Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 03, 2022 | May 06, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000864240 | |
Entity Registrant Name | SYPRIS SOLUTIONS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 3, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-24020 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 61-1321992 | |
Entity Address, Address Line One | 101 Bullitt Lane, Suite 450 | |
Entity Address, City or Town | Louisville | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 40222 | |
City Area Code | 502 | |
Local Phone Number | 329-2000 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | SYPR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 22,115,637 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Net revenue | $ 26,166 | $ 19,982 |
Cost of sales | 21,657 | 18,166 |
Gross profit | 4,509 | 1,816 |
Selling, general and administrative | 3,389 | 2,882 |
Operating income (loss) | 1,120 | (1,066) |
Interest expense, net | 248 | 222 |
Other expense, net | 169 | 221 |
Income (loss) before taxes | 703 | (1,509) |
Income tax expense, net | 466 | 121 |
Net income (loss) | $ 237 | $ (1,630) |
Earnings (loss) per share: | ||
Basic (in dollars per share) | $ 0.01 | $ (0.08) |
Diluted (in dollars per share) | $ 0.01 | $ (0.08) |
Weighted average shares outstanding: | ||
Basic (in shares) | 21,681 | 21,394 |
Diluted (in shares) | 22,675 | 21,394 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Net income (loss) | $ 237 | $ (1,630) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments, net of tax | 583 | (406) |
Comprehensive income (loss) | $ 820 | $ (2,036) |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Apr. 03, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 7,519,000 | $ 11,620,000 |
Accounts receivable, net | 13,107,000 | 8,467,000 |
Inventory, net | 31,374,000 | 30,100,000 |
Other current assets | 5,149,000 | 5,868,000 |
Total current assets | 57,149,000 | 56,055,000 |
Property, plant and equipment, net | 14,563,000 | 14,140,000 |
Operating lease right-of-use assets | 4,954,000 | 5,140,000 |
Other assets | 4,119,000 | 4,170,000 |
Total assets | 80,785,000 | 79,505,000 |
Current liabilities: | ||
Accounts payable | 13,598,000 | 11,962,000 |
Accrued liabilities | 18,801,000 | 19,646,000 |
Operating lease liabilities, current portion | 1,088,000 | 1,063,000 |
Finance lease obligations, current portion | 996,000 | 983,000 |
Equipment financing obligations, current portion | 340,000 | 336,000 |
Note payable – related party, current portion | 2,500,000 | 0 |
Total current liabilities | 37,323,000 | 33,990,000 |
Operating lease liabilities, net of current portion | 4,595,000 | 4,878,000 |
Finance lease obligations, net of current portion | 3,219,000 | 3,469,000 |
Equipment financing obligations, net of current portion | 782,000 | 868,000 |
Note payable – related party, net of current portion | 3,985,000 | 6,484,000 |
Other liabilities | 10,616,000 | 10,530,000 |
Total liabilities | 60,520,000 | 60,219,000 |
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Additional paid-in capital | 155,061,000 | 154,904,000 |
Accumulated deficit | (112,605,000) | (112,842,000) |
Accumulated other comprehensive loss | (22,411,000) | (22,994,000) |
Treasury stock, 19 shares in 2022 and 2021 | 0 | 0 |
Total stockholders’ equity | 20,265,000 | 19,286,000 |
Total liabilities and stockholders’ equity | 80,785,000 | 79,505,000 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Stockholders’ equity: | ||
Common stock | 0 | 0 |
Common Stock [Member] | ||
Stockholders’ equity: | ||
Common stock | $ 220,000 | $ 218,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Apr. 03, 2022 | Dec. 31, 2021 |
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 |
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 |
Common Stock [Member] | ||
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) | 22,088,363 | 21,864,743 |
Common stock, shares outstanding (in shares) | 22,088,344 | 21,864,724 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 237 | $ (1,630) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 763 | 621 |
Deferred income taxes | 247 | 116 |
Non-cash compensation expense | 176 | 61 |
Deferred loan costs recognized | 2 | 2 |
Net loss on the disposal of assets | 10 | 20 |
Provision for excess and obsolete inventory | 64 | 2 |
