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Note 10 - Segment Data
 3 Months Ended
Mar. 31, 2024
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

  
   

March 31,

    

April 2,

  
   

2024

    

2023

  
   

(Unaudited)

  

Net revenue from unaffiliated customers:

                

Sypris Technologies

   $ 18,350     $ 19,500  

Sypris Electronics

     17,203       12,792  
Total net revenue   $ 35,553     $ 32,292  

 

 

   

Three Months Ended

  
   

March 31,

    

April 2,

  
   

2024

    

2023

  
   

(Unaudited)

  

Gross profit:

                

Sypris Technologies

   $ 2,051     $ 2,639  

Sypris Electronics

     833       1,522  

Total gross profit

   $ 2,884     $ 4,161  
                 
Operating income (loss):                

Sypris Technologies

   $ 506     $ 1,161  

Sypris Electronics

     (563 )     562  

General, corporate and other

     (1,317 )     (1,307 )

Total operating (loss) income

   $ (1,374 )   $ 416  
                 
Income (loss) before taxes:                

Sypris Technologies

   $ 150     $ 1,023  

Sypris Electronics

     (628 )     532  

General, corporate and other

     (1,555 )     (1,436 )

Total (loss) income before taxes

   $ (2,033 )   $ 119  

 

   

March 31,

    

December 31,

  
   

2024

    

2023

  
   

(Unaudited)

          

Total assets:

                

Sypris Technologies

   $ 39,518     $ 41,143  

Sypris Electronics

     82,112       84,576  

General, corporate and other

     7,415       3,623  

Total assets

   $ 129,045     $ 129,342  
                 

Total liabilities:

                

Sypris Technologies

   $ 21,035     $ 21,309  

Sypris Electronics

     74,794       77,272  

General, corporate and other

     12,367       8,294  
Total liabilities   $ 108,196     $ 106,875