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Note 20 - Segment Information
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

(20)         Segment Information

 

The Company is organized into two business segments, Sypris Technologies and Sypris Electronics. The segments are each managed separately because of the distinctions between the products, markets, customers, technologies, and workforce skills of the segments. Sypris Technologies generates revenue primarily from the sale of forged, machined, welded and heat-treated steel components primarily for the heavy commercial vehicle and high-pressure energy pipeline applications. Sypris Electronics provides circuit card and box build manufacturing, high reliability manufacturing, systems assembly and integration, design for manufacturability and design to specification work to customers in the market for aerospace and defense electronics. There was no intersegment net revenue recognized for any year presented.

 

The Company includes the unallocated costs of its corporate office, including the employment costs of its senior management team and other corporate personnel, administrative costs and net corporate interest expense incurred at the corporate level under the caption “General, corporate and other” in the table below. Such unallocated costs include those for centralized information technology, finance, legal and human resources support teams, certain professional fees, director fees, corporate office rent, certain self-insurance costs and recoveries, software license fees and various other administrative expenses that are not allocated to our reportable segments. The unallocated assets include cash and cash equivalents maintained in its domestic treasury accounts and the net book value of corporate facilities and related information systems. The unallocated liabilities consist primarily of the related party notes payable. Domestic income taxes are calculated at an entity level and are not allocated to our reportable segments. Corporate capital expenditures and depreciation and amortization include items attributable to the unallocated fixed assets of the corporate office and related information systems.

 

The following table presents financial information for the reportable segments of the Company (in thousands):

 

   

Year ended December 31,

  
   

2021

    

2020

  

Net revenue from unaffiliated customers:

                

Sypris Technologies

   $ 61,737     $ 45,321  

Sypris Electronics

     35,697       37,025  

Total net revenue

   $ 97,434     $ 82,346  
                 

Gross profit:

                

Sypris Technologies

   $ 8,115     $ 6,164  

Sypris Electronics

     6,391       5,888  

Total gross profit

   $ 14,506     $ 12,052  
                 

Operating income (loss):

                

Sypris Technologies

   $ 3,484     $ 1,731  

Sypris Electronics

     2,846       2,591  

General, corporate and other

     (4,420

)

     (4,232

)

Total operating income

   $ 1,910     $ 90  
                 

Interest expense, net:

                

Sypris Technologies

   $ 281     $ 251  

Sypris Electronics

     37       25  

General, corporate and other

     550       562  

Total interest expense

   $ 868     $ 838  

 

SYPRIS SOLUTIONS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED

 

 

   

Year ended December 31,

  
   

2021

    

2020

  

Other expense (income), net:

                

Sypris Technologies

   $ 647     $ 547  

Sypris Electronics

     (2

)

     (3

)

General, corporate and other

     0       0  

Total other expense, net

   $ 645     $ 544  
                 

Income (loss) before income taxes:

                

Sypris Technologies

   $ 2,555     $ 935  

Sypris Electronics

     2,812       2,567  

General, corporate and other

     (1,371

)

     (4,794

)

Total income (loss) before income taxes

   $ 3,996     $ (1,292

)
                 

Income tax expense (benefit), net

                

Sypris Technologies

   $ 1,067     $ (2,835

)

Sypris Electronics

     0       0  

General, corporate and other

     6       (125

)

Total income tax expense (benefit), net

   $ 1,073     $ (2,960

)
                 

Depreciation and amortization:

                

Sypris Technologies

   $ 1,888     $ 1,791  

Sypris Electronics

     579       529  

General, corporate and other

     179       183  

Total depreciation and amortization

   $ 2,646     $ 2,503  
                 

Capital expenditures:

                

Sypris Technologies

   $ 2,392     $ 1,355  

Sypris Electronics

     403       138  

General, corporate and other

     29       49  

Total capital expenditures

   $ 2,824     $ 1,542  

 

 

   

December 31,

  
   

2021

    

2020

  

Total assets:

                

Sypris Technologies

   $ 35,977     $ 31,425  

Sypris Electronics

     35,599       18,620  

General, corporate and other

     7,929       10,663  

Total assets

   $ 79,505     $ 60,708  
                 

Total liabilities:

                

Sypris Technologies

   $ 20,666     $ 19,974  

Sypris Electronics

     31,030       13,545  

General, corporate and other

     8,523       12,414  

Total liabilities

   $ 60,219     $ 45,933  

 

 

The Company’s export sales from the U.S. totaled $4,463,000 and $3,423,000 in 2021 and 2020, respectively. Approximately $47,077,000 and $29,812,000 of net revenue in 2021 and 2020, respectively, and $7,083,000 and $5,819,000 of long lived assets at December 31, 2021 and 2020, respectively, and net assets of $16,336,000 and $14,344,000 at December 31, 2021 and 2020, respectively, relate to the Company’s international operations.