Sypris Solutions (SYPR) - 500 Beiträge pro Seite

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ISIN: US8716551069 | WKN: 923590
1,003
12:35:31
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+0,050 EUR

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24.10.02 21:16:19
Profile:Sypris Solutions Inc. is a diversified provider of outsourced services and specialty products that performs a wide range of manufacturing, engineering, design, testing and other technical services, typically under multi-year, sole-source contracts with major companies and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and for users of test and measurement equipment. The Company`s customers include large, established companies and agencies of the federal government. The Company has two business segments, the Electronics Group and the Industrial Group.
http://www.sypris.com/solutions
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24.10.02 21:17:42
Sypris Reports 33% Gain in Third Quarter Earnings Per Share
Wednesday October 23, 4:14 pm ET
Bookings Up 36% to $200 Million Through Nine Months


LOUISVILLE, Ky.--(BUSINESS WIRE)--Oct. 23, 2002--Sypris Solutions, Inc. (Nasdaq/NM:SYPR - News) today reported third quarter earnings increased 33% to $0.24 per diluted share compared to $0.18 per diluted share for the third quarter in 2001. Net income for the third quarter increased 101% to a record $3.5 million compared to $1.8 million for the same quarter in 2001. Revenue increased 8% to $70.8 million from $65.2 million for the prior year period.
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For the nine months ended September 29, 2002, the Company reported earnings increased 53% to $0.61 per diluted share compared to $0.40 per diluted share for the prior year period, while net income increased 105% to a record $8.2 million compared to $4.0 million for the prior year period. Revenue for the first nine months increased 11% to $206.8 million, up from $186.4 million for the same period in 2001.

"We are pleased with the financial results for the quarter and for the first nine months of 2002," said Jeffrey T. Gill, president and chief executive officer. "The Company`s margins continued to expand, while revenue increased for the thirteenth consecutive quarter on a comparable period basis. Net bookings increased 15% to $64.8 million when compared to the prior year quarter, resulting in a year-to-date increase in net bookings of 36% to $200.1 million when compared to the first nine months of 2001."

"The quarter was highlighted not only by a sound operational performance but also by the increase in the Company`s free cash flow to a new quarterly record of $9.7 million, reflecting strong earnings, improved working capital management and lower capital investment. With net debt representing just 10% of total capital, the Company`s balance sheet remains healthy, and we currently have $110 million of available credit capacity to pursue additional opportunities that meet our investment criteria and will further accelerate the Company`s growth."

The Industrial Group

Revenue for the Industrial Group increased 71% to $24.4 million in the third quarter from $14.3 million for the prior year period, reflecting shipments to Visteon under a previously announced 5-year contract and increased demand for manufacturing services from Dana and ArvinMeritor. Gross profit for the quarter increased 136% to $3.8 million from $1.6 million for the same period in 2001, primarily due to the increase in volume with Dana and Visteon.

For the nine months ended September 29, 2002, revenue for the Industrial Group increased 110% to $67.1 million from $31.9 million in the prior year period, reflecting the addition of the Dana and Visteon contracts in June 2001 and March 2002, respectively. Gross profit for the first nine months increased 179% to $10.1 million from $3.6 million for the prior year period as a result of volume associated with the Dana and Visteon contracts and improving productivity.

"The positive impact of the Dana and Visteon contracts continues to drive the results of the Industrial Group," said Gill. "Net bookings increased 118% to $63.3 million year-to-date, but we now clearly see the signs of a slowdown in the near-term demand for Class 8 trucks. The slowing demand is reflected in our backlog, which declined 14% sequentially from the high reported in the second quarter of this year. Most of this drop occurred at the end of the period as customers reduced their forward requirements."

The Electronics Group

Revenue for the Electronics Group declined 9% to $46.4 million in the third quarter from $50.9 million for the prior year period, primarily reflecting the impact of a 22% decline in revenue for test and measurement services. Gross profit for the quarter increased 8% to $10.2 million from $9.5 million in the same period in 2001 as a result of increasing demand for higher margin services and products from several of the Company`s aerospace and defense electronics customers, including the National Security Agency and Lockheed Martin.

