): Operating leases 5.9 6.2 Finance leases 4.6 4.9 Weighted-average discount rate (percentage): Operating leases 8.0 8.0 Finance leases 10.2 10.2 |
Note 5 - Revenue From Contracts
Note 5 - Revenue From Contracts With Customers | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 5 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 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 $42,146,000 April 4, 2021, 53% 2021, 25% 2022 Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the three April 4, 2021 April 5, 2020 ( April 4, April 5, 2021 2020 (Unaudited) Sypris Technologies – transferred point in time $ 13,190 $ 13,717 Sypris Electronics – transferred point in time 615 2,107 Sypris Electronics – transferred over time 6,177 6,601 Net revenue $ 19,982 $ 22,425 Contract Balances Differences in the timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the consolidated balance sheets. Contract assets April 4, 2021 December 31, 2020 $1,436,000 $1,240,000, Contract liabilities April 4, 2021, $7,977,000, $5,621,000 $2,356,000 December 31, 2020, $7,339,000, $6,816,000 $523,000 not The Company recognized revenue from contract liabilities of $2,255,000 $2,312,000 three April 4, 2021 April 5, 2020, Practical expedients and exemptions Sales commissions are expensed when incurred because the amortization period would have been one We do not one |
Note 6 - Assets Held for Sale
Note 6 - Assets Held for Sale | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | ( 6 Assets Held for Sale On February 21, 2017, On April 13, 2020, $1,700,000. 2020 $268,000 December 31, 2020. April 4, 2021 December 31, 2020. All assets held for sale are within the Sypris Technologies segment. The following assets have been segregated and included in other current assets in the consolidated balance sheets (in thousands): April 4, December 31, 2021 2020 (Unaudited) Property, plant and equipment $ 1,343 $ 1,387 Accumulated depreciation (944 ) (975 ) Property, plant and equipment, net $ 399 $ 412 |
Note 7 - Loss Per Common Share
Note 7 - Loss Per Common Share | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 7 Loss Per Common Share The Company computes earnings per share using the two Our potentially dilutive securities include potential common shares related to our stock options and restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted earnings per share excludes the impact of common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the three April 4, 2021 April 5, 2020, not A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted loss per common share is as follows (in thousands): Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Loss attributable to stockholders: Net loss as reported $ (1,630 ) $ (305 ) Less distributed and undistributed earnings allocable to restricted awarded holders 0 0 Less dividends declared attributed to restricted awarded holders 0 0 Net loss allocable to common stockholders $ (1,630 ) $ (305 ) Loss per common share attributable to stockholders: Basic $ (0.08 ) $ (0.01 ) Diluted $ (0.08 ) $ (0.01 ) Weighted average shares outstanding – basic 21,394 20,988 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 21,394 20,988 |
Note 8 - Inventory
Note 8 - Inventory | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 8 Inventory Inventory consists of the following (in thousands): April 4, December 31, 2021 2020 (Unaudited) Raw materials $ 13,799 $ 11,118 Work in process 5,459 6,210 Finished goods 1,108 762 Reserve for excess and obsolete inventory (1,691 ) (1,854 ) Total $ 18,675 $ 16,236 |
Note 9 - Property, Plant and Eq
Note 9 - Property, Plant and Equipment | 3 Months Ended |
Apr. 04, 2021 | |
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): April 4, December 31, 2021 2020 (Unaudited) Land and land improvements $ 43 $ 43 Buildings and building improvements 7,673 7,747 Machinery, equipment, furniture and fixtures 55,090 55,620 Construction in progress 1,362 609 64,168 64,019 Accumulated depreciation (53,738 ) (53,858 ) $ 10,430 $ 10,161 |
Note 10 - Debt
