2007 Annual Report
Position
Strategic Repositioning for a Changing World
In the dynamic business environment we live in today, it
is more vital than ever that we possess a clear vision for
Sypris. Understanding our destination allows us to not
only implement changes that will position us to be more
competitive and grow successfully, but it also provides a
sense of purpose and focus in a changing world. The key
to successfully navigating these changes is to recognize
change that requires a nimble response in order to
maintain the course while not overreacting to other
sources of change that only serve to distract and threaten
to alter that course.
We are positioning Sypris to be stronger and more
effective. The rebalancing of our portfolio between the
Industrial Group and the Electronics Group is a critical
part of our focus. These efforts will reduce reliance on
a single market or industry by growing our Electronics
Group where we experience higher margin opportunity
within a higher growth market. The results are already
evident as can be seen in the charts to the right. With
our commitment to increase R&D funding and expand
market opportunities in our calibration and data
recorder/receiver markets, we expect by 2010 to achieve
a balanced portfolio.
We are also charting a course for revenue diversification
through globalization of our Industrial Group. We are
focusing on commercial truck and trailer market demand
beyond North American borders and on other market
sectors such as Off-Highway. These efforts will provide
important customer and market diversification that will
further serve to reduce cyclicality.
2006 Revenue Percentage
Industrial Group
73%
Electronics
Group
27%
2007 Revenue Percentage
Industrial Group
64%
Electronics
Group
36%
2010 Revenue Percentage
(Forecasted)
Industrial Group
50%
Electronics
Group
50%
Additionally, important efforts are underway
to reshape who we do business with and how
we meet our customers’ needs. For example,
utilizing commercial best practices and
understanding our core and non-core product
lines assist us in defining business relationships.
Whether through generation of more business
or rationalization of present arrangements,
these efforts will provide opportunities to
improve profitability.
There’s no discounting the importance of
revenue generation, but equally important is the
delivery of those revenues to create the greatest
return. We’re focusing on understanding how
best to provide that service at the lowest cost-
to-serve while meeting our customers’ needs.
In 2007, our Industrial Group initiated Phase I of
a 4-Phase Restructuring Plan to transform that
business into a Center of Excellence model that
not only lowers the cost-to-serve but also aligns
with our customers’ strategic interests, creating
synergies for everyone.
Regardless of which repositioning effort we
are pursuing – whether we are diversifying
our customer base or improving our ability to
service those customers – we are committed to
a single objective – to create sustainable and
profitable growth.
Sypris Solutions is a diversified
provider of technology-based
outsourced services and
specialty products. We perform
a wide range of manufacturing
and technical services, typically
under multi-year, sole-source
contracts with corporations and
government agencies in the
markets for aerospace & defense
electronics, truck components
& assemblies, and test &
measurement services.
Improving
Processes
“
We have strengthened our balance
sheet to provide us the flexibility and
resources necessary for profitable
growth.
”
Maximizing
Resources
T. Scott Hatton,
Vice President and CFO,
Sypris Solutions
Measuring
Results
“
Expanding our presence into global
markets will enhance our ability to
provide consistent year-over-year growth
and maximize asset utilization.
”
Sergio L. M. de Carvalho,
President, Sypris Technologies
Opportunity
i
n
f
o
r
m
i
d
a
t
e
i
a
o
n
s
n
o
i
t
u
c
e
x
e
Identifying Tools for Long-Term Success
In that same dynamic world that requires repositioning, change can represent opportunity.
Having the appropriate tools to realize that opportunity is vital to long-term success.
The Sypris toolkit includes six areas of concentration:
• Investing in Technology
• Developing Talent
• Leveraging Sales & Marketing
• Standardizing Production Systems
• Managing Working Capital
• Measuring Performance
Our ability to understand where our market trends are moving, and which trends are
commercially viable, is critical in determining what technology, either in R&D or equipment,
will be relevant. We are capturing this information in technology roadmaps that provide a
strategic filter and timeline that will yield future growth.
Equally important are investments in our organization. We recognize the importance of
upgrading the skills of our workforce, along with the requirement to invest in new talent.
Our recently upgraded performance management system allows the integration of talent
development activities with focused goals and objectives to ensure we not only recruit top
talent but continue to enhance their capabilities to be more effective going forward.
