Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 05, 2020 | May 08, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | SYPRIS SOLUTIONS INC | |
Entity Central Index Key | 0000864240 | |
Trading Symbol | sypr | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 21,309,580 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Apr. 5, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Net revenue | $ 22,425 | $ 19,564 |
Cost of sales | 18,834 | 18,704 |
Gross profit | 3,591 | 860 |
Selling, general and administrative | 3,223 | 3,454 |
Severance, relocation and other costs | 91 | 98 |
Operating income (loss) | 277 | (2,692) |
Interest expense, net | 227 | 217 |
Other expense, net | 283 | 51 |
Loss before taxes | (233) | (2,960) |
Income tax expense, net | 72 | 76 |
Net loss | $ (305) | $ (3,036) |
Loss per share: | ||
Basic (in dollars per share) | $ (0.01) | $ (0.15) |
Diluted (in dollars per share) | $ (0.01) | $ (0.15) |
Weighted average shares outstanding: | ||
Basic (in shares) | 20,988 | 20,669 |
Diluted (in shares) | 20,988 | 20,669 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Net loss | $ (305) | $ (3,036) |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments, net of tax | (1,906) | 125 |
Comprehensive loss | $ (2,211) | $ (2,911) |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Apr. 05, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 5,206,000 | $ 5,095,000 |
Accounts receivable, net | 8,922,000 | 7,444,000 |
Inventory, net | 19,401,000 | 20,784,000 |
Other current assets | 3,782,000 | 4,282,000 |
Assets held for sale | 2,167,000 | 2,233,000 |
Total current assets | 39,478,000 | 39,838,000 |
Property, plant and equipment, net | 9,687,000 | 11,675,000 |
Operating lease right-of-use assets | 6,727,000 | 7,014,000 |
Other assets | 1,374,000 | 1,529,000 |
Total assets | 57,266,000 | 60,056,000 |
Current liabilities: | ||
Accounts payable | 10,686,000 | 9,346,000 |
Accrued liabilities | 11,624,000 | 12,495,000 |
Operating lease liabilities, current portion | 862,000 | 841,000 |
Finance lease obligations, current portion | 667,000 | 684,000 |
Note payable – related party, current portion | 2,500,000 | 0 |
Total current liabilities | 26,339,000 | 23,366,000 |
Operating lease liabilities, net of current portion | 6,672,000 | 6,906,000 |
Finance lease obligations, net of current portion | 2,225,000 | 2,351,000 |
Note payable – related party | 3,967,000 | 6,463,000 |
Other liabilities | 6,756,000 | 7,539,000 |
Total liabilities | 45,959,000 | 46,625,000 |
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 213,000 | 213,000 |
Additional paid-in capital | 154,789,000 | 154,702,000 |
Accumulated deficit | (117,738,000) | (117,433,000) |
Accumulated other comprehensive loss | (25,957,000) | (24,051,000) |
Treasury stock, 15,038 and 26,192 shares in 2020 and 2019, respectively | 0 | 0 |
Total stockholders’ equity | 11,307,000 | 13,431,000 |
Total liabilities and stockholders’ equity | 57,266,000 | 60,056,000 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Stockholders’ equity: | ||
Common stock | $ 0 | $ 0 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Apr. 05, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 975,150 | 975,150 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 21,324,395 | 21,324,618 |
Common stock, shares outstanding (in shares) | 21,309,580 | 21,298,426 |
Treasury stock (in shares) | 15,038 | 26,192 |
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 | 24,850 |
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 | 10,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (305) | $ (3,036) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 620 | 691 |
Stock-based compensation expense | 94 | 111 |
Deferred loan costs recognized | 4 | 4 |
Net gain on the sale of assets | (154) | 0 |
Provision for excess and obsolete inventory | 40 | 37 |
Non-cash lease expense | 288 | 164 |
Other noncash items | 190 | (86) |
Contributions to pension plans | (34) | (10) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,478) | 758 |
Inventory | 846 | (2,486) |
Other current assets | (99) | 473 |
Accounts payable | 1,474 | (1,187) |
Accrued and other liabilities | (772) | 40 |
Net cash provided by (used in) operating activities | 714 | (4,527) |
Cash flows from investing activities: | ||
Capital expenditures, net | (453) | (348) |
Proceeds from sale of assets | 288 | 0 |
Net cash used in investing activities | (165) | (348) |
