$SYPR
SYPRIS SOLUTIONS INC

2017 Q4 Form 10-Q Financial Statement

#000143774917019252 Filed on November 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $21.37M $21.38M
YoY Change -0.06% -44.37%
Cost Of Revenue $20.63M $21.94M
YoY Change -5.98% -38.99%
Gross Profit $741.0K -$559.0K
YoY Change -232.56% -122.65%
Gross Profit Margin 3.47% -2.61%
Selling, General & Admin $3.134M $5.370M
YoY Change -41.64% -10.04%
% of Gross Profit 422.94%
Research & Development $5.000K $104.0K
YoY Change -95.19% -12.61%
% of Gross Profit 0.67%
Depreciation & Amortization $960.0K $1.410M
YoY Change -31.91% -31.88%
% of Gross Profit 129.55%
Operating Expenses $3.139M $5.474M
YoY Change -42.66% -10.09%
Operating Profit -$2.755M -$6.033M
YoY Change -54.33% 47.98%
Interest Expense $208.0K $2.828M
YoY Change -92.64% 58.61%
% of Operating Profit
Other Income/Expense, Net -$115.0K $31.60M
YoY Change -100.36% 302.95%
Pretax Income -$3.078M $21.21M
YoY Change -114.51% 970.82%
Income Tax $55.00K $220.0K
% Of Pretax Income 1.04%
Net Earnings -$3.133M $20.99M
YoY Change -114.92% -7761.68%
Net Earnings / Revenue -14.66% 98.17%
Basic Earnings Per Share -$0.15 $1.02
Diluted Earnings Per Share -$0.15 $1.02
COMMON SHARES
Basic Shares Outstanding 20.40M 19.83M
Diluted Shares Outstanding 20.40M 19.83M

