Sypris Wins Another Electronic Warfare Program
February 08 2022 - 8:30AM
Business Wire
Electronic Modules for Precision-Guided
Anti-Ship Missile System
Follow-on Award with Increased
Volumes
Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc.
(Nasdaq/GM: SYPR), announced today that it has recently received a
follow-on award from a U.S. DOD prime contractor to manufacture and
test electronic power supply modules for a mission-critical,
long-range, precision-guided anti-ship missile system. The contract
calls for an increase in production volume from existing levels
beginning in 2022. Terms of the agreement were not disclosed.
The program is designed to meet the needs of U.S. Navy and Air
Force warfighters. The missile system employs sophisticated
precision routing and guidance capabilities. It is designed to
detect and destroy specific targets within groups of ships by
employing advanced technologies that reduce dependence on
intelligence, surveillance and reconnaissance platforms in
contested environments. According to news releases, the system is
designed to operate in severe weather and environmental conditions,
and provides range, survivability and technology that no other
current system provides.
“We are pleased to increase our support for this important,
long-term program to deliver mission-critical capability to our
warfighters,” said Mark R. Kane, Vice President & General
Manager of Sypris Electronics. “Our customer is a worldwide leader
in the development and delivery of advanced technologies for the
commercial and military electronics markets. We look forward to
many more years of continued partnership with this valued
customer.”
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. Such statements
may relate to projections of the company’s revenue, earnings, and
other financial and operational measures, our liquidity, our
ability to mitigate or manage disruptions posed by COVID-19, and
the impact of COVID-19 and economic conditions on our future
operations, among other matters.
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 impact of COVID-19 and economic conditions on our
future operations; possible public policy response to the pandemic,
including legislation or restrictions that may impact our
operations or supply chain; the impact of potential U.S. Government
COVID-19 vaccine mandates on our ability to attract and retain
employees and on our business and results of operations; our
failure to successfully complete final contract negotiations with
regard to our announced contract “orders”, “wins” or “awards”; our
failure to successfully win new business; the termination or
non-renewal of existing contracts by customers; our failure to
achieve and maintain 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; cost, quality and availability or lead
times of raw materials such as electronic components; the cost,
quality, timeliness, efficiency and yield of our operations and
capital investments, including the impact of tariffs, employee
training, working capital, production schedules, cycle times, scrap
rates, wages, overtime costs, freight or expediting costs;
dependence on, retention or recruitment of key employees and
distribution of our human capital; disputes or litigation involving
governmental, supplier, customer, employee, warranty claims; our
inability to develop new or improved products or new markets for
our products; 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; failure to adequately insure or to identify product
liability, environmental or other insurable risks; unanticipated or
uninsured disasters, public health crises, losses or business
risks; volatility of our customers’ forecasts, scheduling demands
and production levels which negatively impact our operational
capacity and our effectiveness to integrate new customers or
suppliers, the costs of compliance with our auditing, regulatory or
contractual obligations; labor relations; strikes; health care or
other benefit costs; our inability to patent or otherwise protect
our inventions or other intellectual property from potential
competitors; adverse impacts of new technologies or other
competitive pressures which increase our costs or erode our
margins; U.S. government spending on products and services that
Sypris Electronics provides, including the timing of budgetary
decisions; 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; 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/20220208005384/en/
Lawrence J. Bernicky Vice President of Finance
(813) 972-6040
Sypris Solutions (NASDAQ:SYPR)
Historical Stock Chart
From Sep 2024 to Oct 2024
Sypris Solutions (NASDAQ:SYPR)
Historical Stock Chart
From Oct 2023 to Oct 2024