Sevcon Reports Financial Results for Second Quarter Fiscal 2013
07 Maio 2013 - 5:05PM
Sevcon, Inc. (Nasdaq:SEV) reported financial results for the second
quarter of fiscal 2013 ended March 30, 2013.
Second Quarter Fiscal 2013 Results Summary
- Revenues were $8.0 million, down from $10.1 million in the
second quarter of fiscal 2012 but indicating a recovery from the
$6.6 million recognized in the first quarter of fiscal 2013. This
reflects a continuation of product demand fluctuations in most of
the Company's markets that began in the fourth quarter of fiscal
2012. Foreign currency exchange rates were similar to last year and
had little effect on reported sales.
- Operating loss was $463,000, including a one-time restructuring
charge of $605,000, compared with operating income of $695,000 in
the second quarter last year, which included $110,000 in U.K.
government grant income. This represents an improvement over
the $1.2 million operating loss in the first quarter of fiscal
2013.
- The Company recorded an income tax benefit for the quarter of
$638,000.
- Net income was $62,000 or $0.02 per share, compared with net
income of $470,000, or $0.14 per diluted share, a year earlier and
a net loss of $1.3 million in the first quarter of fiscal
2013.
Six-Month Fiscal 2013 Results Summary
- Revenues were $14.6 million, compared with $18.6 million in the
first six months of fiscal 2012. Foreign currency exchange rates
were similar to last year and had little effect on reported
sales.
- Operating loss was $1,648,000, which included a one-time
restructuring charge of $605,000 in the second quarter, compared
with operating income of $947,000 in the first six months of last
year, which included $110,000 in U.K. government grant income.
- Net loss was $1.24 million, or $(0.37) per share, compared with
net income of $754,000, or $0.22 per diluted share, for the first
six months of fiscal 2012.
Management Comments
"Conditions in both the off-road and on-road segments of our
business continue to be very challenging, and product demand
remains well below the levels of a year ago," said President and
CEO Matt Boyle. "However, the pickup in order flow that we began to
experience in January continued through the second quarter. Our
lead times and visibility have stabilized, and we were encouraged
to see some pockets of end-market strength materialize as the
quarter progressed."
"Our highest near-term priority is to return Sevcon to
profitability," Boyle said. "We have taken out costs without, we
believe, jeopardizing the long-term growth of the business. We
implemented personnel and cost reduction measures in the second
quarter designed to rapidly accomplish this goal, based on the
assumption of continued soft demand. We expect these measures to
result in approximately $2 million of annual savings. Although we
incurred a related restructuring charge of $605,000 in the second
quarter, the associated cost reductions enabled us to narrow our
operating loss."
"We believe that Sevcon is well-positioned to leverage the
underlying strength in global demand for environmentally friendly
transportation," said Boyle. "We are continuing to expand our
portfolio of relationships with OEMs and automotive suppliers in
Europe, Asia and North America. At the same time, our engineering
team is working closely with our customers around the world on
solutions for making electric vehicles safer, more convenient and
less costly to operate than ever before. Although the near-term
demand environment remains less than favorable, we began the third
quarter with a stronger backlog than we began the last two quarters
and we have both an improved order flow and a lower cost structure.
We remain committed to returning the business to growth and
profitability, and look forward to reporting continued progress
toward this goal in the quarters ahead."
Second Quarter Fiscal 2013 Conference Call
Details
Sevcon has scheduled a conference call to review its results for
the second quarter of fiscal 2013 tomorrow, May 8, 2013 at 9:00
a.m. ET. Those who wish to listen to the conference call webcast
should visit the Investor Relations section of the company's
website at 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.
Second Quarter Fiscal
2013 Financial Highlights |
(in thousands except
per share data) |
|
|
|
|
Three months ended |
Six months ended |
|
(Unaudited) |
(Unaudited) |
|
March 30 2013 |
March 31 2012 |
March 30 2013 |
March 31 2012 |
|
|
|
|
|
Net sales |
$ 8,017 |
$ 10,101 |
$ 14,657 |
$ 18,616 |
|
|
|
|
|
Operating (loss) income |
(463) |
695 |
(1,648) |
947 |
|
|
|
|
|
(Loss) income before income taxes |
(576) |
628 |
(1,986) |
1,001 |
|
|
|
|
|
Net income (loss) |
$ 62 |
$ 470 |
$ (1,240) |
$ 754 |
|
|
|
|
|
Basic income (loss) per share |
$ 0.02 |
$ 0.14 |
$ (0.37) |
$ 0.23 |
|
|
|
|
|
Diluted income (loss) per share |
$ 0.02 |
$ 0.14 |
$ (0.37) |
$ 0.22 |
|
|
|
|
|
Average shares outstanding |
3,363 |
3,336 |
3,351 |
3,313 |
Summarized Balance Sheet
Data |
(in
thousands) |
|
|
|
|
March 30 2013 (Unaudited) |
September 30 2012 (Derived from audited
statements) |
|
|
|
Cash and cash equivalents |
$ 1,002 |
$ 2,823 |
Receivables |
6,008 |
5,858 |
Inventories |
5,963 |
6,346 |
Prepaid expenses and other current
assets |
2,066 |
1,932 |
Total current assets |
15,039 |
16,949 |
Long-term assets |
6,841 |
6,612 |
Total assets |
$ 21,880 |
$ 23,561 |
|
|
|
Current liabilities |
$ 5,036 |
$ 5,044 |
Liability for pension benefits |
9,518 |
10,264 |
Other long-term liabilities |
1,748 |
1,774 |
Stockholders' equity |
$ 5,578 |
6,479 |
Total liabilities and stockholders'
equity |
$ 21,880 |
$ 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.
Forward-Looking Statements
Statements in this release about Sevcon's prospects for fiscal
2013 and beyond 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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