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<SEC-DOCUMENT>0001157523-09-003865.txt : 20090514
<SEC-HEADER>0001157523-09-003865.hdr.sgml : 20090514
<ACCEPTANCE-DATETIME>20090514075218
ACCESSION NUMBER:		0001157523-09-003865
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090514
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090514
DATE AS OF CHANGE:		20090514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYPRIS SOLUTIONS INC
		CENTRAL INDEX KEY:			0000864240
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				611321992
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24020
		FILM NUMBER:		09824351

	BUSINESS ADDRESS:	
		STREET 1:		101 BULLITT LN
		STREET 2:		STE 450
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40222
		BUSINESS PHONE:		5023292000

	MAIL ADDRESS:	
		STREET 1:		101 BULLITT LN
		STREET 2:		STE 450
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GROUP TECHNOLOGIES CORP
		DATE OF NAME CHANGE:	19940314
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5964871.htm
<DESCRIPTION>SYPRIS SOLUTIONS, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><font style="font-family: Times New Roman"><b>______________</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt; font-family: Times New Roman"><b>FORM 8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Date
      of Report (Date of earliest event reported): &#160;&#160;May 14, 2009</b></font><br><font style="font-family: Times New Roman"><b>______________</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>Sypris
      Solutions, Inc.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman"><b>(Exact
      name of registrant as specified in its charter)</b></font><br><br>
    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; width: 34%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-24020</b>
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>61-1321992</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(State or Other Jurisdiction</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>of Incorporation)</b>
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Commission</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>File Number)</b>
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(I.R.S. Employer</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Identification No.)</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>101 Bullitt Lane, Suite 450</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Louisville, Kentucky</b>
          </p>
        </td>
        <td style="width: 34%">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>40222</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Address of Principal </b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Executive Offices)</b>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Zip Code)</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Registrant&#8217;s
      telephone number, including area code: (502) 329-2000</b></font><b> </b>
    </p>
    <hr style="height: 2.0 pt; text-align: center; color: #000000; width: 100%">
    <hr style="height: 2.0 pt; text-align: center; color: #D3D3D3; width: 100%">


    <p style="text-align: center">
      <br>
      <br>
      <br>
      <br>
      <br>
      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the</b></font><br><font style="font-family: Times New Roman; font-size: 10pt"><b>filing
      obligation of the registrant under any of the following provisions:</b></font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></b>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></b>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></b>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></b>
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Section 2 &#8211; Financial Information</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 10%; padding-left: 0.0px" valign="top">
          <b>Item 2.02</b>
        </td>
        <td style="text-align: left; width: 90%; padding-left: 0.0px" valign="top">
          <b>Results of Operations and Financial Condition.</b>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="text-align: left; width: 90%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            On May 14, 2009, Sypris Solutions, Inc. (the &#8220;Company&#8221;) announced
            its financial results for the first quarter ended April 5, 2009.
            The full text of the press release is set forth in Exhibit 99
            hereto.&#160;&#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="text-align: left; width: 90%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            The information in this Form 8-K and the attached Exhibit is being
            furnished pursuant to Item 2.02 &#8220;Results of Operations and
            Financial Condition&#8221; and shall not be deemed &#8220;filed&#8221; for purposes
            of Section 18 of the Securities Exchange Act of 1934 or otherwise
            subject to the liabilities of that section, nor shall it be deemed
            incorporated by reference in any filing under the Securities Act
            of 1933, except as shall be expressly set forth by specific
            reference in such filing.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="2">
          <b>Section 7 &#8211; Regulation FD</b>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 10%; padding-left: 0.0px" valign="top">
          <b>Item 7.01</b>
        </td>
        <td style="text-align: left; width: 90%; padding-left: 0.0px" valign="top">
          <b>Regulation FD Disclosure.</b>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="text-align: left; width: 90%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            On May 14, 2009, the Company announced its financial results for
            the first quarter ended April 5, 2009, as well as certain other
            information.&#160;&#160;The full text of the press release is set forth in
            Exhibit 99 hereto.&#160;&#160;The Company has also released certain
            supplemental financial information that can be accessed through
            the Company&#8217;s website at http://www.sypris.com.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 10%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 90%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            The information in this Form 8-K and the attached Exhibit as well
            as the supplemental information referenced above is being
            furnished pursuant to Item 7.01 &#8220;Regulation FD Disclosure&#8221; and
            shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the
            Securities Exchange Act of 1934 or otherwise subject to the
            liabilities of that section, nor shall it be deemed incorporated
            by reference in any filing under the Securities Act of 1933,
            except as shall be expressly set forth by specific reference in
            such filing.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="2">
          <b>Section 9 &#8211; Financial Statements and Exhibits</b>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 10%; padding-left: 0.0px" valign="top">
          <b>Item 9.01</b>
        </td>
        <td style="text-align: left; width: 90%; padding-left: 0.0px" valign="top">
          <b>Financial Statements and Exhibits.</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          (d)
        </td>
        <td style="text-align: left; width: 15%; padding-left: 0.0px" valign="top">
          Exhibits.