Note 10 - Debt | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 10 Debt Debt outstanding consists of the following (in thousands): April 4, December 31, 2021 2020 (Unaudited) Current: Finance lease obligation, current portion $ 403 $ 393 Equipment financing obligations, current portion 104 0 PPP Loan, current portion 1,779 1,186 Note payable – related party, current portion 2,500 0 Current portion of long term debt and finance lease obligations $ 4,786 $ 1,579 Long Term: Finance lease obligation $ 1,822 $ 1,927 Equipment financing obligations 197 0 PPP Loan 1,779 2,372 Note payable – related party 4,000 6,500 Less unamortized debt issuance and modification costs (21 ) (23 ) Long term debt and finance lease obligations net of unamortized debt costs $ 7,777 $ 10,776 Paycheck Protection Program During the second 2020, $3,558,000 $3,558,000 1.00%. two no July 2021, July 2021, 2020 five may The PPP Loan is unsecured and guaranteed by the U.S. Small Business Administration (the “SBA”). During the fourth 2020, may 24 no July 2021 not Note Payable Related Party The Company has received the benefit of cash infusions from Gill Family Capital Management, Inc. (“GFCM”) in the form of secured promissory note obligations totaling $6,500,000 April 4, 2021 December 31, 2020. one April 4, 2021, $2,500,000 April 1, 2022, $2,000,000 April 1, 2024 April 1, 2026. April 1 8.0% 500 five 90 18 60% April 2022 2024. first 2020, April 6, 2020. January 4, 2021. Obligations under the promissory note are guaranteed by all of the subsidiaries and are secured by a first Finance Lease Obligations On March 9, 2016, 24 215,000,000 $12,182,000 ten 9 $2,057,000 April 4, 2021. In February 2019, 60 $269,000 April 4, 2021 $168,000. Equipment Financing Obligations As of April 4, 2021, $301,000 8.02% 8.06% 2025. |
Note 11 - Segment Data
Note 11 - Segment Data | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 11 Segment Data 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): Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 13,190 $ 13,717 Sypris Electronics 6,792 8,708 $ 19,982 $ 22,425 Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Gross profit (loss): Sypris Technologies $ 1,171 $ 2,493 Sypris Electronics 645 1,232 $ 1,816 $ 3,725 Operating income (loss): Sypris Technologies $ 127 $ 1,126 Sypris Electronics (170 ) 408 General, corporate and other (1,023 ) (1,257 ) $ (1,066 ) $ 277 Income (loss) before taxes: Sypris Technologies $ (164 ) $ 759 Sypris Electronics (176 ) 399 General, corporate and other (1,169 ) (1,391 ) $ (1,509 ) $ (233 ) April 4, December 31, 2021 2020 (Unaudited) Total assets: Sypris Technologies $ 31,939 $ 31,425 Sypris Electronics 21,998 18,620 General, corporate and other 7,657 10,663 $ 61,594 $ 60,708 Total liabilities: Sypris Technologies $ 21,271 $ 19,974 Sypris Electronics 16,034 13,545 General, corporate and other 11,791 12,414 $ 49,096 $ 45,933 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 12 Commitments and Contingencies The provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. The Company's warranty liability, which is included in accrued liabilities in the accompanying consolidated balance sheets as of April 4, 2021 December 31, 2020 $587,000 $638,000, three April 4, 2021 April 5, 2020 not The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers' compensation insurance programs, a self-insured worker's compensation program and a self-insured employee health program. The Company records estimated liabilities for its insurance programs based on information provided by the third not may The Company is involved in certain litigation and contract issues arising in the normal course of business. While the outcome of these matters cannot, at this time, be predicted in light of the uncertainties inherent therein, management does not The Company accounts for loss contingencies in accordance with U.S. GAAP. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may no The Company has various current and previously-owned facilities subject to a variety of environmental regulations. The Company has received certain indemnifications from either companies previously owning these facilities or from purchasers of those facilities. Additionally, certain property previously sold by the Company has been designated as a Brownfield Site and has been approved for development by the purchaser. As of April 4, 2021 December 31, 2020, no On December 27, 2017, 401 not On February 17, 2017, February 28, 2020. As of April 4, 2021, $24,636,000, |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 