Non-cash lease expense | 186 | 217 |
Other noncash items | 12 | 36 |
Contributions to pension plans | (22) | (120) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (4,741) | (733) |
Inventory | (1,166) | (2,431) |
Prepaid expenses and other assets | 653 | (108) |
Accounts payable | 1,403 | 3,346 |
Accrued and other liabilities | (1,077) | (309) |
Net cash used in operating activities | (3,253) | (910) |
Cash flows from investing activities: | ||
Capital expenditures, net | (901) | (790) |
Net cash used in investing activities | (901) | (790) |
Cash flows from financing activities: | ||
Principal payments on finance lease obligations | (238) | (94) |
Principal payments on equipment financing obligations | (82) | (22) |
Indirect repurchase of shares of minimum statutory tax withholdings | (17) | (301) |
Net cash used in financing activities | (337) | (417) |
Effect of exchange rate changes on cash balances | 390 | (120) |
Net decrease in cash and cash equivalents | (4,101) | (2,237) |
Cash and cash equivalents at beginning of period | 11,620 | 11,606 |
Cash and cash equivalents at end of period | 7,519 | 9,369 |
Supplemental disclosure of cash flow information: | ||
Fixed assets acquired with equipment financing loan | $ 0 | $ 323 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | 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, 2020 | 21,300,958 | |||||
Balance at Dec. 31, 2020 | $ 213,000 | $ 155,025,000 | $ (115,765,000) | $ (24,698,000) | $ 0 | |
Net income (loss) | 0 | 0 | (1,630) | 0 | 0 | $ (1,630,000) |
Foreign currency translation adjustment | $ 0 | 0 | 0 | (406,000) | 0 | |
Exercise of stock options (in shares) | 136,005 | |||||
Exercise of stock options | $ 1,000 | (303,000) | 0 | 0 | 0 | |
Noncash compensation (in shares) | 0 | |||||
Noncash compensation | $ 0 | 61,000 | 0 | 0 | 0 | |
Balance (in shares) at Apr. 04, 2021 | 21,436,963 | |||||
Balance at Apr. 04, 2021 | $ 214,000 | 154,783,000 | (117,395,000) | (25,104,000) | 0 | |
Balance (in shares) at Dec. 31, 2021 | 21,864,724 | |||||
Balance at Dec. 31, 2021 | $ 218,000 | 154,904,000 | (112,842,000) | (22,994,000) | 0 | 19,286,000 |
Net income (loss) | 0 | 0 | 237,000 | 0 | 0 | 237,000 |
Foreign currency translation adjustment | $ 0 | 0 | 0 | 583,000 | 0 | |
Exercise of stock options (in shares) | 11,120 | |||||
Exercise of stock options | $ 0 | (17,000) | 0 | 0 | 0 | |
Noncash compensation (in shares) | 15,000 | |||||
Noncash compensation | $ 0 | 176,000 | 0 | 0 | 0 | |
Issuance of restricted common stock (in shares) | 197,500 | |||||
Issuance of restricted common stock | $ 2,000 | (2,000) | 0 | 0 | 0 | |
Balance (in shares) at Apr. 03, 2022 | 22,088,344 | |||||
Balance at Apr. 03, 2022 | $ 220,000 | $ 155,061,000 | $ (112,605,000) | $ (22,411,000) | $ 0 | $ 20,265,000 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Apr. 03, 2022 | |
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 business segments, Sypris Technologies, Inc. (“Sypris Technologies”) and Sypris Electronics, LLC (“Sypris Electronics”) (See Note 10 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Apr. 03, 2022 | |
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, 2021 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 3, 2022 not may December 31, 2022. December 31, 2021 10 |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Apr. 03, 2022 | |
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 |
Note 4 - Leases
Note 4 - Leases | 3 Months Ended |
Apr. 03, 2022 | |
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. These leases have initial terms which range from 10 years to 11 years, and often include one 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 3, 2022, December 31, 2021, 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 3, 2022 April 4, 2021. The following table presents information related to lease expense for the three April 3, 2022 April 4, 2021 ( Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Finance lease expense: Amortization expense $ 149 $ 86 Interest expense 91 58 Operating lease expense 351 351 Variable lease expense 85 78 Total lease expense $ 676 $ 573 The following table presents supplemental cash flow information related to leases (in thousands): Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 428 $ 379 Operating cash flows from finance leases 103 58 Financing cash flows from finance leases 