Sypris reports Q2 results - cash flow remains strong

Sypris Solutions, Inc. (Nasdaq/NM: SYPR) reported revenue increased 5% to a record $132.2 million for the second quarter compared to $125.6 million for the prior year period. Net income for the second quarter of 2006 declined from $2.0 million, or $0.11 per diluted share in the prior period to a net loss of $0.4 million, or $0.02 per diluted share. Free cash flow for second quarter reached a record $21.4 million.

For the six months ended June 30, 2006, the Company reported revenue increased 5% to a record $262.2 million compared to $249.8 million for the prior year period. Net income was $0.4 million compared to $2.6 million for the same period in 2005, while earnings per share were $0.02 per diluted share compared to $0.14 per diluted share. Earnings per share included the impact of adopting SFAS No. 123R, Share-Based Payment, which approximated $0.4 million, or $0.02 per diluted share in the first half of 2006. Free cash flow for the first half of 2006 was $24.7 million.