13 Income Taxes The provision for income taxes includes federal, state, local and foreign taxes. The Company's effective tax rate varies from period to period due to the proportion of foreign and domestic pre-tax income expected to be generated by the Company. The Company provides for income taxes for its domestic operations at a statutory rate of 21% 2021 2020 30% 2021 2020. The Company recognizes liabilities or assets for the deferred tax consequences of temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements in accordance with ASC 740, 740 740 not not Based on the Company's consideration of all positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations, the Company has established a valuation allowance against all U.S. deferred tax assets. Until an appropriate level and characterization of profitability is attained, the Company expects to continue to maintain a valuation allowance on its net deferred tax assets related to future U.S. tax benefits. |
Note 14 - Employee Benefit Plan
Note 14 - Employee Benefit Plans | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 14 Employee Benefit Plans The following table details the components of pension (income) expense (in thousands): Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Service cost $ 1 $ 1 Interest cost on projected benefit obligation 271 352 Net amortizations of actuarial loss 158 166 Expected return on plan assets (242 ) (270 ) Net periodic benefit cost $ 188 $ 249 The net periodic benefit cost of the defined benefit pension plans incurred during the three April 4, 2021 April 5, 2020 Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Service cost: Selling, general and administrative expenses $ 1 $ 1 Other net periodic benefit costs: Other expense, net 187 248 Total $ 188 $ 249 |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 15 Accumulated Other Comprehensive Loss The Company's accumulated other comprehensive loss consists of employee benefit related adjustments and foreign currency translation adjustments. Accumulated other comprehensive loss consisted of the following (in thousands): April 4, December 31, 2021 2020 (Unaudited) Foreign currency translation adjustments $ (11,253 ) $ (10,847 ) Employee benefit related adjustments – U.S., net of tax (13,867 ) (13,867 ) Employee benefit related adjustments – Mexico, net of tax 16 16 Accumulated other comprehensive loss $ (25,104 ) $ (24,698 ) |
Note 16 - Fair Value of Financi
Note 16 - Fair Value of Financial Instruments | 3 Months Ended |
Apr. 04, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 16 Fair Value of Financial Instruments Cash, accounts receivable, accounts payable and accrued liabilities are reflected in the consolidated financial statements at their carrying amount which approximates fair value because of the short-term maturity of those instruments. The carrying amount of debt outstanding at April 4, 2021 2 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Finance lease expense: Amortization expense $ 86 $ 120 Interest expense 58 77 Operating lease expense 351 351 Variable lease expense 78 68 Total lease expense $ 573 $ 616 |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 379 $ 329 Operating cash flows from finance leases 58 77 Financing cash flows from finance leases 94 143 |
Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance Leases Leases Next 12 months $ 1,480 $ 612 12 to 24 months 1,496 612 24 to 36 months 1,514 607 36 to 48 months 1,244 549 48 to 60 months 1,164 457 Thereafter 1,458 0 Total lease payments 8,356 2,837 Less imputed interest (1,685 ) (612 ) Total $ 6,671 $ 2,225 |
Lease Terms and Discount Rates for Leases [Table Text Block] | April 4, December 31, 2021 2020 (Unaudited) Weighted-average remaining lease term (years): Operating leases 5.9 6.2 Finance leases 4.6 4.9 Weighted-average discount rate (percentage): Operating leases 8.0 8.0 Finance leases 10.2 10.2 |
Note 5 - Revenue From Contrac_2
Note 5 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | April 4, April 5, 2021 2020 (Unaudited) Sypris Technologies – transferred point in time $ 13,190 $ 13,717 Sypris Electronics – transferred point in time 615 2,107 Sypris Electronics – transferred over time 6,177 6,601 Net revenue $ 19,982 $ 22,425 |
Note 6 - Assets Held for Sale (