For the nine months ended September 29, 2002, revenue for the Electronics Group declined 10% to $139.7 million from $154.5 million for the prior year period, reflecting an expected reduction in aerospace and defense shipments and a 19% decline in revenue for test and measurement services. Gross profit for the first nine months declined 2% to $27.9 million from $28.5 million for the prior year period, primarily reflecting the impact of the decline in revenue for the Group, offset by increasing margins on contracts with aerospace and defense electronics customers.

"The performance of the Electronics Group was rewarding, especially the continued strength of our aerospace and defense electronics business," said Gill. "Net bookings for this business increased 23% for the quarter and 31% for the year, while bookings for the Electronics Group as a whole increased 14% and 16%, respectively, reflecting the continued softness in demand for test and measurement services. Gross margins expanded to 20.0% of revenue from 18.5% for the first nine months of last year, reflecting improved productivity, a better revenue mix and higher customer concentration."

Outlook

Gill added, "We believe that a continued improvement in the mix of revenue and operating efficiencies will help to offset some of the impact of the near-term weakness we have been experiencing in our markets for test and measurement services, and that appears to be developing now for truck components and assemblies. Looking forward, we expect earnings in the fourth quarter of 2002 to be $0.21 to $0.23 per diluted share, assuming 14.6 million weighted average shares outstanding, compared to $0.23 per diluted share for the fourth quarter of 2001 on 10.4 million weighted average shares outstanding. At the midpoint of this range, net income is expected to increase 34% to $3.2 million from $2.4 million for the fourth quarter of 2001. We expect revenue for the fourth quarter to be equal to or slightly greater than the $68.2 million reported for the prior year period."

"For 2003, our outlook is for continued earnings growth, with full year results increasing to $0.95 to $1.00 per diluted share, up from $0.81 to $0.83 per diluted share for 2002. The 2003 outlook includes the impact of an expected increase in the Company`s effective tax rate to 36% to 38%, up from 32% for 2002, primarily due to the utilization of certain state tax benefits in 2002. We also expect the number of weighted average shares outstanding to increase to 14.7 million for 2003, up from 13.7 million for 2002, to reflect the full year impact of the Company`s stock offering in March 2002."

"Revenue is expected to increase in line with our long-term model, which contemplates growth of 12% to 15% per year. We believe the year-to-year growth is likely to be stronger in the second half of 2003 when this year`s increase in aerospace and defense electronics bookings will start being converted into shipments. We also expect demand for truck components and assemblies to strengthen as 2003 unfolds."

Other Matters

During the third quarter, the Company received a final judgment in its favor in the lawsuit filed against the Company by Exxon Mobil in state district court in Louisiana. That suit involved a claim for damages potentially exceeding one hundred million dollars for the explosion of a coker plant in Baton Rouge, Louisiana. The Company remains a party to a previously disclosed federal court class action related to this matter.

Sypris Solutions is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and for users of test and measurement equipment. For more information about Sypris Solutions, visit its Web site at http://www.sypris.com.

This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company`s current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. These factors include the Company`s dependence on its current management; the risks and uncertainties present in the Company`s business, including changes in laws or regulations; business conditions and growth in the general economy and the electronics and industrial markets served by the Company; competitive factors and price pressures; availability of third party component parts at reasonable prices; inventory risks due to shifts in market demand and/or price erosion of purchased components; changes in product mix; cost and yield issues associated with the Company`s manufacturing facilities; the ability to successfully manage growth; the effects (including possible increases in the cost of doing business) resulting from future war and terrorists activities or political uncertainties; as well as other factors included in the Company`s periodic reports filed with the Securities and Exchange Commission.

SYPRIS SOLUTIONS, INC.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended
Sept. 29, Sept. 30,
2002 2001
--------- ---------
Revenue $ 70,757 $ 65,228
Net income $ 3,534 $ 1,760
Earnings per share:
Basic $ 0.25 $ 0.18
Diluted $ 0.24 $ 0.18
Weighted average shares outstanding:
Basic 14,121 9,852
Diluted 14,621 10,001

Nine Months Ended
Sept. 29, Sept. 30,
2002 2001
--------- ---------
Revenue $ 206,799 $ 186,415
Net income $ 8,164 $ 3,988
Earnings per share:
Basic $ 0.64 $ 0.41
Diluted $ 0.61 $ 0.40
Weighted average shares outstanding:
Basic 12,763 9,791
Diluted 13,373 9,898


