0001437749-21-012607 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Apr. 04, 2021	May 08, 2021
Document Information [Line Items]
Entity Registrant Name	SYPRIS SOLUTIONS INC
Entity Central Index Key	0000864240
Trading Symbol	sypr
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		21,470,282
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Apr. 04, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common Stock

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 04, 2021	Apr. 05, 2020
Net revenue	$ 19,982	$ 22,425
Cost of sales	18,166	18,700
Gross profit	1,816	3,725
Selling, general and administrative	2,882	3,448
Operating (loss) income	(1,066)	277
Interest expense, net	222	227
Other expense, net	221	283
Loss before taxes	(1,509)	(233)
Income tax expense, net	121	72
Net loss	$ (1,630)	$ (305)
Basic (in dollars per share)	$ (0.08)	$ (0.01)
Diluted (in dollars per share)	$ (0.08)	$ (0.01)
Weighted average shares outstanding:
Basic (in shares)	21,394	20,988
Diluted (in shares)	21,394	20,988
Dividends declared per common share (in dollars per share)	$ 0	$ 0

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Apr. 05, 2020
Net loss	$ (1,630)	$ (305)
Other comprehensive loss:
Foreign currency translation adjustments, net of tax	(406)	(1,906)
Comprehensive loss	$ (2,036)	$ (2,211)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Apr. 04, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 9,369,000	$ 11,606,000
Accounts receivable, net	7,962,000	7,234,000
Inventory, net	18,675,000	16,236,000
Other current assets	4,580,000	4,360,000
Total current assets	40,586,000	39,436,000
Property, plant and equipment, net	10,430,000	10,161,000
Operating lease right-of-use assets	5,887,000	6,103,000
Other assets	4,691,000	5,008,000
Total assets	61,594,000	60,708,000
Current liabilities:
Accounts payable	10,056,000	6,734,000
Accrued liabilities	11,681,000	13,409,000
Operating lease liabilities, current portion	988,000	965,000
Finance lease obligations, current portion	403,000	393,000
Equipment financing obligations, current portion	104,000	0
Note payable – PPP Loan, current portion	1,779,000	1,186,000
Note payable – related party, current portion	2,500,000	0
Total current liabilities	27,511,000	22,687,000
Operating lease liabilities, net of current portion	5,683,000	5,941,000
Finance lease obligations, net of current portion	1,822,000	1,927,000
Equipment financing obligations, net of current portion	197,000	0
Note payable – PPP Loan, net of current portion	1,779,000	2,372,000
Note payable – related party, net of current portion	3,979,000	6,477,000
Other liabilities	8,125,000	6,529,000
Total liabilities	49,096,000	45,933,000
Stockholders’ equity:
Preferred stock	0	0
Common stock	214,000	213,000
Additional paid-in capital	154,783,000	155,025,000
Accumulated deficit	(117,395,000)	(115,765,000)
Accumulated other comprehensive loss	(25,104,000)	(24,698,000)
Treasury stock, 19 and 1,236 shares in 2021 and 2020, respectively	0	0
Total stockholders’ equity	12,498,000	14,775,000
Total liabilities and stockholders’ equity	61,594,000	60,708,000
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred stock	0	0
Nonvoting Common Stock [Member]
Stockholders’ equity:
Common stock	$ 0	$ 0

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Apr. 04, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	975,150	975,150
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	21,436,982	21,302,194
Common stock, shares outstanding (in shares)	21,436,963	21,300,958
Treasury stock (in shares)	19	1,236
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	24,850	24,850
Preferred stock, shares issued (in shares)	0	0
Nonvoting Common Stock [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	0	0

Consolidated Cash Flow Statements (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Apr. 05, 2020
Cash flows from operating activities:
Net loss	$ (1,630)	$ (305)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	621	620
Deferred income taxes	116	0
Non-cash compensation expense	61	94
Deferred loan costs recognized	2	4
Net loss (gain) on the disposal or abandonment of assets	20	(154)
Provision for excess and obsolete inventory	2	40
Non-cash lease expense	217	288
Other noncash items	36	190
Contributions to pension plans	(120)	(34)
Changes in operating assets and liabilities:
Accounts receivable	(733)	(1,478)
Inventory	(2,431)	846
Prepaid expenses and other assets	(108)	(99)
Accounts payable	3,346	1,474
Accrued and other liabilities	(309)	(772)
Net cash (used in) provided by operating activities	(910)	714
Cash flows from investing activities:
Capital expenditures, net	(790)	(453)
Proceeds from sale of assets	0	288
Net cash used in investing activities	(790)	(165)
Cash flows from financing activities:
Principal payments on finance lease obligations	(94)	(143)
Principal payments on equipment financing obligations	(22)	0
Indirect repurchase of shares of minimum statutory tax withholdings	(301)	(7)
Net cash used in financing activities	(417)	(150)
Effect of exchange rate changes on cash balances	(120)	(288)
Net (decrease) increase in cash and cash equivalents	(2,237)	111
Cash and cash equivalents at beginning of period	11,606	5,095
Cash and cash equivalents at end of period	9,369	5,206
Supplemental disclosure of cash flow information:
Fixed assets acquired with equipment financing loan	$ 323	$ 0

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2019	21,298,426
Balance at Dec. 31, 2019	$ 213	$ 154,702	$ (117,433)	$ (24,051)	$ 0
Net loss	0	0	(305)	0	0	$ (305)
Foreign currency translation adjustment	$ 0	0	0	(1,906)	0
Exercise of stock options (in shares)	11,154
Exercise of stock options	$ 0	(7)	0	0	0
Noncash compensation (in shares)	0
Noncash compensation	$ 0	94	0	0	0
Balance (in shares) at Apr. 05, 2020	21,309,580
Balance at Apr. 05, 2020	$ 213	154,789	(117,738)	(25,957)	0
Balance (in shares) at Dec. 31, 2020	21,300,958
Balance at Dec. 31, 2020	$ 213	155,025	(115,765)	(24,698)	0	14,775
Net loss	0	0	(1,630)	0	0	(1,630)
Foreign currency translation adjustment	$ 0	0	0	(406)	0
Exercise of stock options (in shares)	136,005
Exercise of stock options	$ 1	(303)	0	0	0
Noncash compensation (in shares)	0
Noncash compensation	$ 0	61	0	0	0
Balance (in shares) at Apr. 04, 2021	21,436,963
Balance at Apr. 04, 2021	$ 214	$ 154,783	$ (117,395)	$ (25,104)	$ 0	$ 12,498

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Note 1 - Nature of Business

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Nature of Operations [Text Block]

(

)

Nature of Business

All references to “Sypris,” the “Company,” “we” or “our” include Sypris Solutions, Inc. and its wholly-owned subsidiaries. Sypris is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. The Company offers such products through its

two

business segments, Sypris Technologies, Inc. (“Sypris Technologies”) and Sypris Electronics, LLC (“Sypris Electronics”) (See Note

Note 2 - Basis of Presentation

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

(

)

Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form

-Q and Article

of Regulation S-

of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. The

December 31, 2020

consolidated balance sheet data was derived from audited statements, but does

not

include all disclosures required by U.S. GAAP. The Company's operations are domiciled in the United States (U.S.) and Mexico, and we serve a wide variety of domestic and international customers. All intercompany transactions and accounts have been eliminated.

