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Note 10 - Segment Information
 9 Months Ended
Oct. 01, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

(10)

Segment Data

 

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 period 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):

 

   

Three Months Ended

    

Nine Months Ended

  
   

October 1,

    

October 2,

    

October 1,

    

October 2,

  
   

2023

    

2022

    

2023

    

2022

  
   

(Unaudited)

    

(Unaudited)

  

Net revenue from unaffiliated customers:

                                

Sypris Technologies

   $ 19,337     $ 16,990     $ 58,895     $ 52,096  

Sypris Electronics

     14,244       8,209       42,593       28,313  
    $ 33,581     $ 25,199     $ 101,488     $ 80,409  

Gross profit:

                                

Sypris Technologies

   $ 1,459     $ 1,071     $ 6,105     $ 6,334  

Sypris Electronics

     2,581       900       6,766       3,926  
    $ 4,040     $ 1,971     $ 12,871     $ 10,260  
                                 

Operating income (loss):

                                

Sypris Technologies

   $ 21     $ (361

)

   $ 1,720     $ 2,243  

Sypris Electronics

     1,271       (56

)

     3,417       1,280  

General, corporate and other

     (1,422

)

     (1,186

)

     (3,885

)

     (3,963

)
    $ (130

)

   $ (1,603

)

   $ 1,252     $ (440

)

(Loss) income before taxes:

                                

Sypris Technologies

   $ (235

)

   $ (585

)

   $ 740     $ 1,578  

Sypris Electronics

     1,228

)

     (91

)

     3,303       1,167  

General, corporate and other

     (1,449

)

     (1,582

)

     (4,105

)

     (4,624

)
    $ (456

)

   $ (2,258

)

   $ (62

)

   $ (1,879

)

 

   

October 1,

    

December 31,

  
   

2023

    

2022

  
   

(Unaudited)

          

Total assets:

                

Sypris Technologies

   $ 42,021     $ 36,875  

Sypris Electronics

     82,553       47,522  

General, corporate and other

     5,319       19,747  
    $ 129,893     $ 104,144  
                 

Total liabilities:

                

Sypris Technologies

   $ 22,452     $ 19,492  

Sypris Electronics

     79,843       56,073  

General, corporate and other

     6,187       9,004  
    $ 108,482     $ 84,569