Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 03, 2022 | Aug. 01, 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 | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 03, 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 | 22,134,021 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | |
Net revenue | $ 29,044 | $ 25,969 | $ 55,210 | $ 45,951 |
Cost of sales | 25,264 | 21,660 | 46,921 | 39,826 |
Gross profit | 3,780 | 4,309 | 8,289 | 6,125 |
Selling, general and administrative | 3,737 | 3,416 | 7,126 | 6,298 |
Operating income (loss) | 43 | 893 | 1,163 | (173) |
Interest expense, net | 263 | 211 | 511 | 433 |
Other expense, net | 104 | 145 | 273 | 366 |
Forgiveness of PPP Loan and related interest | 0 | (3,599) | 0 | (3,599) |
Loss (income) before taxes | (324) | 4,136 | 379 | 2,627 |
Income tax expense | 305 | 313 | 771 | 434 |
Net (loss) income | $ (629) | $ 3,823 | $ (392) | $ 2,193 |
(Loss) income per share: | ||||
Basic (in dollars per share) | $ (0.03) | $ 0.18 | $ (0.02) | $ 0.10 |
Diluted (in dollars per share) | $ (0.03) | $ 0.17 | $ (0.02) | $ 0.10 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 21,723 | 21,356 | 21,700 | 21,475 |
Diluted (in shares) | 21,723 | 22,846 | 21,700 | 22,979 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | |
Net (loss) income | $ (629) | $ 3,823 | $ (392) | $ 2,193 |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustments | (152) | 355 | 431 | (51) |
Comprehensive (loss) income | $ (781) | $ 4,178 | $ 39 | $ 2,142 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jul. 03, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 7,486,000 | $ 11,620,000 |
Accounts receivable, net | 9,478,000 | 8,467,000 |
Inventory, net | 29,379,000 | 30,100,000 |
Other current assets | 6,792,000 | 5,868,000 |
Total current assets | 53,135,000 | 56,055,000 |
Property, plant and equipment, net | 14,625,000 | 14,140,000 |
Operating lease right-of-use assets | 4,699,000 | 5,140,000 |
Other assets | 3,902,000 | 4,170,000 |
Total assets | 76,361,000 | 79,505,000 |
Current liabilities: | ||
Accounts payable | 12,838,000 | 11,962,000 |
Accrued liabilities | 21,086,000 | 19,646,000 |
Operating lease liabilities, current portion | 1,114,000 | 1,063,000 |
Finance lease obligations, current portion | 1,016,000 | 983,000 |
Equipment financing obligations, current portion | 347,000 | 336,000 |
Note payable – related party, current portion | 2,500,000 | 0 |
Total current liabilities | 38,901,000 | 33,990,000 |
Operating lease liabilities, net of current portion | 4,306,000 | 4,878,000 |
Finance lease obligations, net of current portion | 2,957,000 | 3,469,000 |
Equipment financing obligations, net of current portion | 692,000 | 868,000 |
Note payable – related party, net of current portion | 3,987,000 | 6,484,000 |
Other liabilities | 5,880,000 | 10,530,000 |
Total liabilities | 56,723,000 | 60,219,000 |
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Additional paid-in capital | 155,214,000 | 154,904,000 |
Accumulated deficit | (113,234,000) | (112,842,000) |
Accumulated other comprehensive loss | (22,563,000) | (22,994,000) |
Treasury stock, 19 in 2022 and 2021 | 0 | 0 |
Total stockholders’ equity | 19,638,000 | 19,286,000 |
Total liabilities and stockholders’ equity | 76,361,000 | 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 | $ 221,000 | $ 218,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jul. 03, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 975,150,000 | 975,150,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Treasury stock (in shares) | 19 | 19 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 24,850,000 | 24,850,000 |
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) | 10,000,000,000 | 10,000,000,000 |
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) | 30,000,000,000 | 30,000,000,000 |
Common stock, shares issued (in shares) | 22,132,002,000 | 21,864,743,000 |
Common stock, shares outstanding (in shares) | 22,131,983,000 | 21,864,724,000 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 03, 2022 | Jul. 04, 2021 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (392) | $ 2,193 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 1,531 | 1,274 |
Forgiveness of PPP Loan and related interest | 0 | (3,599) |
Deferred income taxes | 225 | 266 |
Stock-based compensation expense | 349 | 163 |
Deferred loan costs recognized | 3 | 3 |
Net loss on the sale of assets | 10 | 11 |
Provision for excess and obsolete inventory | 129 | 65 |
Non-cash lease expense | 442 | 438 |
Other noncash items | 91 | 90 |