These unaudited consolidated financial statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state the results of operations, financial position and cash flows for the periods presented, and the disclosures herein are adequate to make the information presented

not

misleading. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the COVID-

pandemic has increased the uncertainty with respect to developing these estimates and assumptions. The COVID-

pandemic continues to rapidly evolve and the ultimate impact of the COVID-

pandemic is highly uncertain and subject to change. Changes in facts and circumstances could have a significant impact on the resulting estimated amounts included in our consolidated financial statements. Actual results could differ from these estimates. Actual results for the

three

months ended

April 4, 2021

are

not

necessarily indicative of the results that

may

be expected for the year ending

December

31,

2021.

These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements, and notes thereto, for the year ended

December 31, 2020

as presented in the Company's Annual Report on Form

-K.

Certain prior period amounts have been reclassified to conform to the

2021

presentation, which had

impact to the previously reported net loss and stockholder's equity.

Note 3 - Recent Accounting Pronouncements

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

(

)

Recent Accounting Pronouncements

June 2016,

the FASB issued ASU

2016

13,

Credit Losses – Measurement of Credit Losses on Financial Instruments, new guidance for the accounting for credit losses on certain financial instruments. This guidance introduces a new approach to estimating credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. This guidance, which becomes effective

January 1, 2023,

not

expected to have a material impact on our consolidated financial statements.

December 2019,

the FASB issued ASU

2019

12,

Income Taxes – Simplifying the Accounting for Income Taxes. This guidance is intended to simplify various aspects of income tax accounting including the elimination of certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This guidance became effective

January

2021.

Adoption of this guidance requires certain changes to primarily be made prospectively, with some changes to be made retrospectively. The adoption did

not

have a material impact on the Company's consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 4
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Note 4 - Leases

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

(

)

Leases

The Company determines if an arrangement is a lease at its inception. The Company has entered into operating leases for real estate and personal property, including manufacturing and information technology equipment. These real estate leases have initial terms which range from

years, and often include

one

or more options to renew. These renewal terms can extend the lease term by

years, and will be included in the lease term when it is reasonably certain that the Company will exercise the option. The Company's existing leases do

not

contain significant restrictive provisions; however, certain leases contain provisions for payment of real estate taxes, insurance and maintenance costs by the Company. The lease agreements do

not

contain any residual value guarantees. Some of the real estate lease agreements include periods of rent holidays and payments that escalate over the lease term by specified amounts. All operating lease expenses are recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the right-of-use asset is amortized over the lease term.

Some leases

may

require variable lease payments based on factors specific to the individual agreements. Variable lease payments for which we are typically responsible for include real estate taxes, insurance and common area maintenance expenses based on the Company's pro-rata share, which are excluded from the measurement of the lease liability. Additionally,

one

of the Company's real estate leases has lease payments that adjust based on annual changes in the Consumer Price Index (“CPI”). The leases that are dependent upon CPI are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Incremental payments due to changes in the index are treated as variable lease costs and expensed as incurred.

These operating leases are included in “Operating lease right-of-use assets” on the Company's consolidated balance sheets, and represent the Company's right to use the underlying asset for the lease term. The Company's obligations to make lease payments are included in “Operating lease liabilities, current portion” and “Operating lease liabilities, net of current portion” on the Company's consolidated balance sheets. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As of

April 4, 2021,

total right-of-use assets and operating lease liabilities were approximately

$5,887,000

and

$6,671,000,

respectively. As of

December

31,

2020,

total right-of-use assets and operating lease liabilities were approximately

$6,103,000

and

$6,906,000,

respectively.

We primarily use our incremental borrowing rate, which is updated quarterly, based on the information available at commencement date, in determining the present value of lease payments. If readily available, we would use the implicit rate in a new lease to determine the present value of lease payments. The Company has certain contracts for real estate which

may

contain lease and non-lease components which it has elected to treat as a single lease component.

The Company has entered into various short-term operating leases, primarily for office equipment with an initial term of

twelve

months or less. Lease payments associated with short-term leases are expensed as incurred and are

not

recorded on the Company's balance sheet. The related lease expense for short-term leases was

not

material for the

three

months ended

April 4, 2021

and

April 5, 2020.

The following table presents information related to lease expense for the

three

months ended

April 4, 2021

and

April 5, 2020 (

in thousands):

	Three Months Ended
	April 4,		April 5,
	2021		2020
	(Unaudited)
Finance lease expense:
Amortization expense	$	86	$	120
Interest expense		58		77
Operating lease expense		351		351
Variable lease expense		78		68
Total lease expense	$	573	$	616

The following table presents supplemental cash flow information related to leases (in thousands):

	Three Months Ended
	April 4,		April 5,
	2021		2020
	(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	379	$	329
Operating cash flows from finance leases		58		77
Financing cash flows from finance leases		94		143

The annual future minimum lease payments as of

April 4, 2021

are as follows (in thousands):

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,480		$	612
12 to 24 months		1,496			612
24 to 36 months		1,514			607
36 to 48 months		1,244			549
48 to 60 months		1,164			457
Thereafter		1,458			0
Total lease payments		8,356			2,837
Less imputed interest		(1,685	)		(612	)
Total	$	6,671		$	2,225

The following table presents certain information related to lease terms and discount rates for leases as of

April 4, 2021

and

December 31, 2020:

	April 4,		December 31,
	2021		2020
	(Unaudited)
Weighted-average remaining lease term (years):
Operating leases		5.9		6.2
Finance leases		4.6		4.9

Weighted-average discount rate (percentage):
Operating leases		8.0		8.0
Finance leases		10.2		10.2

Note 5 - Revenue From Contracts With Customers

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(

)

Revenue from Contracts with Customers

The Company recognizes revenue when it satisfies a performance obligation by transferring control of a promised product or rendering a service to a customer. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for the product or service (the “transaction price”). The Company's transaction price in its contracts with customers is generally fixed;

payment discounts, rebates or refunds are included within its contracts. The Company also does

not

provide service-type warranties nor does it allow customer returns. In connection with the sale of various parts to customers, the Company is subject to typical assurance warranty obligations covering the compliance of the electronics parts produced to agreed-upon specifications. Customer returns, when they occur, relate to quality rework issues and are

not

connected to any repurchase obligation of the Company.

A performance obligation is a promise in a contract to transfer a distinct product or render a service to a customer and is the unit of account to which the transaction price is allocated under ASC

606.