SYPRIS SOLUTIONS, INC.
CONSOLIDATED INCOME STATEMENTS
(in thousands, except for per share data)

Three Months Ended Nine Months Ended
Sept. 29, Sept. 30, Sept. 29, Sept. 30,
2002 2001 2002 2001
--------- --------- --------- ---------
(Unaudited) (Unaudited)
Net revenue:
Electronics Group $ 46,341 $ 50,919 $ 139,714 $ 154,480
Industrial Group 24,416 14,309 67,085 31,935
--------- --------- --------- ---------
Total net revenue 70,757 65,228 206,799 186,415

Cost of sales:
Electronics Group 36,111 41,442 111,779 125,939
Industrial Group 20,672 12,723 57,035 28,335
--------- --------- --------- ---------
Total cost of
sales 56,783 54,165 168,814 154,274
--------- --------- --------- ---------
Gross profit 13,974 11,063 37,985 32,141

Selling, general
and administrative 7,522 6,347 21,224 19,740
Research and
development 773 874 2,536 2,378
Amortization of
intangible assets 21 341 75 1,033
--------- --------- --------- ---------
Operating income 5,658 3,501 14,150 8,990

Interest expense,
net 470 1,021 2,212 3,223
Other income, net (9) (248) (69) (367)
--------- --------- --------- ---------
Income before
income taxes 5,197 2,728 12,007 6,134

Income tax expense 1,663 968 3,843 2,146
--------- --------- --------- ---------
Net income $ 3,534 $ 1,760 $ 8,164 $ 3,988
========= ========= ========= =========
Earnings per share:
Basic $ 0.25 $ 0.18 $ 0.64 $ 0.41
Diluted $ 0.24 $ 0.18 $ 0.61 $ 0.40

Weighted average shares outstanding:
Basic 14,121 9,852 12,763 9,791
Diluted 14,621 10,001 13,373 9,898


SYPRIS SOLUTIONS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except for share data)

September 29, December 31,
2002 2001
------------- ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 15,352 $ 13,232
Accounts receivable, net 40,723 39,758
Inventory, net 61,127 60,574
Other current assets 8,322 7,991
------------- ------------
Total current assets 125,524 121,555

Property, plant and
equipment, net 73,415 70,452

Intangible assets, net 15,851 15,926

Other assets 4,633 3,511
------------- ------------
$ 219,423 $ 211,444
============= ============


LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $ 29,882 $ 26,828
Accrued liabilities 19,066 19,902
Current portion of
long-term debt -- 7,500
------------- ------------
Total current liabilities 48,948 54,230

Long-term debt 30,000 80,000
Other liabilities 5,344 7,094
------------- ------------
Total liabilities 84,292 141,324

Stockholders` equity:
Preferred stock, par value $.01
per share, 981,600 shares
authorized; no shares issued -- --
Series A preferred stock, par
value $.01 per share, 18,400
shares authorized; no shares
issued -- --
Common stock, non-voting, par
value $.01 per share,
10,000,000 shares authorized;
no shares issued
-- --
Common stock, par value $.01 per share,
30,000,000 shares authorized; 14,130,358
and 9,898,675 shares issued and
outstanding in 2002 and 2001,
respectively 141 99
Additional paid-in capital 82,301 25,490
Retained earnings 54,591 46,427
Accumulated other
comprehensive income (loss) (1,902) (1,896)
------------- ------------
Total stockholders` equity 135,131 70,120
------------- ------------
$ 219,423 $ 211,444
============= ============


SYPRIS SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Nine Months Ended
September 29, September 30,
2002 2001
------------- ------------
(Unaudited)
Cash flows from operating activities:

Net income $ 8,164 $ 3,988
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and
amortization 8,367 7,446
Other noncash charges 873 403
Changes in operating
assets and liabilities:
Accounts receivable (1,186) (5,887)
Inventory (1,029) (3,213)
Other assets (358) (1,310)
Accounts payable 7,656 4,529
Accrued liabilities (1,938) 134
------------- ------------
Net cash provided by
operating
activities 20,549 6,090

Cash flows from investing activities:
Capital expenditures (16,891) (20,581)
Purchase of the net assets
of acquired entities -- (11,486)
Proceeds from sale of assets 234 1,416
Changes in nonoperating
assets and liabilities (798) (727)
------------- ------------
Net cash used in
investing
activities (17,455) (31,378)