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.200M $21.10M
YoY Change -56.4% 1072.22%
Cash & Equivalents $8.144M $16.77M
Short-Term Investments
Other Short-Term Assets $2.003M $2.730M
YoY Change -26.63% -38.78%
Inventory $17.64M $14.56M
Prepaid Expenses $571.0K $1.973M
Receivables $9.317M $8.010M
Other Receivables $0.00 $0.00
Total Short-Term Assets $40.00M $42.90M
YoY Change -6.75% 3.07%
LONG-TERM ASSETS
Property, Plant & Equipment $15.57M $17.94M
YoY Change -13.2% -19.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.578M $1.794M
YoY Change -12.04% -41.94%
Total Long-Term Assets $17.15M $19.74M
YoY Change -13.1% -21.89%
TOTAL ASSETS
Total Short-Term Assets $40.00M $42.90M
Total Long-Term Assets $17.15M $19.74M
Total Assets $57.16M $62.64M
YoY Change -8.75% -6.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.47M $6.693M
YoY Change 56.36% -40.83%
Accrued Expenses $10.33M $10.82M
YoY Change -4.54% -7.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $200.0K $0.00
YoY Change -100.0%
Total Short-Term Liabilities $21.62M $17.72M
YoY Change 22.02% -33.92%
LONG-TERM LIABILITIES
Long-Term Debt $9.200M $9.400M
YoY Change -2.13% -39.35%
Other Long-Term Liabilities $8.769M $9.492M
YoY Change -7.62% 56.07%
Total Long-Term Liabilities $8.769M $9.492M
YoY Change -7.62% -56.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.62M $17.72M
Total Long-Term Liabilities $8.769M $9.492M
Total Liabilities $40.23M $36.54M
YoY Change 10.09% -22.55%
SHAREHOLDERS EQUITY
Retained Earnings -$111.6M -$100.8K
YoY Change 110639.41% -99.91%
Common Stock $214.0K $213.0K
YoY Change 0.47% 2.4%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $0.00
YoY Change -100.0%
Treasury Stock Shares $16.19K $1.192K
Shareholders Equity $16.93M $26.10M
YoY Change
Total Liabilities & Shareholders Equity $57.16M $62.64M
YoY Change -8.75% -6.36%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income -$3.133M $20.99M
YoY Change -114.92% -7761.68%
Depreciation, Depletion And Amortization $960.0K $1.410M
YoY Change -31.91% -31.88%
Cash From Operating Activities -$2.590M -$5.870M
YoY Change -55.88% 693.24%
INVESTING ACTIVITIES
Capital Expenditures -$460.0K -$1.280M
YoY Change -64.06% 357.14%
Acquisitions
YoY Change
Other Investing Activities $1.630M $43.82M
YoY Change -96.28% 179.11%
Cash From Investing Activities $1.160M $42.54M
YoY Change -97.27% 175.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00K -17.39M
YoY Change -99.6% 19.93%
NET CHANGE
Cash From Operating Activities -2.590M -5.870M
Cash From Investing Activities 1.160M 42.54M
Cash From Financing Activities -70.00K -17.39M
Net Change In Cash -1.500M 19.28M
YoY Change -107.78% 10047.37%
FREE CASH FLOW
Cash From Operating Activities -$2.590M -$5.870M
Capital Expenditures -$460.0K -$1.280M
Free Cash Flow -$2.130M -$4.590M
YoY Change -53.59% 897.83%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Nature Of Operations
NatureOfOperations
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:36pt;vertical-align:top;"><div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><div style="display: inline; font-weight: bold;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>)</div></div> </td> <td style="vertical-align:top;"> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><div style="display: inline; font-size:10pt;font-family:Times New Roman, Times, serif;"><div style="display: inline; font-weight: bold;">Nature of Business</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">All references to &#x201c;Sypris,&#x201d; the &#x201c;Company,&#x201d; &#x201c;we&#x201d; or &#x201c;our&#x201d; include Sypris Solutions, Inc. and its wholly-owned subsidiaries. Sypris is a diversified provider of truck components<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">, 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 with corporations and government agencies. The Company offers such products through its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> business segments, Sypris Technologies, Inc. (&#x201c;Sypris Technologies&#x201d;) and Sypris Electronics, LLC (&#x201c;Sypris Electronics&#x201d;) (See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div>). Additionally, prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 16, 2016, </div>Sypris Electronics also provided certain cybersecurity-related services and data storage products (the &#x201c;CSS product lines&#x201d;) (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>).</div></div></div>
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-272000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14898000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2793000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
47510000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8546000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-12861000
us-gaap Net Income Loss
NetIncomeLoss
-9588000
us-gaap Net Income Loss
NetIncomeLoss
10691000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
-3133000
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
20993000
CY2017Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3133000
CY2016Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
20256000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9588000
CY2017Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
6420000
CY2016Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
6375000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-2855000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17027000
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-6033000
us-gaap Operating Income Loss
OperatingIncomeLoss
-10878000
us-gaap Operating Income Loss
OperatingIncomeLoss
-17064000
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
2460000
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
2730000
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1422000
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1794000
CY2017Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-47000
CY2016Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-444000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1133000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-1143000
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
9805000
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
9492000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-622000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
178000
CY2016Q4 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
31595000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
34166000
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-15000
CY2016Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
31595000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1962000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
34166000
CY2017Q4 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
0
CY2016Q4 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
737000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
0
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
331000
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
1521000
us-gaap Payments Of Debt Restructuring Costs
PaymentsOfDebtRestructuringCosts
0
us-gaap Payments Of Debt Restructuring Costs
PaymentsOfDebtRestructuringCosts
379000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
123000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
49000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1457000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1404000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
87482000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
87416000
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
975150
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
975150
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1000000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2750000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
50414000
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
587000
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
856000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17943000
CY2017Q4 us-gaap Purchase Obligation
PurchaseObligation
3146000
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
-45000
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
-1810000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
2132000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
149000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
103000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
11714000
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5000
CY2016Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
104000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
36000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
318000
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1500000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-110357000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-100769000
CY2017Q4 us-gaap Revenues
Revenues
21371000
CY2016Q4 us-gaap Revenues
Revenues
21384000
us-gaap Revenues
Revenues
60805000
us-gaap Revenues
Revenues
71826000
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
21371000
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
21384000
us-gaap Sales Revenue Net
SalesRevenueNet
60805000
us-gaap Sales Revenue Net
SalesRevenueNet
71826000
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3147000
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5370000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10161000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17141000
CY2017Q4 us-gaap Severance Costs1
SeveranceCosts1
357000
CY2016Q4 us-gaap Severance Costs1
SeveranceCosts1
0
us-gaap Severance Costs1
SeveranceCosts1
2235000
us-gaap Severance Costs1
SeveranceCosts1
522000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
272500
us-gaap Share Based Compensation
ShareBasedCompensation
563000
us-gaap Share Based Compensation
ShareBasedCompensation
1027000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
18083000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
26098000
CY2017Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
0
CY2016Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
0
CY2017Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2016Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
16192
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1192
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
0
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
0
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
80000
CY2016Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
125000
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20397000
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19834000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20305000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19761000
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20397000
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19834000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20305000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19761000

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