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Note 20 - Segment Information
 12 Months Ended
Dec. 31, 2023
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, communications and space 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,

  
   

2023

    

2022

  

Net revenue from unaffiliated customers:

                

Sypris Technologies

   $ 77,920     $ 69,259  

Sypris Electronics

     58,303       40,862  

Total net revenue

   $ 136,223     $ 110,121  
                 

Gross profit:

                

Sypris Technologies

   $ 9,208     $ 8,550  

Sypris Electronics

     8,040       6,303  

Total gross profit

   $ 17,248     $ 14,853  
                 

Operating income (loss):

                

Sypris Technologies

   $ 3,327     $ 3,191  

Sypris Electronics

     3,463       2,721  

General, corporate and other

     (5,821

)

     (5,548

)

Total operating income

   $ 969     $ 364  
                 

Interest expense, net:

                

Sypris Technologies

   $ 245     $ 382  

Sypris Electronics

     200       195  

General, corporate and other

     332       533  

Total interest expense

   $ 777     $ 1,110  
                 

Other expense (income), net:

                

Sypris Technologies

   $ 1,145     $ 520  

Sypris Electronics

     (14

)

     (4

)

General, corporate and other

     (6 )     284  

Total other expense, net

   $ 1,125     $ 800  

 

 

   

Year ended December 31,

  
   

2023

    

2022

  

Income (loss) before income taxes:

                

Sypris Technologies

   $ 1,936     $ 2,290  

Sypris Electronics

     3,277       2,529  

General, corporate and other

     (6,146 )     (6,365

)

Total income (loss) before income taxes

   $ (933 )   $ (1,546 )
                 

Depreciation and amortization:

                

Sypris Technologies

   $ 2,280     $ 2,173  

Sypris Electronics

     803       739  

General, corporate and other

     176       176  

Total depreciation and amortization

   $ 3,259     $ 3,088  
                 

Capital expenditures:

                

Sypris Technologies

   $ 1,451     $ 2,714  

Sypris Electronics

     688       327  

General, corporate and other

     0       0  

Total capital expenditures

   $ 2,139     $ 3,041  

 

   

December 31,

  
   

2023

    

2022

  

Total assets:

                

Sypris Technologies

   $ 41,143     $ 36,875  

Sypris Electronics

     84,576       47,522  

General, corporate and other

     3,623       19,747  

Total assets

   $ 129,342     $ 104,144  
                 

Total liabilities:

                

Sypris Technologies

   $ 21,309     $ 19,492  

Sypris Electronics

     77,272       56,073  

General, corporate and other

     8,294       9,004  

Total liabilities

   $ 106,875     $ 84,569  

 

The Company’s export sales from the U.S. totaled $3,538,000 and $3,548,000 in 2023 and 2022, respectively. Approximately $56,819,000 and $51,228,000 of net revenue in 2023 and 2022, respectively, and $10,135,000 and $9,504,000 of long lived assets at December 31, 2023 and 2022, respectively, and net assets of $21,398,000 and $16,866,000 at December 31, 2023 and 2022, respectively, relate to the Company’s international operations.