238 94 The annual future minimum lease payments as of April 3, 2022 Operating Finance Leases Leases Next 12 months $ 1,496 $ 1,315 12 to 24 months 1,514 1,309 24 to 36 months 1,244 1,220 36 to 48 months 1,164 1,047 48 to 60 months 828 77 Thereafter 631 0 Total lease payments 6,877 4,968 Less imputed interest (1,194 ) (753 ) Total $ 5,683 $ 4,215 The following table presents certain information related to lease terms and discount rates for leases as of April 3, 2022 December 31, 2021: April 3, December 31, 2022 2021 (Unaudited) Weighted-average remaining lease term (years): Operating leases 5.0 5.3 Finance leases 3.7 4.0 Weighted-average discount rate (percentage): Operating leases 8.0 8.0 Finance leases 8.5 8.5 |
Note 5 - Revenue From Contracts
Note 5 - Revenue From Contracts With Customers | 3 Months Ended |
Apr. 03, 2022 | |
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 and gross profit 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. Many of Sypris Electronics’ contractual arrangements with customers are for one one April 3, 2022, 2022 2023. Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the three April 3, 2022 April 4, 2021 ( April 3, April 4, 2022 2021 (Unaudited) Sypris Technologies – transferred point in time $ 17,155 $ 13,190 Sypris Electronics – transferred point in time 1,953 615 Sypris Electronics – transferred over time 7,058 6,177 Net revenue $ 26,166 $ 19,982 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 3, 2022 December 31, 2021 Contract liabilities April 3, 2022, December 31, 2021, not The Company recognized revenue from contract liabilities of $3,317,000 and $2,255,000 during the three April 3, 2022 April 4, 2021, Practical expedients and exemptions Sales commissions are expensed when incurred because the amortization period would have been one We do not one |
Note 6 - Income (Loss) Per Comm
Note 6 - Income (Loss) Per Common Share | 3 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 6 Income (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. There were 252,839 shares excluded from earnings per share for the three April 3, 2022. three April 4, 2021, not A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted income (loss) per common share is as follows (in thousands): Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Income (loss) attributable to stockholders: Net income (loss) as reported $ 237 $ (1,630 ) Less distributed and undistributed earnings allocable to restricted awarded holders (2 ) - Net income (loss) allocable to common stockholders $ 235 $ (1,630 ) Income (loss) per common share attributable to stockholders: Basic $ 0.01 $ (0.08 ) Diluted $ 0.01 $ (0.08 ) Weighted average shares outstanding – basic 21,681 21,394 Weighted average additional shares assuming conversion of potential common shares 994 - Weighted average shares outstanding – diluted 22,675 21,394 |
Note 7 - Inventory
Note 7 - Inventory | 3 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 7 Inventory Inventory consists of the following (in thousands): April 3, December 31, 2022 2021 (Unaudited) Raw materials $ 24,864 $ 23,694 Work in process 7,076 6,702 Finished goods 1,326 1,497 Reserve for excess and obsolete inventory (1,892 ) (1,793 ) Total $ 31,374 $ 30,100 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment | 3 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 8 Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): April 3, December 31, 2022 2021 (Unaudited) Land and land improvements $ 43 $ 43 Buildings and building improvements 7,960 7,863 Machinery, equipment, furniture and fixtures 62,617 61,050 Construction in progress 1,124 858 71,744 69,814 Accumulated depreciation (57,181 ) (55,674 ) $ 14,563 $ 14,140 |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | ( 9 Debt Long-term obligations consists of the following (in thousands): April 3, December 31, 2022 2021 (Unaudited) Current: Finance lease obligation, current portion $ 996 $ 983 Equipment financing obligations, current portion 340 336 Note payable – related party, current portion 2,500 0 Current portion of long term debt and finance lease obligations $ 3,836 $ 1,319 Long Term: Finance lease obligation $ 3,219 $ 3,469 Equipment financing obligations 782 868 Note payable – related party 4,000 6,500 Less unamortized debt issuance and modification costs (15 ) (16 ) Long term debt