        </td>
        <td style="width: 80%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 15%">

        </td>
        <td style="width: 80%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="text-align: left; width: 15%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit Number</u>
          </p>
        </td>
        <td style="text-align: left; width: 80%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description of Exhibit</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; width: 15%; padding-left: 0.0px" valign="top">
          99
        </td>
        <td style="text-align: left; width: 80%; padding-left: 0.0px" valign="top">
          Press release issued May 14, 2009.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized. </font>
    </p>
    <p style="text-indent: 30.0px">
      <br>

    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; width: 6%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td style="text-align: left; width: 44%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            May 14, 2009
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Sypris Solutions, Inc.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 6%; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 44%; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 5%; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Brian A. Lutes
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Brian A. Lutes
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Vice President &amp; Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>INDEX TO EXHIBITS </b>
    </p>
    <p>

    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 12%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b><br><u><b>Number</b></u>
          </p>
        </td>
        <td style="text-align: left; width: 5%; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="text-align: left; width: 83%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Description</u></b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 83%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; width: 12%; padding-left: 0.0px" valign="top">
          99
        </td>
        <td style="text-align: left; width: 5%; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="text-align: left; width: 83%; padding-left: 0.0px" valign="bottom">
          Registrant&#8217;s press release dated May 14, 2009.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: center">

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>a5964871ex99.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Sypris
      Reports First Quarter Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Aerospace
      &amp; Defense Revenue Increases 29%</b></font>
    </p>
    <p>
      LOUISVILLE, Ky.--(BUSINESS WIRE)--May 14, 2009--Sypris Solutions, Inc.
      (Nasdaq/NM: SYPR) today reported revenue of $81.7 million for the first
      quarter compared to $106.3&#160;million for the prior year period. The
      Company reported a net loss of $11.3 million or $0.62 per share for the
      first quarter compared to net income of $0.4&#160;million, or $0.02 per
      diluted share for the prior year period. The net loss for the quarter
      ended April 5, 2009 includes $2.0 million, or $0.11 per share, of
      charges associated with the implementation of the Company&#8217;s previously
      announced restructuring program.
    </p>
    <p>
      &#8220;The results for the quarter were in line with our expectations,
      reflecting the continued decline in the economy and its impact on demand
      in the markets served by our Industrial Group,&#8221; said Jeffrey T. Gill,
      president and chief executive officer. &#8220;The 46% decline in comparable
      period revenue for this Group more than offset the 21% increase in sales
      posted by our Electronics Group. The results for the quarter easily
      could have been more challenging had it not been for the positive impact
      of the restructuring initiatives and the focused efforts of our
      management team in this segment to contain costs and adjust inventories
      on a rapid basis.
    </p>
    <p>
      &#8220;Within the Electronics Group, our Aerospace &amp; Defense segment posted a
      29% increase in revenue for the quarter, while our Test &amp; Measurement
      segment posted a 7% increase in the top line, marking the ninth
      consecutive quarter of comparable period growth for this segment. As a
      result, our Electronics Group now represents 54% of portfolio revenue
      compared to 34% for the prior year period and is poised for margin
      expansion during the balance of this year as a result of a focused drive
      to improve processes, increase productivity and reduce costs.
    </p>
    <p>
      &#8220;In light of the continued softness in demand in the markets served by
      our Industrial Group, we have accelerated our restructuring initiatives
      across the Company with the goal to pull forward the expected savings.
      When completed, we expect to benefit from an estimated $25.0 million per
      year of cost savings, with 75% to 80% of those benefits expected to be
      realized as early as 2010. These savings will be generated across the
      Company&#8217;s platform and are expected to have a positive impact on all
      businesses going forward.&#8221;
    </p>
    <p>
      <b>The Industrial Group</b>
    </p>
    <p>
      Revenue for our Industrial Group was $37.5&#160;million in the first quarter
      compared to $69.8&#160;million for the prior year period as a result of the
      forecasted decline in the commercial vehicle and trailer markets. Gross
      profit for the quarter decreased to a loss of $2.7 million from profit
      of $6.8&#160;million for the same period in 2008, primarily as a result of
      significantly lower volumes partially offset by aggressive cost
      containment.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>The Electronics Group</b>
    </p>
    <p>
      Revenue for our Electronics Group increased 21% to $44.2&#160;million in the
      first quarter compared to $36.4&#160;million in the prior year period. Gross
      profit for the quarter increased 13% to $7.1&#160;million compared to
      $6.2&#160;million for the same period in 2008.