Contributions to pension plans | (47) | (254) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,155) | (3,270) |
Inventory | 711 | (7,063) |
Other current assets | (819) | (335) |
Accounts payable | 805 | 7,218 |
Accrued and other liabilities | (3,892) | 11,406 |
Net cash (used in) provided by operating activities | (2,009) | 8,606 |
Cash flows from investing activities: | ||
Capital expenditures | (1,840) | (1,213) |
Proceeds from sale of assets | 0 | 10 |
Net cash used in investing activities | (1,840) | (1,203) |
Cash flows from financing activities: | ||
Principal payments on finance lease obligations | (479) | (211) |
Principal payments on equipment financing obligations | (165) | (65) |
Indirect repurchase of shares for minimum statutory tax withholdings | (36) | (382) |
Net cash used in financing activities | (680) | (658) |
Effect of exchange rate changes on cash balances | 395 | (157) |
Net (decrease) increase in cash and cash equivalents | (4,134) | 6,588 |
Cash and cash equivalents at beginning of period | 11,620 | 11,606 |
Cash and cash equivalents at end of period | 7,486 | 18,194 |
Supplemental disclosure of cash flow information: | ||
Right-of-use assets obtained in exchange for finance lease obligations | 0 | 168 |
Capital expenditures purchased through equipment financing obligations | $ 0 | $ 1,070 |
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, 2020 | 21,300,958 | |||||
Balance at Dec. 31, 2020 | $ 213 | $ 155,025 | $ (115,765) | $ (24,698) | $ 0 | |
Net (loss) income | 0 | 0 | 2,193 | 0 | 0 | $ 2,193 |
Foreign currency translation adjustment | $ 0 | 0 | 0 | (51) | 0 | |
Exercise of stock options (in shares) | 196,487 | |||||
Exercise of stock options | $ 2 | (384) | 0 | 0 | 0 | |
Noncash compensation (in shares) | 17,500 | |||||
Noncash compensation | $ 0 | 163 | 0 | 0 | 0 | |
Balance (in shares) at Jul. 04, 2021 | 21,514,945 | |||||
Balance at Jul. 04, 2021 | $ 215 | 154,804 | (113,572) | (24,749) | 0 | |
Balance (in shares) at Apr. 04, 2021 | 21,436,963 | |||||
Balance at Apr. 04, 2021 | $ 214 | 154,783 | (117,395) | (25,104) | 0 | |
Net (loss) income | 0 | 0 | 3,823 | 0 | 0 | 3,823 |
Foreign currency translation adjustment | $ 0 | 0 | 0 | 355 | 0 | |
Exercise of stock options (in shares) | 60,482 | |||||
Exercise of stock options | $ 1 | (81) | 0 | 0 | 0 | |
Noncash compensation (in shares) | 17,500 | |||||
Noncash compensation | $ 0 | 102 | 0 | 0 | 0 | |
Balance (in shares) at Jul. 04, 2021 | 21,514,945 | |||||
Balance at Jul. 04, 2021 | $ 215 | 154,804 | (113,572) | (24,749) | 0 | |
Balance (in shares) at Dec. 31, 2021 | 21,864,724 | |||||
Balance at Dec. 31, 2021 | $ 218 | 154,904 | (112,842) | (22,994) | 0 | 19,286 |
Net (loss) income | 0 | 0 | (392) | 0 | 0 | (392) |
Foreign currency translation adjustment | $ 0 | 0 | 0 | 431 | 0 | |
Exercise of stock options (in shares) | 39,759 | |||||
Exercise of stock options | $ 1 | (37) | 0 | 0 | 0 | |
Noncash compensation (in shares) | 30,000 | |||||
Noncash compensation | $ 0 | 349 | 0 | 0 | 0 | |
Balance (in shares) at Jul. 03, 2022 | 22,131,983 | |||||
Balance at Jul. 03, 2022 | $ 221 | 155,214 | (113,234) | (22,563) | 0 | 19,638 |
Issuance of restricted common stock (in shares) | 197,500 | |||||
Issuance of restricted common stock | $ 2 | (2) | 0 | 0 | 0 | |
Balance (in shares) at Apr. 03, 2022 | 22,088,344 | |||||
Balance at Apr. 03, 2022 | $ 220 | 155,061 | (112,605) | (22,411) | 0 | |
Net (loss) income | 0 | 0 | (629) | 0 | 0 | (629) |
Foreign currency translation adjustment | $ 0 | 0 | 0 | (152) | 0 | |
Exercise of stock options (in shares) | 28,639 | |||||
Exercise of stock options | $ 1 | (20) | 0 | 0 | 0 | |
Noncash compensation (in shares) | 15,000 | |||||
Noncash compensation | $ 0 | 173 | 0 | 0 | 0 | |
Balance (in shares) at Jul. 03, 2022 | 22,131,983 | |||||
Balance at Jul. 03, 2022 | $ 221 | $ 155,214 | $ (113,234) | $ (22,563) | $ 0 | $ 19,638 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended |
Jul. 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 | 6 Months Ended |
Jul. 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 six July 3, 2022 not may December 31, 2022. December 31, 2021 10 |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 6 Months Ended |
Jul. 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 | 6 Months Ended |