When a contract contains multiple performance obligations, we allocate the transaction price to the individual performance obligations using the price at which the promised goods or services would be sold to customers on a standalone basis. For most sales within our Sypris Technologies segment and a portion of sales within Sypris Electronics, control transfers to the customer at a point in time. Indicators that control has transferred to the customer include the Company having a present right to payment, the customer obtaining legal title and the customer having the significant risks and rewards of ownership. The Company's principal terms of sale are FOB Shipping Point, or equivalent, and, as such, the Company primarily transfers control and records revenue for product sales upon shipment.

For contracts where Sypris Electronics serves as a contractor for aerospace and defense companies under federally funded programs, we generally recognize revenue over time as we perform because of continuous transfer of control to the customer. This continuous transfer of control to the customer is supported by clauses in the contracts that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Because control is transferred over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We use labor hours incurred as a measure of progress for these contracts because it best depicts the Company's performance of the obligation to the customer, which occurs as we incur labor on our contracts. Under this measure of progress, the extent of progress towards completion is measured based on the ratio of labor hours incurred to date to the total estimated labor hours at completion of the performance obligation.

Our contract profit margins

may

include estimates of revenues for goods or services on which the customer and the Company have

not

reached final agreements, such as contract changes, settlements of disputed claims, and the final amounts of requested equitable adjustments permitted under the contract. These estimates are based upon management's best assessment of the totality of the circumstances and are included in our contract profit based upon contractual provisions and our relationships with each customer.

The majority of Sypris Electronics' contractual arrangements with customers are for

one

year or less. For the remaining population of non-cancellable contracts greater than

one

year we had

$42,146,000

of remaining performance obligations as of

April 4, 2021,

all of which were long-term Sypris Electronics' contracts. We expect to recognize approximately

53%

of our remaining performance obligations as revenue in

2021,

25%

2022

and the balance thereafter.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the

three

months ended

April

2021

and

April 5, 2020 (

in thousands):

	April 4,		April 5,
	2021		2020
	(Unaudited)
Sypris Technologies – transferred point in time	$	13,190	$	13,717
Sypris Electronics – transferred point in time		615		2,107
Sypris Electronics – transferred over time		6,177		6,601
Net revenue	$	19,982	$	22,425

Contract Balances

Differences in the timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the consolidated balance sheets.

Contract assets

– Contract assets include unbilled amounts typically resulting from sales under contracts where revenue is recognized over time and revenue recognized exceeds the amount billed to the customer, and the right to payment is subject to conditions other than the passage of time. Contract assets are generally classified as current assets in the consolidated balance sheet. The balance of contract assets as of

April 4, 2021

and

December

31,

2020

were

$1,436,000

and

$1,240,000,

respectively, and are included within other current assets in the accompanying consolidated balance sheets.

Contract liabilities

– Some of the Company's contracts within Sypris Electronics are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring prior to revenue recognition resulting in contract liabilities. Additionally, the Company occasionally receives cash payments from customers in advance of the Company's performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the consolidated balance sheet based on the timing of when the Company expects to recognize revenue. As of

April

2021,

the contract liabilities balance was

$7,977,000,

of which

$5,621,000

was included within accrued liabilities and

$2,356,000

was included within other liabilities in the accompanying consolidated balance sheets. As of

December

31,

2020,

the contract liabilities balance was

$7,339,000,

of which

$6,816,000

was included within accrued liabilities and

$523,000

was included within other liabilities in the accompanying consolidated balance sheets. Payments received from customers in advance of revenue recognition are

not

considered to be significant financing components because they are used to meet working capital demands that can be higher in the early stages of a contract.

The Company recognized revenue from contract liabilities of

$2,255,000

and

$2,312,000

during the

three

months ended

April 4, 2021

and

April 5, 2020,

respectively.

Practical expedients and exemptions

Sales commissions are expensed when incurred because the amortization period would have been

one

year or less. These costs are recorded in selling, general and administrative expense in the consolidated statements of operations.

We do

not

disclose the value of unsatisfied performance obligations for contracts with original expected lengths of

one

year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Note 6 - Assets Held for Sale

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

(

)

Assets Held for Sale

February 21, 2017,

the Board of Directors approved a modified exit or disposal plan with respect to the Company's Louisville, Kentucky automotive and commercial vehicle manufacturing plant (the “Broadway Plant”), which included the relocation of production to other Company facilities and the closure of the plant. The Company has relocated certain assets from the Broadway Plant to other manufacturing facilities to serve its existing and target customer base within the Sypris Technologies segment. Additionally, the Company identified underutilized or non-core assets for disposal.

April 13, 2020,

the Company completed the sale of the Broadway Plant real estate for

$1,700,000.

The Company also sold other equipment during

2020

for

$268,000

while certain equipment at the Broadway Plant was abandoned as of

December 31, 2020.

Management continues to market certain other equipment located at its facility in Toluca, Mexico, which has been classified as assets held for sale and included in other current assets as of

April 4, 2021

and

December 31, 2020.

All assets held for sale are within the Sypris Technologies segment. The following assets have been segregated and included in other current assets in the consolidated balance sheets (in thousands):

	April 4,			December 31,
	2021			2020
	(Unaudited)
Property, plant and equipment	$	1,343		$	1,387
Accumulated depreciation		(944	)		(975	)
Property, plant and equipment, net	$	399		$	412

Note 7 - Loss Per Common Share

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

(

)

Loss Per Common Share

The Company computes earnings per share using the

two

-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Restricted stock granted by the Company is considered a participating security since it contains a non-forfeitable right to dividends.

Our potentially dilutive securities include potential common shares related to our stock options and restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted earnings per share excludes the impact of common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the

three

months ended

April 4, 2021

and

April 5, 2020,

diluted weighted average common shares do

not

include the impact of any outstanding stock options and unvested compensation-related shares because the effect of these items on diluted net loss would be anti-dilutive.

A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted loss per common share is as follows (in thousands):

	Three Months Ended
	April 4,			April 5,
	2021			2020
	(Unaudited)
Loss attributable to stockholders:
Net loss as reported	$	(1,630	)	$	(305	)
Less distributed and undistributed earnings allocable to restricted awarded holders		0			0
Less dividends declared attributed to restricted awarded holders		0			0
Net loss allocable to common stockholders	$	(1,630	)	$	(305	)

Loss per common share attributable to stockholders:
Basic	$	(0.08	)	$	(0.01	)
Diluted	$	(0.08	)	$	(0.01	)

Weighted average shares outstanding – basic		21,394			20,988
Weighted average additional shares assuming conversion of potential common shares		0			0
Weighted average shares outstanding – diluted		21,394			20,988

Note 8 - Inventory

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

(

)

Inventory

Inventory consists of the following (in thousands):

	April 4,			December 31,
	2021			2020
	(Unaudited)
Raw materials	$	13,799		$	11,118
Work in process		5,459			6,210
Finished goods		1,108			762
Reserve for excess and obsolete inventory		(1,691	)		(1,854	)
Total	$	18,675		$	16,236