With the right products and right people, we leverage our sales and marketing tools to create
new business opportunity. The commercial function has increased utilization of pricing tools
and strategic filters to determine where we bring the most value to our customers. With
revised standard procedures for bid and proposal activities and enhanced market coverage for
both the Electronics Group and Industrial Group, we are aligning ourselves to grow faster and
at a more profitable rate.
With all business, we look to our Sypris Production System to execute the requirements.
By implementing LEAN and Six Sigma process improvements and focusing on standard
operating procedures that are integrated and automated in critical areas such as scheduling
and commodity management, we increase customer satisfaction. The incremental benefit
to Sypris is a faster order-to-remittance process, improved profitability and reduced working
capital requirements.
Timely reporting of comprehensive performance metrics through our real-time Sypris
Dashboard provides the reinforcement necessary to confirm our performance is in line with
expectations. Being able to react quickly to mitigate the unexpected or to communicate
progress to a larger employee population is both instantaneous and cost effective. Utilizing
real-time metrics for immediate feedback helps us to understand the effectiveness of our
other tools as well, and provides an important opportunity to constantly incorporate new
improvements for a changing world.
Investing in Technology
(R&D as % of Revenue)
Managing Working Capital
(Days Sales Outstanding)
3-4%
66
2.7%
2.4%
2.3%
52
48
40-45
2005 2006 2007 2010F
2005 2006 2007 2010F
informationexecutionideas “
The Tube Turns Division is focusing its
efforts on profitable growth through
innovative solutions. We are utilizing
our history and experience with cutting-
edge technology to create reliable
engineered products that will surpass
our customers’ expectations.
”
Leveraging
Experience
Brett Keener,
Plant Manager,
Sypris Technologies
Focusing
Efforts
Increasing
Knowledge
“Leveraging our technical experience is
the foundation for Sypris Test &
Measurement’s success. In this
competitive environment, we increase
our value to our customers by investing
in innovative solutions and continuous
improvement while building on the
knowledge and talent of our people.
”
Kathy Smith Boyd,
President, Sypris Test & Measurement
DeaR FeLLO w sHaRe OwneRs:
The year 2007 was expected to be a challenge and proved to be just that, with
our Industrial Group confronting the effects of a 44% reduction in the production
of heavy-duty commercial vehicles.
The impact of this significant event was offset somewhat by
the successful implementation of improved customer pricing,
the advantageous settlement with and execution of a new
contract with Dana Corporation, double-digit growth from our
Electronics Group and strict cost containment throughout.
The many areas of progress were notable and important from the
standpoint of understanding the future outlook for the Company.
Our Aerospace & Defense segment registered a 19% increase
in shipments and posted a 31% growth in orders during 2007,
driven primarily by the introduction of a new classified secure
communication product for use by the Department of Defense.
Our Test & Measurement segment generated 15% top-line
growth through the continued expansion of its calibration
services operation, while our Aerospace & Defense segment
successfully expanded its range of product offerings into the
Intelligence Receiver market. As a result, revenue from our
Electronics Group increased to 36% of consolidated sales, up
from 27% for the prior year.
Our Industrial Group continued to benefit from strong product
sales to customers in the energy markets and initiated plans
to expand its reach globally by increasing its investment in
organizational support structure.
Our supply chain organization made important progress toward
its goal of generating $15 million in annualized savings by the
end of 2009, while our program to rebalance production and
increase output in our Industrial Group from low-cost countries
progressed on schedule with a targeted 2010 completion date.
We continued to invest in the future through the addition
of new products, market segments and managerial talent.
When confronted with specific issues, the organization moved
aggressively to resolve them, learned from the experience and
improved its operating execution, thereby benefiting both our
customers and the business.
In summary, significant progress was made during the
downturn, laying the groundwork for a recovery during the
second half of 2008 as increasing shipments from our Electronics
Group combine with an expected recovery in demand for the
production of commercial vehicles. The wind down of program-
launch support costs, improved product mix and double-
digit increases in volume are expected to drive an important
expansion in margins in our Electronics Group, thereby leading
to an increasingly positive outlook for this important segment of
our business.