Jul. 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 July 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 six July 3, 2022 July 4, 2021. The following table presents information related to lease expense for the three six July 3, 2022 July 4, 2021 ( Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) Finance lease expense: Amortization expense $ 171 $ 87 $ 320 $ 173 Interest expense 87 59 178 117 Operating lease expense 350 351 701 702 Variable lease expense 84 76 169 154 Total lease expense $ 692 $ 573 $ 1,368 $ 1,146 The following table presents supplemental cash flow information related to leases (in thousands): Six Months Ended July 3, July 4, 2022 2021 (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 857 $ 764 Operating cash flows from finance leases 178 117 Financing cash flows from finance leases 479 211 The annual future minimum lease payments as of July 3, 2022 Operating Finance Leases Leases Next 12 months $ 1,501 $ 1,315 12 to 24 months 1,466 1,286 24 to 36 months 1,222 1,209 36 to 48 months 1,062 778 48 to 60 months 832 51 Thereafter 421 0 Total lease payments 6,504 4,639 Less imputed interest (1,084 ) (666 ) Total $ 5,420 $ 3,973 The following table presents certain information related to lease terms and discount rates for leases as of July 3, 2022 December 31, 2021: July 3, December 31, 2022 2021 (Unaudited) Weighted-average remaining lease term (years): Operating leases 4.8 5.3 Finance leases 3.5 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 | 6 Months Ended |
Jul. 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 July 3, 2022, 2022, 2023 2024. Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the three six July 3, 2022 July 4, 2021: Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) Sypris Technologies – transferred point in time $ 17,951 $ 17,139 $ 35,106 $ 30,329 Sypris Electronics – transferred point in time 1,844 2,655 3,797 3,270 Sypris Electronics – transferred over time 9,249 6,175 16,307 12,352 $ 29,044 $ 25,969 $ 55,210 $ 45,951 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 July 3, 2022 December 31, 2021 Contract liabilities July 3, 2022, December 31, 2021, not The Company recognized revenue from contract liabilities of $4,464,000 and $7,640,000 during the three six July 3, 2022, three six July 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 - Earnings (Loss) Per Co
Note 6 - Earnings (Loss) Per Common Share | 6 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 6 Earnings (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 six July 3, 2022, not three six July 4, 2021. A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted (loss) income per common share is as follows (in thousands): Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) (Loss) income attributable to stockholders: Net (loss) income as reported $ (629 ) $ 3,823 $ (392 ) $ 2,193 Less distributed and undistributed earnings allocable to restricted award holders 0 0 0 0 Less dividends declared attributable to restricted award holders 0 0 0 0 Net (loss) income allocable to common stockholders $ (629 ) $ 3,823 $ (392 ) $ 2,193 Income (loss) per common share attributable to stockholders: Basic $ (0.03 ) $ 0.18 $ (0.02 ) $ 0.10 Diluted $ (0.03 ) $ 0.17 $ (0.02 ) $ 0.10 Weighted average shares outstanding – basic 21,723 21,356 21,700 21,475 Weighted average additional shares assuming conversion of potential common shares 0 1,490 0 1,504 Weighted average shares outstanding – diluted 21,723 22,846 21,700 22,979 |
Note 7 - Inventory
Note 7 - Inventory | 6 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 7 Inventory Inventory consists of the following (in thousands): July 3, December 31, 2022 2021 (Unaudited) Raw materials $ 25,717 $ 23,694 Work in process 4,364 6,702 Finished goods 1,236 1,497 Reserve for excess and obsolete inventory (1,938 ) (1,793 ) Total $ 29,379 $ 30,100 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment | 6 Months Ended |
Jul. 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): July 3, December 31, 2022 2021 (Unaudited) Land and land improvements $ 43 $ 43 Buildings and building improvements 7,927 7,863 Machinery, equipment, furniture and fixtures 62,261 61,050 Construction in progress 1,567 858 71,798 69,814 Accumulated depreciation (57,173 ) (55,674 ) $ 14,625 $ 14,140 |
Note 9 - Debt