    </p>
    <p>
      Revenue for the Aerospace &amp; Defense segment increased 29% to
      $30.2&#160;million in the first quarter compared to $23.4&#160;million for the
      prior year period, primarily as a result of increased sales of secured
      communication products and manufacturing services, while revenue for the
      Test &amp; Measurement segment increased 7% to $14.0 million compared to
      $13.0&#160;million for the prior year period. Gross profit for the Aerospace
      &amp; Defense segment increased 12% to $3.3&#160;million compared to $2.9&#160;million
      for the prior year period primarily on increased volume and cost
      reductions, while gross profit for the Test &amp; Measurement segment
      increased 14% to $3.8&#160;million from $3.3&#160;million in the prior year period
      due to higher sales and increased productivity.
    </p>
    <p>
      <b>Outlook</b>
    </p>
    <p>
      Mr. Gill added, &#8220;Looking forward, the outlook for the balance of the
      year remains unchanged. The outlook for our Electronics Group is
      positive, with this segment of our business expected to generate
      year-over-year performance improvements with gross margins continuing to
      expand as we move throughout the year as a result of process
      improvements, increased productivity and lower costs.
    </p>
    <p>
      &#8220;The outlook for our Industrial Group remains quite challenging, with
      forecasts for the production of Class 5-8 commercial vehicles remaining
      uncertain at best. Our sense is that the market may have reached its
      cyclical low in February, but that inventory balancing and continued
      economic uncertainty will continue to hold down production at or near
      current levels for the foreseeable future.
    </p>
    <p>
      &#8220;It is important to note that we have already begun to realize the
      benefits of the restructuring program in the first quarter of this year
      and expect the recent closure of our production facility in Kenton, Ohio
      and the relocation of this work to our operation in Morganton, North
      Carolina to contribute to results in the near term. Furthermore, we have
      accelerated the previously announced closing of our Marion, Ohio
      facility, with expectations that this project will now be completed
      within the next several months instead of by year-end. The accelerated
      completion of both of these initiatives is expected to result in a
      material reduction in our fixed and variable expenses going forward.
    </p>
    <p>
      &#8220;The outlook for free cash flow generation remains unchanged as well. As
      mentioned previously, we expect the Company to generate positive free
      cash flow, before restructuring, beginning in the second quarter of this
      year and continuing throughout the balance of 2009. With the early
      completion of our restructuring activities, we expect the expenses
      associated with these actions to decline materially beginning in the
      third quarter of this year.&#8221;
    </p>
    <p>
      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 test and measurement services. For more
      information about Sypris Solutions, visit its Web site at <u>www.sypris.com</u>.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <i><b>Each &#8220;forward-looking statement&#8221; herein is subject to serious
      risks and should not be relied upon, as detailed in our most recent Form
      10-K and Form 10-Q and subsequent SEC filings. </b>Briefly, we currently
      believe that such risks also include: the effects of a continuing
      economic downturn which could reduce our revenues, negatively impact our
      customers or suppliers and materially, adversely affect our financial
      results; our ability to liquidate our equity interests in Dana Holding
      Corporation at satisfactory valuation levels; potential impairments,
      non-recoverability or write-offs of goodwill, assets or deferred costs,
      including deferred tax assets in the U.S. or Mexico; fees, costs or
      other dilutive effects of refinancing, compliance with covenants in, or
      acceleration of, our loan and other debt agreements; unexpected or
      increased costs, time delays and inefficiencies of restructuring our
      manufacturing capacity; breakdowns, relocations or major repairs of
      machinery and equipment; our inability to successfully launch new or
      next generation programs; the cost, efficiency and yield of our
      operations and capital investments, including working capital,
      production schedules, cycle times, scrap rates, injuries, wages,
      overtime costs, freight or expediting costs; cost and availability of
      raw materials such as steel, component parts, natural gas or utilities;
      volatility of our customers&#8217; forecasts, financial conditions, market
      shares, product requirements or scheduling demands; adverse impacts of
      new technologies or other competitive pressures which increase our costs
      or erode our margins; failure to adequately insure or to identify
      environmental or other insurable risks; inventory valuation risks
      including obsolescence, shrinkage, theft, overstocking or underbilling;
      changes in government or other customer programs; reliance on major
      customers or suppliers, especially in the automotive or aerospace and
      defense electronics sectors; revised contract prices or estimates of
      major contract costs; dependence on, recruitment or retention of key
      employees; union negotiations; pension valuation, health care or other
      benefit costs; labor relations; strikes; risks of foreign operations;
      currency exchange rates; the costs and supply of debt, equity capital,
      or insurance (including the possibility that our common stock could
      cease to qualify for listing on the NASDAQ Stock Market due to a
      sustained decline in prices per share, or that any reverse stock split
      or other restructuring of our debt or equity financing could be
      accompanied by the deregistration of our common stock or other &#8220;going
      private&#8221; transactions); changes in licenses, security clearances, or
      other legal rights to operate, manage our work force or import and
      export as needed; weaknesses in internal controls; the costs of
      compliance with our auditing, regulatory or contractual obligations;
      regulatory actions or sanctions; disputes or litigation, involving
      customer, supplier, creditor, stockholder, product liability,
      asbestos-related or environmental claims; war, terrorism or political
      uncertainty; unanticipated or uninsured disasters, losses or business
      risks; inaccurate data about markets, customers or business conditions;
      or unknown risks and uncertainties.</i>
    </p>
    <p>
      <b>Non-GAAP Measures</b>
    </p>
    <p>
      In addition to the results reported in accordance with accounting
      principles generally accepted in the United States (&quot;GAAP&quot;) included
      throughout this press release, the company has provided information
      regarding free cash flow, which is a non-GAAP financial measure.
    </p>
    <p>
      Free cash flow is useful in analyzing the company&#8217;s ability to service
      and repay its debt. Further, management uses free cash flow in planning
      and forecasting for future periods.
    </p>
    <p>
      This non-GAAP measure should not be considered a substitute for our
      reported results prepared in accordance with GAAP. Free cash flow should
      not be considered a substitute for cash provided by operating activities
      or other cash flow statement data prepared in accordance with GAAP or as
      a measure of liquidity. In addition, the calculation of free cash flow
      does not reflect cash used to service debt or cash received from the
      divestitures or businesses or sales of other assets and thus does not
      reflect funds available for investment or other discretionary uses.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>RECONCILIATION OF THREE MONTHS ENDED FREE CASH FLOW</b><br><b>(in
          thousands)</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top" colspan="7">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="top" colspan="3">
          <b>April 5,</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="top" colspan="3">
          <b>March 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>2009</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>2008</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Consolidated Cash Flow Statement:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Net cash (used in) provided by operating activities
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (7,894
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,587
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash flows from investing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Capital expenditures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,873
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (3,219
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Proceeds from sale of assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          26
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Changes in nonoperating assets and liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          142
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (471
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (1,705
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (3,690
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Net change in debt under revolving credit facility
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (10,000
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Debt modification costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (652
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Cash dividends paid
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (386
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (572