and finance lease obligations, net of unamortized debt costs $ 7,986 $ 10,821 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 in principal as of April 3, 2022 December 31, 2021. one April 3, 2022, April 1, 2023, April 1, 2024 April 1, 2026. April 1 five 90 18 April 2023 2024. Obligations under the promissory note are guaranteed by all of the subsidiaries and are secured by a first Finance Lease Obligations As of April 3, 2022, 2026 Equipment Financing Obligations As of April 3, 2022, 2026. Next 12 months $ 403 12 to 24 months 392 24 to 36 months 290 36 to 48 months 116 48 to 60 months 41 Thereafter 0 Total payments 1,242 Less imputed interest (120 ) Total equipment financing obligations $ 1,122 |
Note 10 - Segment Data
Note 10 - Segment Data | 3 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 10 Segment Data The Company is organized into two business segments, Sypris Technologies and Sypris Electronics. The segments are each managed separately because of the distinctions between the products, markets, customers, technologies, and workforce skills of the segments. Sypris Technologies generates revenue primarily from the sale of forged, machined, welded and heat-treated steel components primarily for the heavy commercial vehicle and high-pressure energy pipeline applications. Sypris Electronics provides circuit card and box build manufacturing, high reliability manufacturing, systems assembly and integration, design for manufacturability and design to specification work to customers in the market for aerospace and defense electronics. There was no intersegment net revenue recognized for any period presented. 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 3, April 4, 2022 2021 (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 17,155 $ 13,190 Sypris Electronics 9,011 6,792 $ 26,166 $ 19,982 Gross profit: Sypris Technologies $ 3,132 $ 1,171 Sypris Electronics 1,377 645 $ 4,509 $ 1,816 Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Operating income (loss): Sypris Technologies $ 1,864 $ 127 Sypris Electronics 501 (170 ) General, corporate and other (1,245 ) (1,023 ) $ 1,120 $ (1,066 ) Income (loss) before taxes: Sypris Technologies $ 1,619 $ (164 ) Sypris Electronics 461 (176 ) General, corporate and other (1,377 ) (1,169 ) $ 703 $ (1,509 ) April 3, December 31, 2022 2021 (Unaudited) Total assets: Sypris Technologies $ 40,347 $ 35,977 Sypris Electronics 35,588 35,599 General, corporate and other 4,850 7,929 $ 80,785 $ 79,505 Total liabilities: Sypris Technologies $ 22,890 $ 20,666 Sypris Electronics 29,243 31,030 General, corporate and other 8,387 8,523 $ 60,520 $ 60,219 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 11 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 3, 2022 December 31, 2021 three April 3, 2022 April 4, 2021 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 3, 2022 December 31, 2021, On December 27, 2017, 401 not January 26, 2022, March 28, 2022, April 28, 2022 On February 17, 2017, February 28, 2020. As of April 3, 2022, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 12 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% in 2021 2020 2022 2021. 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 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 3 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 13 Employee Benefit Plans The following table details the components of pension (income) expense (in thousands): Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Service cost $ 1 $ 1 Interest cost on projected benefit obligation 194 271 Net amortizations of actuarial loss 153 158 Expected return on plan assets (188 ) (242 ) Net periodic benefit cost $ 160 $ 188 The net periodic benefit cost of the defined benefit pension plans incurred during the three April 3, 2022 April 4, 2021 Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Service cost: Selling, general and administrative expenses $ 1 $ 1 Other net periodic benefit costs: Other expense, net 159 187 Total $ 160 $ 188 |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 14 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 3, December 31, 2022 2021 (Unaudited) Foreign currency translation adjustments $ (10,857 ) $ (11,440 ) Employee benefit related adjustments – U.S., net of tax (11,745 ) (11,745 ) Employee benefit related adjustments – Mexico, net of tax 191 191 Accumulated other comprehensive loss $ (22,411 ) $ (22,994 ) |