Note 9 - Debt | 6 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | ( 9 Debt Debt outstanding consists of the following (in thousands): July 3, December 31, 2022 2021 (Unaudited) Current: Finance lease obligation, current portion $ 1,016 $ 983 Equipment financing obligations, current portion 347 336 Note payable – related party, current portion 2,500 0 Current portion of long term debt and finance lease obligations $ 3,863 $ 1,319 Long Term: Finance lease obligation $ 2,957 $ 3,469 Equipment financing obligations 692 868 Note payable – related party 4,000 6,500 Less unamortized debt issuance and modification costs (13 ) (16 ) Long term debt and finance lease obligations net of unamortized debt costs $ 7,636 $ 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 July 3, 2022 December 31, 2021. one July 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 July 3, 2022, 2026 Equipment Financing Obligations As of July 3, 2022, 2026. Next 12 months $ 403 12 to 24 months 376 24 to 36 months 254 36 to 48 months 90 48 to 60 months 23 Thereafter 0 Total payments 1,146 Less imputed interest (107 ) Total equipment financing obligations $ 1,039 |
Note 10 - Segment Data
Note 10 - Segment Data | 6 Months Ended |
Jul. 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 Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 17,951 $ 17,139 $ 35,106 $ 30,329 Sypris Electronics 11,093 8,830 20,104 15,622 $ 29,044 $ 25,969 $ 55,210 $ 45,951 Gross profit: Sypris Technologies $ 2,131 $ 2,509 $ 5,263 $ 3,680 Sypris Electronics 1,649 1,800 3,026 2,445 $ 3,780 $ 4,309 $ 8,289 $ 6,125 Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) Operating income (loss): Sypris Technologies $ 740 $ 1,316 $ 2,604 $ 1,443 Sypris Electronics 835 844 1,336 674 General, corporate and other (1,532 ) (1,267 ) (2,777 ) (2,290 ) $ 43 $ 893 $ 1,163 $ (173 ) Income (loss) before taxes: Sypris Technologies $ 544 $ 1,105 $ 2,163 $ 941 Sypris Electronics 797 840 1,258 664 General, corporate and other (1,665 ) 2,191 (3,042 ) 1,022 $ (324 ) $ 4,136 $ 379 $ 2,627 July 3, December 31, 2022 2021 (Unaudited) Total assets: Sypris Technologies $ 36,475 $ 35,977 Sypris Electronics 34,540 35,599 General, corporate and other 5,346 7,929 $ 76,361 $ 79,505 Total liabilities: Sypris Technologies $ 21,964 $ 20,666 Sypris Electronics 26,264 31,030 General, corporate and other 8,495 8,523 $ 56,723 $ 60,219 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jul. 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 July 3, 2022 December 31, 2021 three six July 3, 2022 July 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 July 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. In order to reduce manufacturing lead times, the Company enters into agreements with certain suppliers to produce inventory based on the Company’s requirements. A significant portion of the Company’s purchase commitments arising from these agreements consists of firm and non-cancelable commitments. These purchase commitments totaled $60,104,000 as of July 3, 2022, 2022, 2023 2024. July 3, 2022 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jul. 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 2022 2021 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 | 6 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 13 Employee Benefit Plans Pension expense (benefit) consisted of the following (in thousands): Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) Service cost $ 1 $ 1 $ 2 $ 2 Interest cost on projected benefit obligation 226 116 420 387 Net amortizations, deferrals and other costs 127 148 280 306 Expected return on plan assets (221 ) (136 ) (409 ) (378 ) Net periodic benefit cost $ 133 $ 129 $ 293 $ 317 The net periodic benefit cost of the defined benefit pension plans incurred during the three six July 3, 2022 July 4, 2021 Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) Service cost: Selling, general and administrative expenses $ 1 $ 1 $ 2 $ 2 Other net periodic benefit costs: Other expense (income), net 132 128 291 315 Total $ 133 $ 129 $ 293 $ 317 |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Jul. 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): July 3, December 31, 2022 2021 (Unaudited) Foreign currency translation adjustments $ (11,009 ) $ (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 $ (22,563 ) $ (22,994 ) |
Note 15 - Fair Value of Financi
Note 15 - Fair Value of Financial Instruments | 6 Months Ended |
Jul. 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 July 3, 2022 2 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 6 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) Finance lease expense: Amortization expense $ 171 $ 87 $ 320 $ 173 Interest expense 87 59 178 117 Operating lease expense 350 351 701 702 Variable lease expense 84 76 169 154 Total lease expense $ 692 $ 573 $ 1,368 $ 1,146 |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Six Months Ended July 3, July 4, 2022 2021 (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 857 $ 764 Operating cash flows from finance leases 178 117 Financing cash flows from finance leases 479 211 |
Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance Leases Leases Next 12 months $ 1,501 $ 1,315 12 to 24 months 1,466 1,286 24 to 36 months 1,222 1,209 36 to 48 months 1,062 778 48 to 60 months 832 51 Thereafter 421 0 Total lease payments 6,504 4,639 Less imputed interest (1,084 ) (666 ) Total $ 5,420 $ 3,973 |
Lease Terms and Discount Rates for Leases [Table Text Block] | July 3, December 31, 2022 2021 (Unaudited) Weighted-average remaining lease term (years): Operating leases 4.8 5.3 Finance leases 3.5 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) | 6 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) Sypris Technologies – transferred point in time $ 17,951 $ 17,139 $ 35,106 $ 30,329 Sypris Electronics – transferred point in time 1,844 2,655 3,797 3,270 Sypris Electronics – transferred over time 9,249 6,175 16,307 12,352 $ 29,044 $ 25,969 $ 55,210 $ 45,951 |
Note 6 - Earnings (Loss) Per _2
Note 6 - Earnings (Loss) Per Common Share (Tables) | 6 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) (Loss) income attributable to stockholders: Net (loss) income as reported $ (629 ) $ 3,823 $ (392 ) $ 2,193 Less distributed and undistributed earnings allocable to restricted award holders 0 0 0 0 Less dividends declared attributable to restricted award holders 0 0 0 0 Net (loss) income allocable to common stockholders $ (629 ) $ 3,823 $ (392 ) $ 2,193 Income (loss) per common share attributable to stockholders: Basic $ (0.03 ) $ 0.18 $ (0.02 ) $ 0.10 Diluted $ (0.03 ) $ 0.17 $ (0.02 ) $ 0.10 Weighted average shares outstanding – basic 21,723 21,356 21,700 21,475 Weighted average additional shares assuming conversion of potential common shares 0 1,490 0 1,504 Weighted average shares outstanding – diluted 21,723 22,846 21,700 22,979 |
Note 7 - Inventory (Tables)
Note 7 - Inventory (Tables) | 6 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | July 3, December 31, 2022 2021 (Unaudited) Raw materials $ 25,717 $ 23,694 Work in process 4,364 6,702 Finished goods 1,236 1,497 Reserve for excess and obsolete inventory (1,938 ) (1,793 ) Total $ 29,379 $ 30,100 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | July 3, December 31, 2022 2021 (Unaudited) Land and land improvements $ 43 $ 43 Buildings and building improvements 7,927 7,863 Machinery, equipment, furniture and fixtures 62,261 61,050 Construction in progress 1,567 858 71,798 69,814 Accumulated depreciation (57,173 ) (55,674 ) $ 14,625 $ 14,140 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 6 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | July 3, December 31, 2022 2021 (Unaudited) Current: Finance lease obligation, current portion $ 1,016 $ 983 Equipment financing obligations, current portion 347 336 Note payable – related party, current portion 2,500 0 Current portion of long term debt and finance lease obligations $ 3,863 $ 1,319 Long Term: Finance lease obligation $ 2,957 $ 3,469 Equipment financing obligations 692 868 Note payable – related party 4,000 6,500 Less unamortized debt issuance and modification costs (13 ) (16 ) Long term debt and finance lease obligations net of unamortized debt costs $ 7,636 $ 10,821 |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | Next 12 months $ 403 12 to 24 months 376 24 to 36 months 254 36 to 48 months 90 48 to 60 months 23 Thereafter 0 Total payments 1,146 Less imputed interest (107 ) Total equipment financing obligations $ 1,039 |
Note 10 - Segment Data (Tables)
Note 10 - Segment Data (Tables) | 6 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 17,951 $ 17,139 $ 35,106 $ 30,329 Sypris Electronics 11,093 8,830 20,104 15,622 $ 29,044 $ 25,969 $ 55,210 $ 45,951 Gross profit: Sypris Technologies $ 2,131 $ 2,509 $ 5,263 $ 3,680 Sypris Electronics 1,649 1,800 3,026 2,445 $ 3,780 $ 4,309 $ 8,289 $ 6,125 Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) Operating income (loss): Sypris Technologies $ 740 $ 1,316 $ 2,604 $ 1,443 Sypris Electronics 835 844 1,336 674 General, corporate and other (1,532 ) (1,267 ) (2,777 ) (2,290 ) $ 43 $ 893 $ 1,163 $ (173 ) Income (loss) before taxes: Sypris Technologies $ 544 $ 1,105 $ 2,163 $ 941 Sypris Electronics 797 840 1,258 664 General, corporate and other (1,665 ) 2,191 (3,042 ) 1,022 $ (324 ) $ 4,136 $ 379 $ 2,627 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | July 3, December 31, 2022 2021 (Unaudited) Total assets: Sypris Technologies $ 36,475 $ 35,977 Sypris Electronics 34,540 35,599 General, corporate and other 5,346 7,929 $ 76,361 $ 79,505 Total liabilities: Sypris Technologies $ 21,964 $ 20,666 Sypris Electronics 26,264 31,030 General, corporate and other 8,495 8,523 $ 56,723 $ 60,219 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Tables) | 6 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) Service cost $ 1 $ 1 $ 2 $ 2 Interest cost on projected benefit obligation 226 116 420 387 Net amortizations, deferrals and other costs 127 148 280 306 Expected return on plan assets (221 ) (136 ) (409 ) (378 ) Net periodic benefit cost $ 133 $ 129 $ 293 $ 317 |
