Sevcon Reports Financial Results for Third Quarter Fiscal 2013
06 Agosto 2013 - 5:11PM
Sevcon, Inc. (Nasdaq:SEV) reported financial results for the third
quarter of fiscal 2013 ended June 29, 2013.
Third-Quarter Fiscal 2013 Results Summary
- Revenues were $8.7 million, compared with $8.9 million in the
third quarter of fiscal 2012, reflecting ongoing mixed conditions
in the Company's markets.
- Operating income was $293,000, compared with $35,000 in the
third quarter last year. Foreign currency fluctuations reduced
operating income by $256,000 compared to the same period last year,
due mainly to the weakness of the US dollar compared to the euro.
Excluding the impact of currency, operating income was $514,000
higher than the same period last year.
- There was an income tax charge of $47,000 compared with an
income tax benefit of $99,000, in the same period last year.
- Net income was $124,000, or $0.04 per diluted share, compared
with net income of $156,000, or $0.05 per diluted share, a year
earlier.
Nine-Month Fiscal 2013 Results Summary
- Revenues were $23.3 million, compared with $27.5 million in the
first nine months of fiscal 2012. This decline reflected 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's
nine-month period and had little effect on reported sales.
- Operating loss was $1.4 million, which includes a $605,000
restructuring charge in the second quarter of this fiscal year,
compared with operating income of $982,000, which included $159,000
in U.K. government grant income, in the first nine months of last
year.
- Net loss was $1,116,000, or $(0.33) per share, compared with
net income of $910,000, or $0.27 per diluted share, for the first
nine months of fiscal 2012.
Management Comments
"Sevcon's third-quarter results were in line with our
expectations," said President and CEO Matt Boyle. "Our traditional
off-road business was up robustly year-over-year, particularly in
Asia, despite continued weakness in the global mining sector. This
growth was offset, however, by lower sales in our on-road business,
primarily in Europe. At the same time, the restructuring
initiatives we implemented in the second quarter are on track
toward delivering the $2 million of annualized operating expense
reduction that we anticipated."
"We are continuing to expand our portfolio of relationships with
OEM and automotive suppliers in Europe, Asia and North America,"
Boyle said. "Leveraging our industry-leading technology in close
cooperation with our customers, we are continuing to develop new
solutions for making electric vehicles safer, more convenient and
cheaper to run. We were recently awarded a grant by the local
government in the U.K., equivalent to $450,000, to assist in the
development of a new range of high-voltage controls, which will
offset engineering spend on this project. The grant covers an
expected 18-month development and implementation program. We also
recently launched the first product in what we envision as a full
line of Gen4 DC controllers, which will encompass products in a
variety of sizes similar to the sizes we cover with our successful
Gen4 AC controllers. We expect our Gen4 DC products to be highly
price and performance competitive and well-suited to a large number
of applications, especially in the global off-road construction and
distribution markets."
"We believe that Sevcon is well-positioned for the challenges
ahead," said Boyle. "Fundamentally, we are in the right place at
the right time with our technology and products and with our
expanding portfolio of OEM relationships, although our near-term
visibility is cloudier than we would like. We are confident that,
with our lower cost structure and conservative balance sheet, a
more consistent recovery in end-market demand will enhance the
operating leverage in our business. We remain committed to growth
and improved profitability, and look forward to reporting continued
progress toward these goals."
Third Quarter Fiscal 2013 Conference Call
Details
Sevcon has scheduled a conference call to review its results for
the third quarter of fiscal 2013 tomorrow, August 7, 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.
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Third Quarter Fiscal 2013
Financial Highlights |
(in thousands except per
share data) |
|
|
Three months
ended |
Nine months
ended |
|
(Unaudited) |
(Unaudited) |
|
June 29 |
June 30 |
June 29 |
June 30 |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Net sales |
$8,675 |
$8,878 |
$23,332 |
$27,494 |
|
|
|
|
|
Operating income (loss) |
293 |
35 |
(1,355) |
982 |
|
|
|
|
|
Income (loss) before income taxes |
171 |
57 |
(1,815) |
1,058 |
|
|
|
|
|
Net income (loss) |
$124 |
$156 |
$(1,116) |
$910 |
|
|
|
|
|
Basic income (loss) per share |
$0.04 |
$0.05 |
$(0.33) |
$0.27 |
|
|
|
|
|
Diluted income (loss) per share |
$0.04 |
$0.05 |
$(0.33) |
$0.27 |
|
|
|
|
|
Average shares outstanding |
3,365 |
3,341 |
3,356 |
3,330 |
|
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Summarized Balance Sheet
Data |
|
|
(in thousands) |
|
|
|
|
|
|
June 29 |
September 30 |
|
2013 |
2012 |
|
(Unaudited) |
(Derived from |
|
|
audited statements) |
Cash and cash equivalents |
$1,338 |
$2,823 |
Receivables |
6,669 |
5,858 |
Inventories |
5,820 |
6,346 |
Prepaid expenses and other current
assets |
1,535 |
1,932 |
Total current assets |
15,362 |
16,949 |
Long-term assets |
7,309 |
6,612 |
Total assets |
$22,671 |
$23,561 |
|
|
|
Current liabilities |
$7,291 |
$5,044 |
Liability for pension benefits |
9,496 |
10,264 |
Other long-term liabilities |
38 |
1,774 |
Stockholders' equity |
$5,846 |
6,479 |
Total liabilities and stockholders'
equity |
$22,671 |
$23,561 |
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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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