Sevcon Reports Financial Results for First Quarter Fiscal 2014
04 Fevereiro 2014 - 11:14PM
Sevcon, Inc. (Nasdaq:SEV) reported financial results for the first
quarter of fiscal 2014 ended December 28, 2013. The Company also
announced separately today that it has received the required
approval of the government authorities in China to establish a
joint venture with a subsidiary of a Chinese Tier 1 automotive
supplier.
First-Quarter Fiscal 2014 Results Summary
- Revenues increased 36% to $9.0 million, from $6.6 million in
the first quarter of fiscal 2013, reflecting improving conditions
in the Company's markets.
- Operating income was $710,000, compared with an operating loss
of $1.2 million in the first quarter last year. There was an income
tax provision of $121,000 in the first quarter of fiscal 2014,
compared with an income tax benefit of $108,000 in the year-earlier
quarter.
- Net income was $488,000, or $0.14 per diluted share, compared
with a net loss of $1.3 million, or a loss of $0.39 per share, in
the first quarter of fiscal 2013.
Subsequent Event
- In January 2014, a customer of Sevcon SAS, the French
subsidiary of the Company, was placed into administration. The
receivable from the customer is $555,000 including taxes. The
Company is pursuing full payment of the debt. It is not clear at
this time if the debt can or will be repaid and its collection is
subject to a legal process.
Management Comments
"Sevcon's revenue growth in the first quarter was driven by
increased product shipments in the majority of our markets and in
all three of the geographic regions we serve," said President and
CEO Matt Boyle. "Our sales growth in North America was driven by
substantially stronger demand, year-over-year, in our traditional
off-road markets, primarily for fork-lift truck and aerial work
platform applications. Demand also was significantly higher in
Japan and China, primarily for off-road applications as well.
Although the European economy still faces challenges, this was our
second consecutive quarter of growth in that region, largely driven
by increased product demand for 4-wheel EV applications in the
on-road market."
"Looking forward, the underlying demand patterns appear to be
strengthening in the majority of our markets worldwide," said
Boyle. "Our customers are expressing a greater sense of confidence
in the future, and our lead times and order visibility are steadily
improving. Sevcon's portfolio of customer relationships and product
pipeline are continuing to expand, and our revenues have grown both
sequentially and year-over-year for the past two quarters. As
we announced separately today, Sevcon has entered into a
joint-venture agreement with Risenbo Technology Co., Ltd., based in
Hubei Province, China. The new joint venture company will market
and sell existing and future Sevcon products for on-road electric
and hybrid vehicle applications principally to that country's Tier
1 automotive suppliers."
"While rebuilding our momentum on the top line we are making
progress on the bottom line as well," Boyle said. "Our business
continues to benefit from having a low-cost, flexible manufacturing
model. As a result, we believe that Sevcon is positioned to deliver
significant margin leverage on incremental sales as conditions in
our markets improve."
First-Quarter Fiscal 2014 Conference Call
Details
Sevcon has scheduled a conference call to review its results for
the first quarter tomorrow, February 5, 2014 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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First Quarter Fiscal 2014 Financial
Highlights |
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(In thousands except per share data) |
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Three months ended |
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December 28, |
December 29, |
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2013 (unaudited) |
2012 (unaudited) |
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Net sales |
$ 9,049 |
$ 6,640 |
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Operating income (loss) |
710 |
(1,185) |
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Income (loss) before income taxes |
609 |
(1,410) |
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Net Income (loss) |
$ 488 |
$ (1,302) |
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Basic Income (loss) per share |
$ .14 |
$ (0.39) |
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Diluted Income (loss) per share |
$ .14 |
$ (0.39) |
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Average shares outstanding |
3,375 |
3,339 |
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Summarized Balance Sheet
Data |
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(in thousands of dollars) |
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December 28, 2013 (unaudited) |
September 30, 2013 (derived from
audited statements) |
Cash and cash equivalents |
$ 2,159 |
$ 2,062 |
Receivables |
7,125 |
7,103 |
Inventories |
5,937 |
5,723 |
Prepaid expenses and other current
assets |
1,363 |
1,862 |
Total current assets |
16,584 |
16,750 |
Long-term assets |
6,933 |
6,610 |
Total assets |
$ 23,517 |
$ 23,360 |
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Current liabilities |
$ 5,660 |
$ 6,060 |
Liability for pension benefits |
8,266 |
8,354 |
Other long-term liabilities |
1,716 |
1,728 |
Stockholders' equity |
7,875 |
7,218 |
Total liabilities and stockholders'
equity |
$ 23,517 |
$ 23,360 |
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 future financial
results 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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