Net Periodic Benefit Cost Recognized in Income Statement [Table Text Block] | Three Months Ended Six Months Ended July 3, July 4, July 3, July 4, 2022 2021 2022 2021 (Unaudited) (Unaudited) Service cost: Selling, general and administrative expenses $ 1 $ 1 $ 2 $ 2 Other net periodic benefit costs: Other expense (income), net 132 128 291 315 Total $ 133 $ 129 $ 293 $ 317 |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | July 3, December 31, 2022 2021 (Unaudited) Foreign currency translation adjustments $ (11,009 ) $ (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 $ (22,563 ) $ (22,994 ) |
Note 1 - Nature of Business (De
Note 1 - Nature of Business (Details Textual) | 6 Months Ended |
Jul. 03, 2022 | |
Number of Operating Segments | 2 |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) | Jul. 03, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
Operating Lease, Right-of-Use Asset | $ 4,699,000 | $ 5,140,000 |
Operating Lease, Liability, Total | $ 5,420,000 | $ 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 | 6 Months Ended | ||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | |
Amortization expense | $ 171 | $ 87 | $ 320 | $ 173 |
Interest expense | 87 | 59 | 178 | 117 |
Operating lease expense | 350 | 351 | 701 | 702 |
Variable lease expense | 84 | 76 | 169 | 154 |
Total lease expense | $ 692 | $ 573 | $ 1,368 | $ 1,146 |
Note 4 - Leases - Supplemental
Note 4 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 03, 2022 | Jul. 04, 2021 | |
Operating cash flows from operating leases | $ 857 | $ 764 |
Operating cash flows from finance leases | 178 | 117 |
Financing cash flows from finance leases | $ 479 | $ 211 |
Note 4 - Leases - Maturities of
Note 4 - Leases - Maturities of Lease Liabilities (Details) - USD ($) | Jul. 03, 2022 | Dec. 31, 2021 |
Next 12 months, Operating Leases | $ 1,501,000 | |
Next 12 months, Finance Leases | 1,315,000 | |
12 to 24 months, Operating Leases | 1,466,000 | |
12 to 24 months, Finance Leases | 1,286,000 | |
24 to 36 months, Operating Leases | 1,222,000 | |
24 to 36 months, Finance Leases | 1,209,000 | |
36 to 48 months, Operating Leases | 1,062,000 | |
36 to 48 months, Finance Leases | 778,000 | |
48 to 60 months, Operating Leases | 832,000 | |
48 to 60 months, Finance Leases | 51,000 | |
Thereafter, Operating Leases | 421,000 | |
Thereafter, Finance Leases | 0 | |
Total lease payments, Operating Leases | 6,504,000 | |
Total payments, equipment finance lease | 4,639,000 | |
Less imputed interest, Operating Leases | (1,084,000) | |
Less imputed interest, equipment finance lease | (666,000) | |
Total, Operating Leases | 5,420,000 | $ 5,941,000 |
Total equipment financing obligations, equipment lease finance | $ 3,973,000 |
Note 4 - Leases - Information R
Note 4 - Leases - Information Related to Lease Terms and Discount Rates (Details) | Jul. 03, 2022 | Dec. 31, 2021 |
Operating leases (Year) | 4 years 9 months 18 days | 5 years 3 months 18 days |
Finance leases (Year) | 3 years 6 months | 4 years |
Operating leases | 8% | 8% |
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 | 6 Months Ended | |||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | Dec. 31, 2021 | |
Revenue, Remaining Performance Obligation, Amount | $ 78,327,000 | $ 78,327,000 | |||
Contract with Customer, Liability, Total | 15,774,000 | 15,774,000 | $ 19,888,000 | ||
Contract with Customer, Liability, Revenue Recognized | 4,464,000 | $ 1,607,000 | 7,640,000 | $ 3,609,000 | |
Other Current Assets [Member] | |||||
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | $ 2,343,000 | $ 2,343,000 | 1,913,000 | ||
Accrued Liabilities [Member] | |||||
Contract with Customer, Liability, Current | 15,013,000 | ||||
Other Noncurrent Liabilities [Member] | |||||
Contract with Customer, Liability, Noncurrent | $ 4,875,000 |
Note 5 - Revenue From Contrac_4
Note 5 - Revenue From Contracts With Customers 2 (Details Textual) | Jul. 03, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-04 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 21% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 54% |
