Sypris Receives New Releases Under Electronic Warfare Program
May 02 2024 - 8:30AM
Business Wire
System to Add Electronic Attack Capability
to Defend Navy Ships ───────────────────── Deliveries
Scheduled to Begin in 2024
Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc.
(Nasdaq/GM: SYPR), announced today that it has recently received
additional releases under a multi-year production contract that was
first announced in 2022. The order, which provides for Sypris to
begin deliveries in 2024, calls for the manufacture and test of
electronic assemblies for an additional four systems to be supplied
to a U.S. DOD contractor. Terms of the award were not
disclosed.
The modules to be produced by Sypris will be integrated into an
electronic warfare improvement program for the U.S. Navy. According
to news sources, the upgrade will provide the capability to
actively jam incoming missiles that threaten a warship, cue decoys
and adapt quickly to evolving threats. The improvements to the
electronic attack portion will provide integrated countermeasures
against radio frequency-guided threats, according to the U.S.
Navy.
The U.S. Naval Institute reported that the system’s capability
for non-kinetic electronic attack options can be further deployed
in additional critical areas. From advanced communications to
multi-role waveforms, the multi-function applications of the system
will provide enhanced mission capabilities to the U.S. Navy Fleet
while presenting opportunities for future reductions in cost, size,
weight, and power.
“We are pleased to receive these additional releases under our
long-term contract with this important customer,” said Curtis S.
Petrie, acting Vice President & General Manager of Sypris
Electronics. “We have provided manufacturing and engineering
services for this critical program for years, originating with the
Engineering and Manufacturing Development phase, before
transitioning into Low-Rate Initial Production and more recently
into Full-Rate Production. We are certainly proud to increase our
support for this strategic, long-term program of the U.S.
Navy.”
Sypris Electronics is a trusted provider of engineering and
manufacturing services for complex, mission-critical electronic
solutions for customers in the Defense, Space, Deep Sea
Communications, and Industrial markets. Backed by over 50 years of
experience, the Company specializes in producing electronics for
high-cost-of-failure applications. For more information, please
visit www.sypriselectronics.com.
Forward-Looking Statements
This press release contains “forward-looking” statements
within the meaning of the federal securities laws.
Forward-looking statements include our plans and expectations of
future financial and operational performance. Each
forward-looking statement herein is subject to risks and
uncertainties, as detailed in our most recent Form 10-K and Form
10-Q and other SEC filings. Briefly, we currently believe that
such risks also include the following: the fees, costs and supply
of, or access to, debt, equity capital, or other sources of
liquidity; our failure to achieve profitability on a timely basis
by steadily increasing our revenues from profitable contracts with
a diversified group of customers, which would cause us to continue
to use existing cash resources or require us to sell assets to fund
operating losses; cost, quality and availability or lead times of
raw materials and electronic components, natural gas or utilities
including increased cost relating to inflation; dependence on,
retention or recruitment of key employees and highly skilled
personnel and distribution of our human capital; the cost, quality,
timeliness, efficiency and yield of our operations and capital
investments, including the impact of inflation, tariffs, product
recalls or related liabilities, employee training, working capital,
production schedules, cycle times, scrap rates, injuries, wages,
overtime costs, freight or expediting costs; volatility of our
customers’ forecasts and our contractual obligations to meet
current scheduling demands and production levels, which may
negatively impact our operational capacity and our effectiveness to
integrate new customers or suppliers, and in turn cause increases
in our inventory and working capital levels; our failure to
successfully complete final contract negotiations with regard to
our announced contract “orders”, “wins” or “awards”; significant
delays or reductions due to a prolonged continuing resolution or
U.S. government shut down reducing the spending on products and
services; adverse impacts of new technologies or other competitive
pressures which increase our costs or erode our margins;
breakdowns, relocations or major repairs of machinery and
equipment, especially in our Toluca Plant; the termination or
non-renewal of existing contracts by customers; the costs and
supply of insurance on acceptable terms and with adequate coverage;
the costs of compliance with our auditing, regulatory or
contractual obligations; health care or other benefit costs; our
failure to successfully win new business or develop new or improved
products or new markets for our products; war, geopolitical
conflict, terrorism, or political uncertainty, including
disruptions resulting from the Russia-Ukraine war or the Israel and
Gaza conflict, including arising out of international sanctions,
foreign currency fluctuations and other economic impacts; our
reliance on a few key customers, third party vendors and
sub-suppliers; inventory valuation risks including excessive or
obsolescent valuations or price erosions of raw materials or
component parts on hand or other potential impairments,
non-recoverability or write-offs of assets or deferred costs;
disputes or litigation involving governmental, supplier, customer,
employee, creditor, stockholder, product liability, warranty or
environmental claims; failure to adequately insure or to identify
product liability, environmental or other insurable risks;
unanticipated or uninsured product liability claims, disasters,
public health crises, losses or business risks; labor relations;
strikes; union negotiations; costs associated with environmental
claims relating to properties previously owned; our inability to
patent or otherwise protect our inventions or other intellectual
property rights from potential competitors or fully exploit such
rights which could materially affect our ability to compete in our
chosen markets; changes in licenses, security clearances, or other
legal rights to operate, manage our work force or import and export
as needed; cyber security threats and disruptions, including
ransomware attacks on our systems and the systems of third-party
vendors and other parties with which we conduct business, all of
which may become more pronounced in the event of geopolitical
conflicts and other uncertainties, such as the conflict in Ukraine;
our ability to maintain compliance with the Nasdaq listing
standards minimum closing bid price; risks related to owning our
common stock, including increased volatility; possible public
policy response to a public health emergency, including U. S or
foreign government legislation or restrictions that may impact our
operations or supply chain; or unknown risks and uncertainties. We
undertake no obligation to update our forward-looking statements,
except as may be required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240502582563/en/
Lawrence J. Bernicky Vice President of Finance
(813) 972-6000
Sypris Solutions (NASDAQ:SYPR)
Historical Stock Chart
From Apr 2024 to May 2024
Sypris Solutions (NASDAQ:SYPR)
Historical Stock Chart
From May 2023 to May 2024