Cash flows from financing activities: | ||
Principal payments on finance lease obligations | (143) | (146) |
Indirect repurchase of shares of minimum statutory tax withholdings | (7) | (49) |
Net cash used in financing activities | (150) | (195) |
Effect of exchange rate changes on cash balances | (288) | 55 |
Net increase (decrease) in cash and cash equivalents | 111 | (5,015) |
Cash and cash equivalents at beginning of period | 5,095 | 10,704 |
Cash and cash equivalents at end of period | $ 5,206 | $ 5,689 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock Outstanding [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | 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, 2018 | 21,398,182 | ||||||||||
Balance at Dec. 31, 2018 | $ 0 | $ 0 | $ 1,442 | $ 0 | $ 0 | $ 214 | $ 154,388 | $ (114,926) | $ (24,842) | $ 0 | |
Net loss | 0 | 0 | (3,036) | 0 | 0 | $ (3,036) | |||||
Foreign currency translation adjustment | $ 0 | 0 | 0 | 125 | 0 | ||||||
Noncash compensation (in shares) | 0 | ||||||||||
Noncash compensation | $ 0 | 111 | 0 | 0 | 0 | ||||||
Retire treasury stock (in shares) | (43,979) | ||||||||||
Retire treasury stock | $ 0 | (49) | 0 | 0 | 0 | ||||||
Balance (in shares) at Mar. 31, 2019 | 21,354,203 | ||||||||||
Balance at Mar. 31, 2019 | $ 214 | 154,450 | (116,520) | (24,717) | 0 | ||||||
Balance (in shares) at Dec. 31, 2019 | 21,298,426 | ||||||||||
Balance at Dec. 31, 2019 | $ 213 | 154,702 | (117,433) | (24,051) | 0 | 13,431 | |||||
Net loss | 0 | 0 | (305) | 0 | 0 | (305) | |||||
Foreign currency translation adjustment | $ 0 | 0 | 0 | (1,906) | 0 | ||||||
Noncash compensation (in shares) | 0 | ||||||||||
Noncash compensation | $ 0 | 94 | 0 | 0 | 0 | ||||||
Exercise of stock options (in shares) | 11,154 | ||||||||||
Exercise of stock options | $ 0 | (7) | 0 | 0 | 0 | ||||||
Balance (in shares) at Apr. 05, 2020 | 21,309,580 | ||||||||||
Balance at Apr. 05, 2020 | $ 213 | $ 154,789 | $ (117,738) | $ (25,957) | $ 0 | $ 11,307 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Apr. 05, 2020 | |
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 11 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Apr. 05, 2020 | |
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, 2019 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 three April 5, 2020 not may December 31, 2020. December 31, 2019 10 COVID- 19 In March 2020, 19” 19 19 19 April 5, 2020, 19, 19 may not |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | ( 3 ) Recent Accounting Pronouncements In August 2018, 2018 14, Compensation – Retirement Benefits – Defined Benefit Plans – General, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans January 1, 2020. no not In August 2018, 2018 15, Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract 2018 15 2018 15 January 1, 2020 not In June 2016, 2016 13, Credit Losses – Measurement of Credit Losses on Financial Instruments January 1, 2023, not In December 2019, 2019 12, Income Taxes – Simplifying the Accounting for Income Taxes January 1, 2021 |
Note 4 - Leases
Note 4 - Leases | 3 Months Ended |
Apr. 05, 2020 | |
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 and personal property, including manufacturing and information technology equipment. These real estate leases have initial terms which range from 10 11 one 5 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 April 5, 2020, $6,727,000 $7,534,000, December 31, 2019, $7,014,000 $7,747,000, 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 April 5, 2020 March 31, 2019. The following table presents information related to lease expense for the three April 5, 2020 March 31, 2019 Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Finance lease expense: Amortization expense $ 120 $ 111 Interest expense 77 91 Operating lease expense 351 351 Variable lease expense 68 79 Total lease expense $ 616 $ 632 The following table presents supplemental cash flow information related to leases (in thousands): Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 329 $ 354 Operating cash flows from finance leases 77 91 Financing cash flows from finance leases 143 146 The annual future minimum lease payments as of April 5, 2020 Operating Finance Leases Leases Next 12 months $ 1,428 $ 927 12 to 24 months 1,480 612 24 to 36 months 1,496 613 36 to 48 months 1,514 607 48 to 60 months 1,244 549 Thereafter 2,623 457 Total lease payments 9,785 3,765 Less imputed interest (2,251 ) (873 ) Total $ 7,534 $ 2,892 The following table presents certain information related to lease terms and discount rates for leases as of April 5, 2020: Operating Finance Leases Leases Weighted-average remaining lease term (years) 6.9 5.1 Weighted-average discount rate (percentage) 8.0 10.3 |