Note 15 - Fair Value of Financi
Note 15 - Fair Value of Financial Instruments | 3 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 15 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 3, 2022 2 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Finance lease expense: Amortization expense $ 149 $ 86 Interest expense 91 58 Operating lease expense 351 351 Variable lease expense 85 78 Total lease expense $ 676 $ 573 |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 428 $ 379 Operating cash flows from finance leases 103 58 Financing cash flows from finance leases 238 94 |
Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance Leases Leases Next 12 months $ 1,496 $ 1,315 12 to 24 months 1,514 1,309 24 to 36 months 1,244 1,220 36 to 48 months 1,164 1,047 48 to 60 months 828 77 Thereafter 631 0 Total lease payments 6,877 4,968 Less imputed interest (1,194 ) (753 ) Total $ 5,683 $ 4,215 |
Lease Terms and Discount Rates for Leases [Table Text Block] | April 3, December 31, 2022 2021 (Unaudited) Weighted-average remaining lease term (years): Operating leases 5.0 5.3 Finance leases 3.7 4.0 Weighted-average discount rate (percentage): Operating leases 8.0 8.0 Finance leases 8.5 8.5 |
Note 5 - Revenue From Contrac_2
Note 5 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | April 3, April 4, 2022 2021 (Unaudited) Sypris Technologies – transferred point in time $ 17,155 $ 13,190 Sypris Electronics – transferred point in time 1,953 615 Sypris Electronics – transferred over time 7,058 6,177 Net revenue $ 26,166 $ 19,982 |
Note 6 - Income (Loss) Per Co_2
Note 6 - Income (Loss) Per Common Share (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Income (loss) attributable to stockholders: Net income (loss) as reported $ 237 $ (1,630 ) Less distributed and undistributed earnings allocable to restricted awarded holders (2 ) - Net income (loss) allocable to common stockholders $ 235 $ (1,630 ) Income (loss) per common share attributable to stockholders: Basic $ 0.01 $ (0.08 ) Diluted $ 0.01 $ (0.08 ) Weighted average shares outstanding – basic 21,681 21,394 Weighted average additional shares assuming conversion of potential common shares 994 - Weighted average shares outstanding – diluted 22,675 21,394 |
Note 7 - Inventory (Tables)
Note 7 - Inventory (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 3, December 31, 2022 2021 (Unaudited) Raw materials $ 24,864 $ 23,694 Work in process 7,076 6,702 Finished goods 1,326 1,497 Reserve for excess and obsolete inventory (1,892 ) (1,793 ) Total $ 31,374 $ 30,100 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | April 3, December 31, 2022 2021 (Unaudited) Land and land improvements $ 43 $ 43 Buildings and building improvements 7,960 7,863 Machinery, equipment, furniture and fixtures 62,617 61,050 Construction in progress 1,124 858 71,744 69,814 Accumulated depreciation (57,181 ) (55,674 ) $ 14,563 $ 14,140 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | April 3, December 31, 2022 2021 (Unaudited) Current: Finance lease obligation, current portion $ 996 $ 983 Equipment financing obligations, current portion 340 336 Note payable – related party, current portion 2,500 0 Current portion of long term debt and finance lease obligations $ 3,836 $ 1,319 Long Term: Finance lease obligation $ 3,219 $ 3,469 Equipment financing obligations 782 868 Note payable – related party 4,000 6,500 Less unamortized debt issuance and modification costs (15 ) (16 ) Long term debt and finance lease obligations, net of unamortized debt costs $ 7,986 $ 10,821 |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | Next 12 months $ 403 12 to 24 months 392 24 to 36 months 290 36 to 48 months 116 48 to 60 months 41 Thereafter 0 Total payments 1,242 Less imputed interest (120 ) Total equipment financing obligations $ 1,122 |
Note 10 - Segment Data (Tables)
