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Note 20 - Segment Information
 12 Months Ended
Dec. 31, 2022
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,

  
   

2022

    

2021

  
Net revenue from unaffiliated customers:                

Sypris Technologies

   $ 69,259     $ 61,737  

Sypris Electronics

     40,862       35,697  

Total net revenue

   $ 110,121     $ 97,434  
                 
Gross profit:                

Sypris Technologies

   $ 8,550     $ 8,115  

Sypris Electronics

     6,303       6,391  

Total gross profit

   $ 14,853     $ 14,506  
                 
Operating income (loss):                

Sypris Technologies

   $ 3,191     $ 3,484  

Sypris Electronics

     2,721       2,846  

General, corporate and other

     (5,548

)

     (4,420

)

Total operating income

   $ 364     $ 1,910  
                 
Interest expense, net:                

Sypris Technologies

   $ 382     $ 281  

Sypris Electronics

     195       37  

General, corporate and other

     533       550  

Total interest expense

   $ 1,110     $ 868  
                 

Other expense (income), net:

                

Sypris Technologies

   $ 520     $ 647  

Sypris Electronics

     (4

)

     (2

)

General, corporate and other

     284       0  

Total other expense, net

   $ 800     $ 645  

 

 

   

Year ended December 31,

  
   

2022

    

2021

  

Income (loss) before income taxes:

                

Sypris Technologies

   $ 2,290     $ 2,555  

Sypris Electronics

     2,529      

2,812

  

General, corporate and other

     (6,365 )     (1,371

)

Total income (loss) before income taxes

   $ (1,546 )   $ 3,996  
                 

Depreciation and amortization:

                

Sypris Technologies

   $ 2,173     $ 1,888  

Sypris Electronics

     739       579  

General, corporate and other

     176      

179

  

Total depreciation and amortization

   $ 3,088     $ 2,646  
                 

Capital expenditures:

                

Sypris Technologies

   $ 2,714     $ 2,392  

Sypris Electronics

     327       403  

General, corporate and other

     0       29  

Total capital expenditures

   $ 3,041     $ 2,824  

 

   

December 31,

  
   

2022

    

2021

  
Total assets:                

Sypris Technologies

   $ 36,875     $ 35,977  

Sypris Electronics

     47,522       35,599  

General, corporate and other

     19,747       7,929  

Total assets

   $ 104,144     $ 79,505  
                 
Total liabilities:                

Sypris Technologies

   $ 19,492     $ 20,666  

Sypris Electronics

     56,073       31,030  

General, corporate and other

     9,004       8,523  

Total liabilities

   $ 84,569     $ 60,219  

 

The Company’s export sales from the U.S. totaled $3,548,000 and $4,463,000 in 2022 and 2021, respectively. Approximately $51,228,000 and $45,445,000 of net revenue in 2022 and 2021, respectively, and $9,504,000 and $7,083,000 of long lived assets at December 31, 2022 and 2021, respectively, and net assets of $16,866,000 and $16,336,000 at December 31, 2022 and 2021, respectively, relate to the Company’s international operations.