Note 5 - Revenue From Contrac_5
Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | |
Net revenue | $ 29,044 | $ 25,969 | $ 55,210 | $ 45,951 |
Sypris Technologies [Member] | ||||
Net revenue | 17,951 | 17,139 | 35,106 | 30,329 |
Sypris Technologies [Member] | Transferred at Point in Time [Member] | ||||
Net revenue | 17,951 | 17,139 | 35,106 | 30,329 |
Sypris Electronics [Member] | ||||
Net revenue | 11,093 | 8,830 | 20,104 | 15,622 |
Sypris Electronics [Member] | Transferred at Point in Time [Member] | ||||
Net revenue | 1,844 | 2,655 | 3,797 | 3,270 |
Sypris Electronics [Member] | Transferred over Time [Member] | ||||
Net revenue | $ 9,249 | $ 6,175 | $ 16,307 | $ 12,352 |
Note 6 - Earnings (Loss) Per _3
Note 6 - Earnings (Loss) Per Common Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended |
Jul. 04, 2021 | Jul. 04, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 4,000 | 4,000 |
Note 6 - Income (Loss) Per Comm
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 | 6 Months Ended | ||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | |
Net (loss) income | $ (629) | $ 3,823 | $ (392) | $ 2,193 |
Less distributed and undistributed earnings allocable to restricted award holders | 0 | 0 | 0 | 0 |
Less dividends declared attributable to restricted award holders | 0 | 0 | 0 | 0 |
Net (loss) income allocable to common stockholders | $ (629) | $ 3,823 | $ (392) | $ 2,193 |
Basic (in dollars per share) | $ (0.03) | $ 0.18 | $ (0.02) | $ 0.10 |
Diluted (in dollars per share) | $ (0.03) | $ 0.17 | $ (0.02) | $ 0.10 |
Basic (in shares) | 21,723 | 21,356 | 21,700 | 21,475 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 0 | 1,490 | 0 | 1,504 |
Weighted average shares outstanding – diluted (in shares) | 21,723 | 22,846 | 21,700 | 22,979 |
Note 7 - Inventory - Inventory
Note 7 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands | Jul. 03, 2022 | Dec. 31, 2021 |
Raw materials | $ 25,717 | $ 23,694 |
Work in process | 4,364 | 6,702 |
Finished goods | 1,236 | 1,497 |
Reserve for excess and obsolete inventory | (1,938) | (1,793) |
Total | $ 29,379 | $ 30,100 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Jul. 03, 2022 | Dec. 31, 2021 |
Gross property, plant and equipment | $ 71,798 | $ 69,814 |
Accumulated depreciation | (57,173) | (55,674) |
Property, Plant and Equipment, Net, Total | 14,625 | 14,140 |
Land and Land Improvements [Member] | ||
Gross property, plant and equipment | 43 | 43 |
Building and Building Improvements [Member] | ||
Gross property, plant and equipment | 7,927 | 7,863 |
Property, Plant and Equipment, Other Types [Member] | ||
Gross property, plant and equipment | 62,261 | 61,050 |
Construction in Progress [Member] | ||
Gross property, plant and equipment | $ 1,567 | $ 858 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) | 6 Months Ended | |
Jul. 03, 2022 | Dec. 31, 2021 | |
Finance Lease, Liability, Total | $ 3,973,000 | |
Machinery at Sypris Technologies Facility [Member] | ||
Finance Lease, Liability, Total | $ 3,973,000 | |
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% | |
Debt Instrument, Allowance for Payment Deferral Period (Month) | 18 months | |
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent | 60% | |
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% | |
Equipment Financing Obligations [Member] | ||
Finance Lease, Liability, Total | $ 1,039,000 | |
Long-Term Debt, Total | $ 1,039,000 | |
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 | Jul. 03, 2022 | Dec. 31, 2021 |
Finance lease obligations, current portion | $ 1,016 | $ 983 |
Equipment financing obligations, current portion | 347 | 336 |
Note payable – related party, current portion | 2,500 | 0 |
Current portion of long term debt and finance lease obligations | 3,863 | 1,319 |
Finance lease obligations, net of current portion | 2,957 | 3,469 |
Equipment financing obligations | 692 | 868 |
Note payable – related party | 4,000 | 6,500 |
Less unamortized debt issuance and modification costs | (13) | (16) |
Long term debt and finance lease obligations net of unamortized debt costs | $ 7,636 | $ 10,821 |
Note 9 - Debt - Maturities of E
Note 9 - Debt - Maturities of Equipment Financing Obligations (Details) $ in Thousands | Jul. 03, 2022 USD ($) |
Next 12 months, equipment finance lease | $ 1,315 |
12 to 24 months, equipment finance lease | 1,286 |
24 to 36 months, equipment finance lease | 1,209 |
36 to 48 months, equipment finance lease | 778 |