Cash flows from financing activities:
Net (decrease) increase in
debt under revolving
credit agreements (57,500) 23,000
Proceeds from issuance of
common stock 56,526 511
------------- ------------
Net cash (used in)
provided by
financing
activities (974) 23,511
------------- ------------
Net increase (decrease) in cash
and cash equivalents 2,120 (1,777)

Cash and cash equivalents at
beginning of period 13,232 14,674
------------- ------------
Cash and cash equivalents at
end of period $ 15,352 $ 12,897
============= ============



--------------------------------------------------------------------------------
Contact:
Sypris Solutions, Inc.
David D. Johnson, 502/329-2000
www.sypris.com



--------------------------------------------------------------------------------
Source: Sypris Solutions, Inc.
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30.10.02 00:44:56
Sypris Declares Regular Quarterly Cash Dividend of $0.03 Per Share
Tuesday October 29, 4:04 pm ET


LOUISVILLE, Ky.--(BUSINESS WIRE)--Oct. 29, 2002--Sypris Solutions, Inc. (Nasdaq/NM:SYPR - News) today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.03 (three cents) per share. The dividend is unchanged from the previous quarterly dividend and will be payable on January 10, 2003 to shareholders of record as of December 20, 2002. Sypris Solutions currently has 14.1 million shares outstanding.
Sypris Solutions is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and for users of test and measurement equipment. For more information about Sypris Solutions, visit its Web site at http://www.sypris.com.

This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company`s current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. These factors include the Company`s dependence on its current management; the risks and uncertainties present in the Company`s business, including changes in laws or regulations; business conditions and growth in the general economy and the electronics and industrial markets served by the Company; competitive factors and price pressures; availability of third party component parts at reasonable prices; inventory risks due to shifts in market demand and/or price erosion of purchased components; changes in product mix; cost and yield issues associated with the Company`s manufacturing facilities; the ability to successfully manage growth; the effects (including possible increases in the cost of doing business) resulting from future war and terrorists activities or political uncertainties; as well as other factors included in the Company`s periodic reports filed with the Securities and Exchange Commission.



--------------------------------------------------------------------------------
Contact:
Sypris Solutions, Louisville
David D. Johnson, 502/329-2000
www.sypris.com



--------------------------------------------------------------------------------
Source: Sypris Solutions
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05.02.03 22:42:34
Sypris Reports 38% Gain in Fourth Quarter Net Income
Wednesday February 5, 4:01 pm ET
Full Year Net Income Rises 80%


LOUISVILLE, Ky.--(BUSINESS WIRE)--Feb. 5, 2003--Sypris Solutions, Inc. (Nasdaq/NM:SYPR - News) today reported fourth quarter net income increased 38% to $3.3 million, or $0.23 per diluted share, based on 14.5 million weighted average shares outstanding, compared to net income in the year-earlier period of $2.4 million, or $0.23 per diluted share, based on 10.4 million weighted average shares outstanding. The Company reported revenue for the fourth quarter of $66.7 million compared to $68.2 million for the prior year period.
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For the full year 2002, net income increased 80% to a record $11.4 million, or $0.84 per diluted share, based on 13.7 million weighted average shares outstanding, compared to net income for the prior year of $6.4 million, or $0.63 per diluted share, based on 10.0 million weighted average shares outstanding. Revenue for 2002 increased 7% to $273.5 million, up from $254.6 million for 2001.

"The results for the fourth quarter and full year 2002 reflected the Company`s strong financial health," said Jeffrey T. Gill, president and chief executive officer. "The Company reported record net income for the year despite the severe contraction in the heavy-duty truck market during the fourth quarter. Net bookings remained solid at $65.6 million for the quarter, resulting in a year-to-date increase in net bookings of 10% to $265.8 million when compared to 2001."

"We continued to invest in our future during 2002, spending almost $20 million, or 7% of revenue, for new state-of-the-art equipment and systems. The Company`s balance sheet remains in excellent shape, and with cash and available credit capacity of $100 million, we are in a solid position to pursue future opportunities that offer the potential to accelerate the Company`s growth in earnings."

