LOUISVILLE, KY – Sypris Solutions reported third quarter revenue of $91.2 million, up 24% year-over-year, driven by a 38% increase in sales for the Industrial Group.
Net income was $6.1 million, compared to a net loss of $1.9 million for the prior year period.
For the nine months ended Oct. 2, the company reported revenue of $252 million, up 26.4% year-over-year. Net income was $6.6 million, compared to a net loss of $8.6 million in 2010.
“Revenue for our Electronics Group increased 15% sequentially for the quarter, while gross profit increased 223% sequentially,” said Jeffrey T. Gill, president and CEO.
Revenue for the Electronics Group was $18.5 million in the third quarter, down 10.7% year-over-year, while gross profit for the quarter was $3.3 million, or 18% of revenue, down 33% compared to the same period in 2010.
Revenue for the period continued to reflect the impact of the delay in funding for orders as a result of the late enactment of 2011 federal budget, while gross profit was impacted by unfavorable mix and additional engineering costs for product portfolio improvements, the firm says.
For the Electronics Group, Sypris expects to see continued recovery of the defense market once the 2012 budget authorization is enacted.
LOS ANGELES -- Ducommun Inc. today reported third-quarter profits of $1 million, down from $5.8 million last year, in part due to costs stemming from its $340 million acquisition of electronics manufacturing services firm LaBarge.
BANGKOK -- Fabrinet today announced its Pinehurst campus has restarted limited production following three weeks of shutdown due to rampant flooding.
SAN FRANCISCO -- Fabrinet today reported September quarter net income rose $500,000 over last year to $15.7 million, surprising industry watchers who thought the rampant flooding of two of its Thailand plants would have sunk profits.
ST. PETERSBURG, FL – Jabil’s Defense and Aerospace Services and Rockwell Collins’ technical support are teaming to support in-country manufacturing and support for KC-390 aircraft.
The firms will produce various systems and subsystems in Jabil’s production facilities in Brazil.
No financial terms were disclosed.
WATERTOWN, SD – Contract manufacturer OEM Worldwide said it has changed its name to Onyx EMS.
Onyx provides manufacturing of medical equipment, industrial equipment and controls, and network and telephone systems. The company anticipates further expansion in military, aerospace and smart grid markets.
Onyx is also completing an $11 million expansion and improvement project to their manufacturing and engineering facilities over the next four years. The company broke ground on a 50,000 sq. ft. expansion to their headquarters in September. The expansion will double the company’s system-build and warehousing capacity.
The firm also plans to upgrade and replace automated printed circuit board assembly equipment to increase current manufacturing capacity and prepare the company for expansion.
Last February, the company opened a Twin Cities technical sales office in Minneapolis. Onyx expects to add up to an additional 140 technically skilled jobs to its board assembly, test and high-level assembly operations.