Note 5 - Revenue from Contracts
Note 5 - Revenue from Contracts with Customers | 3 Months Ended |
Apr. 05, 2020 | |
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 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. Our contract profit margins may not The majority of Sypris Electronics’ contractual arrangements with customers are for one one $19,068,000 April 5, 2020, 63% 2020, 36% 2021 2022. Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the three April 5, 2020 March 31, 2019 April 5, March 31, 2020 2019 (Unaudited) Sypris Technologies – transferred point in time $ 13,717 $ 16,141 Sypris Electronics – transferred point in time 2,107 682 Sypris Electronics – transferred over time 6,601 2,741 Net revenue $ 22,425 $ 19,564 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 April 5, 2020 December 31, 2019 $936,000 $906,000, Contract liabilities April 5, 2019, $7,176,000, $5,811,000 $1,365,000 December 31, 2019, $7,504,000, $5,769,000 $1,735,000 not The Company recognized revenue from contract liabilities of $2,312,000 $1,344,000 three April 5, 2020 March 31, 2019, Practical expedients and exemptions Sales commissions are expensed when incurred because the amortization period would have been one We do not one |
Note 6 - Exit and Disposal Acti
Note 6 - Exit and Disposal Activities | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | ( 6 ) Exit and Disposal Activities On February 21, 2017, 2017. April 13, 2020, $1,700,000 $807,000. As a result of these initiatives, the Company recorded charges of $91,000, $0.01 $98,000, $0.01 first three 2020 2019, three April 5, 2020 A summary of the total pre-tax charges is as follows (in thousands): Costs Incurred Three Months Total Remaining Total Ended Recognized Costs to be Program April 5, 2020 to date Recognized Severance and benefit related costs $ 1,350 $ 0 $ 1,350 $ 0 Asset impairments 188 0 188 0 Equipment relocation costs 1,826 0 1,826 0 Other 1,689 91 1,637 52 $ 5,053 $ 91 $ 5,001 $ 52 The Company expects to incur additional pre-tax costs of approximately $52,000 As noted above, management expects to use proceeds from the sale of underutilized or non-core assets to fund costs incurred on the transfer of equipment from the Broadway Plant. The following assets have been segregated and included in assets held for sale in the consolidated balance sheets (in thousands): April 5, December 31, 2020 2019 (Unaudited) Property, plant and equipment $ 13,623 $ 13,346 Accumulated depreciation (11,456 ) (11,113 ) Property, plant and equipment, net $ 2,167 $ 2,233 |
Note 7 - Loss Per Common Share
Note 7 - Loss Per Common Share | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 7 ) 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 April 5, 2020 March 31, 2019, not A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted loss per common share is as follows (in thousands): Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Loss attributable to stockholders: Net loss as reported $ (305 ) $ (3,036 ) Less distributed and undistributed earnings allocable to restricted awarded holders 0 0 Less dividends declared attributed to restricted awarded holders 0 0 Net loss allocable to common stockholders $ (305 ) $ (3,036 ) Loss per common share attributable to stockholders: Basic $ (0.01 ) $ (0.15 ) Diluted $ (0.01 ) $ (0.15 ) Weighted average shares outstanding – basic 20,988 20,669 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 20,988 20,669 |
Note 8 - Inventory
Note 8 - Inventory | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 8 ) Inventory Inventory consists of the following (in thousands): April 5, December 31, 2020 2019 (Unaudited) Raw materials $ 14,639 $ 15,139 Work in process 5,332 5,889 Finished goods 1,550 1,675 Reserve for excess and obsolete inventory (2,120 ) (1,919 ) Total $ 19,401 $ 20,784 |
Note 9 - Property, Plant and Eq
Note 9 - Property, Plant and Equipment | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 9 ) Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): April 5, December 31, 2020 2019 (Unaudited) Land and land improvements $ 50 $ 50 Buildings and building improvements 7,111 8,108 Machinery, equipment, furniture and fixtures 49,198 55,520 Construction in progress 607 371 56,966 64,049 Accumulated depreciation (47,279 ) (52,374 ) $ 9,687 $ 11,675 |