FinanCiaL ResULts
Revenue for the year declined 12.4% to $436 million from $498
million in 2006, but would have fallen further had it not been
for the positive year-over-year performance of our Electronics
Group. Shipments in our Electronics Group increased 17.8%,
driven by strong double-digit growth in our Aerospace & Defense
and Test & Measurement segments. Revenue from our Industrial
Group decreased 23.4% from the prior year, and reflected the
cyclical reduction in demand for commercial vehicles and trailers
following the institution of new emissions standards at the
beginning of 2007. The decline was offset somewhat by improved
8
sypris solutions 2007 Annual Report
pricing and additional revenue that resulted during the year from
the settlement agreement with Dana.
The Company reported a net loss for the year of $2.1 million, or
$0.12 per share, driven by the volume decline in our Industrial
Group and lower profitability in our Electronics Group despite
the double-digit increase in its shipments for the year. The
reduced level of profitability for the Electronics Group was
impacted by increased support costs for the launch of a new
classified program, an unfavorable mix of product sales and
the delay in the award of a new government program into the
first quarter of 2008. These issues are expected to be reversed
during 2008, resulting in a return to historical margins during
the year.
The Company also incurred significant legal and professional fees
associated with the negotiation and settlement of the new Dana
agreement during Dana’s bankruptcy case, which served to place
an additional drag on the Company’s earnings during 2007.
Net cash used in operating activities was $10.5 million in 2007,
which reflected the one-time normalization of credit terms
under the agreement with Dana, the investment in inventory
to support new product programs for our Aerospace & Defense
segment and a delay in the timing of receipts owed by several
government agencies. Capital expenditures for the year
decreased slightly to $10.2 million compared to $10.3 million for
the prior year.
Despite the challenging year, the Company’s balance sheet
remained a source of strength. The investments initiated during
2007 will help to position Sypris to benefit from the expected
recovery in the commercial vehicle market and support
increased research and development costs for new classified
government programs.
Dana settLeMent
The successful negotiation of a settlement agreement with
Dana, which included the execution of a new long-term, sole-
source supply agreement through the year 2014, was clearly one
of the more important accomplishments of 2007. Dana, which
had filed for bankruptcy protection in March 2006, emerged
from Chapter 11 on January 31, 2008.
The settlement agreement was comprehensive and is expected
to have a positive impact on both companies for years to come.
Among other things, the companies agreed to exchange and
rebalance production between plants to reduce costs for both
parties, while Sypris agreed to release Dana from committed but
undelivered program volumes.
The new, long-term, sole-source supply agreement with Dana
provided Sypris with a general unsecured claim in the amount
of $89.9 million. This claim was converted into 3.1 million
shares of Dana common stock upon Dana’s successful exit
from bankruptcy on January 31, 2008. The Company expects
to receive additional distributions in the future, including
approximately $6 million of cash in March of 2008 and additional
shares of equity on a quarterly basis as disputed claims in the
bankruptcy are resolved.
The benefits of the settlement agreement resulting from the
successful reorganization of Dana are many, but perhaps none
more important than the elimination of extensive organizational
and financial support that was required as we worked with
Dana and its suppliers during this very challenging period. We
want to thank those individuals, both within and outside of our
organization, who worked on our behalf for their unwavering
support, dedication and tireless efforts, without which this very
positive outcome would not have been possible.
key initiatives
As reported in prior years, we have dedicated financial and
organizational resources to support several key initiatives
that are expected to help transform Sypris into a stronger,
increasingly successful company. Please join us for a brief
review of these efforts.
investing in Our electronics Group
We continue to invest in the Company’s product and service
offerings, and the processes by which they are delivered. In our
Aerospace & Defense segment, we have invested in new secure
communication programs over the past few years that will
begin full production during 2008. One of these new classified
programs represents the next generation of an existing,
highly successful product family, while the other program will
introduce a completely new product and functionality. Both
programs are expected to be important contributors to our
financial results going forward.
In our Test & Measurement segment, our calibration business
posted another solid year of growth during 2007, with revenue
increasing 15% from 2006. Our success in North America is
prompting customers to request our services globally and
we are responding with partnerships and investments that
will provide geographic growth, increased content and new
platforms for expansion beyond our current customer base.
