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Sypris Solutions Q4 loss widens YOY

Sypris Solutions Inc. said its normalized net income for the fourth quarter came to a loss of 17 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 28 cents per share.

The per-share loss increased year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.4 million, compared with a loss of $572,500 in the prior-year period.

The normalized profit margin fell to negative 11.6% from negative 0.7% in the year-earlier period.

Total revenue declined 66.6% on an annual basis to $29.1 million from $87.2 million, and total operating expenses decreased 61.9% on an annual basis to $33.6 million from $88.4 million.

Reported net income came to a loss of $5.5 million, or a loss of 28 cents per share, compared to a loss of $2.0 million, or a loss of 10 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of $1.02 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of $1.39.

EPS was 11 cents in the prior year.

Normalized net income was a loss of $20.1 million, compared with income of $2.1 million in the prior year.

Full-year total revenue fell 59.0% from the prior-year period to $145.3 million from $354.8 million, and total operating expenses declined 50.7% on an annual basis to $173.6 million from $352.1 million.

The company said reported net income came to a loss of $27.2 million, or a loss of $1.38 per share, in the full year, compared with a loss of $1.2 million, or a loss of 6 cents per share, the prior year.