Sevcon Reports Fourth Quarter Financial Results
04 Dezembro 2012 - 7:41PM
Sevcon, Inc. (Nasdaq:SEV), a global manufacturer of drivetrain
controls for electric and hybrid vehicles, today reported financial
results for the full year and for the fourth quarter of fiscal 2012
ended September 30, 2012.
Fourth Quarter Fiscal 2012 Results Summary
- Revenues were $8.0 million, compared with $9.4 million in the
fourth quarter of fiscal 2011, reflecting lower demand for Sevcon's
Gen4 controller product line in the company's off-road and on-road
electric vehicle (EV) markets. Foreign currency exchange rate
changes reduced revenues by 3%.
- Operating income was $518,000, compared with $202,000 in the
fourth quarter last year. Fiscal 2012 fourth quarter
operating income included a benefit of $794,000 associated with the
freezing of the company's U.K. pension plan, partially offset by a
charge of $285,000 in the quarter related to obsolete inventory.
Excluding these two items, operating income for the fourth quarter
of fiscal 2012 was $9,000.
- Net income was $285,000, or $0.08 per diluted share, compared
with $58,000, or $0.02 per diluted share, a year earlier.
Full-Year Fiscal 2012 Results Summary
- Revenues increased 10% to $35.5 million, from $32.3 million in
fiscal 2011, driven by increased Gen4 controller demand. Foreign
currency fluctuations reduced revenues 3%.
- Operating income was $1,500,000 compared with $1,070,000 in the
prior year. Operating income for fiscal 2012 included $200,000 in
U.K. government grant income, compared with $600,000 in fiscal
2011. As described above, fiscal 2012 operating income also
included a benefit of $794,000 associated with the freezing of the
company's U.K. pension plan. Operating income for the prior fiscal
year included a gain of $451,000 from the profit on the sale of a
surplus property in the U.K. Excluding the grant income from both
years and the impact of the one-time pension gain in 2012 and the
property sale in 2011, operating income for fiscal 2012 was
$487,000 higher than last year.
- Net income was $1,195,000, or $0.35 per diluted share, compared
with $712,000, or $0.21 per diluted share, for fiscal 2011.
Management Comments
"Sevcon concluded a year of 10% revenue growth although with a
weak fourth quarter as the macroeconomic environment in our key
geographic markets affected both the off-road and on-road segments
of our business," said President and CEO Matt Boyle. "Reflecting
the continued global slowdown in construction and mining activity,
we continued to experience soft product demand for traditional
off-road industrial EV applications during the quarter. A bright
spot in our traditional markets was an improvement in shipments to
our fork lift truck customers in North America and the Far East. In
the on-road EV market, sales to two-wheel applications improved by
25% from the fourth quarter last year. Sales of controllers to
four-wheel customers decreased, however, mainly due to curtailment
of shipments to one large customer compared to the orders fulfilled
to that customer a year earlier."
"Fourth-quarter revenues in Sevcon's core business, the Controls
segment, were down 15% from a year ago, a trend continuing into
this current year. This reflects slower demand in Europe and North
America, while sales in the Far East were higher," said Boyle.
"Excluding the impact of foreign currency, Controls segment
revenues declined 12% overall in the fourth quarter. Revenues in
Europe and North America were 37% and 9% lower, respectively, than
in the same fiscal quarter last year, while sales in the Far East
were 89% higher."
"Looking forward, we will continue to be impacted by the
negatives effects of the global macroeconomy which will play a key
role in shaping the near-term trajectory of our business," Boyle
said. "Our plan for navigating this challenging environment is to
remain focused on the areas within our control, starting with our
project pipeline, which includes an expanding range of active
projects with OEM and Tier 1 automotive suppliers in Europe, Asia
and North America. In addition to on-road EV applications, these
projects involve some potentially important new products in the
industrial off-road sector."
"At the same time, we will continue to ensure that we have the
engineering, sales and customer support resources we need to
support these business development initiatives and fully capitalize
on Sevcon's future opportunities, while maximizing the
profitability in our business model," said Boyle. "We look forward
to reporting our progress in executing on these objectives in the
quarters ahead."