Note 6 - Assets Held for Sale (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | April 4, December 31, 2021 2020 (Unaudited) Property, plant and equipment $ 1,343 $ 1,387 Accumulated depreciation (944 ) (975 ) Property, plant and equipment, net $ 399 $ 412 |
Note 7 - Loss Per Common Share
Note 7 - Loss Per Common Share (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Loss attributable to stockholders: Net loss as reported $ (1,630 ) $ (305 ) Less distributed and undistributed earnings allocable to restricted awarded holders 0 0 Less dividends declared attributed to restricted awarded holders 0 0 Net loss allocable to common stockholders $ (1,630 ) $ (305 ) Loss per common share attributable to stockholders: Basic $ (0.08 ) $ (0.01 ) Diluted $ (0.08 ) $ (0.01 ) Weighted average shares outstanding – basic 21,394 20,988 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 21,394 20,988 |
Note 8 - Inventory (Tables)
Note 8 - Inventory (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 4, December 31, 2021 2020 (Unaudited) Raw materials $ 13,799 $ 11,118 Work in process 5,459 6,210 Finished goods 1,108 762 Reserve for excess and obsolete inventory (1,691 ) (1,854 ) Total $ 18,675 $ 16,236 |
Note 9 - Property, Plant and _2
Note 9 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | April 4, December 31, 2021 2020 (Unaudited) Land and land improvements $ 43 $ 43 Buildings and building improvements 7,673 7,747 Machinery, equipment, furniture and fixtures 55,090 55,620 Construction in progress 1,362 609 64,168 64,019 Accumulated depreciation (53,738 ) (53,858 ) $ 10,430 $ 10,161 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | April 4, December 31, 2021 2020 (Unaudited) Current: Finance lease obligation, current portion $ 403 $ 393 Equipment financing obligations, current portion 104 0 PPP Loan, current portion 1,779 1,186 Note payable – related party, current portion 2,500 0 Current portion of long term debt and finance lease obligations $ 4,786 $ 1,579 Long Term: Finance lease obligation $ 1,822 $ 1,927 Equipment financing obligations 197 0 PPP Loan 1,779 2,372 Note payable – related party 4,000 6,500 Less unamortized debt issuance and modification costs (21 ) (23 ) Long term debt and finance lease obligations net of unamortized debt costs $ 7,777 $ 10,776 |
Note 11 - Segment Data (Tables)
Note 11 - Segment Data (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 13,190 $ 13,717 Sypris Electronics 6,792 8,708 $ 19,982 $ 22,425 Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Gross profit (loss): Sypris Technologies $ 1,171 $ 2,493 Sypris Electronics 645 1,232 $ 1,816 $ 3,725 Operating income (loss): Sypris Technologies $ 127 $ 1,126 Sypris Electronics (170 ) 408 General, corporate and other (1,023 ) (1,257 ) $ (1,066 ) $ 277 Income (loss) before taxes: Sypris Technologies $ (164 ) $ 759 Sypris Electronics (176 ) 399 General, corporate and other (1,169 ) (1,391 ) $ (1,509 ) $ (233 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | April 4, December 31, 2021 2020 (Unaudited) Total assets: Sypris Technologies $ 31,939 $ 31,425 Sypris Electronics 21,998 18,620 General, corporate and other 7,657 10,663 $ 61,594 $ 60,708 Total liabilities: Sypris Technologies $ 21,271 $ 19,974 Sypris Electronics 16,034 13,545 General, corporate and other 11,791 12,414 $ 49,096 $ 45,933 |
Note 14 - Employee Benefit Pl_2
Note 14 - Employee Benefit Plans (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Service cost $ 1 $ 1 Interest cost on projected benefit obligation 271 352 Net amortizations of actuarial loss 158 166 Expected return on plan assets (242 ) (270 ) Net periodic benefit cost $ 188 $ 249 |
Net Periodic Benefit Cost Recognized in Income Statement [Table Text Block] | Three Months Ended April 4, April 5, 2021 2020 (Unaudited) Service cost: Selling, general and administrative expenses $ 1 $ 1 Other net periodic benefit costs: Other expense, net 187 248 Total $ 188 $ 249 |
Note 15 - Accumulated Other C_2
Note 15 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | April 4, December 31, 2021 2020 (Unaudited) Foreign currency translation adjustments $ (11,253 ) $ (10,847 ) Employee benefit related adjustments – U.S., net of tax (13,867 ) (13,867 ) Employee benefit related adjustments – Mexico, net of tax 16 16 Accumulated other comprehensive loss $ (25,104 ) $ (24,698 ) |