As a result of these investments, we expect our Electronics
Group to deliver strong double-digit growth in 2008, and to
position the Group to continue this trend well into the future.
improving Mix
These investments in and the resulting growth of our Electronics
Group will also serve to increase the Group’s impact on the
financial results of Sypris and reduce the cyclical influence of
the commercial vehicle industry on the Company’s consolidated
financial results. During 2007, revenue from the Electronics
Group increased to 36% of consolidated revenue from
27% during the prior year. Our objective is to increase this
contribution further to 50% or more during the coming years.
The further reshaping of our portfolio will be implemented upon
the completion of our customer and product line profitability
analysis that underlies our commitment to redefine the Industrial
Group portfolio. These efforts will continue to be centered on
the rationalization of less desirable business, while increasing our
higher value-added, more profitable business, as we prepare for
the return of the commercial vehicle market in late 2008 with a
better mix of business. When combined with a strong energy
market to support the continued growth of our high-pressure
closure product sales, we expect these portfolio redefinition
efforts to yield significant margin improvements in the future.
Rebalancing Production
The Dana settlement coincided nicely with our plans to
rebalance production in our Industrial Group between plants
based upon a Centers of Excellence approach, the result of
which is expected to lead to increased efficiencies and improved
operational results.
As part of this plan, an increasing amount of production is
expected to be shifted to low-cost countries in order to position
production closer to our customers’ plants and to reduce our
overall cost. We expect output from low-cost countries to
increase substantially over the next several years.
During 2008, our Industrial Group will initiate plans to establish
operations during the coming years in India, China and Eastern
Europe, with the primary objective to establish a foothold in
these fast-growing markets. We plan to partner with established
leaders in these markets to balance risk and preserve capital.
Once completed, these investments will have the added benefit
of further diversifying the Company’s customer base and
reducing its dependency on the North American commercial
vehicle market.
tHe FUtURe
As we look to the future, we expect 2008 to be a year of
marked improvement, with continued double-digit growth in
our Electronics Group and the commencement of a recovery
in our Industrial Group. As a result, we expect the increased
volume, improved mix of secure communications product sales
and continued advances in productivity to drive margins and
earnings as the Company moves out of 2008 and into 2009.
Our managerial efforts will continue to focus on the realignment
of production in our Industrial Group and the laying of the
groundwork for additional growth in our Electronics Group in
2009 and beyond. When completed, we believe the results
will be reflected in increased profits, a more attractive balance
between industrial and electronics shipments, and reduced
customer, market and industry risk.
tHank yOU
As always, we close with a note of thanks. We appreciate the
dedication and commitment of our fellow employees, many
of whom are also share owners. We count on their passion for
excellence in all that they do to help Sypris grow and evolve into
an increasingly successful company.
We also want to thank our customers and investors, both
of whom place their trust in Sypris and count on us to meet
our commitments for quality, delivery and performance. We
sincerely appreciate your confidence and encourage you to
contact us. We welcome your comments and would be pleased
to answer your questions. We believe that Sypris has a very
bright future and hope you feel that way as well.
Sincerely,
Jeffrey T. Gill
President & CEO
Robert E. Gill
Chairman of the Board
sypris solutions 2007 Annual Report
9
Revenue
(in millions)
Revenue Per employee
(USA) (in thousands)
earnings Per
Diluted share
3
2
5
$
8
9
4
$
6
3
4
$
5
2
4
$
3
1
2
$
6
0
2
$
8
9
1
$
5
8
1
$
0
9
1
$
7
7
2
$
.
6
5
0
$
7
4
0
$
.
9
2
0
$
.
)
8
0
0
(
$
.
)
2
1
0
(
$
.
2003 2004 2005 2006 2007
2003 2004 2005 2006 2007
2003 2004 2005 2006 2007
Modified working Capital(*)
(in millions)
Free Cash Flow(*)
(in millions)
net Debt / total
Capital Percentage(*)
*
*
2
4
1
$
6
3
1
$
0
0
1
$
3
7
$
2
7
$
2
4
$
6
3
$
%
3
3
%
3
2
%
4
2
%
9
1
%
1
1
2003 2004 2005 2006 2007
2003 2004 2005 2006 2007
2003 2004 2005 2006 2007
5
$
)
3
8
(
$
)
1
2
(
$
* Reconciliation of non-GAAP financial measures is available in the financial summary on page 11.