Note 10 - Debt
Note 10 - Debt | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 1 0 ) Debt Debt outstanding consists of the following (in thousands): April 5, December 31, 2020 2019 (Unaudited) Current: Finance lease obligation, current portion $ 667 $ 684 Note payable – related party, current portion 2,500 0 Current portion of long term debt $ 3,167 $ 684 Long Term: Finance lease obligation $ 2,225 $ 2,351 Note payable – related party 4,000 6,500 Less unamortized debt issuance and modification costs (33 ) (37 ) Long term debt net of unamortized debt costs $ 6,192 $ 8,814 |
Note 11 - Segment Data
Note 11 - Segment Data | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 1 1 ) Segment Data The Company is organized into two no 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 April 5, March 31, 2020 2019 (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 13,717 $ 16,141 Sypris Electronics 8,708 3,423 $ 22,425 $ 19,564 Gross profit (loss): Sypris Technologies $ 2,493 $ 2,304 Sypris Electronics 1,098 (1,444 ) $ 3,591 $ 860 Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Operating income (loss): Sypris Technologies $ 1,126 $ 1,052 Sypris Electronics 408 (2,310 ) General, corporate and other (1,257 ) (1,434 ) $ 277 $ (2,692 ) Income (loss) before taxes: Sypris Technologies $ 759 $ 907 Sypris Electronics 399 (2,327 ) General, corporate and other (1,391 ) (1,540 ) $ (233 ) $ (2,960 ) April 5, December 31, 2020 2019 (Unaudited) Total assets: Sypris Technologies $ 26,847 $ 29,694 Sypris Electronics 24,733 24,985 General, corporate and other 5,686 5,377 $ 57,266 $ 60,056 Total liabilities: Sypris Technologies $ 19,664 $ 19,989 Sypris Electronics 17,471 17,416 General, corporate and other 8,824 9,220 $ 45,959 $ 46,625 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 1 2 ) 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 April 5, 2020 December 31, 2019 $581,000 $569,000, three April 5, 2020 March 31, 2019 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. As of April 5, 2020 December 31, 2019, no On December 27, 2017, 401 not On February 17, 2017, February 28, 2020. As of April 5, 2020, $7,977,000, |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 1 3 ) 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% 2020 2019 30% 2020 2019. 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 |
Note 14 - Employee Benefit Plan
Note 14 - Employee Benefit Plans | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 1 4 ) Employee Benefit Plans The following table details the components of pension (income) expense (in thousands): Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Service cost $ 1 $ 1 Interest cost on projected benefit obligation 352 329 Net amortizations of actuarial loss 166 158 Expected return on plan assets (270 ) (325 ) Net periodic benefit cost $ 249 $ 163 The net periodic benefit cost of the defined benefit pension plans incurred during the three April 5, 2020 March 31, 2019 Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Service cost: Selling, general and administrative expenses $ (1 ) $ (1 ) Other net periodic benefit costs: Other expense (income), net (248 ) (162 ) Total $ (249 ) $ (163 ) |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 1 5 ) 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): April 5, December 31, 2020 2019 (Unaudited) Foreign currency translation adjustments $ (12,529 ) $ (10,623 ) Employee benefit related adjustments – U.S., net of tax (13,544 ) (13,544 ) Employee benefit related adjustments – Mexico, net of tax 116 116 Accumulated other comprehensive loss $ (25,957 ) $ (24,051 |
Note 16 - Fair Value of Financi
Note 16 - Fair Value of Financial Instruments | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 1 6 ) 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 April 5, 2020 2 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Apr. 05, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 1 7 ) Subsequent Events There are many uncertainties regarding the current COVID- 19 not first April 5, 2020, 19 19 Subsequent to April 5, 2020, 19 19 The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020 April 27, 2020, May 1, 2020, $3,558,000 1.0% first six October 2020, 18 April 2022. may The PPP Note is unsecured and guaranteed by the SBA. The Company may may eight no On April 13, 2020, $1,700,000 $807,000. |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Finance lease expense: Amortization expense $ 120 $ 111 Interest expense 77 91 Operating lease expense 351 351 Variable lease expense 68 79 Total lease expense $ 616 $ 632 |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 329 $ 354 Operating cash flows from finance leases 77 91 Financing cash flows from finance leases 143 146 |
Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance Leases Leases Next 12 months $ 1,428 $ 927 12 to 24 months 1,480 612 24 to 36 months 1,496 613 36 to 48 months 1,514 607 48 to 60 months 1,244 549 Thereafter 2,623 457 Total lease payments 9,785 3,765 Less imputed interest (2,251 ) (873 ) Total $ 7,534 $ 2,892 |
Lease Terms and Discount Rates for Leases [Table Text Block] | Operating Finance Leases Leases Weighted-average remaining lease term (years) 6.9 5.1 Weighted-average discount rate (percentage) 8.0 10.3 |
Note 5 - Revenue from Contrac_2
Note 5 - Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | April 5, March 31, 2020 2019 (Unaudited) Sypris Technologies – transferred point in time $ 13,717 $ 16,141 Sypris Electronics – transferred point in time 2,107 682 Sypris Electronics – transferred over time 6,601 2,741 Net revenue $ 22,425 $ 19,564 |
Note 6 - Exit and Disposal Ac_2
Note 6 - Exit and Disposal Activities (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Costs Incurred Three Months Total Remaining Total Ended Recognized Costs to be Program April 5, 2020 to date Recognized Severance and benefit related costs $ 1,350 $ 0 $ 1,350 $ 0 Asset impairments 188 0 188 0 Equipment relocation costs 1,826 0 1,826 0 Other 1,689 91 1,637 52 $ 5,053 $ 91 $ 5,001 $ 52 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | April 5, December 31, 2020 2019 (Unaudited) Property, plant and equipment $ 13,623 $ 13,346 Accumulated depreciation (11,456 ) (11,113 ) Property, plant and equipment, net $ 2,167 $ 2,233 |
Note 7 - Loss Per Common Share
Note 7 - Loss Per Common Share (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Loss attributable to stockholders: Net loss as reported $ (305 ) $ (3,036 ) Less distributed and undistributed earnings allocable to restricted awarded holders 0 0 Less dividends declared attributed to restricted awarded holders 0 0 Net loss allocable to common stockholders $ (305 ) $ (3,036 ) Loss per common share attributable to stockholders: Basic $ (0.01 ) $ (0.15 ) Diluted $ (0.01 ) $ (0.15 ) Weighted average shares outstanding – basic 20,988 20,669 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 20,988 20,669 |
Note 8 - Inventory (Tables)
Note 8 - Inventory (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 5, December 31, 2020 2019 (Unaudited) Raw materials $ 14,639 $ 15,139 Work in process 5,332 5,889 Finished goods 1,550 1,675 Reserve for excess and obsolete inventory (2,120 ) (1,919 ) Total $ 19,401 $ 20,784 |
Note 9 - Property, Plant and _2
Note 9 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | April 5, December 31, 2020 2019 (Unaudited) Land and land improvements $ 50 $ 50 Buildings and building improvements 7,111 8,108 Machinery, equipment, furniture and fixtures 49,198 55,520 Construction in progress 607 371 56,966 64,049 Accumulated depreciation (47,279 ) (52,374 ) $ 9,687 $ 11,675 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | April 5, December 31, 2020 2019 (Unaudited) Current: Finance lease obligation, current portion $ 667 $ 684 Note payable – related party, current portion 2,500 0 Current portion of long term debt $ 3,167 $ 684 Long Term: Finance lease obligation $ 2,225 $ 2,351 Note payable – related party 4,000 6,500 Less unamortized debt issuance and modification costs (33 ) (37 ) Long term debt net of unamortized debt costs $ 6,192 $ 8,814 |
Note 11 - Segment Data (Tables)
Note 11 - Segment Data (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 13,717 $ 16,141 Sypris Electronics 8,708 3,423 $ 22,425 $ 19,564 Gross profit (loss): Sypris Technologies $ 2,493 $ 2,304 Sypris Electronics 1,098 (1,444 ) Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Operating income (loss): Sypris Technologies $ 1,126 $ 1,052 Sypris Electronics 408 (2,310 ) General, corporate and other (1,257 ) (1,434 ) $ 277 $ (2,692 ) Income (loss) before taxes: Sypris Technologies $ 759 $ 907 Sypris Electronics 399 (2,327 ) General, corporate and other (1,391 ) (1,540 ) $ (233 ) $ (2,960 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | April 5, December 31, 2020 2019 (Unaudited) Total assets: Sypris Technologies $ 26,847 $ 29,694 Sypris Electronics 24,733 24,985 General, corporate and other 5,686 5,377 $ 57,266 $ 60,056 Total liabilities: Sypris Technologies $ 19,664 $ 19,989 Sypris Electronics 17,471 17,416 General, corporate and other 8,824 9,220 $ 45,959 $ 46,625 |