Note 1 - Nature of Business (De
Note 1 - Nature of Business (Details Textual) | 3 Months Ended | 12 Months Ended |
Apr. 04, 2021 | Dec. 31, 2020 | |
Number of Operating Segments | 2 | 2 |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) | Apr. 04, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
Operating Lease, Right-of-Use Asset | $ 5,887,000 | $ 6,103,000 |
Operating Lease, Liability, Total | $ 6,671,000 | $ 6,906,000 |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 11 years |
Note 4 - Leases - Lease Expense
Note 4 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Apr. 05, 2020 | |
Amortization expense | $ 86 | $ 120 |
Interest expense | 58 | 77 |
Operating lease expense | 351 | 351 |
Variable lease expense | 78 | 68 |
Total lease expense | $ 573 | $ 616 |
Note 4 - Leases - Supplemental
Note 4 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Apr. 05, 2020 | |
Operating cash flows from operating leases | $ 379 | $ 329 |
Operating cash flows from finance leases | 58 | 77 |
Financing cash flows from finance leases | $ 94 | $ 143 |
Note 4 - Leases - Maturities of
Note 4 - Leases - Maturities of Lease Liabilities (Details) - USD ($) | Apr. 04, 2021 | Dec. 31, 2020 |
Next 12 months, Operating Leases | $ 1,480,000 | |
Next 12 months, Finance Leases | 612,000 | |
12 to 24 months, Operating Leases | 1,496,000 | |
12 to 24 months, Finance Leases | 612,000 | |
24 to 36 months, Operating Leases | 1,514,000 | |
24 to 36 months, Finance Leases | 607,000 | |
36 to 48 months, Operating Leases | 1,244,000 | |
36 to 48 months, Finance Leases | 549,000 | |
48 to 60 months, Operating Leases | 1,164,000 | |
48 to 60 months, Finance Leases | 457,000 | |
Thereafter, Operating Leases | 1,458,000 | |
Thereafter, Finance Leases | 0 | |
Total lease payments, Operating Leases | 8,356,000 | |
Total lease payments, Finance Leases | 2,837,000 | |
Less imputed interest, Operating Leases | (1,685,000) | |
Less imputed interest, Finance Leases | (612,000) | |
Total, Operating Leases | 6,671,000 | $ 6,906,000 |
Total, Finance Leases | $ 2,225,000 |
Note 4 - Leases - Information R
Note 4 - Leases - Information Related to Lease Terms and Discount Rates (Details) | Apr. 04, 2021 | Dec. 31, 2020 |
Operating leases (Year) | 5 years 328 days | 6 years 73 days |
Finance leases (Year) | 4 years 219 days | 4 years 328 days |
Operating leases | 8.00% | 8.00% |
Finance leases | 10.20% | 10.20% |
Note 5 - Revenue From Contrac_3
Note 5 - Revenue From Contracts With Customers 1 (Details Textual) - USD ($) | 3 Months Ended | ||
Apr. 04, 2021 | Apr. 05, 2020 | Dec. 31, 2020 | |
Revenue, Remaining Performance Obligation, Amount | $ 42,146,000 | ||
Contract with Customer, Liability, Total | 7,977,000 | $ 7,339,000 | |
Contract with Customer, Liability, Revenue Recognized from Contract Liabilities | 2,255,000 | $ 2,312,000 | |
Other Current Assets [Member] | |||
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | 1,436,000 | 1,240,000 | |
Accrued Liabilities [Member] | |||
Contract with Customer, Liability, Current | 5,621,000 | 6,816,000 | |
Other Noncurrent Liabilities [Member] | |||
Contract with Customer, Liability, Noncurrent | $ 2,356,000 | $ 523,000 |
Note 5 - Revenue From Contrac_4
Note 5 - Revenue From Contracts With Customers 2 (Details Textual) | Apr. 04, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-05 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 273 days |
Revenue, Remaining Performance Obligation, Percentage | 53.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 25.00% |
Note 5 - Revenue From Contrac_5
Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Apr. 05, 2020 | |
Net revenue | $ 19,982 | $ 22,425 |
Sypris Technologies [Member] | ||
Net revenue | 13,190 | 13,717 |
Sypris Technologies [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 13,190 | 13,717 |
Sypris Electronics [Member] | ||
Net revenue | 6,792 | 8,708 |
Sypris Electronics [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 615 | 2,107 |
Sypris Electronics [Member] | Transferred over Time [Member] | ||
Net revenue | $ 6,177 | $ 6,601 |
Note 6 - Assets Held for Sale_2
Note 6 - Assets Held for Sale (Details Textual) - Transition of Production from the Broadway Plant [Member] - USD ($) | Apr. 13, 2020 | Dec. 31, 2020 |
