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Note 11 - Segment Data
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

(11)

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

    

Six Months Ended

  
   

June 30,

    

July 2,

    

June 30,

    

July 2,

  
   

2024

    

2023

    

2024

    

2023

  
   

(Unaudited)

    

(Unaudited)

  

Net revenue from unaffiliated customers:

                                

Sypris Technologies

   $ 17,841     $ 20,058     $ 36,191     $ 39,558  

Sypris Electronics

     17,680       15,557       34,883       28,349  
    $ 35,521     $ 35,615     $ 71,074     $ 67,907  
                                 

Gross profit:

                                

Sypris Technologies

   $ 2,719     $ 2,007     $ 4,770     $ 4,646  

Sypris Electronics

     2,922       2,663       3,755       4,185  
    $ 5,641     $ 4,670     $ 8,525     $ 8,831  
                                 

Operating income (loss):

                                

Sypris Technologies

   $ 1,389     $ 538     $ 1,895     $ 1,699  

Sypris Electronics

     1,665       1,584       1,102       2,146  

General, corporate and other

     (1,781 )     (1,156 )     (3,098 )     (2,463 )
    $ 1,273     $ 966     $ (101 )   $ 1,382  

Income (loss) before taxes:

                                

Sypris Technologies

   $ 1,188     $ (48 )   $ 1,338     $ 975  

Sypris Electronics

     1,339       1,543       711       2,075  

General, corporate and other

     (2,052 )     (1,220 )     (3,607 )     (2,656 )
    $ 475     $ 275     $ (1,558 )   $ 394  

 

   

June 30,

    

December 31,

  
   

2024

    

2023

  
      (Unaudited)          

Total assets:

                

Sypris Technologies

   $ 37,918     $ 41,143  

Sypris Electronics

     73,417       84,576  

General, corporate and other

     12,910       3,623  
    $ 124,245     $ 129,342  
                 

Total liabilities:

                

Sypris Technologies

   $ 21,443     $ 21,309  

Sypris Electronics

     71,143       77,272  

General, corporate and other

     12,639       8,294  
    $ 105,225     $ 106,875