48 to 60 months, equipment finance lease | 51 |
Thereafter, equipment finance lease | 0 |
Total payments, equipment finance lease | 4,639 |
Less imputed interest, equipment finance lease | (666) |
Total equipment financing obligations, equipment lease finance | 3,973 |
Equipment Financing Obligations [Member] | |
Next 12 months, equipment finance lease | 403 |
12 to 24 months, equipment finance lease | 376 |
24 to 36 months, equipment finance lease | 254 |
36 to 48 months, equipment finance lease | 90 |
48 to 60 months, equipment finance lease | 23 |
Thereafter, equipment finance lease | 0 |
Total payments, equipment finance lease | 1,146 |
Less imputed interest, equipment finance lease | (107) |
Total equipment financing obligations, equipment lease finance | $ 1,039 |
Note 10 - Segment Data (Details
Note 10 - Segment Data (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2022 USD ($) | Jul. 04, 2021 USD ($) | Jul. 03, 2022 USD ($) | Jul. 04, 2021 USD ($) | |
Number of Operating Segments | 2 | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 29,044 | $ 25,969 | $ 55,210 | $ 45,951 |
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 | 6 Months Ended | ||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | |
Net revenue from unaffiliated customers | $ 29,044 | $ 25,969 | $ 55,210 | $ 45,951 |
Gross profit (loss) | 3,780 | 4,309 | 8,289 | 6,125 |
Operating income (loss) | 43 | 893 | 1,163 | (173) |
Income (loss) before taxes | (324) | 4,136 | 379 | 2,627 |
Sypris Technologies [Member] | ||||
Net revenue from unaffiliated customers | 17,951 | 17,139 | 35,106 | 30,329 |
Gross profit (loss) | 2,131 | 2,509 | 5,263 | 3,680 |
Operating income (loss) | 740 | 1,316 | 2,604 | 1,443 |
Income (loss) before taxes | 544 | 1,105 | 2,163 | 941 |
Sypris Electronics [Member] | ||||
Net revenue from unaffiliated customers | 11,093 | 8,830 | 20,104 | 15,622 |
Gross profit (loss) | 1,649 | 1,800 | 3,026 | 2,445 |
Operating income (loss) | 835 | 844 | 1,336 | 674 |
Income (loss) before taxes | 797 | 840 | 1,258 | 664 |
Corporate and Other [Member] | ||||
Operating income (loss) | (1,532) | (1,267) | (2,777) | (2,290) |
Income (loss) before taxes | $ (1,665) | $ 2,191 | $ (3,042) | $ 1,022 |
Note 10 - Segment Data - Fina_2
Note 10 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands | Jul. 03, 2022 | Dec. 31, 2021 |
Total assets | $ 76,361 | $ 79,505 |
Total liabilities | 56,723 | 60,219 |
Sypris Technologies [Member] | ||
Total assets | 36,475 | 35,977 |
Total liabilities | 21,964 | 20,666 |
Sypris Electronics [Member] | ||
Total assets | 34,540 | 35,599 |
Total liabilities | 26,264 | 31,030 |
Corporate and Other [Member] | ||
Total assets | 5,346 | 7,929 |
Total liabilities | $ 8,495 | $ 8,523 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | Jul. 03, 2022 | Dec. 31, 2021 |
Standard and Extended Product Warranty Accrual, Ending Balance | $ 680,000 | $ 659,000 |
Accrual for Environmental Loss Contingencies, Ending Balance | 0 | $ 0 |
Inventories [Member] | ||
Purchase Obligation, Total | 60,104,000 | |
Purchase Obligation, to be Paid, Remainder of Fiscal Year | 21,558,000 | |
Purchase Obligation, to be Paid, Year One | 28,339,000 | |
Purchase Obligation, to be Paid, Year Two | 10,207,000 | |
Capital Addition Purchase Commitments [Member] | ||
Purchase Obligation, Total | $ 1,774,000 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) | 6 Months Ended | |
Jul. 03, 2022 | Jul. 04, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 30% | 30% |
Note 13 - Employee Benefit Pl_3
Note 13 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | |
Service cost | $ 1 | $ 1 | $ 2 | $ 2 |
Interest cost on projected benefit obligation | 226 | 116 | 420 | 387 |
Net amortizations, deferrals and other costs | 127 | 148 | 280 | 306 |
Expected return on plan assets | (221) | (136) | (409) | (378) |
Net periodic benefit cost | $ 133 | $ 129 | $ 293 | $ 317 |
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 | 6 Months Ended | ||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | |
Selling, general and administrative expenses | $ 1 | $ 1 | $ 2 | $ 2 |
Other expense (income), net | 132 | 128 | 291 | 315 |
Total | 133 | 129 | 293 | 317 |
Selling, General and Administrative Expenses [Member] | ||||
Selling, general and administrative expenses | $ 1 | $ 1 | $ 2 | $ 2 |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Jul. 03, 2022 | Dec. 31, 2021 |
Foreign currency translation adjustments | $ (11,009) | $ (11,440) |
Accumulated other comprehensive loss | (22,563) | (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 |