Sypris Solutions, Inc. (SYPR) saw its loss narrow to $4.65 million, or $0.23 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.49 million, or $0.28 a share.
Revenue during the quarter plunged 31.42 percent to $19.97 million from $29.12 million in the previous year period. Gross margin for the quarter stood at negative 0.84 percent as compared to a positive 3.57 percent for the previous year period. Operating margin for the quarter stood at negative 28.51 percent as compared to a negative 16.61 percent for the previous year period.
Operating loss for the quarter was $5.69 million, compared with an operating loss of $4.84 million in the previous year period.
"Significant progress has been made during this past year," commented Jeffrey T. Gill, president and chief executive officer. "The Company's total manufacturing overhead costs are being reduced, our underperforming and underutilized assets are being divested, significant liquidity has been raised and important new business has been secured."
Operating cash flow remains negative
Sypris Solutions, Inc. has spent $19.30 million cash to meet operating activities during the year as against cash outgo of $13.45 million in the last year.
Cash flow from investing activities was $48.32 million for the year, up 247.21 percent or $34.40 million, when compared with the last year.
The company has spent $15.09 million cash to carry out financing activities during the year as against cash outgo of $6.12 million in the last year period.
Cash and cash equivalents stood at $15.27 million as on Dec. 31, 2016, up 1,031.95 percent or $13.92 million from $1.35 million on Dec. 31, 2015.
Working capital increases sharply
Sypris Solutions, Inc. has recorded an increase in the working capital over the last year. It stood at $25.18 million as at Dec. 31, 2016, up 70.05 percent or $10.37 million from $14.81 million on Dec. 31, 2015. Current ratio was at 2.42 as on Dec. 31, 2016, up from 1.55 on Dec. 31, 2015.
Debt comes down significantly
Sypris Solutions, Inc. has recorded a decline in total debt over the last one year. It stood at $3.16 million as on Dec. 31, 2016, down 75.35 percent or $9.65 million from $12.81 million on Dec. 31, 2015. Total debt was 5.04 percent of total assets as on Dec. 31, 2016, compared with 18.81 percent on Dec. 31, 2015. Debt to equity ratio was at 0.12 as on Dec. 31, 2016, down from 0.65 as on Dec. 31, 2015.
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