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Written by Mike Buetow
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Thursday, 02 August 2007 10:43 |
LOUISVILLE, KY — Sypris Solutions today reported a net loss of $2.3 million on revenue of $116.2 million for its second quarter ended July 1, in line with company expectations. The loss includes $700,000 in legal and other expenses related to the bankruptcy of a large customer.
The company reported a net loss of $400,000 on sales of $132.2 million a year ago.
In a statement, president and chief executive Jeffrey T. Gill said, "The cyclical downturn in demand for commercial vehicles impacted the top line, but the implementation of cost containment measures, combined with better pricing, and higher than forecasted sales from our Industrial and Test & Measurement businesses, helped to mitigate the impact despite the lower volumes."
Orders in the Electronics Group rose 8% in the second quarter. Revenue increased 27% versus last year and 32% sequentially to $42.8 million. Gross profit was $4 million, down from $5.9 million for the same period in 2006, reflecting an unfavorable mix of product shipments under certain classified government and a delay in the award of a follow-on contract.
Sypris revised its full-year revenue guidance upward by $15 million, to a range of $435 million to $445 million. It expects third-quarter revenue of $105 million to $110 million compared to $126 million for prior year.
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Last Updated on Friday, 03 August 2007 06:03 |