Note 14 - Employee Benefit Pl_2
Note 14 - Employee Benefit Plans (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Service cost $ 1 $ 1 Interest cost on projected benefit obligation 352 329 Net amortizations of actuarial loss 166 158 Expected return on plan assets (270 ) (325 ) Net periodic benefit cost $ 249 $ 163 |
Net Periodic Benefit Cost Recognized in Income Statement [Table Text Block] | Three Months Ended April 5, March 31, 2020 2019 (Unaudited) Service cost: Selling, general and administrative expenses $ (1 ) $ (1 ) Other net periodic benefit costs: Other expense (income), net (248 ) (162 ) Total $ (249 ) $ (163 ) |
Note 15 - Accumulated Other C_2
Note 15 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | April 5, December 31, 2020 2019 (Unaudited) Foreign currency translation adjustments $ (12,529 ) $ (10,623 ) Employee benefit related adjustments – U.S., net of tax (13,544 ) (13,544 ) Employee benefit related adjustments – Mexico, net of tax 116 116 Accumulated other comprehensive loss $ (25,957 ) $ (24,051 |
Note 1 - Nature of Business (De
Note 1 - Nature of Business (Details Textual) | 3 Months Ended |
Apr. 05, 2020 | |
Number of Operating Segments | 2 |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) | Apr. 05, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
Operating Lease, Right-of-Use Asset | $ 6,727,000 | $ 7,014,000 |
Operating Lease, Liability, Total | $ 7,534,000 | $ 7,747,000 |
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 | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Amortization expense | $ 120 | $ 111 |
Interest expense | 77 | 91 |
Operating lease expense | 351 | 351 |
Variable lease expense | 68 | 79 |
Total lease expense | $ 616 | $ 632 |
Note 4 - Leases - Supplemental
Note 4 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Operating cash flows from operating leases | $ 329 | $ 354 |
Operating cash flows from finance leases | 77 | 91 |
Financing cash flows from finance leases | $ 143 | $ 146 |
Note 4 - Leases - Maturities of
Note 4 - Leases - Maturities of Lease Liabilities (Details) - USD ($) | Apr. 05, 2020 | Dec. 31, 2019 |
Next 12 months, Operating Leases | $ 1,428,000 | |
Next 12 months, Finance Leases | 927,000 | |
12 to 24 months, Operating Leases | 1,480,000 | |
12 to 24 months, Finance Leases | 612,000 | |
24 to 36 months, Operating Leases | 1,496,000 | |
24 to 36 months, Finance Leases | 613,000 | |
36 to 48 months, Operating Leases | 1,514,000 | |
36 to 48 months, Finance Leases | 607,000 | |
48 to 60 months, Operating Leases | 1,244,000 | |
48 to 60 months, Finance Leases | 549,000 | |
Thereafter, Operating Leases | 2,623,000 | |
Thereafter, Finance Leases | 457,000 | |
Total lease payments, Operating Leases | 9,785,000 | |
Total lease payments, Finance Leases | 3,765,000 | |
Less imputed interest, Operating Leases | (2,251,000) | |
Less imputed interest, Finance Leases | (873,000) | |
Total, Operating Leases | 7,534,000 | $ 7,747,000 |
Total, Finance Leases | $ 2,892,000 |
Note 4 - Leases - Information R
Note 4 - Leases - Information Related to Lease Terms and Discount Rates (Details) | Apr. 05, 2020 |
Weighted-average remaining lease term (Year) | 6 years 328 days |
Weighted-average remaining lease term (Year) | 5 years 36 days |
Weighted-average discount rate (percentage) | 8.00% |
Weighted-average discount rate (percentage) | 10.30% |
Note 5 - Revenue from Contrac_3
Note 5 - Revenue from Contracts with Customers 1 (Details Textual) - USD ($) | 3 Months Ended | ||
Apr. 05, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Revenue, Remaining Performance Obligation, Amount | $ 19,068,000 | ||
Contract with Customer, Liability, Total | 7,176,000 | $ 7,504,000 | |
Contract with Customer, Liability, Revenue Recognized | 2,312,000 | $ 1,344,000 | |
Other Current Assets [Member] | |||
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | 936,000 | 906,000 | |
Accrued Liabilities [Member] | |||