The Industrial Group

Revenue for the Industrial Group increased 29% to $19.8 million in the fourth quarter from $15.4 million for the prior year period, but declined 19% sequentially from the third quarter of 2002 due to a 25% decline in shipments of medium and heavy-duty truck components. Gross profit for the quarter declined 35% to $1.7 million from $2.6 million for the same period in 2001 and 55% sequentially from the third quarter of 2002, primarily due to the decline in revenue and the costs incurred to adjust employment to coincide with the lower revenue levels.

For the full year 2002, revenue for the Industrial Group increased 84% to $86.9 million from $47.4 million in the prior year, reflecting the addition of the Dana and Visteon contracts in June 2001 and March 2002, respectively. Gross profit for 2002 increased 90% to $11.7 million from $6.2 million for the prior year as a result of volume associated with the Dana and Visteon contracts.

Gill said, "The requirements of two major customers dropped abruptly in mid-November, reflecting an end to the increased purchase of heavy-duty trucks in advance of new emissions mandates. In addition, three of our largest customers, ArvinMeritor, Dana and Visteon, elected to shut down production for the holidays on December 20, 2002 and did not reopen until January 6, 2003. Once the reduced requirements of our customers became firm, we implemented cost reduction efforts to preserve profitability. Unfortunately, the impact of these actions to lower our costs occurred too late in the period to have a meaningful positive effect on the financial results for the quarter."

"Despite the decline in demand for medium and heavy-duty trucks late in the year, the financial performance of the Industrial Group for 2002 as a whole was extremely positive. Net bookings increased 40% to $82 million, and operating margins increased over the prior year. We continue to believe that the long-term outlook for this market remains positive and that we are well-positioned to benefit from the eventual recovery of the heavy-duty truck market to more normal levels of production."

The Electronics Group

Revenue for the Electronics Group declined 11% to $46.8 million in the fourth quarter from $52.8 million for the prior year, primarily reflecting the completion of a commercial contract for a semiconductor company in the fourth quarter of 2001. Gross profit for the quarter increased 11% to $9.9 million, or 21.0% of revenue, from $8.8 million, or 16.7% of revenue, in the same period in 2001 as a result of the Company`s ongoing effort to improve its operating performance and margins.

For the full year, revenue for the Electronics Group declined 10% to $186.6 million from $207.3 million for the prior year, reflecting the completion of the commercial contract, lower aerospace and defense shipments and a 16% decline in revenue for test and measurement services. Gross profit for 2002 increased 1% to $37.8 million, or 20.3% of revenue, from $37.4 million, or 18.0% of revenue, for the prior year as a result of the continuing improvement in productivity, revenue mix and customer concentration.

"Operating margins continued to strengthen within our aerospace and defense electronics sector," said Gill. "We are pleased to report that demand in the fourth quarter for test and measurement services, while down from a year ago, was similar to the third quarter level, indicating that we may have reached a cyclical trough in this business. This portion of our business has been affected by the downturn in the commercial aerospace, telecommunications and semiconductor markets during 2002, and the potential stabilization of demand indicated by the sequential quarter-to-quarter comparison is a positive sign."

Outlook

Gill added, "The first quarter is our seasonally weakest period, and 2003 is not anticipated to be an exception. We expect the production of medium and heavy-duty trucks in the first quarter will decrease as much as 15% from the prior year period but anticipate a fairly steady recovery during the second half of 2003. The short-term outlook for several of our aerospace and defense customers is becoming less certain as well, as they compete for funds that appear to be increasingly redirected to support the deployment of our troops to the Middle East. After the expected appropriation of funds for the war effort by Congress, however, we believe the outlook for this portion of our business will regain its positive momentum."

"As a result, we are cautious about the first quarter and are forecasting earnings of $0.08 to $0.10 per diluted share, assuming 14.6 million weighted average shares outstanding, compared to $0.17 per diluted share for the first quarter of 2002 on 10.7 million weighted average shares outstanding. We expect revenue for the first quarter to be in the range of $60 to $64 million versus $62.5 million in the year-earlier period."

Gill continued, "This near-term earnings outlook reflects the increased uncertainty that has developed in our major markets in recent months. We view this situation as temporary, however, and remain optimistic about our long-term prospects and our ability to generate double-digit earnings growth. The production of heavy-duty trucks is anticipated to increase through 2006, a period during which over two million existing vehicles are expected to enter their natural replacement cycle. The market for aerospace and defense electronics is expected to benefit from increased spending for national defense, plans to modernize our Country`s intelligence and surveillance networks and increased outsourcing by prime contractors."

