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Sypris Solutions swings to loss in fiscal Q1

Sypris Solutions Inc. said its normalized net income for the fiscal first quarter ended April 5 amounted to a loss of 41 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 61 cents per share.

The per-share result swung to a loss from the prior-year profit of 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $8.0 million, compared with income of $1.8 million in the first quarter ended March 30, 2014.

The normalized profit margin fell to negative 21.6% from 2.1% in the year-earlier period.

Total revenue fell 56.1% on an annual basis to $37.0 million from $84.2 million, and total operating expenses declined 39.4% on an annual basis to $49.6 million from $81.8 million.

Reported net income came to a loss of $13.0 million, or a loss of 66 cents per share, compared to income of $1.6 million, or 8 cents per share, in the first quarter ended March 30, 2014.