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Net cash provided by (used in) financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          962
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (10,572
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net (decrease) increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (8,637
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,235
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Cash and cash equivalents at beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          13,717
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          14,622
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Cash and cash equivalents at end of period
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          5,080
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          18,947
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Free Cash Flow</b>:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net cash (used in) provided by operating activities
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (7,894
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,587
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Capital expenditures
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (1,873
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (3,219
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 10.0px" valign="top">
          Free cash flow
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          (9,767
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          15,368
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="8">
          <b>SYPRIS SOLUTIONS, INC.</b><br><b>Financial Highlights</b><br>(In
          thousands, except per share amounts)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top" colspan="6">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>April 5,</b><br><b>2009</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>March 30,</b><br><b>2008</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="6">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Revenue
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          81,691
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          106,262
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net (loss) income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (11,345
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          385
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (Loss) income per common share:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.62
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.02
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.62
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.02
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Weighted average shares outstanding:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,434
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,342
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,434
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,372
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="8">
          <b>Sypris Solutions, Inc.</b><br><b>Consolidated Statements of
          Operations</b><br><b>(in thousands, except for per share data)</b>
        </td>
      </tr>
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top" colspan="6">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="top" colspan="3">
          <b>April 5,</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="top" colspan="2">
          <b>March 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>2009</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>2008</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="6">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net revenue:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Industrial Group
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          37,498
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          69,815
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Aerospace &amp; Defense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          30,211
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          23,424
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Test &amp; Measurement
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          13,982
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          13,023
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Electronics Group
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          44,193
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          36,447
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Total net revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          81,691
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          106,262
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cost of sales:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Industrial Group
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          40,200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          62,986
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Aerospace &amp; Defense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          26,955
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          20,525
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Test &amp; Measurement
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          10,181
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          9,685
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Electronics Group
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          37,136
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          30,210
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Total cost of sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          77,336
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          93,196
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Gross profit (loss):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Industrial Group
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,702
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,829
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Aerospace &amp; Defense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,256
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,899
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Test &amp; Measurement
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          3,801
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          3,338
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Electronics Group
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          7,057
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          6,237
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Total gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,355
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          13,066
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Selling, general and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,472
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,492
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Research and development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,168
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          995
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          71
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Nonrecurring expense, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          1,981
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Operating (loss) income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (9,294
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,508
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Interest expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,269
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          952
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Other expense, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          307
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          8
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          (Loss) income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (10,870
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          548
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Income tax expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          475
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          163
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px" valign="top">
          Net (loss) income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          (11,345
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          385
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (Loss) income per common share:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.62
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.02
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.62
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.02
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Dividends declared per common share
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.03
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Weighted average shares outstanding:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,434
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,342
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,434
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,372
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>Sypris Solutions, Inc.</b><br><b>Consolidated Balance Sheets</b><br><b>(in
          thousands, except for share data)</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="top" colspan="3">
          <b>April 5,</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="top" colspan="3">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>2009</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>2008</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="3">
          <b>(Unaudited)</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="3">