"For the full year 2003, our outlook remains positive. We expect earnings in the range of $0.90 to $1.00 per diluted share, assuming 14.7 million weighted average shares outstanding, compared to $0.84 per diluted share for 2002 on 13.7 million weighted average shares outstanding. Revenue for 2003 is expected to increase 10% to 12%, reflecting the relatively soft start anticipated in the first quarter and our expectations that a recovery in our growth during the second half of 2003 will exceed that of our long-term growth model of 12% to 15%."

Sypris Solutions is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and for users of test and measurement equipment. For more information about Sypris Solutions, visit its Web site at http://www.sypris.com.

This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company`s current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. These factors include the Company`s dependence on its current management; the risks and uncertainties present in the Company`s business, including changes in laws or regulations; business conditions and growth in the general economy and the electronics and industrial markets served by the Company; competitive factors and price pressures; availability of third party component parts at reasonable prices; inventory risks due to shifts in market demand and/or price erosion of purchased components; changes in product mix; cost and yield issues associated with the Company`s manufacturing facilities; the ability to successfully manage growth; the effects (including possible increases in the cost of doing business) resulting from future war and terrorists activities or political uncertainties; as well as other factors included in the Company`s periodic reports filed with the Securities and Exchange Commission.

SYPRIS SOLUTIONS, INC.
Financial Highlights
(in thousands, except for per share data)

Three Months Ended
Dec. 31, Dec. 31,
2002 2001
---------- ----------
Revenue $ 66,678 $ 68,225
Net income $ 3,275 $ 2,379
Earnings per common share:
Basic $ 0.23 $ 0.24
Diluted $ 0.23 $ 0.23
Weighted average shares outstanding:
Basic 14,151 9,899
Diluted 14,478 10,365

Years Ended
Dec. 31, Dec. 31,
2002 2001
---------- ----------
Revenue $ 273,477 $ 254,640
Net income $ 11,439 $ 6,367
Earnings per common share:
Basic $ 0.87 $ 0.65
Diluted $ 0.84 $ 0.63
Weighted average shares outstanding:
Basic 13,117 9,828
Diluted 13,664 10,028

SYPRIS SOLUTIONS, INC.
CONSOLIDATED INCOME STATEMENTS
(in thousands, except for per share data)

Three Months Ended Years Ended
December 31, December 31,
------------------ ------------------
2002 2001 2002 2001
------------------ ------------------
(Unaudited)

Net revenue:
Electronics Group $ 46,848 $ 52,802 $186,562 $207,282
Industrial Group 19,830 15,423 86,915 47,358
-------- -------- -------- --------
Total net revenue 66,678 68,225 273,477 254,640

Cost of sales:
Electronics Group 36,987 43,958 148,766 169,897
Industrial Group 18,155 12,861 75,190 41,196
-------- -------- -------- --------
Total cost of sales 55,142 56,819 223,956 211,093
-------- -------- -------- --------
Gross profit 11,536 11,406 49,521 43,547
Selling, general and
administrative 5,890 6,394 27,114 26,134
Research and development 818 676 3,354 3,054
Amortization of
intangible assets 22 296 97 1,329
-------- -------- -------- --------
Operating income 4,806 4,040 18,956 13,030
Interest expense, net 530 888 2,742 4,111
Other expense (income),
net (90) 9 (159) (358)
-------- -------- -------- --------
Income before income
taxes 4,366 3,143 16,373 9,277
Income tax expense 1,091 764 4,934 2,910
-------- -------- -------- --------
Net income $ 3,275 $ 2,379 $ 11,439 $ 6,367
======== ======== ======== ========
Net income per common share:
Basic $ 0.23 $ 0.24 $ 0.87 $ 0.65
Diluted $ 0.23 $ 0.23 $ 0.84 $ 0.63

Cash dividends per common
share $ 0.03 $ -- $ 0.06 $ --

Shares used in computing
per common share
amounts:
Basic 14,151 9,899 13,117 9,828
Diluted 14,478 10,365 13,664 10,028

SYPRIS SOLUTIONS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except for share data)

December 31,
2002 2001
---------- ----------
ASSETS

Current assets:
Cash and cash equivalents $ 12,403 $ 13,232
Accounts receivable, net 37,951 39,758
Inventory, net 64,443 60,574
Other current assets 9,187 7,991
---------- ----------
Total current assets 123,984 121,555