Note 9 - Property, Plant and Equipment

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

(

)

Property, Plant and Equipment

Property, plant and equipment consists of the following (in thousands):

	April 4,			December 31,
	2021			2020
	(Unaudited)
Land and land improvements	$	43		$	43
Buildings and building improvements		7,673			7,747
Machinery, equipment, furniture and fixtures		55,090			55,620
Construction in progress		1,362			609
		64,168			64,019
Accumulated depreciation		(53,738	)		(53,858	)
	$	10,430		$	10,161

Note 10 - Debt

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Long-term Debt [Text Block]

(

)

Debt

Debt outstanding consists of the following (in thousands):

	April 4,			December 31,
	2021			2020
	(Unaudited)
Current:
Finance lease obligation, current portion	$	403		$	393
Equipment financing obligations, current portion		104			0
PPP Loan, current portion		1,779			1,186
Note payable – related party, current portion		2,500			0
Current portion of long term debt and finance lease obligations	$	4,786		$	1,579

Long Term:
Finance lease obligation	$	1,822		$	1,927
Equipment financing obligations		197			0
PPP Loan		1,779			2,372
Note payable – related party		4,000			6,500
Less unamortized debt issuance and modification costs		(21	)		(23	)
Long term debt and finance lease obligations net of unamortized debt costs	$	7,777		$	10,776

Paycheck Protection Program

During the

second

quarter of

2020,

the Company secured a

$3,558,000

term loan (the “PPP Loan”) with BMO Harris Bank National Association (“BMO”). Proceeds from the PPP Loan have been used to retain workers and maintain payroll and make lease and utility payments. The PPP Loan is evidenced by a promissory note in favor of BMO, as lender, with a principal amount of

$3,558,000

that bears interest at a fixed annual rate of

1.00%.

The term of the PPP Loan is

two

years, with

payments due under the PPP Loan until

July 2021,

although interest will accrue during the deferment period. Beginning

July 2021,

the Company expects to pay equal monthly installments of principal and interest in the amount necessary to fully amortize the PPP Loan through the maturity date, less any amount of potential forgiveness. Recent legislation under the Paycheck Protection Program Flexibility Act of

2020

provides for an extension of the maturity date up to

five

years, an extension of the principal and interest deferral period to the date of a loan forgiveness determination and modifications to the debt amortization schedule if the Company and BMO reach an agreement on modified terms. The PPP Loan

may

be accelerated upon the occurrence of an event of default.

The PPP Loan is unsecured and guaranteed by the U.S. Small Business Administration (the “SBA”). During the

fourth

quarter of

2020,

the Company applied for forgiveness of the PPP Loan, with the amount which

may

be forgiven equal to the sum of payroll costs, covered rent and mortgage obligations, and covered utility payments incurred by the Company during the

-week period beginning upon receipt of funds from the PPP Loan, subject to limitations and calculated in accordance with the terms of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Any forgiveness of the PPP Loan is subject to approval of the SBA. While the Company applied for forgiveness for the total amount due on the PPP Loan,

assurance can be provided that we will obtain forgiveness of the PPP Loan in whole or in part. As a result, the Company is taking the approach that a portion of the PPP Loan is short-term and a portion is long-term, and has reflected such borrowing on the Company's consolidated balance sheet, as appropriate. The Company will record any amounts of the loan that are forgiven as a gain on extinguishment in the period in which legal release is received. The Company also anticipates that any payments due on the PPP Loan will be deferred beyond

July 2021

in the event that the SBA does

not

respond to the Company's forgiveness application prior to that date.

Note Payable

–

Related Party

The Company has received the benefit of cash infusions from Gill Family Capital Management, Inc. (“GFCM”) in the form of secured promissory note obligations totaling

$6,500,000

in principal as of

April

2021

and

December

31,

2020.

GFCM is an entity controlled by the Company's Chairman, President and Chief Executive Officer, Jeffrey T. Gill, and

one

of our directors, R. Scott Gill. GFCM, Jeffrey T. Gill and R. Scott Gill are significant beneficial stockholders of the Company. As of

April 4, 2021,

our principal commitment under the Note was

$2,500,000

due on

April

2022,

$2,000,000

April 1,

2024

and the balance on

April

2026.

Interest on the promissory note is reset on

April 1

of each year, at the greater of

8.0%

500

basis points above the

five

-year Treasury note average during the preceding

-day period, in each case, payable quarterly. The note allows for up to an

-month deferral of payment for up to

60%

of the interest due on the portion of the notes maturing in

April

2022

and

2024.

During the

first

quarter of

2020,

the Company provided notice to GFCM of its intention to elect to defer the specified portion of the interest payments due beginning on

April 6, 2020.

All accrued but unpaid interest was paid on

January 4, 2021.

Obligations under the promissory note are guaranteed by all of the subsidiaries and are secured by a

first

priority lien on substantially all assets of the Company, including those in Mexico.

Finance Lease Obligations

March 9, 2016,

the Company completed the sale of its

-acre Toluca property for

215,000,000

Mexican Pesos, or approximately

$12,182,000

in U.S. dollars. Simultaneously, the Company entered into a

ten

-year lease of the

acres and buildings currently occupied by the Company and needed for its ongoing business in Toluca. As a result of the Toluca sale-leaseback, the Company has a finance lease obligation of

$2,057,000

for the building as of

April 4, 2021.

February 2019,

the Company entered into a

-month capital lease for

$269,000

for new machinery at its Sypris Technologies facility in the U.S. The balance of the finance lease obligation as of

April 4, 2021

was

$168,000.

Equipment Financing Obligations

As of

April 4, 2021,

the Company had

$301,000

outstanding under equipment financing facilities, with fixed interest rates ranging from

8.02%

8.06%

and payments due through

2025.

Note 11 - Segment Data

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(

)

Segment Data

The Company is organized into

two

business segments, Sypris Technologies and Sypris Electronics. The segments are each managed separately because of the distinctions between the products, markets, customers, technologies and workforce skills of the segments. Sypris Technologies manufactures forged and finished steel components and subassemblies, high-pressure closures and other fabricated products. Sypris Electronics is focused on circuit card and full “box build” manufacturing, high reliability manufacturing, systems assembly and integration, design for manufacturability and design to specification work. There was

intersegment net revenue recognized in any of the periods presented.

The Company includes the unallocated costs of its corporate office, including the employment costs of its senior management team and other corporate personnel, administrative costs and net corporate interest expense incurred at the corporate level under the caption “General, corporate and other” in the table below. Such unallocated costs include those for centralized information technology, finance, legal and human resources support teams, certain professional fees, director fees, corporate office rent, certain self-insurance costs and recoveries, software license fees and various other administrative expenses that are

not

allocated to our reportable segments. The unallocated assets include cash and cash equivalents maintained in its domestic treasury accounts and the net book value of corporate facilities and related information systems. The unallocated liabilities consist primarily of the related party notes payable. Domestic income taxes are calculated at an entity level and are

not

allocated to our reportable segments. Corporate capital expenditures and depreciation and amortization include items attributable to the unallocated fixed assets of the corporate office and related information systems.