** Includes $54 million associated with the Dana settlement.
FinanCiaL sUMMaR y
(In thousands, except per share data)
2007
2006(1)
2005
2004(2)(3)
2003(3)
Years ended December 31,
Consolidated Statement of Operations Data:
Net revenue
Gross profit
Operating (loss) income
Net (loss) income
(Loss) earnings per common share:
Basic
Diluted
Cash dividends per common share
$ 435,915
39,796
(823)
(2,139)
$
$ 497,664
41,090
(135)
(1,362)
$
$ 522,766
51,338
12,222
5,321
$
$ 425,402
53,439
13,898
8,299
$
$
$
$
(0.12)
(0.12)
0.12
$
$
$
(0.08)
(0.08)
0.12
$
$
$
0.30
0.29
0.12
$
$
$
0.48
0.47
0.12
$
$
$
$
$
276,605
45,945
14,874
8,091
0.57
0.56
0.12
(In thousands)
2007
2006(1)
2005
2004(2)(3)
2003(3)
December 31,
Consolidated Balance Sheet Data:
Cash and cash equivalents
Working capital
Total assets
Long-term debt, net of current portion
Total stockholders’ equity
$ 14,622
152,441
422,060
60,000
207,479
$ 32,400
100,717
379,033
55,000
209,886
$ 12,060
111,765
417,624
80,000
213,734
$ 14,060
143,123
431,178
110,000
208,939
$
12,019
81,456
264,435
53,000
145,392
(1) Effective January 1, 2006, we adopted Statement of Financial Accounting Standards No. 123(R), “Share-Based Payment” under the modified
prospective method. We also adopted SFAS No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, an
amendment of FASB Statements No. 87, 88, 106 and 132(R).” See Note 1 of our consolidated financial statements.
(2) On May 3, 2004 and June 30, 2004, respectively, we completed the acquisition of the net assets of ArvinMeritor’s Kenton, Ohio facility and Dana’s
Toluca, Mexico facility and their results of operations and related purchased assets are included from those dates forward.
(3) On December 31, 2003, we completed the acquisition of the net assets of Dana’s Morganton, North Carolina facility and its results of operations and
related purchased assets are included from that date forward.
ReCOnCiLiatiOn OF nOn-GaaP FinanCiaL MeasURes
(In thousands)
2007
2006(1)
2005
2004 (2)(3)
2003(3)
December 31,
Modified Working Capital:
Working capital
Less: Cash & cash equivalents
Less: Restricted cash
Plus: Current portion of long term debt
Modified working capital
Net Debt to Total Capital Percentage:
Net debt:
Long-term debt
Current portion of long-term debt
Less: Cash and cash equivalents
Less: Restricted cash
Net debt
Capital:
Total stockholders’ equity
Net debt
Total capital
Net debt to total capital %
$ 152,441
14,622
883
5,000
$ 141,936
$ 100,717
32,400
1,002
5,000
$ 72,315
$ 111,765
12,060
-
-
$ 99,705
$ 143,123
14,060
-
7,000
$ 136,063
$ 60,000
5,000
14,622
883
49,495
$ 55,000
5,000
32,400
1,002
26,598
$ 80,000
-
12,060
-
67,940
$ 110,000
7,000
14,060
-
102,940
207,479
49,495
$ 256,974
19.3%
209,886
26,598
$ 236,484
11.2%
213,734
67,940
$ 281,674
24.1%
208,939
102,940
$ 311,879
33.0%
Years ended December 31,
$
$
$
$
81,456
12,019
-
3,200
72,637
53,000
3,200
12,019
-
44,181
145,392
44,181
189,573
23.3%
(In thousands)
2007
2006(1)
2005
2004 (2)(3)
2003(3)
Free Cash Flow:
Net cash (used in) provided by
operating activities
Less: Capital expenditures
Free cash flow
$
$
(10,504)
10,155
(20,659)
$ 52,806
10,326
$ 42,480
$ 72,588
36,264
$ 36,324
$
$
(27,410)
55,900
(83,310)
$
$
27,275
22,521
4,754
10
sypris solutions 2007 Annual Report
sypris solutions 2007 Annual Report
11
Sypris At A Glance
Market-Focused Businesses
Business Summary
Applications and Uses
Select Customers
Truck Components
and Assemblies
Manufacturing services
Automated forging, machining, induction
hardening, cold extrusion, heat-treating,
testing and fabrication of products,
production tooling and prototypes.