Property, plant and equipment, net 75,305 70,452

Intangible assets, net 15,002 15,926

Other assets 9,314 3,511
---------- ----------
$ 223,605 $ 211,444
========== ==========

LIABILITIES AND STOCKHOLDERS` EQUITY

Current liabilities:
Accounts payable $ 23,356 $ 26,828
Accrued liabilities 15,476 19,902
Current portion of long-term
debt 7,000 7,500
---------- ----------
Total current liabilities 45,832 54,230

Long-term debt 30,000 80,000
Other liabilities 10,738 7,094
---------- ----------
Total liabilities 86,570 141,324

Stockholders` equity:
Preferred stock, par value
$.01 per share, 981,600
shares authorized; no
shares issued -- --
Series A preferred stock,
par value $.01 per share,
18,400 shares authorized;
no shares issued -- --
Common stock, non-voting, par
value $.01 per share,
10,000,000 shares authorized;
no shares issued -- --
Common stock, par value $.01
per share, 30,000,000 shares
authorized; 14,158,077 and
9,898,675 shares issued and
outstanding in 2002 and 2001,
respectively 142 99
Additional paid-in capital 82,575 25,490
Retained earnings 57,017 46,427
Accumulated other comprehensive
income (loss) (2,699) (1,896)
---------- ----------
Total stockholders` equity 137,035 70,120
---------- ----------
$ 223,605 $ 211,444
========== ==========

SYPRIS SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Years ended December 31,
---------------------------------------
2002 2001 2000
---------- ---------- ----------
Cash flows from
operating
activities:
Net income $ 11,439 $ 6,367 $ 3,184
Adjustments to
reconcile net
income to net
cash provided
by operating
activities:
Depreciation and
amortization 11,386 9,856 9,351
Deferred income
taxes 3,684 479 (2,478)
Provision for
excess and
obsolete
inventory 727 432 453
Provision for
doubtful
accounts 231 122 18
Other noncash
charges 339 59 202
Contributions to
pension plans (7,451) (754) (1,181)
Changes in operating
assets and
liabilities, net
of acquisitions:
Accounts
receivable 1,576 (8,474) (8,121)
Inventory (4,559) (3,519) (2,046)
Other current
assets (863) (416) (344)
Accounts payable (1,010) 3,648 9,274
Accrued and other
liabilities (1,898) 671 (180)
---------- ---------- ----------
Net cash provided
by operating
activities 13,601 8,471 8,132

Cash flows from investing
activities:
Capital expenditures (19,747) (27,623) (23,886)
Purchase of the net
assets of acquired
entities -- (11,486) --
Proceeds from sale
of assets 211 6,816 9,292
Changes in non-
operating assets
and liabilities (662) (650) (351)
---------- ---------- ----------
Net cash used in
investing
activities (20,198) (32,943) (14,945)

Cash flows from financing
activities:
Net (decrease)
increase in debt
under revolving
credit agreements (50,500) 22,500 10,600
Cash dividends paid (424) -- --
Proceeds from
issuance of common
stock 56,692 530 481
---------- ---------- ----------
Net cash provided
by financing
activities 5,768 23,030 11,081
---------- ---------- ----------
Net (decrease) increase
in cash and cash
equivalents (829) (1,442) 4,268

Cash and cash equivalents
at beginning of year 13,232 14,674 10,406
---------- ---------- ----------
Cash and cash equivalents
at end of year $ 12,403 $ 13,232 $ 14,674
========== ========== ==========

Note: Certain 2001 and 2000 amounts have been reclassified to
conform to the 2002 presentation.




--------------------------------------------------------------------------------
Contact:
Sypris Solutions Inc., Louisville
David D. Johnson, 502/329-2000



--------------------------------------------------------------------------------
Source: Sypris Solutions, Inc.
Avatar
11.02.03 00:09:16
Sypris Electronics Awarded $6.2 Million Contract by the U.S. Government
Monday February 10, 1:04 pm ET


LOUISVILLE, Ky.--(BUSINESS WIRE)--Feb. 10, 2003--Sypris Solutions, Inc. (Nasdaq/NM:SYPR - News) today announced that its subsidiary, Sypris Electronics, has been awarded a contract by the U.S. Government valued at $6.2 million to design the next generation cryptographic fill device to be known as the Secure Data Transfer Device 2000 System ("SDS"). Under the terms of the contract, Sypris Electronics will deliver SDS prototypes as a part of this contract.
Commenting on the announcement, Jeffrey T. Gill, president and chief executive officer of Sypris Solutions, said, "This is an especially rewarding contract with the Government. The award of the contract for this important new computer further validates the reputation we have established with the Government and other agencies in helping not only manufacture but also develop equipment embodying new technology within very critical timetables."

