Sevcon Reports Financial Results for Second Quarter Fiscal 2014
06 Maio 2014 - 5:56PM
Sevcon, Inc. (Nasdaq:SEV) reported financial results for the second
quarter of fiscal 2014 ended March 29, 2014.
Second-Quarter Fiscal 2014 Results Summary
- Revenues increased to $9.2 million, from $8.0 million in the
second quarter of fiscal 2013, reflecting improving conditions in
the company's markets. Foreign currency fluctuations increased
reported sales in the second fiscal quarter by $331,000, or 4%,
mainly due to a weaker U.S. Dollar compared to both the British
Pound and the Euro than in the prior year period.
- Operating income was $196,000, compared with an operating loss
of $463,000 in the second quarter last year, which included a
one-time restructuring charge of $605,000. In the second quarter of
2014 there was a foreign currency loss of $241,000 compared to a
gain of $290,000 in the same period last year, mainly due to a
weaker U.S. Dollar compared to the Euro and the British Pound than
in the prior year period. Excluding the impact of foreign currency,
operating income was $437,000, an increase of $900,000 compared to
the prior year period.
- There was an income tax benefit of $23,000 in the second
quarter of fiscal 2014, compared with a benefit of $638,000 in the
year-earlier quarter.
- Net income was $162,000, or $0.05 per diluted share, compared
with net income of $62,000, or $0.02 per diluted share, a year
earlier.
Six Month Fiscal 2014 Result Summary
- Revenues were $18.2 million, compared with $14.7 million in the
first six months of fiscal 2013. Foreign currency fluctuations
increased reported sales in the first half year by $430,000, or 3%,
mainly due to a weaker U.S. Dollar compared to both the British
Pound and the Euro than in the prior year period.
- Operating income was $906,000, compared with an operating loss
of $1.6 million in the first six months of last year, which
included the aforementioned restructuring charge. In the first half
of 2014 there was a foreign currency loss of $352,000 compared to a
gain of $306,000 in the same period last year, mainly due to a
weaker U.S. Dollar compared to the Euro and the British Pound in
the first half of 2014 than in the prior year period. Excluding the
impact of foreign currency, operating income was $1.3 million, an
increase of $2.9 million compared to the prior year period.
- There was an income tax charge of $98,000 in the second quarter
of fiscal 2014, compared with an income tax benefit of $746,000 in
the prior year period.
- Net income was $650,000, or $0.19 per diluted share, compared
with a net loss of $1.2 million, or $(0.37) per share, for the
first six months of fiscal 2013.
Management Comments
"Sevcon's revenue growth in the second quarter was driven by
higher product shipments across the majority of our markets and in
all three of the geographic regions we serve," said President and
CEO Matt Boyle. "Sales for the second quarter increased mid single
digits year-over-year in both Europe and the United States,
reflecting demand growth in our traditional off-road markets,
primarily for fork-lift truck and aerial work platform
applications. This was a particularly strong quarter for us in
Asia, where we posted high double-digit sales growth,
year-over-year. This growth continued to be driven primarily by
aerial work platform and fork lift truck demand in Japan and China.
In addition, we are beginning to benefit from our new business
initiatives in the on-road sector in Asia, primarily in China."
"The past three months marked Sevcon's fifth consecutive quarter
of sequential revenue growth and our third straight quarter of
growth, year-over-year," said Boyle. "We believe that underlying
demand is slowly gathering strength in the majority of our markets
worldwide. Our lead times and order visibility are continuing to
improve, and our portfolio of customer relationships is expanding.
Although we are investing in Sevcon's future growth, 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."
"We believe the market will begin a meaningful shift towards
larger electric and hybrid vehicles, and that inflection point may
well be closer than many people think. Our product roadmap has the
potential to put us in the sweet spot for this next phase of EV
market growth. Our key strategic challenge is scaling the business
to capture this opportunity on a timely basis, which we may
accomplish organically or through acquisitions of other businesses,
or both. Meeting this challenge means that we will need a stronger
balance sheet to fuel accelerated growth. We are considering
raising equity capital by means of a rights offering or other
approach, and we are developing a capital allocation and investment
strategy that will help us to achieve our goals," concluded
Boyle.
Second-Quarter Fiscal 2014 Conference Call
Details
Sevcon has scheduled a conference call to review its results for
the second quarter of fiscal 2014 tomorrow, May 7, 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.
Second Quarter Fiscal
2014 Financial Highlights |
(In thousands except per-share
data) |
|
Three months
ended |
Six months
ended |
|
(Unaudited) |
(Unaudited) |
|
March 29, |
March 30, |
March 29, |
March 30, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
Net sales |
$9,170 |
$8,017 |
$18,219 |
$14,657 |
|
|
|
|
|
Operating income (loss) |
196 |
(463) |
906 |
(1,648) |
|
|
|
|
|
Income (loss) before income taxes |
139 |
(576) |
748 |
(1,986) |
|
|
|
|
|
Net income (loss) |
162 |
$ 62 |
650 |
$ (1,240) |
|
|
|
|
|
Basic income (loss) per share |
$ 0.05 |
$ 0.02 |
$ 0.19 |
$ (0.37) |
|
|
|
|
|
Diluted income (loss) per share |
$ 0.05 |
$ 0.02 |
$ 0.19 |
$ (0.37) |
|
|
|
|
|
Average shares outstanding |
3,401 |
3,363 |
3,388 |
3,351 |
|
|
|
|
|
Summarized Balance Sheet
Data |
|
|
|
|
|
|
|
|
(in thousands of
dollars) |
|
|
|
March 29, 2014 |
September 30, 2013 |
|
|
|
(unaudited) |
(derived from audited
statements) |
|
|
|
|
|
Cash and cash equivalents |
|
|
$1,450 |
$2,062 |
Receivables |
|
|
7,721 |
7,103 |
Inventories |
|
|
5,965 |
5,723 |
Prepaid expenses and other current
assets |
|
|
2,085 |
1,862 |
Total current assets |
|
|
17,221 |
16,750 |
Long-term assets |
|
|
6,921 |
6,610 |
Total assets |
|
|
$24,142 |
$23,360 |
|
|
|
|
|
Current liabilities |
|
|
$6,069 |
$6,060 |
Liability for pension benefits |
|
|
8,255 |
8,354 |
Other long-term liabilities |
|
|
1,704 |
1,728 |
Stockholders' equity |
|
|
8,114 |
7,218 |
Total liabilities and stockholders'
equity |
|
|
$24,142 |
$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: capital markets are
cyclical and weakness in the United States and international
economies may harm our business; global demand for electric
vehicles incorporating our products 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; we may not be able to attract and retain the
level of high quality engineering staff that we need to develop the
new and improved products we need to be successful; 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; we may not be able to raise the capital we
anticipate needing to grow our business; and companies we acquire
may be more costly to acquire and integrate, or may not generate as
much revenue and earnings, as we anticipate. 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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