Note 10 - Segment Data (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 17,155 $ 13,190 Sypris Electronics 9,011 6,792 $ 26,166 $ 19,982 Gross profit: Sypris Technologies $ 3,132 $ 1,171 Sypris Electronics 1,377 645 $ 4,509 $ 1,816 Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Operating income (loss): Sypris Technologies $ 1,864 $ 127 Sypris Electronics 501 (170 ) General, corporate and other (1,245 ) (1,023 ) $ 1,120 $ (1,066 ) Income (loss) before taxes: Sypris Technologies $ 1,619 $ (164 ) Sypris Electronics 461 (176 ) General, corporate and other (1,377 ) (1,169 ) $ 703 $ (1,509 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | April 3, December 31, 2022 2021 (Unaudited) Total assets: Sypris Technologies $ 40,347 $ 35,977 Sypris Electronics 35,588 35,599 General, corporate and other 4,850 7,929 $ 80,785 $ 79,505 Total liabilities: Sypris Technologies $ 22,890 $ 20,666 Sypris Electronics 29,243 31,030 General, corporate and other 8,387 8,523 $ 60,520 $ 60,219 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Service cost $ 1 $ 1 Interest cost on projected benefit obligation 194 271 Net amortizations of actuarial loss 153 158 Expected return on plan assets (188 ) (242 ) Net periodic benefit cost $ 160 $ 188 |
Net Periodic Benefit Cost Recognized in Income Statement [Table Text Block] | Three Months Ended April 3, April 4, 2022 2021 (Unaudited) Service cost: Selling, general and administrative expenses $ 1 $ 1 Other net periodic benefit costs: Other expense, net 159 187 Total $ 160 $ 188 |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | April 3, December 31, 2022 2021 (Unaudited) Foreign currency translation adjustments $ (10,857 ) $ (11,440 ) Employee benefit related adjustments – U.S., net of tax (11,745 ) (11,745 ) Employee benefit related adjustments – Mexico, net of tax 191 191 Accumulated other comprehensive loss $ (22,411 ) $ (22,994 ) |
Note 1 - Nature of Business (De
Note 1 - Nature of Business (Details Textual) | 3 Months Ended |
Apr. 03, 2022 | |
Number of Operating Segments | 2 |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) | Apr. 03, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
Operating Lease, Right-of-Use Asset | $ 4,954,000 | $ 5,140,000 |
Operating Lease, Liability, Total | $ 5,683,000 | $ 5,941,000 |
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. 03, 2022 | Apr. 04, 2021 | |
Amortization expense | $ 149 | $ 86 |
Interest expense | 91 | 58 |
Operating lease expense | 351 | 351 |
Variable lease expense | 85 | 78 |
Total lease expense | $ 676 | $ 573 |
Note 4 - Leases - Supplemental
Note 4 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Operating cash flows from operating leases | $ 428 | $ 379 |
Operating cash flows from finance leases | 103 | 58 |
Financing cash flows from finance leases | $ 238 | $ 94 |
Note 4 - Leases - Maturities of
Note 4 - Leases - Maturities of Lease Liabilities (Details) - USD ($) | Apr. 03, 2022 | Dec. 31, 2021 |
Next 12 months, Operating Leases | $ 1,496,000 | |
Next 12 months, Finance Leases | 1,315,000 | |
12 to 24 months, Operating Leases | 1,514,000 | |
12 to 24 months, Finance Leases | 1,309,000 | |
24 to 36 months, Operating Leases | 1,244,000 | |
24 to 36 months, Finance Leases | 1,220,000 | |
36 to 48 months, Operating Leases | 1,164,000 | |
36 to 48 months, Finance Leases | 1,047,000 | |
48 to 60 months, Operating Leases | 828,000 | |
48 to 60 months, Finance Leases | 77,000 | |
Thereafter, Operating Leases | 631,000 | |
Thereafter, Finance Leases | 0 | |
Total lease payments, Operating Leases | 6,877,000 | |
Total payments, equipment finance lease | 4,968,000 | |
Less imputed interest, Operating Leases | (1,194,000) | |
Less imputed interest, equipment finance lease | (753,000) | |
Total, Operating Leases | 5,683,000 | $ 5,941,000 |
Total equipment financing obligations, equipment lease finance | $ 4,215,000 |
Note 4 - Leases - Information R
Note 4 - Leases - Information Related to Lease Terms and Discount Rates (Details) | Apr. 03, 2022 | Dec. 31, 2021 |
Operating leases (Year) | 5 years | 5 years 3 months 18 days |
Finance leases (Year) | 3 years 8 months 12 days | 4 years |
Operating leases | 8.00% | 8.00% |
Finance leases | 8.50% | 8.50% |
Note 5 - Revenue From Contrac_3
Note 5 - Revenue From Contracts With Customers 1 (Details Textual) - USD ($) | 3 Months Ended | ||
Apr. 03, 2022 | Apr. 04, 2021 | Dec. 31, 2021 | |
Revenue, Remaining Performance Obligation, Amount | $ 45,120,000 | ||
Contract with Customer, Liability, Total | 19,066,000 | $ 19,888,000 | |
Contract with Customer, Liability, Revenue Recognized | 3,317,000 | $ 2,255,000 | |
Other Current Assets [Member] | |||
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | 1,418,000 | 1,913,000 | |
Accrued Liabilities [Member] | |||