Axle shafts, steer axles, trailer axle beams, carriers, full-float
tubes, ring gears, pinions, knuckles, input shafts, helical
gears, housings and other drive train components for
use in light, medium and heavy-duty trucks, pickup trucks
and automobiles.
ArvinMeritor, Axle Alliance, Dana, DaimlerChrysler
and Ford Motor Co.
engineered Products
High-pressure closures, transition joints
and insulated joints.
Pipeline and chemical systems in the energy and
chemical industries.
Chevron, ExxonMobil and Shell Oil.
Aerospace and Defense
Electronics
Manufacturing services
engineering services
Integrated design and engineering
services, component selection, sourcing
and procurement, automated assembly,
design and implementation of product
testing, systems assembly, and repair and
warranty services.
Software design services for data and
communications security products and
contract design services, network security
vulnerability assessment, design and
certification.
Electronic assemblies and subsystems for use in military
cockpit control and display systems, missile guidance
systems, commercial avionics, satellite communications
systems, ruggedized hand-held computers, and secure
communications networks and products.
Boeing, Eaton, General Dynamics, Honeywell,
L3, Lockheed Martin, Northrop Grumman, Raytheon,
U.S. Army, U.S. Department of Defense and ViaSat.
Secured transmission of voice and data for intelligence and
surveillance applications.
U.S. Department of Defense.
Products
Network encryption and secure key loading
devices, communication intelligence receivers,
real-time networkcentric analog and digital
data acquisition and storage systems.
Network and communications security, collection and
storage of data for aerospace applications, weapons test
and evaluation, and acquisition of signal data from targets
of interest for the intelligence gathering community.
General Dynamics, Government of Israel, Lockheed Martin,
NASA, Northrop Grumman, Raytheon, Titan Corporation,
U.S. Air Force, U.S. Army, U.S. Department of Defense and
U.S. Navy.
Test and
Measurement Services
Calibration and Repair
Calibration, repair and certification of
electrical, electronic, physical and dimensional
test equipment. Installation, execution
and turn-key management of customer
“Permanent On-Site” Calibration Programs.
Telecommunications systems, air traffic control
systems, electronic component manufacturing,
automotive, process control, weather radar systems,
aerospace and defense, medical device manufacturing and
power generation and distribution.
testing
Products
Testing of digital, linear, discrete, passive and
hybrid components, RF device testing, EMI testing,
environmental testing, dynamics testing, NEMA
Traffic Systems testing and transportation testing on
packaging, products, systems and subassemblies.
Military, aerospace, satellite and launch
systems, missile systems, avionics, medical,
telecommunications semiconductor manufacturing,
automotive and transportation.
Hall generators, current sensors, autoprobes
and gaussmeters.
Current measurement applications in mass transit
systems, elevators, automotive diagnostic systems and
laboratory diagnostic systems. Magnetic measurement
of components used in military, aerospace and medical
applications, and for research and development and
quality control.
AT&T, Bombardier, Bose, Delphi Automotive, Draeger,
Eaton, FAA, Gambro, Hamilton Sundstrand, Honeywell, ITT,
Kodak, Lucent Technologies, Motorola, National Technical
Systems, National Weather Service, Nokia, Siemens, Square
D, Texas Instruments, Tektronix, Temic Automotive of
North America, Tyco Electronics, TRW Automotive and
Underwriters Laboratories.
Arrow Electronics, Avnet, BAE Systems, Ball Aerospace
& Technologies Corp., Boeing, Bose, Celestica, DRS
Technologies, Eldec, General Dynamics, Goodrich, Hamilton
Sundstrand, Harris, Honeywell, Jabil Circuit, JPL, Killdeer, L-3,
Lockheed Martin, Merrimac Industries, NASA, Northrop
Grumman, Raytheon, Reckitt Benckiser, Suntron and
Teledyne.