          <b>(Note)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current assets:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,080
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          13,717
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Restricted cash
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          450
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          464
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          46,053
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          44,695
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Inventory, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          41,701
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          48,394
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          12,158
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          12,009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          105,442
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          119,279
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Investment in marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,470
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,769
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Property, plant and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          101,498
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          105,219
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          13,837
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          13,837
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          11,521
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          12,101
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 10.0px" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          234,768
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          253,205
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>LIABILITIES AND STOCKHOLDERS' EQUITY</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          39,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          44,645
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Accrued liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          25,909
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          28,433
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          75,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Total current liabilities
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          140,328
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          73,078
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          73,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Other liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          46,469
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          47,142
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          186,797
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          193,220
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Stockholders&#8217; equity:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Preferred stock, par value $0.01 per share, 975,150 shares
            authorized; no shares issued
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Series A preferred stock, par value $0.01 per share, 24,850 shares
            authorized; no shares issued
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, non-voting, par value $0.01 per share, 10,000,000
            shares authorized; no shares issued
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, par value $0.01 per share, 30,000,000 shares
            authorized; 20,019,347 shares issued and 19,613,907 outstanding in
            2009 and 19,496,620 shares issued and 19,296,003 outstanding in
            2008
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          195
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          146,803
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          146,741
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Retained deficit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (78,483
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (67,205
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (20,545
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (19,744
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Treasury stock, 405,440 and 200,617 shares in 2009 and 2008,
          respectively
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (4
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (2
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          47,971
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          59,985
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px" valign="top">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          234,768
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          253,205
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Note: The balance sheet at December 31, 2008 has been derived from the
      audited consolidated financial statements at that date but does not
      include all information and footnotes required by accounting principles
      generally accepted in the United States for a complete set of financial
      statements.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>Sypris Solutions, Inc.</b><br><b>Consolidated Cash Flow Statements</b><br><b>(in
          thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top" colspan="7">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="top" colspan="3">
          <b>April 5,</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="top" colspan="3">
          <b>March 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>2009</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>2008</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Net (loss) income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (11,345
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          385
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Adjustments to reconcile net (loss) income to net cash (used in)
            provided by operating activities:
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,901
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,971
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Noncash compensation expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          83
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          432
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Other noncash items
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          349
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (5,340
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Changes in operating assets and liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Accounts receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,414
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (7,382
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Inventory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,992
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,941
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (188
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,159
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (5,506
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          15,690
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px" valign="top">
          Accrued liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (766
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          4,613
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Net cash (used in) provided by operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (7,894
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,587
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash flows from investing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Capital expenditures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,873
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (3,219
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Proceeds from sale of assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          26
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Changes in nonoperating assets and liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          142
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (471
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,705
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (3,690
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Net change in debt under revolving credit agreements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (10,000
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Debt modification costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (652
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Cash dividends paid
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (386
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (572
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px" valign="top">
          Net cash provided by (used in) financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          962
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          (10,572
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net (decrease) increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (8,637
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,325
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Cash and cash equivalents at beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          13,717
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          14,622
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Cash and cash equivalents at end of period
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          5,080
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px" valign="bottom">
          18,947
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Sypris Solutions, Inc.</b><br><b>Brian A. Lutes,
      502-329-2000</b><br><b>Chief Financial Officer</b>
    </p>
    <p>

    </p>
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</SEC-DOCUMENT>
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