The following table presents financial information for the reportable segments of the Company (in thousands):

	Three Months Ended
	April 4,		April 5,
	2021		2020
	(Unaudited)
Net revenue from unaffiliated customers:
Sypris Technologies	$	13,190	$	13,717
Sypris Electronics		6,792		8,708
	$	19,982	$	22,425

	Three Months Ended
	April 4,			April 5,
	2021			2020
	(Unaudited)
Gross profit (loss):
Sypris Technologies	$	1,171		$	2,493
Sypris Electronics		645			1,232
	$	1,816		$	3,725
Operating income (loss):
Sypris Technologies	$	127		$	1,126
Sypris Electronics		(170	)		408
General, corporate and other		(1,023	)		(1,257	)
	$	(1,066	)	$	277
Income (loss) before taxes:
Sypris Technologies	$	(164	)	$	759
Sypris Electronics		(176	)		399
General, corporate and other		(1,169	)		(1,391	)
	$	(1,509	)	$	(233	)

	April 4,		December 31,
	2021		2020
	(Unaudited)
Total assets:
Sypris Technologies	$	31,939	$	31,425
Sypris Electronics		21,998		18,620
General, corporate and other		7,657		10,663
	$	61,594	$	60,708

Total liabilities:
Sypris Technologies	$	21,271	$	19,974
Sypris Electronics		16,034		13,545
General, corporate and other		11,791		12,414
	$	49,096	$	45,933

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

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+ Details

Note 12 - Commitments and Contingencies

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

(

)

Commitments and Contingencies

The provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. The Company's warranty liability, which is included in accrued liabilities in the accompanying consolidated balance sheets as of

April 4, 2021

and

December 31, 2020

was

$587,000

and

$638,000,

respectively. The Company's warranty expense for the

three

months ended

April 4, 2021

and

April 5, 2020

was

not

material.

The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers' compensation insurance programs, a self-insured worker's compensation program and a self-insured employee health program. The Company records estimated liabilities for its insurance programs based on information provided by the

third

-party plan administrators, historical claims experience, expected costs of claims incurred but

not

paid, and expected costs to settle unpaid claims. The Company monitors its estimated insurance-related liabilities on a quarterly basis. As facts change, it

may

become necessary to make adjustments that could be material to the Company's consolidated results of operations and financial condition.

The Company is involved in certain litigation and contract issues arising in the normal course of business. While the outcome of these matters cannot, at this time, be predicted in light of the uncertainties inherent therein, management does

not

expect that these matters will have a material adverse effect on the consolidated financial position or results of operations of the Company. Additionally, the Company believes its product liability insurance is adequate to cover all potential liability claims.

The Company accounts for loss contingencies in accordance with U.S. GAAP. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it

may

be probable that a loss has occurred but the estimate of the loss is within a wide range or undeterminable. If the Company deems an amount within the range to be a better estimate than any other amount within the range, that amount will be accrued. However, if

amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued.

The Company has various current and previously-owned facilities subject to a variety of environmental regulations. The Company has received certain indemnifications from either companies previously owning these facilities or from purchasers of those facilities. Additionally, certain property previously sold by the Company has been designated as a Brownfield Site and has been approved for development by the purchaser. As of

April 4, 2021

and

December 31, 2020,

amounts were accrued for any environmental matters.

December 27, 2017,

the U.S. Department of Labor (the “DOL”) filed a lawsuit alleging that the Company had misinterpreted the language of its Company's

401

(k) Plans (collectively, the “Plan”). The DOL does

not

appear to dispute that the Company reached such interpretation in good faith and after consulting with independent ERISA counsel. If the DOL's allegations were upheld by a court, the Company could be required to make additional contributions into the accounts of its Plan participants. The Company regards the DOL's allegations to be without merit and is continuing to vigorously defend the matter.

February

17,

2017,

several employees (“Lucas Plaintiffs”) of KapStone Charleston Kraft, LLC filed a lawsuit in South Carolina alleging that they had been seriously burned when they opened a hinged closure and a hot tar-like material spilled out. Among other claims, the Lucas Plaintiffs allege that Sypris Technologies designed and manufactured the closure, that the closure was defective and that those defects had caused or contributed to their injuries. Sypris Technologies' motion to dismiss for lack of jurisdiction was denied on

February 28, 2020.

The Company regards these allegations to be without merit and any potential damages to be undeterminable at this time. The Company's general liability insurer has accepted the defense costs. The Company is continuing to vigorously defend the matter.

As of

April 4, 2021,

the Company had outstanding purchase commitments of approximately

$24,636,000,

primarily for the acquisition of inventory and manufacturing equipment.

Note 13 - Income Taxes

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(

)

Income Taxes

The provision for income taxes includes federal, state, local and foreign taxes. The Company's effective tax rate varies from period to period due to the proportion of foreign and domestic pre-tax income expected to be generated by the Company. The Company provides for income taxes for its domestic operations at a statutory rate of

21%

2021

and

2020

and for its foreign operations at a statutory rate of

30%

2021

and

2020.

Reconciling items between the federal statutory rate and the effective tax rate also include the expected usage of federal net operating loss carryforwards, state income taxes, valuation allowances and certain other permanent differences.

The Company recognizes liabilities or assets for the deferred tax consequences of temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements in accordance with ASC

740,

Income Taxes (ASC

740

). These temporary differences will result in taxable or deductible amounts in future years when the reported amounts of assets or liabilities are recovered or settled. ASC

740

requires that a valuation allowance be established when it is more likely than

not

that all or a portion of a deferred tax asset will

not

be realized. The Company evaluates its deferred tax position on a quarterly basis and valuation allowances are provided as necessary. During this evaluation, the Company reviews its forecast of income in conjunction with other positive and negative evidence surrounding the realizability of its deferred tax assets to determine if a valuation allowance is needed.

Based on the Company's consideration of all positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations, the Company has established a valuation allowance against all U.S. deferred tax assets. Until an appropriate level and characterization of profitability is attained, the Company expects to continue to maintain a valuation allowance on its net deferred tax assets related to future U.S. tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 14 - Employee Benefit Plans

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Retirement Benefits [Text Block]

(

)

Employee Benefit Plans

The following table details the components of pension (income) expense (in thousands):

	Three Months Ended
	April 4,			April 5,
	2021			2020
	(Unaudited)
Service cost	$	1		$	1
Interest cost on projected benefit obligation		271			352
Net amortizations of actuarial loss		158			166
Expected return on plan assets		(242	)		(270	)
Net periodic benefit cost	$	188		$	249

The net periodic benefit cost of the defined benefit pension plans incurred during the

three

-month periods ended

April 4, 2021

and

April 5, 2020

are reflected in the following captions in the accompanying consolidated statements of operations (in thousands):

	Three Months Ended
	April 4,		April 5,
	2021		2020
	(Unaudited)
Service cost:
Selling, general and administrative expenses	$	1	$	1
Other net periodic benefit costs:
Other expense, net		187		248
Total	$	188	$	249

- Definition

The entire disclosure for retirement benefits.

