Sevcon Reports Financial Results for First Quarter Fiscal 2013
29 Janeiro 2013 - 9:05PM
Sevcon, Inc. (Nasdaq:SEV) a global manufacturer of drivetrain
controls for electric and hybrid vehicles, today reported financial
results for the first quarter of fiscal 2013 ended December 29,
2012.
First Quarter Fiscal 2013 Results Summary
- Revenues were $6.6 million, compared with $8.5 million in the
first quarter of fiscal 2012, resulting from the fluctuations in
demand from most of the Company's markets that began in the fourth
quarter of fiscal 2012.
- Operating loss was $1.2 million, compared with operating income
of $0.25 million in the first quarter last year.
- Net loss was $1.3 million, or ($0.39) per diluted share,
compared with net income of $284,000, or $0.08 per diluted share, a
year earlier.
Management Comments
"Challenging global economic conditions continued to adversely
affect both the off-road and on-road segments of our business in
the first quarter," said President and CEO Matt Boyle. "Product
demand for traditional off-road industrial EV applications remained
soft, reflecting ongoing weakness in the global construction and
mining sectors. Despite the strength we saw in the fourth quarter
of fiscal 2012, our sales in the fork lift truck segment were
essentially flat on a year-over-year basis. As we experienced in
the fourth fiscal quarter of 2012 product sales to customers in the
on-road EV market were down overall from the first quarter last
year, despite double digit growth in sales for two-wheel
applications such as electric scooters and motorcycles."
"Revenues in Sevcon's core business, the Controls segment,
declined 23% from the first quarter last year," Boyle said. "Weak
demand in Europe, and to a lesser extent in North America,
continued to negatively affect our results. Continuing the
trend we saw in the fourth fiscal quarter of 2012, sales in Japan
were higher year-over-year, driven primarily by a rebound in
Japanese demand for off-road industrial EV products. Revenues in
Europe and North America were 44% and 18% lower, respectively, than
in the same quarter last fiscal year, while sales in the Far East
were up 17%."
"Despite the difficulties we faced in the first quarter, we
remain positive about the outlook for our business," said Boyle.
"After experiencing exceptionally weak order flow this past October
and November, we were pleased to see signs of improvement in
December that continued into January 2013. Nonetheless, our
near-term focus is to return the business to operating
profitability and we are implementing measures designed to rapidly
accomplish this goal."
"Looking ahead longer term, we believe that Sevcon is
well-positioned to leverage the underlying strength in global
demand for green transportation," Boyle said. "Our recent
investments in sales and customer support are enabling us to
continue expanding our project pipeline through new relationships
with OEM and Tier 1 automotive suppliers in Europe, Asia and North
America. In addition, our recently expanded engineering team is
advancing our technology in ways that promise to make electric
vehicles safer, more convenient and more cost-efficient in markets
around the world. We look forward to reporting our progress on
these initiatives in the quarters ahead."
First-Quarter Fiscal 2013 Conference Call
Details
Sevcon has scheduled a conference call to review its
first-quarter results tomorrow, January 30, 2013 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.
|
First Quarter Fiscal 2013
Financial Highlights |
(in thousands except per share
data) |
|
|
|
Three months ended |
|
|
December 29, |
December, 31 |
|
2012 (unaudited) |
2011 (unaudited) |
|
|
|
Net sales |
$ 6,640 |
$ 8,515 |
|
|
|
Operating (Loss) Income |
(1,185) |
252 |
|
|
|
(Loss) Income before income taxes |
(1,410) |
373 |
|
|
|
Net (Loss) Income |
($ 1,302) |
$ 284 |
|
|
|
Basic (Loss) Income per share |
($.39) |
$ .09 |
|
|
|
Diluted (Loss) Income per share |
($.39) |
$ .08 |
|
|
|
Average shares outstanding |
3,339 |
3,313 |
|
|
Summarized Balance Sheet
Data |
|
|
(in thousands of
dollars) |
|
December 29, 2012 (unaudited) |
September 30, 2012 (derived
from audited statements) |
|
|
|
Cash and cash equivalents |
$ 1,289 |
$ 2,823 |
Receivables |
5,376 |
5,858 |
Inventories |
6,456 |
6,346 |
Prepaid expenses and other current
assets |
1,981 |
1,932 |
Total current assets |
15,102 |
16,949 |
Long-term assets |
6,615 |
6,612 |
Total assets |
$ 21,717 |
$ 23,561 |
|
|
|
Current liabilities |
$ 4,240 |
$ 5,044 |
Liability for pension benefits |
10,312 |
10,264 |
Other long-term liabilities |
1,763 |
1,774 |
Stockholders' equity |
$ 5,402 |
6,479 |
Total liabilities and stockholders'
equity |
$ 21,717 |
$ 23,561 |
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 prospects for fiscal
2013 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
SEV@InvestorRelations.com
Matt Boyle
President and CEO
1 (508) 281 5503
matt.boyle@Sevcon.com
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