Sevcon Reports Financial Results for First Quarter Fiscal 2015
03 Fevereiro 2015 - 9:29PM
Sevcon, Inc. (Nasdaq:SEV) reported financial results for the first
quarter of fiscal 2015 ended January 3, 2015.
First-Quarter Fiscal 2015 Results Summary
- Revenues increased 10% to $9.9 million, from $9.0 million in
the first quarter of fiscal 2014, reflecting the startup of
new electrification programs with on-road OEMs and volume
production with new customers. Foreign currency fluctuations
decreased reported sales by $268,000, or 3%, mainly due to a
stronger U.S. Dollar compared with the Euro and the British Pound
than in the first quarter of fiscal 2014.
- Operating income was $282,000, compared with $710,000 in the
first quarter last year. The $428,000 reduction in operating income
was due to operating expenses being $605,000 higher than in the
same fiscal quarter last year partially offset by a $177,000
increase in gross profit. The increase in operating expenses
reflects increased investment in sales and
engineering.
- Net income attributable to common stockholders was $171,000, or
$0.06 per diluted share, after a preference share dividend of
$111,000 or $0.02 per diluted share, compared with $488,000, or
$0.14 per diluted share, in the first quarter of fiscal 2014.
Management Comments
"Sevcon is off to a solid start in fiscal 2015," said President
and CEO Matt Boyle. "Sales were up 10% from the first quarter of
fiscal 2014.This was driven primarily by increased product
shipments for on-road hybrid and pure EV applications in all three
of the geographic regions we serve. In addition, the increase
reflects the commencement of the electrification program with a
large German on-road OEM we announced today. This is the 3rd major
on-road win in the last 90 days. Foreign exchange was a major
factor this quarter, primarily due to the strength of the U.S.
Dollar versus the Euro and the British Pound. Adjusted for
currency, our total sales were up 13% year-over-year. Since the
first quarter of fiscal 2013, market demand has been improving and
it has translated into order and revenue growth."
"Looking forward, our strategy to develop modular-based
technology platforms that can be adapted across multiple
applications is gaining acceptance. We are working on an expanding
pipeline of projects related to the electrification of passenger
cars and commercial vehicles with customers in the U.S., Europe and
Asia. In addition, we are gaining momentum in pursuit of
electrification of ancillary powertrain systems in motor vehicles
and various industrial traction and power applications. Our
broadening customer base is increasingly embracing the easily
adaptable electrification solutions that only Sevcon's engineering
expertise and application knowledge can provide. Leveraging our
expertise, we expect to continue expanding our business both
organically and through acquisitions, and look forward to reporting
continued growth and improved profitability as fiscal 2015
progresses," Boyle concluded.
First-Quarter Fiscal 2015 Conference Call
Details
Sevcon has scheduled a conference call to review its results for
the first quarter tomorrow, February 4, 2015 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
http://ir.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 2015
Financial Highlights |
(in thousands
except per share data) |
|
|
January 3 2015 |
December 28 2013 |
|
(unaudited) |
(unaudited) |
Revenues |
$ 9,933 |
$ 9,049 |
Operating income |
282 |
710 |
Income before income taxes |
305 |
609 |
Income taxes provision |
(40) |
(121) |
Net income |
265 |
488 |
Net loss attributable to non-controlling
interest |
17 |
-- |
Net income attributable to Sevcon, Inc. and
subsidiaries |
282 |
488 |
Series A Preference Share dividends |
(111) |
-- |
Net income attributable to common
stockholders |
171 |
488 |
Basic income per share |
$ 0.05 |
$ 0.14 |
Diluted income per share |
$ 0.06 |
$ 0.14 |
Average shares
outstanding -- Basic |
3,427 |
3,375 |
Average shares outstanding - Diluted |
4,895 |
3,390 |
|
Summarized Balance Sheet
Data |
|
|
|
|
January 3 2015 |
September 30 2014 |
|
(unaudited) |
(derived from audited statements) |
Cash and cash equivalents |
$ 8,111 |
$ 11,238 |
Receivables |
7,246 |
6,877 |
Inventories |
6,289 |
6,258 |
Prepaid expenses and other current
assets |
1,741 |
1,747 |
Total current assets |
23,387 |
26,120 |
Long-term assets |
7,683 |
7,847 |
Total assets |
$ 31,070 |
$ 33,967 |
|
|
|
Current liabilities |
$ 5,437 |
$ 6,276 |
Liability for pension benefits |
8,929 |
9,529 |
Other long-term liabilities |
-- |
1,700 |
Stockholders' equity |
16,601 |
16,342 |
Non-controlling interest |
103 |
120 |
Total liabilities and stockholders'
equity |
$ 31,070 |
$ 33,967 |
About Sevcon, Inc.
Sevcon is a world leader in the design and manufacture of
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 and
hybrid 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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