+ References

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-Name Accounting Standards Codification
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+ Details

Note 15 - Accumulated Other Comprehensive Loss

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

(

)

Accumulated Other Comprehensive Loss

The Company's accumulated other comprehensive loss consists of employee benefit related adjustments and foreign currency translation adjustments.

Accumulated other comprehensive loss consisted of the following (in thousands):

	April 4,			December 31,
	2021			2020
	(Unaudited)
Foreign currency translation adjustments	$	(11,253	)	$	(10,847	)
Employee benefit related adjustments – U.S., net of tax		(13,867	)		(13,867	)
Employee benefit related adjustments – Mexico, net of tax		16			16
Accumulated other comprehensive loss	$	(25,104	)	$	(24,698	)

Note 16 - Fair Value of Financial Instruments

3 Months Ended

Apr. 04, 2021

Notes to Financial Statements

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

(

)

Fair Value of Financial Instruments

Cash, accounts receivable, accounts payable and accrued liabilities are reflected in the consolidated financial statements at their carrying amount which approximates fair value because of the short-term maturity of those instruments. The carrying amount of debt outstanding at

April 4, 2021

approximates fair value, and is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments (Level

Note 4 - Leases (Tables)

3 Months Ended

Apr. 04, 2021

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended
	April 4,		April 5,
	2021		2020
	(Unaudited)
Finance lease expense:
Amortization expense	$	86	$	120
Interest expense		58		77
Operating lease expense		351		351
Variable lease expense		78		68
Total lease expense	$	573	$	616

Supplemental Cash Flow Information Related to Leases [Table Text Block]

	Three Months Ended
	April 4,		April 5,
	2021		2020
	(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	379	$	329
Operating cash flows from finance leases		58		77
Financing cash flows from finance leases		94		143

Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block]

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,480		$	612
12 to 24 months		1,496			612
24 to 36 months		1,514			607
36 to 48 months		1,244			549
48 to 60 months		1,164			457
Thereafter		1,458			0
Total lease payments		8,356			2,837
Less imputed interest		(1,685	)		(612	)
Total	$	6,671		$	2,225

Lease Terms and Discount Rates for Leases [Table Text Block]

	April 4,		December 31,
	2021		2020
	(Unaudited)
Weighted-average remaining lease term (years):
Operating leases		5.9		6.2
Finance leases		4.6		4.9

Weighted-average discount rate (percentage):
Operating leases		8.0		8.0
Finance leases		10.2		10.2

Note 5 - Revenue From Contracts With Customers (Tables)

3 Months Ended

Apr. 04, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	April 4,		April 5,
	2021		2020
	(Unaudited)
Sypris Technologies – transferred point in time	$	13,190	$	13,717
Sypris Electronics – transferred point in time		615		2,107
Sypris Electronics – transferred over time		6,177		6,601
Net revenue	$	19,982	$	22,425

Note 6 - Assets Held for Sale (Tables)

3 Months Ended

Apr. 04, 2021

Notes Tables

Disposal Groups, Including Discontinued Operations [Table Text Block]

	April 4,			December 31,
	2021			2020
	(Unaudited)
Property, plant and equipment	$	1,343		$	1,387
Accumulated depreciation		(944	)		(975	)
Property, plant and equipment, net	$	399		$	412

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Note 7 - Loss Per Common Share (Tables)

3 Months Ended

Apr. 04, 2021

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended
	April 4,			April 5,
	2021			2020
	(Unaudited)
Loss attributable to stockholders:
Net loss as reported	$	(1,630	)	$	(305	)
Less distributed and undistributed earnings allocable to restricted awarded holders		0			0
Less dividends declared attributed to restricted awarded holders		0			0
Net loss allocable to common stockholders	$	(1,630	)	$	(305	)

Loss per common share attributable to stockholders:
Basic	$	(0.08	)	$	(0.01	)
Diluted	$	(0.08	)	$	(0.01	)

Weighted average shares outstanding – basic		21,394			20,988
Weighted average additional shares assuming conversion of potential common shares		0			0
Weighted average shares outstanding – diluted		21,394			20,988

Note 8 - Inventory (Tables)

3 Months Ended

Apr. 04, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	April 4,			December 31,
	2021			2020
	(Unaudited)
Raw materials	$	13,799		$	11,118
Work in process		5,459			6,210
Finished goods		1,108			762
Reserve for excess and obsolete inventory		(1,691	)		(1,854	)
Total	$	18,675		$	16,236

Note 9 - Property, Plant and Equipment (Tables)

3 Months Ended

Apr. 04, 2021

Notes Tables

Property, Plant and Equipment [Table Text Block]

	April 4,			December 31,
	2021			2020
	(Unaudited)
Land and land improvements	$	43		$	43
Buildings and building improvements		7,673			7,747
Machinery, equipment, furniture and fixtures		55,090			55,620
Construction in progress		1,362			609
		64,168			64,019
Accumulated depreciation		(53,738	)		(53,858	)
	$	10,430		$	10,161

Note 10 - Debt (Tables)

3 Months Ended

Apr. 04, 2021

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	April 4,			December 31,
	2021			2020
	(Unaudited)
Current:
Finance lease obligation, current portion	$	403		$	393
Equipment financing obligations, current portion		104			0
PPP Loan, current portion		1,779			1,186
Note payable – related party, current portion		2,500			0
Current portion of long term debt and finance lease obligations	$	4,786		$	1,579

Long Term:
Finance lease obligation	$	1,822		$	1,927
Equipment financing obligations		197			0
PPP Loan		1,779			2,372
Note payable – related party		4,000			6,500
Less unamortized debt issuance and modification costs		(21	)		(23	)
Long term debt and finance lease obligations net of unamortized debt costs	$	7,777		$	10,776

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Note 11 - Segment Data (Tables)

3 Months Ended

Apr. 04, 2021

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended
	April 4,		April 5,
	2021		2020
	(Unaudited)
Net revenue from unaffiliated customers:
Sypris Technologies	$	13,190	$	13,717
Sypris Electronics		6,792		8,708
	$	19,982	$	22,425

	Three Months Ended
	April 4,			April 5,
	2021			2020
	(Unaudited)
Gross profit (loss):
Sypris Technologies	$	1,171		$	2,493
Sypris Electronics		645			1,232
	$	1,816		$	3,725
Operating income (loss):
Sypris Technologies	$	127		$	1,126
Sypris Electronics		(170	)		408
General, corporate and other		(1,023	)		(1,257	)
	$	(1,066	)	$	277
Income (loss) before taxes:
Sypris Technologies	$	(164	)	$	759
Sypris Electronics		(176	)		399
General, corporate and other		(1,169	)		(1,391	)
	$	(1,509	)	$	(233	)