Proceeds from Sale of Real Estate, Total | $ 1,700,000 | |
Proceeds from Sale of Other Property, Plant, and Equipment | $ 268,000 |
Note 6 - Assets Held for Sale -
Note 6 - Assets Held for Sale - Segregation of Assets Held for Sale (Details) - USD ($) $ in Thousands | Apr. 04, 2021 | Dec. 31, 2020 |
Property, plant and equipment | $ 1,343 | $ 1,387 |
Accumulated depreciation | (944) | (975) |
Property, plant and equipment, net | $ 399 | $ 412 |
Note 7 - Loss Per Common Shar_2
Note 7 - Loss Per Common Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Apr. 05, 2020 | |
Net loss | $ (1,630) | $ (305) |
Less distributed and undistributed earnings allocable to restricted awarded holders | 0 | 0 |
Less dividends declared attributed to restricted awarded holders | 0 | 0 |
Net loss allocable to common stockholders | $ (1,630) | $ (305) |
Basic (in dollars per share) | $ (0.08) | $ (0.01) |
Diluted (in dollars per share) | $ (0.08) | $ (0.01) |
Basic (in shares) | 21,394 | 20,988 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 0 | 0 |
Weighted average shares outstanding – diluted (in shares) | 21,394 | 20,988 |
Note 8 - Inventory - Inventory
Note 8 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands | Apr. 04, 2021 | Dec. 31, 2020 |
Raw materials | $ 13,799 | $ 11,118 |
Work in process | 5,459 | 6,210 |
Finished goods | 1,108 | 762 |
Reserve for excess and obsolete inventory | (1,691) | (1,854) |
Total | $ 18,675 | $ 16,236 |
Note 9 - Property, Plant and _3
Note 9 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Apr. 04, 2021 | Dec. 31, 2020 |
Gross property, plant and equipment | $ 64,168 | $ 64,019 |
Accumulated depreciation | (53,738) | (53,858) |
Property plant and equipment net | 10,430 | 10,161 |
Land and Land Improvements [Member] | ||
Gross property, plant and equipment | 43 | 43 |
Building and Building Improvements [Member] | ||
Gross property, plant and equipment | 7,673 | 7,747 |
Property, Plant and Equipment, Other Types [Member] | ||
Gross property, plant and equipment | 55,090 | 55,620 |
Construction in Progress [Member] | ||
Gross property, plant and equipment | $ 1,362 | $ 609 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) | Apr. 01, 2021 | Mar. 09, 2016USD ($)a | Mar. 09, 2016MXN ($)a | Apr. 04, 2021USD ($) | Jul. 05, 2020USD ($) | Apr. 05, 2020USD ($) | Dec. 31, 2020USD ($) | Feb. 28, 2019USD ($) |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 0 | $ 288,000 | ||||||
Finance Lease, Liability, Total | 2,225,000 | |||||||
Machinery at Sypris Technologies Facility [Member] | ||||||||
Lessee, Finance Lease, Term of Contract (Year) | 5 years | |||||||
Finance Lease, Liability, Total | 168,000 | $ 269,000 | ||||||
Toluca Property [Member] | ||||||||
Area of Land (Acre) | a | 24 | 24 | ||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 12,182,000 | $ 215,000,000 | ||||||
Lessee, Finance Lease, Term of Contract (Year) | 10 years | 10 years | ||||||
Sale Leaseback Transaction, Portion of Real Estate Property Leased Back to Seller (Acre) | a | 9 | 9 | ||||||
Finance Lease, Liability, Total | 2,057,000 | |||||||
Paycheck Protection Program CARES Act [Member] | ||||||||
Proceeds from Notes Payable, Total | $ 3,558,000 | |||||||
Notes Payable, Total | $ 3,558,000 | |||||||
Promissory Notes with Maturity on April 1, 2022 and April 1, 2024 [Member] | Gill Family Capital Management [Member] | ||||||||
Subordinated Debt, Ending Balance | $ 6,500,000 | $ 6,500,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||
Debt Instrument, Allowance for Payment Deferral Period (Month) | 1 year 180 days | |||||||
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent | 60.00% | |||||||
Promissory Notes with Maturity on April 1, 2022 [Member] | Gill Family Capital Management [Member] | ||||||||
Subordinated Debt, Ending Balance | $ 2,500,000 | |||||||
Promissory Notes with Maturity on April 1, 2024 [Member] | Gill Family Capital Management [Member] | ||||||||
Subordinated Debt, Ending Balance | 2,000,000 | |||||||
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% | |||||||
Equipment Financing Obligations [Member] | ||||||||
Long-term Debt, Total | $ 301,000 | |||||||
Equipment Financing Obligations [Member] | Minimum [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.02% | |||||||