Carrier Corporation, Electro-Motive Diesel, Hamilton
Sundstrand, Ithaco, Lockheed Martin, Science and
Engineering Services (U.S. Army), Starsys and Toyo.
sypris solutions 2007 Annual Report
13
eXeCUtive OFFiCeRs
BO aRD OF DiReC tORs
t. sCOtt HattOn
Vice President and CFO
JOHn R. MCGeeney
General Counsel
and Secretary
RiCHaRD L. Davis
Senior Vice President
antHOny C. aLLen
Vice President, Treasurer
and Assistant Secretary
ROBeRt e. GiLL (1†) (5)
Chairman of the Board
siDney R. PeteRsen (1) (3†)
Retired Chairman & CEO
Getty Oil, Inc.
JOHn F. BRinkLey (2) (4)
Retired General Manager
North American Automotive
Operations Export Sales
Ford Motor Company
JeFFRey t. GiLL (1) (5)
President & CEO
seRGiO L. M. De CaRvaLHO
Vice President, Sypris
Solutions, and President,
Sypris Technologies
katHy sMitH BOyD
Vice President, Sypris
Solutions, and President,
Sypris Test & Measurement
G. DaRReLL ROBeRtsOn
Vice President, Sypris
Solutions, and President,
Sypris Data Systems
wiLLiaM G. FeRkO (3) (4†)
CFO, Philips BU Professional
Luminaires North America,
a manufacturer of lighting
fixtures and controls
R. sCOtt GiLL (1)
Broker
Baird & Warner,
a residential real estate
brokerage firm
wiLLiaM L. HeaLey (2) (4)
Private Investor & Consultant
ROBeRt sROka (2†) (3)
Managing Director
Corporate Solutions Group,
an investment banking firm
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sypris solutions 2007 Annual Report
sypris solutions 2007 Annual Report
15
(1) Member of Executive Committee
(2) Member of Compensation Committee
(3) Member of Audit and Finance Committee
(4) Member of Nominating and
Governance Committee
(5) Executive Officer
† Committee Chairman
COMPany LOCatiOns
investOR inFORMatiOn
aLaBaMa
sypris Data systems
3322 S. Memorial Parkway
Suite 505
Huntsville, AL 35801
Phone: (256) 881-2231
aRizOna
sypris test & Measurement
2320 West Peoria Avenue
Building D-133
Phoenix, AZ 85029
Phone: (602) 395-5900
CaLiFORnia
sypris Data systems
Subsidiary Headquarters
160 E. Via Verde
San Dimas, CA 91773
Phone: (909) 962-9400
sypris test & Measurement
9840 Owensmouth Avenue
Chatsworth, CA 91311
Phone: (818) 717-5060
sypris test & Measurement
615 N. Mary Avenue
Sunnyvale, CA 94085
Phone: (408) 720-0006
COLORaDO
sypris Data systems
7307 S. Revere Parkway
Centennial, CO 80112
Phone: (303) 773-4700
sypris test & Measurement
8020 Southpark Circle
Suite 300
Littleton, CO 80120
Phone: (303) 798-2243
FLORiDa
sypris test & Measurement
Subsidiary Headquarters
6120 Hanging Moss Road
Orlando, FL 32807
Phone: (407) 678-6900
sypris electronics
Subsidiary Headquarters
10901 North McKinley Drive
Tampa, FL 33612
Phone: (813) 972-6000
sypris Data systems
2460 N. Courtney Parkway
Suite 107
Merritt Island, FL 32953
Phone: (321) 449-9243
GeORGia
sypris test & Measurement
1000 Cobb Place Boulevard
Building 200, Suite 240
Kennesaw, GA 30144
Phone: (770) 795-8092
iLLinOis
sypris test & Measurement
2055 Army Trail Road
Suite 114
Addison, IL 60101
Phone: (630) 620-5800
kentUCky
sypris solutions
Corporate Headquarters
101 Bullitt Lane
Suite 450
Louisville, KY 40222
Phone: (502) 329-2000
sypris technologies
Subsidiary Headquarters
101 Bullitt Lane
Suite 205
Louisville, KY 40222
Phone: (502) 420-1222
sypris technologies
2820 West Broadway
Louisville, KY 40211
Phone: (502) 774-6011
sypris technologies
tube turns Division
2612 Howard Street
Louisville, KY 40211
Phone: (502) 774-6011
MaRyLanD
sypris Data systems
9515 Gerwig Lane
Suite 119
Columbia, MD 21046
Phone: (410) 312-7923
sypris electronics
