Sypris reports Q2 - revenue up 31%
Aug 05, 2005
Sypris Solutions, Inc. (Nasdaq/NM: SYPR) reported revenue increased 31% to a record $125.6 million for the second quarter compared to $95.9 million for the prior year period. Net income for the second quarter of 2005 was unchanged from the prior period at $2.0 million, or $0.11 per diluted share.
For the six months ended June 30, 2005, the Company reported revenue increased 35% to a record $249.8 million compared to $185.3 million for the prior year period. Net income was $2.6 million compared to $5.3 million for the same period in 2004, while earnings per share were $0.14 per diluted share compared to $0.31 per diluted share.
"The results for the second quarter reflected a continued improvement in the Company's operating performance," said Jeffrey T. Gill, president and chief executive officer. "Revenue continued to increase while the costs associated with the investment in manufacturing capacity, launch of new programs and disruption of material deliveries declined during the quarter. The majority of these costs are increasingly behind us and we expect to benefit from an improvement in operating margins going forward."
"The outlook for continued growth remains positive, with backlog of $253.9 million remaining at near record levels. The prospects for the commercial vehicle market remain positive and we believe that the opportunity for growth in our Electronics Group is improving. Our task remains clear. We must complete the final equipment installations and remaining program launches and translate our success in generating new business into commensurately higher earnings in the future."