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Sypris Solutions swings to loss in fiscal Q3

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Sypris Solutions swings to loss in fiscal Q3

Sypris Solutions Inc. said its normalized net income for the fiscal third quarter ended Oct. 4 came to a loss of $3.3 million, compared with income of $23,750 in the third quarter ended Sept. 28, 2014.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 8.6% from 0.0% in the year-earlier period.

Total revenue declined 57.4% on an annual basis to $38.4 million from $90.2 million, and total operating expenses fell 53.5% on an annual basis to $42.1 million from $90.4 million.

Reported net income came to a loss of $196,540, or a loss of 1 cents per share, compared to a loss of $1.2 million, or a loss of 6 cents per share, in the third quarter ended Sept. 28, 2014.