Contract with Customer, Liability, Current | 14,191,000 | 15,013,000 | |
Other Noncurrent Liabilities [Member] | |||
Contract with Customer, Liability, Noncurrent | $ 4,875,000 | $ 4,875,000 |
Note 5 - Revenue From Contrac_4
Note 5 - Revenue From Contracts With Customers 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-04 | Apr. 03, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 49.00% |
Note 5 - Revenue From Contrac_5
Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Net revenue | $ 26,166 | $ 19,982 |
Sypris Technologies [Member] | ||
Net revenue | 17,155 | 13,190 |
Sypris Technologies [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 17,155 | 13,190 |
Sypris Electronics [Member] | ||
Net revenue | 9,011 | 6,792 |
Sypris Electronics [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 1,953 | 615 |
Sypris Electronics [Member] | Transferred over Time [Member] | ||
Net revenue | $ 7,058 | $ 6,177 |
Note 6 - Income (Loss) Per Co_3
Note 6 - Income (Loss) Per Common Share (Details Textual) | 3 Months Ended |
Apr. 03, 2022shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 252,839 |
Note 6 - Income (Loss) Per Co_4
Note 6 - Income (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. 03, 2022 | Apr. 04, 2021 | |
Net income (loss) | $ 237 | $ (1,630) |
Less distributed and undistributed earnings allocable to restricted awarded holders | (2) | 0 |
Net income (loss) allocable to common stockholders | $ 235 | $ (1,630) |
Basic (in dollars per share) | $ 0.01 | $ (0.08) |
Diluted (in dollars per share) | $ 0.01 | $ (0.08) |
Basic (in shares) | 21,681 | 21,394 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 994 | 0 |
Weighted average shares outstanding – diluted (in shares) | 22,675 | 21,394 |
Note 7 - Inventory - Inventory
Note 7 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands | Apr. 03, 2022 | Dec. 31, 2021 |
Raw materials | $ 24,864 | $ 23,694 |
Work in process | 7,076 | 6,702 |
Finished goods | 1,326 | 1,497 |
Reserve for excess and obsolete inventory | (1,892) | (1,793) |
Total | $ 31,374 | $ 30,100 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Apr. 03, 2022 | Dec. 31, 2021 |
Gross property, plant and equipment | $ 71,744 | $ 69,814 |
Accumulated depreciation | (57,181) | (55,674) |
Property, Plant and Equipment, Net, Total | 14,563 | 14,140 |
Land and Land Improvements [Member] | ||
Gross property, plant and equipment | 43 | 43 |
Building and Building Improvements [Member] | ||
Gross property, plant and equipment | 7,960 | 7,863 |
Property, Plant and Equipment, Other Types [Member] | ||
Gross property, plant and equipment | 62,617 | 61,050 |
Construction in Progress [Member] | ||
Gross property, plant and equipment | $ 1,124 | $ 858 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 03, 2022 | Dec. 31, 2021 | |
Finance Lease, Liability, Total | $ 4,215,000 | |
Machinery at Sypris Technologies Facility [Member] | ||
Finance Lease, Liability, Total | $ 4,200,000 | |
Machinery at Sypris Technologies Facility [Member] | Finance Lease Obligations [Member] | ||
Debt, Weighted Average Interest Rate | 8.50% | |
Promissory Notes with Maturity on April 1, 2021 and April 1, 2023 [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) | 18 months | |
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] | ||
Finance Lease, Liability, Total | $ 1,122,000 | |
Long-term Debt, Total | $ 1,200,000 | |
Equipment Financing Obligations [Member] | Minimum [Member] | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.40% | |
Equipment Financing Obligations [Member] | Maximum [Member] | ||
Debt Instrument, Interest Rate, Effective Percentage | 8.10% |
Note 9 - Debt - Debt Components
Note 9 - Debt - Debt Components (Details) - USD ($) $ in Thousands | Apr. 03, 2022 | Dec. 31, 2021 |
Finance lease obligations, current portion | $ 996 | $ 983 |
Equipment financing obligations, current portion | 340 | 336 |
Note payable – related party, current portion | 2,500 | 0 |
Current portion of long term debt and finance lease obligations | 3,836 | 1,319 |
Finance lease obligations, net of current portion | 3,219 | 3,469 |
Equipment financing obligations | 782 | 868 |
Note payable – related party | 4,000 | 6,500 |
Less unamortized debt issuance and modification costs | (15) | (16) |
Long term debt and finance lease obligations, net of unamortized debt costs | $ 7,986 | $ 10,821 |
Note 9 - Debt - Maturities of E