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	April 4,		December 31,
	2021		2020
	(Unaudited)
Total assets:
Sypris Technologies	$	31,939	$	31,425
Sypris Electronics		21,998		18,620
General, corporate and other		7,657		10,663
	$	61,594	$	60,708

Total liabilities:
Sypris Technologies	$	21,271	$	19,974
Sypris Electronics		16,034		13,545
General, corporate and other		11,791		12,414
	$	49,096	$	45,933

Note 14 - Employee Benefit Plans (Tables)

3 Months Ended

Apr. 04, 2021

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended
	April 4,			April 5,
	2021			2020
	(Unaudited)
Service cost	$	1		$	1
Interest cost on projected benefit obligation		271			352
Net amortizations of actuarial loss		158			166
Expected return on plan assets		(242	)		(270	)
Net periodic benefit cost	$	188		$	249

Net Periodic Benefit Cost Recognized in Income Statement [Table Text Block]

	Three Months Ended
	April 4,		April 5,
	2021		2020
	(Unaudited)
Service cost:
Selling, general and administrative expenses	$	1	$	1
Other net periodic benefit costs:
Other expense, net		187		248
Total	$	188	$	249

Note 15 - Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Apr. 04, 2021

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	April 4,			December 31,
	2021			2020
	(Unaudited)
Foreign currency translation adjustments	$	(11,253	)	$	(10,847	)
Employee benefit related adjustments – U.S., net of tax		(13,867	)		(13,867	)
Employee benefit related adjustments – Mexico, net of tax		16			16
Accumulated other comprehensive loss	$	(25,104	)	$	(24,698	)

Note 1 - Nature of Business (Details Textual)	3 Months Ended	12 Months Ended
Note 1 - Nature of Business (Details Textual)	Apr. 04, 2021	Dec. 31, 2020
Number of Operating Segments	2	2

Note 4 - Leases (Details Textual) - USD ($)	Apr. 04, 2021	Dec. 31, 2020
Lessee, Operating Lease, Renewal Term (Year)	5 years
Operating Lease, Right-of-Use Asset	$ 5,887,000	$ 6,103,000
Operating Lease, Liability, Total	$ 6,671,000	$ 6,906,000
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)	10 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)	11 years

Note 4 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Apr. 05, 2020
Amortization expense	$ 86	$ 120
Interest expense	58	77
Operating lease expense	351	351
Variable lease expense	78	68
Total lease expense	$ 573	$ 616

Note 4 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Apr. 05, 2020
Operating cash flows from operating leases	$ 379	$ 329
Operating cash flows from finance leases	58	77
Financing cash flows from finance leases	$ 94	$ 143

Note 4 - Leases - Maturities of Lease Liabilities (Details) - USD ($)	Apr. 04, 2021	Dec. 31, 2020
Next 12 months, Operating Leases	$ 1,480,000
Next 12 months, Finance Leases	612,000
12 to 24 months, Operating Leases	1,496,000
12 to 24 months, Finance Leases	612,000
24 to 36 months, Operating Leases	1,514,000
24 to 36 months, Finance Leases	607,000
36 to 48 months, Operating Leases	1,244,000
36 to 48 months, Finance Leases	549,000
48 to 60 months, Operating Leases	1,164,000
48 to 60 months, Finance Leases	457,000
Thereafter, Operating Leases	1,458,000
Thereafter, Finance Leases	0
Total lease payments, Operating Leases	8,356,000
Total lease payments, Finance Leases	2,837,000
Less imputed interest, Operating Leases	(1,685,000)
Less imputed interest, Finance Leases	(612,000)
Total, Operating Leases	6,671,000	$ 6,906,000
Total, Finance Leases	$ 2,225,000

Note 4 - Leases - Information Related to Lease Terms and Discount Rates (Details)	Apr. 04, 2021	Dec. 31, 2020
Operating leases (Year)	5 years 328 days	6 years 73 days
Finance leases (Year)	4 years 219 days	4 years 328 days
Operating leases	8.00%	8.00%
Finance leases	10.20%	10.20%

Note 5 - Revenue From Contracts With Customers 1 (Details Textual) - USD ($)	3 Months Ended
	Apr. 04, 2021	Apr. 05, 2020	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Amount	$ 42,146,000
Contract with Customer, Liability, Total	7,977,000		$ 7,339,000
Contract with Customer, Liability, Revenue Recognized from Contract Liabilities	2,255,000	$ 2,312,000
Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total	1,436,000		1,240,000
Accrued Liabilities [Member]
Contract with Customer, Liability, Current	5,621,000		6,816,000
Other Noncurrent Liabilities [Member]
Contract with Customer, Liability, Noncurrent	$ 2,356,000		$ 523,000

Note 5 - Revenue From Contracts With Customers 2 (Details Textual)	Apr. 04, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-05
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	273 days
Revenue, Remaining Performance Obligation, Percentage	53.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Percentage	25.00%

Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Apr. 05, 2020
Net revenue	$ 19,982	$ 22,425
Sypris Technologies [Member]
Net revenue	13,190	13,717
Sypris Technologies [Member] \| Transferred at Point in Time [Member]
Net revenue	13,190	13,717
Sypris Electronics [Member]
Net revenue	6,792	8,708
Sypris Electronics [Member] \| Transferred at Point in Time [Member]
Net revenue	615	2,107
Sypris Electronics [Member] \| Transferred over Time [Member]
Net revenue	$ 6,177	$ 6,601

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Note 6 - Assets Held for Sale (Details Textual) - Transition of Production from the Broadway Plant [Member] - USD ($)		12 Months Ended
	Apr. 13, 2020	Dec. 31, 2020
Proceeds from Sale of Real Estate, Total	$ 1,700,000
Proceeds from Sale of Other Property, Plant, and Equipment		$ 268,000

Note 6 - Assets Held for Sale - Segregation of Assets Held for Sale (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Dec. 31, 2020
Property, plant and equipment	$ 1,343	$ 1,387
Accumulated depreciation	(944)	(975)
Property, plant and equipment, net	$ 399	$ 412

Note 7 - Loss Per Common Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 04, 2021	Apr. 05, 2020
Net loss	$ (1,630)	$ (305)
Less distributed and undistributed earnings allocable to restricted awarded holders	0	0
Less dividends declared attributed to restricted awarded holders	0	0
Net loss allocable to common stockholders	$ (1,630)	$ (305)
Basic (in dollars per share)	$ (0.08)	$ (0.01)
Diluted (in dollars per share)	$ (0.08)	$ (0.01)
Basic (in shares)	21,394	20,988
Weighted average additional shares assuming conversion of potential common shares (in shares)	0	0
Weighted average shares outstanding – diluted (in shares)	21,394	20,988