James G. Cocke, president and chief executive officer of Sypris Electronics, commented, "We are proud that Sypris Electronics has been given this opportunity to once again contribute to the security of our country and to provide our military with a critical tool for the accomplishment of its mission. This new contract builds on our long-standing relationship with the Government and demonstrates the success of our engineering design capabilities in support of their initiatives."

Sypris Solutions is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and for users of test and measurement equipment. For more information about Sypris Solutions, visit its Web site at http://www.sypris.com.

This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company`s current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. These factors include the Company`s dependence on its current management; the risks and uncertainties present in the Company`s business, including changes in laws or regulations; business conditions and growth in the general economy and the electronics and industrial markets served by the Company; competitive factors and price pressures; availability of third party component parts at reasonable prices; inventory risks due to shifts in market demand and/or price erosion of purchased components; changes in product mix; cost and yield issues associated with the Company`s manufacturing facilities; the ability to successfully manage growth; the effects (including possible increases in the cost of doing business) resulting from future war and terrorists activities or political uncertainties; as well as other factors included in the Company`s periodic reports filed with the Securities and Exchange Commission.



--------------------------------------------------------------------------------
Contact:
Sypris Solutions, Inc., Louisville
David D. Johnson, 502/329-2000
www.sypris.com



--------------------------------------------------------------------------------
Source: Sypris Solutions, Inc.
Avatar
08.07.03 15:15:18
Sypris Awarded $43 Million Contract by the U.S. Government
Tuesday July 8, 9:09 am ET


LOUISVILLE, Ky.--(BUSINESS WIRE)--July 8, 2003--Sypris Solutions, Inc. (Nasdaq/NM:SYPR - News) today announced that its subsidiary, Sypris Electronics, has been awarded a contract by the U.S. Government valued at $43 million, including options. The contract is for the production of a ruggedized security device comprised of a handheld host computer and integrated PCMCIA security card, both of which were designed under Government contract by Sypris Electronics. This system will be the primary interface with the vast majority of secure communications equipment used by the Armed Services and the Federal Government. The base contract is valued at $20.2 million and is for a term of two years.
Commenting on the announcement, Jeffrey T. Gill, president and chief executive officer of Sypris Solutions, said, "This system represents the next generation of mission critical battlefield data security applications and will play a critical role in the security of the communication systems of our Armed Services and the Government agencies charged with Homeland Security. The award represents the culmination of five years of product planning and development and will serve as one of the important cornerstones of our secure communications business for years to come."

James G. Cocke, president and chief executive officer of Sypris Electronics, commented, "The award of this contract is the result of outstanding teamwork between the Government and the dedicated people of Sypris Electronics. Together we have brought this product from concept through design and development. I am proud that products developed, designed and produced by Sypris are playing a critical role in supporting our troops and the national defense effort."

Sypris Solutions is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and for users of test and measurement equipment. For more information about Sypris Solutions, visit its Web site at http://www.sypris.com.

This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company`s current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. These factors include the Company`s dependence on its current management; the risks and uncertainties present in the Company`s business, including changes in laws or regulations; business conditions and growth in the general economy and the electronics and industrial markets served by the Company; competitive factors and price pressures; availability of third party component parts at reasonable prices; inventory risks due to shifts in market demand and/or price erosion of purchased components; changes in product mix; cost and yield issues associated with the Company`s manufacturing facilities; the ability to successfully manage growth; the effects (including possible increases in the cost of doing business) resulting from current or future wars and terrorists activities or political uncertainties; as well as other factors included in the Company`s periodic reports filed with the Securities and Exchange Commission.



--------------------------------------------------------------------------------
Contact:
Sypris Solutions Inc., Louisville
David D. Johnson, 502/329-2000



--------------------------------------------------------------------------------
Source: Sypris Solutions Inc.


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