Fourth-Quarter and Year-End Fiscal 2012 Conference Call
Details
Sevcon has scheduled a conference call to review its
fourth-quarter results tomorrow, December 5, 2012 at 9:00 a.m. ET.
A webcast of the call will be available at the Investor Relations
section of the Company's website, www.sevcon.com. The live call
also can be accessed by dialing (877) 407-5790 or (201) 689-8328
prior to the start of the call. If you are unable to listen to the
live call, the webcast will be archived on the company's
website.
Fourth Quarter Fiscal
2012 Financial Highlights (In thousands except per
share data) |
|
|
Three months ended |
Twelve months ended |
|
(Unaudited) |
|
|
September 30 2012 |
September 30 2011 |
September 30 2012 |
September 30 2011 |
|
|
|
|
|
Revenues |
$ 8,021 |
$ 9,408 |
$ 35,515 |
$ 32,286 |
|
|
|
|
|
Operating income |
518 |
202 |
1,500 |
1,070 |
|
|
|
|
|
Income before income taxes |
538 |
213 |
1,596 |
969 |
|
|
|
|
|
Income taxes provision |
253 |
155 |
401 |
257 |
|
|
|
|
|
Net income |
$ 285 |
$ 58 |
$ 1,195 |
$ 712 |
|
|
|
|
|
Basic income per share |
$ 0.09 |
$ 0.02 |
$ 0.36 |
$ 0.22 |
|
|
|
|
|
Diluted income per share |
$ 0.08 |
$ 0.02 |
$ 0.35 |
$ 0.21 |
|
|
|
|
|
Average shares outstanding |
3,331 |
3,310 |
3,329 |
3,303 |
|
|
|
Summarized Balance Sheet
Data |
|
|
|
September 30 |
September 30 |
|
2012 |
2011 |
Cash and cash equivalents |
$ 2,823 |
$ 1,797 |
Receivables |
5,858 |
5,952 |
Inventories |
6,346 |
7,478 |
Prepaid expenses and other current
assets |
1,922 |
1,281 |
Total current assets |
16,949 |
16,508 |
Long-term assets |
6,612 |
6,439 |
Total assets |
$ 23,561 |
$ 22,947 |
|
|
|
Current liabilities |
$ 5,044 |
$ 6,010 |
Liability for pension benefits |
10,264 |
7,634 |
Other long-term liabilities |
1,774 |
1,813 |
Stockholders' equity |
6,479 |
7,490 |
Total liabilities and stockholders'
equity |
$ 23,561 |
$ 22,947 |
About Sevcon, Inc.
Sevcon is a world leader in the design and manufacture of
microprocessor based controls for zero emission electric and hybrid
vehicles. The controls are used to vary the speed and movement of
vehicles, to integrate specialized functions and to optimize the
energy consumption of the vehicle's power source. The Company
supplies customers throughout the world from its operations in the
USA, the U.K., France and the Asia Pacific region and through an
international dealer network. Sevcon's customers are manufacturers
of on and off-road vehicles including cars, trucks, buses,
motorcycles, fork lift trucks, aerial lifts, mining vehicles,
airport tractors, sweepers and other electrically powered vehicles.
For more information visit: www.sevcon.com.
The Sevcon, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9607
Forward-Looking Statements
Statements in this release about Sevcon's future prospects are
forward-looking statements subject to risks and uncertainties that
could cause actual results to differ materially from those we
anticipate. In particular: global demand for electric vehicles may
not grow as much as we expect; our customers' products may not be
as successful as those of other entrants in the electric vehicle
market who are supplied by our competitors; and we are dependent on
a few key suppliers and subcontractors for most components,
sub-assemblies and finished products, and we may not be able to
establish alternative sources of supply in time if supplies are
interrupted. Please see the company's most recent forms 10-K and
10-Q on file with the SEC for further information regarding
Sevcon's risk factors.
CONTACT: David Calusdian
Sharon Merrill Associates
1 (617) 542 5300
dcalusdian@InvestorRelations.com
Matt Boyle
President and CEO
1 (508) 281 5503
matt.boyle@Sevcon.com
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