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Note 8 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Dec. 31, 2020
Raw materials	$ 13,799	$ 11,118
Work in process	5,459	6,210
Finished goods	1,108	762
Reserve for excess and obsolete inventory	(1,691)	(1,854)
Total	$ 18,675	$ 16,236

Note 9 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Dec. 31, 2020
Gross property, plant and equipment	$ 64,168	$ 64,019
Accumulated depreciation	(53,738)	(53,858)
Property plant and equipment net	10,430	10,161
Land and Land Improvements [Member]
Gross property, plant and equipment	43	43
Building and Building Improvements [Member]
Gross property, plant and equipment	7,673	7,747
Property, Plant and Equipment, Other Types [Member]
Gross property, plant and equipment	55,090	55,620
Construction in Progress [Member]
Gross property, plant and equipment	$ 1,362	$ 609

Note 10 - Debt (Details Textual)				3 Months Ended
Note 10 - Debt (Details Textual)	Apr. 01, 2021	Mar. 09, 2016 USD ($) a	Mar. 09, 2016 MXN ($) a	Apr. 04, 2021 USD ($)	Jul. 05, 2020 USD ($)	Apr. 05, 2020 USD ($)	Dec. 31, 2020 USD ($)	Feb. 28, 2019 USD ($)
Proceeds from Sale of Property, Plant, and Equipment, Total				$ 0		$ 288,000
Finance Lease, Liability, Total				2,225,000
Machinery at Sypris Technologies Facility [Member]
Lessee, Finance Lease, Term of Contract (Year)								5 years
Finance Lease, Liability, Total				168,000				$ 269,000
Toluca Property [Member]
Area of Land (Acre) \| a		24	24
Proceeds from Sale of Property, Plant, and Equipment, Total		$ 12,182,000	$ 215,000,000
Lessee, Finance Lease, Term of Contract (Year)		10 years	10 years
Sale Leaseback Transaction, Portion of Real Estate Property Leased Back to Seller (Acre) \| a		9	9
Finance Lease, Liability, Total				2,057,000
Paycheck Protection Program CARES Act [Member]
Proceeds from Notes Payable, Total					$ 3,558,000
Notes Payable, Total					$ 3,558,000
Promissory Notes with Maturity on April 1, 2022 and April 1, 2024 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance				$ 6,500,000			$ 6,500,000
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Debt Instrument, Allowance for Payment Deferral Period (Month)				1 year 180 days
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent				60.00%
Promissory Notes with Maturity on April 1, 2022 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance				$ 2,500,000
Promissory Notes with Maturity on April 1, 2024 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance				2,000,000
Promissory Note [Member] \| Gill Family Capital Management [Member] \| Five-year Treasury Note Average During Preceding 90-day Period [Member]
Debt Instrument, Basis Spread on Variable Rate	5.00%
Equipment Financing Obligations [Member]
Long-term Debt, Total				$ 301,000
Equipment Financing Obligations [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage				8.02%
Equipment Financing Obligations [Member] \| Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage				8.06%

Note 10 - Debt - Debt Components (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Dec. 31, 2020
Finance lease obligations, current portion	$ 403	$ 393
Equipment financing obligations, current portion	104	0
PPP Loan, current portion	1,779	1,186
Note payable – related party, current portion	2,500	0
Current portion of long term debt and finance lease obligations	4,786	1,579
Finance lease obligation	1,822	1,927
Equipment financing obligations	197	0
PPP Loan	1,779	2,372
Note payable – related party	4,000	6,500
Less unamortized debt issuance and modification costs	(21)	(23)
Long term debt and finance lease obligations net of unamortized debt costs	$ 7,777	$ 10,776

Note 11 - Segment Data (Details Textual) $ in Thousands	3 Months Ended		12 Months Ended
Note 11 - Segment Data (Details Textual) $ in Thousands	Apr. 04, 2021 USD ($)	Apr. 05, 2020 USD ($)	Dec. 31, 2020
Number of Operating Segments	2		2
Revenue from Contract with Customer, Including Assessed Tax	$ 19,982	$ 22,425
Intersegment Eliminations [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0

- Definition

+ References

+ Details

Note 11 - Segment Data - Financial Information From Reportable Segments - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Apr. 05, 2020
Net revenue from unaffiliated customers	$ 19,982	$ 22,425
Gross profit (loss)	1,816	3,725
Operating income (loss)	(1,066)	277
Income (loss) before taxes	(1,509)	(233)
Sypris Technologies [Member]
Net revenue from unaffiliated customers	13,190	13,717
Gross profit (loss)	1,171	2,493
Operating income (loss)	127	1,126
Income (loss) before taxes	(164)	759
Sypris Electronics [Member]
Net revenue from unaffiliated customers	6,792	8,708
Gross profit (loss)	645	1,232
Operating income (loss)	(170)	408
Income (loss) before taxes	(176)	399
Corporate and Other [Member]
Operating income (loss)	(1,023)	(1,257)
Income (loss) before taxes	$ (1,169)	$ (1,391)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Note 11 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Dec. 31, 2020
Total assets	$ 61,594	$ 60,708
Total liabilities	49,096	45,933
Sypris Technologies [Member]
Total assets	31,939	31,425
Total liabilities	21,271	19,974
Sypris Electronics [Member]
Total assets	21,998	18,620
Total liabilities	16,034	13,545
Corporate and Other [Member]
Total assets	7,657	10,663
Total liabilities	$ 11,791	$ 12,414

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

Note 12 - Commitments and Contingencies (Details Textual) - USD ($)	Apr. 04, 2021	Dec. 31, 2020
Standard and Extended Product Warranty Accrual, Ending Balance	$ 587,000	$ 638,000
Accrual for Environmental Loss Contingencies, Ending Balance	0	$ 0
Purchase Obligation, Total	$ 24,636,000

Note 13 - Income Taxes (Details Textual)	3 Months Ended
Note 13 - Income Taxes (Details Textual)	Apr. 04, 2021	Apr. 05, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	30.00%	30.00%

Note 14 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Apr. 05, 2020
Service cost	$ 1	$ 1
Interest cost on projected benefit obligation	271	352
Net amortizations of actuarial loss	158	166
Expected return on plan assets	(242)	(270)
Net periodic benefit cost	$ 188	$ 249

Note 14 - Employee Benefit Plans - Net Periodic Benefit Cost Recognized in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Apr. 05, 2020
Selling, general and administrative expenses	$ 1	$ 1
Other expense, net	187	248
Total	188	249
Selling, General and Administrative Expenses [Member]
Selling, general and administrative expenses	$ 1	$ 1

Note 15 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Dec. 31, 2020
Foreign currency translation adjustments	$ (11,253)	$ (10,847)
Accumulated other comprehensive loss	(25,104)	(24,698)
UNITED STATES
Employee benefit related adjustments, net of tax	(13,867)	(13,867)
Foreign Plan [Member]
Employee benefit related adjustments, net of tax	$ 16	$ 16

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details