Contract with Customer, Liability, Current | 5,811,000 | 5,769,000 | |
Other Noncurrent Liabilities [Member] | |||
Contract with Customer, Liability, Noncurrent | $ 1,365,000 | $ 1,735,000 |
Note 5 - Revenue from Contrac_4
Note 5 - Revenue from Contracts with Customers 2 (Details Textual) | Apr. 05, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-06 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 63.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 36.00% |
Note 5 - Revenue from Contrac_5
Note 5 - Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Net revenue | $ 22,425 | $ 19,564 |
Sypris Technologies [Member] | ||
Net revenue | 13,717 | 16,141 |
Sypris Technologies [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 13,717 | 16,141 |
Sypris Electronics [Member] | ||
Net revenue | 8,708 | 3,423 |
Sypris Electronics [Member] | Transferred at Point in Time [Member] | ||
Net revenue | 2,107 | 682 |
Sypris Electronics [Member] | Transferred over Time [Member] | ||
Net revenue | $ 6,601 | $ 2,741 |
Note 6 - Exit and Disposal Ac_3
Note 6 - Exit and Disposal Activities (Details Textual) - Transition of Production from the Broadway Plant [Member] - USD ($) | Apr. 13, 2020 | Apr. 05, 2020 | Mar. 31, 2019 |
Restructuring and Related Costs, Incurred Cost, Total | $ 91,000 | $ 98,000 | |
Restructuring and Related Cost, Incurred Cost, Per Share (in dollars per share) | $ 0.01 | $ 0.01 | |
Restructuring and Related Cost, Expected Cost Remaining | $ 52,000 | ||
Sypris Technologies [Member] | |||
Restructuring and Related Cost, Expected Cost Remaining | $ 52,000 | ||
Subsequent Event [Member] | |||
Proceeds from Sale of Real Estate, Total | $ 1,700,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 807,000 |
Note 6 - Exit and Disposal Ac_4
Note 6 - Exit and Disposal Activities - Summary of Pre-tax Restructuring Chargers (Details) - Transition of Production from the Broadway Plant [Member] $ in Thousands | 3 Months Ended |
Apr. 05, 2020USD ($) | |
Total Program | $ 5,053 |
Costs Incurred | 91 |
Recognized Costs | 5,001 |
Remaining Costs to be Recognized | 52 |
Employee Severance [Member] | |
Total Program | 1,350 |
Costs Incurred | 0 |
Recognized Costs | 1,350 |
Remaining Costs to be Recognized | 0 |
Asset Impairment [Member] | |
Total Program | 188 |
Costs Incurred | 0 |
Recognized Costs | 188 |
Remaining Costs to be Recognized | 0 |
Equipment Relocation Costs [Member] | |
Total Program | 1,826 |
Costs Incurred | 0 |
Recognized Costs | 1,826 |
Remaining Costs to be Recognized | 0 |
Other Restructuring [Member] | |
Total Program | 1,689 |
Costs Incurred | 91 |
Recognized Costs | 1,637 |
Remaining Costs to be Recognized | $ 52 |
Note 6 - Exit and Disposal Ac_5
Note 6 - Exit and Disposal Activities - Segregation of Assets Held for Sale (Details) - USD ($) $ in Thousands | Apr. 05, 2020 | Dec. 31, 2019 |
Property, plant and equipment | $ 13,623 | $ 13,346 |
Accumulated depreciation | (11,456) | (11,113) |
Property, plant and equipment, net | $ 2,167 | $ 2,233 |
Note 7 - Loss Per Common Shar_2
Note 7 - 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 | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Net loss as reported | $ (305) | $ (3,036) |
Less distributed and undistributed earnings allocable to restricted awarded holders | 0 | 0 |
Less dividends declared attributed to restricted awarded holders | 0 | 0 |
Net loss allocable to common stockholders | $ (305) | $ (3,036) |
Basic (in dollars per share) | $ (0.01) | $ (0.15) |
Diluted (in dollars per share) | $ (0.01) | $ (0.15) |
Basic (in shares) | 20,988 | 20,669 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 0 | 0 |
Weighted average shares outstanding – diluted (in shares) | 20,988 | 20,669 |
Note 8 - Inventory - Inventory
Note 8 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands | Apr. 05, 2020 | Dec. 31, 2019 |
Raw materials | $ 14,639 | $ 15,139 |
Work in process | 5,332 | 5,889 |
Finished goods | 1,550 | 1,675 |
Reserve for excess and obsolete inventory | (2,120) | (1,919) |
Total | $ 19,401 | $ 20,784 |
Note 9 - Property, Plant and _3
Note 9 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Apr. 05, 2020 | Dec. 31, 2019 |
Gross property, plant and equipment | $ 56,966 | $ 64,049 |
Accumulated depreciation | (47,279) | (52,374) |
Property plant and equipment net | 9,687 | 11,675 |
Land and Land Improvements [Member] | ||
Gross property, plant and equipment | 50 | 50 |