Note 9 - Debt - Maturities of Equipment Financing Obligations (Details) $ in Thousands | Apr. 03, 2022USD ($) |
Next 12 months, equipment finance lease | $ 1,315 |
12 to 24 months, equipment finance lease | 1,309 |
24 to 36 months, equipment finance lease | 1,220 |
36 to 48 months, equipment finance lease | 1,047 |
48 to 60 months, equipment finance lease | 77 |
Thereafter, equipment finance lease | 0 |
Total payments, equipment finance lease | 4,968 |
Less imputed interest, equipment finance lease | (753) |
Total equipment financing obligations, equipment lease finance | 4,215 |
Equipment Financing Obligations [Member] | |
Next 12 months, equipment finance lease | 403 |
12 to 24 months, equipment finance lease | 392 |
24 to 36 months, equipment finance lease | 290 |
36 to 48 months, equipment finance lease | 116 |
48 to 60 months, equipment finance lease | 41 |
Thereafter, equipment finance lease | 0 |
Total payments, equipment finance lease | 1,242 |
Less imputed interest, equipment finance lease | (120) |
Total equipment financing obligations, equipment lease finance | $ 1,122 |
Note 10 - Segment Data (Details
Note 10 - Segment Data (Details Textual) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022USD ($) | Apr. 04, 2021USD ($) | |
Number of Operating Segments | 2 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 26,166 | $ 19,982 |
Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 |
Note 10 - Segment Data - Financ
Note 10 - Segment Data - Financial Information From Reportable Segments - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Net revenue from unaffiliated customers | $ 26,166 | $ 19,982 |
Gross profit (loss) | 4,509 | 1,816 |
Operating income (loss) | 1,120 | (1,066) |
Income (loss) before taxes | 703 | (1,509) |
Sypris Technologies [Member] | ||
Net revenue from unaffiliated customers | 17,155 | 13,190 |
Gross profit (loss) | 3,132 | 1,171 |
Operating income (loss) | 1,864 | 127 |
Income (loss) before taxes | 1,619 | (164) |
Sypris Electronics [Member] | ||
Net revenue from unaffiliated customers | 9,011 | 6,792 |
Gross profit (loss) | 1,377 | 645 |
Operating income (loss) | 501 | (170) |
Income (loss) before taxes | 461 | (176) |
Corporate and Other [Member] | ||
Operating income (loss) | (1,245) | (1,023) |
Income (loss) before taxes | $ (1,377) | $ (1,169) |
Note 10 - Segment Data - Fina_2
Note 10 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands | Apr. 03, 2022 | Dec. 31, 2021 |
Total assets | $ 80,785 | $ 79,505 |
Total liabilities | 60,520 | 60,219 |
Sypris Technologies [Member] | ||
Total assets | 40,347 | 35,977 |
Total liabilities | 22,890 | 20,666 |
Sypris Electronics [Member] | ||
Total assets | 35,588 | 35,599 |
Total liabilities | 29,243 | 31,030 |
Corporate and Other [Member] | ||
Total assets | 4,850 | 7,929 |
Total liabilities | $ 8,387 | $ 8,523 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | Apr. 03, 2022 | Dec. 31, 2021 |
Standard and Extended Product Warranty Accrual, Ending Balance | $ 673,000 | $ 659,000 |
Accrual for Environmental Loss Contingencies, Ending Balance | 0 | $ 0 |
Purchase Obligation, Total | $ 36,515,000 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
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 13 - Employee Benefit Pl_3
Note 13 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Service cost | $ 1 | $ 1 |
Interest cost on projected benefit obligation | 194 | 271 |
Net amortizations of actuarial loss | 153 | 158 |
Expected return on plan assets | (188) | (242) |
Net periodic benefit cost | $ 160 | $ 188 |
Note 13 - Employee Benefit Pl_4
Note 13 - Employee Benefit Plans - Net Periodic Benefit Cost Recognized in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Selling, general and administrative expenses | $ 1 | $ 1 |
Other expense, net | 159 | 187 |
Total | 160 | 188 |
Selling, General and Administrative Expenses [Member] | ||
Selling, general and administrative expenses | $ 1 | $ 1 |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Apr. 03, 2022 | Dec. 31, 2021 |
Foreign currency translation adjustments | $ (10,857) | $ (11,440) |
Accumulated other comprehensive loss | (22,411) | (22,994) |
UNITED STATES | ||
Employee benefit related adjustments, net of tax | (11,745) | (11,745) |
Foreign Plan [Member] | ||
Employee benefit related adjustments, net of tax | $ 191 | $ 191 |