Equipment Financing Obligations [Member] | Maximum [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.06% |
Note 10 - Debt - Debt Component
Note 10 - Debt - Debt Components (Details) - USD ($) $ in Thousands | Apr. 04, 2021 | Dec. 31, 2020 |
Finance lease obligations, current portion | $ 403 | $ 393 |
Equipment financing obligations, current portion | 104 | 0 |
PPP Loan, current portion | 1,779 | 1,186 |
Note payable – related party, current portion | 2,500 | 0 |
Current portion of long term debt and finance lease obligations | 4,786 | 1,579 |
Finance lease obligation | 1,822 | 1,927 |
Equipment financing obligations | 197 | 0 |
PPP Loan | 1,779 | 2,372 |
Note payable – related party | 4,000 | 6,500 |
Less unamortized debt issuance and modification costs | (21) | (23) |
Long term debt and finance lease obligations net of unamortized debt costs | $ 7,777 | $ 10,776 |
Note 11 - Segment Data (Details
Note 11 - Segment Data (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 04, 2021USD ($) | Apr. 05, 2020USD ($) | Dec. 31, 2020 | |
Number of Operating Segments | 2 | 2 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 19,982 | $ 22,425 | |
Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 |
Note 11 - Segment Data - Financ
Note 11 - Segment Data - Financial Information From Reportable Segments - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Apr. 05, 2020 | |
Net revenue from unaffiliated customers | $ 19,982 | $ 22,425 |
Gross profit (loss) | 1,816 | 3,725 |
Operating income (loss) | (1,066) | 277 |
Income (loss) before taxes | (1,509) | (233) |
Sypris Technologies [Member] | ||
Net revenue from unaffiliated customers | 13,190 | 13,717 |
Gross profit (loss) | 1,171 | 2,493 |
Operating income (loss) | 127 | 1,126 |
Income (loss) before taxes | (164) | 759 |
Sypris Electronics [Member] | ||
Net revenue from unaffiliated customers | 6,792 | 8,708 |
Gross profit (loss) | 645 | 1,232 |
Operating income (loss) | (170) | 408 |
Income (loss) before taxes | (176) | 399 |
Corporate and Other [Member] | ||
Operating income (loss) | (1,023) | (1,257) |
Income (loss) before taxes | $ (1,169) | $ (1,391) |
Note 11 - Segment Data - Fina_2
Note 11 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands | Apr. 04, 2021 | Dec. 31, 2020 |
Total assets | $ 61,594 | $ 60,708 |
Total liabilities | 49,096 | 45,933 |
Sypris Technologies [Member] | ||
Total assets | 31,939 | 31,425 |
Total liabilities | 21,271 | 19,974 |
Sypris Electronics [Member] | ||
Total assets | 21,998 | 18,620 |
Total liabilities | 16,034 | 13,545 |
Corporate and Other [Member] | ||
Total assets | 7,657 | 10,663 |
Total liabilities | $ 11,791 | $ 12,414 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) | Apr. 04, 2021 | Dec. 31, 2020 |
Standard and Extended Product Warranty Accrual, Ending Balance | $ 587,000 | $ 638,000 |
Accrual for Environmental Loss Contingencies, Ending Balance | 0 | $ 0 |
Purchase Obligation, Total | $ 24,636,000 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) | 3 Months Ended | |
Apr. 04, 2021 | Apr. 05, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 30.00% | 30.00% |
Note 14 - Employee Benefit Pl_3
Note 14 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Apr. 05, 2020 | |
Service cost | $ 1 | $ 1 |
Interest cost on projected benefit obligation | 271 | 352 |
Net amortizations of actuarial loss | 158 | 166 |
Expected return on plan assets | (242) | (270) |
Net periodic benefit cost | $ 188 | $ 249 |
Note 14 - Employee Benefit Pl_4
Note 14 - Employee Benefit Plans - Net Periodic Benefit Cost Recognized in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Apr. 05, 2020 | |
Selling, general and administrative expenses | $ 1 | $ 1 |
Other expense, net | 187 | 248 |
Total | 188 | 249 |
Selling, General and Administrative Expenses [Member] | ||
Selling, general and administrative expenses | $ 1 | $ 1 |
Note 15 - Accumulated Other C_3
Note 15 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Apr. 04, 2021 | Dec. 31, 2020 |
Foreign currency translation adjustments | $ (11,253) | $ (10,847) |
Accumulated other comprehensive loss | (25,104) | (24,698) |
UNITED STATES | ||
Employee benefit related adjustments, net of tax | (13,867) | (13,867) |
Foreign Plan [Member] | ||
Employee benefit related adjustments, net of tax | $ 16 | $ 16 |