Building and Building Improvements [Member] | ||
Gross property, plant and equipment | 7,111 | 8,108 |
Property, Plant and Equipment, Other Types [Member] | ||
Gross property, plant and equipment | 49,198 | 55,520 |
Construction in Progress [Member] | ||
Gross property, plant and equipment | $ 607 | $ 371 |
Note 10 - Debt - Debt Component
Note 10 - Debt - Debt Components (Details) - USD ($) $ in Thousands | Apr. 05, 2020 | Dec. 31, 2019 |
Finance lease obligations, current portion | $ 667 | $ 684 |
Note payable – related party, current portion | 2,500 | 0 |
Current portion of long term debt | 3,167 | 684 |
Finance lease obligation | 2,225 | 2,351 |
Note payable – related party | 4,000 | 6,500 |
Less unamortized debt issuance and modification costs | (33) | (37) |
Long term debt net of unamortized debt costs | $ 6,192 | $ 8,814 |
Note 11 - Segment Data (Details
Note 11 - Segment Data (Details Textual) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020USD ($) | Mar. 31, 2019USD ($) | |
Number of Operating Segments | 2 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 22,425 | $ 19,564 |
Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 |
Note 11 - Segment Data - Financ
Note 11 - Segment Data - Financial Information From Reportable Segments - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Net revenue from unaffiliated customers | $ 22,425 | $ 19,564 |
Gross profit (loss) | 3,591 | 860 |
Operating loss | 277 | (2,692) |
Income (loss) before taxes | (233) | (2,960) |
Sypris Technologies [Member] | ||
Net revenue from unaffiliated customers | 13,717 | 16,141 |
Gross profit (loss) | 2,493 | 2,304 |
Operating loss | 1,126 | 1,052 |
Income (loss) before taxes | 759 | 907 |
Sypris Electronics [Member] | ||
Net revenue from unaffiliated customers | 8,708 | 3,423 |
Gross profit (loss) | 1,098 | (1,444) |
Operating loss | 408 | (2,310) |
Income (loss) before taxes | 399 | (2,327) |
Corporate and Other [Member] | ||
Operating loss | (1,257) | (1,434) |
Income (loss) before taxes | $ (1,391) | $ (1,540) |
Note 11 - Segment Data - Fina_2
Note 11 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands | Apr. 05, 2020 | Dec. 31, 2019 |
Total assets | $ 57,266 | $ 60,056 |
Total liabilities | 45,959 | 46,625 |
Sypris Technologies [Member] | ||
Total assets | 26,847 | 29,694 |
Total liabilities | 19,664 | 19,989 |
Sypris Electronics [Member] | ||
Total assets | 24,733 | 24,985 |
Total liabilities | 17,471 | 17,416 |
Corporate and Other [Member] | ||
Total assets | 5,686 | 5,377 |
Total liabilities | $ 8,824 | $ 9,220 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) | Apr. 05, 2020 | Dec. 31, 2019 |
Standard and Extended Product Warranty Accrual, Ending Balance | $ 581,000 | $ 569,000 |
Accrual for Environmental Loss Contingencies, Ending Balance | 0 | $ 0 |
Purchase Obligation, Total | $ 7,977,000 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 30.00% | 30.00% |
Note 14 - Employee Benefit Pl_3
Note 14 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Service cost | $ 1 | $ 1 |
Interest cost on projected benefit obligation | 352 | 329 |
Net amortizations of actuarial loss | 166 | 158 |
Expected return on plan assets | (270) | (325) |
Net periodic benefit cost | $ 249 | $ 163 |
Note 14 - Employee Benefit Pl_4
Note 14 - Employee Benefit Plans - Net Periodic Benefit Cost Recognized in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Selling, general and administrative expenses | $ (1) | $ (1) |
Other expense (income), net | (248) | (162) |
Total | (249) | (163) |
Selling, General and Administrative Expenses [Member] | ||
Selling, general and administrative expenses | $ (1) | $ (1) |
Note 15 - Accumulated Other C_3
Note 15 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Apr. 05, 2020 | Dec. 31, 2019 |
Foreign currency translation adjustments | $ (12,529) | $ (10,623) |
Accumulated other comprehensive loss | (25,957) | (24,051) |
UNITED STATES | ||
Employee benefit related adjustments, net of tax | (13,544) | (13,544) |
Foreign Plan [Member] | ||
Employee benefit related adjustments, net of tax | $ 116 | $ 116 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) | Apr. 27, 2020 | Apr. 13, 2020 |
Proceeds from Paycheck Protection Program Under CARES Act | $ 3,558,000 | |
Transition of Production from the Broadway Plant [Member] | ||
Proceeds from Sale of Real Estate, Total | $ 1,700,000 | |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 807,000 |