9020 Junction Drive
Suite 3
Annapolis Junction, MD 20701
Phone: (301) 490-4397
MassaCHUsetts
sypris test & Measurement
7 Sterling Road
North Billerica, MA 01862
Phone: (978) 663-2137
MiCHiGan
sypris test & Measurement
24301 Catherine Industrial Road
Suite 116
Novi, MI 48375
Phone: (248) 305-5200
new JeRsey
sypris test & Measurement
2500 Main Street Extension
Suite 2
Sayreville, NJ 08872
Phone: (732) 721-6116
sypris test & Measurement
1133 Route 23 South
Wayne, NJ 07470
Phone: (973) 628-1363
new yORk
sypris test & Measurement
135 Calkins Road
Suite R
Rochester, NY 14623
Phone: (585) 334-6570
nORtH CaROLina
sypris technologies
105 Wamsutta Mill Road
Morganton, NC 28655
Phone: (828) 433-4600
OHiO
sypris technologies
13267 State Route 68 South
Kenton, OH 43326
Phone: (419) 674-4051
sypris technologies
1550 Marion Agosta Road
Marion, OH 43302
Phone: (740) 383-2111
sypris test & Measurement
950 Keynote Circle
Suite 110
Brooklyn Heights, OH 44131
Phone: (216) 741-7040
sypris test & Measurement
3148 Presidential Drive
Fairborn, OH 45324
Phone: (937) 427-3444
teXas
sypris test & Measurement
254 East Arapaho Road
Suite 101
Richardson, TX 75081
Phone: (972) 231-4443
sypris Data systems
8500 Dyer Street
Suite 65
El Paso, TX 79904
Phone: (915) 757-2547
MeXiCO
sypris technologies
Industrias quimicas No. 200
Zona Industrial
Toluca, Mexico C.P. 50071
Phone: (52) (722) 262-3300
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sypris solutions 2007 Annual Report
CORPORate aDDRess
Sypris Solutions, Inc.
101 Bullitt Lane
Suite 450
Louisville, KY 40222
Phone: (502) 329-2000
Fax: (502) 329-2050
annUaL MeetinG
The Annual Meeting of Stockholders will be
held on Tuesday, April 22, 2008 at 10:00 a.m.
at 101 Bullitt Lane, Lower Level Seminar
Room, Louisville, Kentucky.
FOR MORe inFORMatiOn
To learn more about Sypris Solutions, Inc.,
visit our site on the World Wide Web at
www.sypris.com.
investOR MateRiaLs
The Sypris web page – www.sypris.com –
is your entry point for a vast array of information about
Sypris, including its products, financial information,
real-time stock quotes, links to each of its subsidiary
operations, corporate governance information and
other useful information.
For investor information, including
additional annual reports, 10-ks, 10-Qs or
any other financial literature, please contact
Lynn w. Boon, Corporate services Manager,
101 Bullitt Lane, suite 450, Louisville, ky 40222.
syPRis On nasDaQ
The common stock of Sypris
trades on the NASDAq Global
Market under the symbol SYPR.
tRansFeR aGent
LaSalle Bank N.A.
135 South LaSalle Street
Suite 1946
Chicago, IL 60603
Phone: (888) 606-3971
Fax: (312) 904-7024
inDePenDent ReGisteReD
PUBLiC aCCOUntinG FiRM
Ernst & Young LLP
400 West Market Street
Suite 2400
Louisville, KY 40202
Phone: (502) 585-1400
Fax: (502) 584-4221
CORPORate COUnseL
Wyatt, Tarrant & Combs, LLP
500 West Jefferson Street
Suite 2800
Louisville, KY 40202
Phone: (502) 589-5235
Fax: (502) 589-0309
Our 2007 Form 10-K, which accompanies this document, is incorporated herein as an integral part of our
2007 Annual Report.
Forward-Looking statements
This report includes non-historical or “forward-looking” statements concerning future events or conditions. Important risk
factors, which could cause actual results to differ materially from these statements, are set forth in Item 1A. Risk Factors in
the accompanying Form 10-K.
101 Bullitt Lane, Suite 450
Louisville, Kentucky 40222
Phone (502) 329-2000
Fax (502) 329-2050
www.sypris.com