Sevcon Reports Record Sales for Full Year Fiscal 2015
08 Dezembro 2015 - 9:28PM
Sevcon, Inc. (Nasdaq:SEV) reported financial results for the fourth
quarter and fiscal year ended September 30, 2015.
Fourth-Quarter Fiscal 2015 Results Summary
- Revenues increased $0.5 million, or 4.7 percent, to $10.5
million, from $10.0 million in the fourth quarter of fiscal 2014,
mainly reflecting increasing customer demand for products developed
for an expanding range of applications in the on-road sector.
Foreign currency fluctuations decreased reported sales by $554,000,
or 5.5 percent, mainly due to a stronger U.S. dollar compared to
the euro and British pound than in the fourth quarter of fiscal
2014.
- The Company recorded operating income of $677,000, compared
with an operating loss of $94,000 in the fourth quarter last
year. Excluding the net favorable impact of foreign currency,
operating income would have been $184,000, an increase of $278,000
compared with the fourth quarter of fiscal 2014.
- The Company's income tax provision was $218,000, compared with
$21,000 in the fourth quarter of fiscal 2014.
- Net income attributable to common stockholders was $254,000, or
$0.07 per diluted share, after preference share dividends of
$105,000 or $0.03 per share, compared with $37,000 or $0.01 per
diluted share, after preference share dividends of $23,000 a year
earlier.
Full-Year Fiscal 2015 Result Summary
- Revenues increased $3.2 million, or 8.5 percent, to $41.1
million, from $37.9 million for fiscal 2014. Foreign currency
fluctuations decreased reported sales by $2.4 million, or 6
percent, mainly due to a stronger U.S. dollar compared with the
euro and British pound in the prior year.
- Operating income was $1.9 million, compared with $1.0 million
in fiscal 2014. Favorable foreign currency effects increased
operating income by $1.7 million compared with fiscal 2014.
Excluding the impact of foreign currency, operating income would
have been $0.2 million, a decrease of $0.8 million from fiscal
2014. This decrease was largely due to a $2.5 million increase in
operating expense, and in particular increased sales and
engineering headcount to address substantial potential future
opportunities.
- There was an income tax charge of $406,000 in fiscal 2015,
compared with an income tax charge of $85,000 in fiscal 2014.
- Net Income attributable to common stockholders was $1.1
million, or $0.32 per diluted share, after preference share
dividends of $440,000 or $0.13 per share, compared with $909,000,
or $0.28 per diluted share, for fiscal 2014, after preference share
dividends of $23,000.
Management Comments
"We ended fiscal 2015 on a strong note with fourth-quarter sales
up 4.7 percent, driven by a significant increase in on-road OEM
applications," said Sevcon Chief Executive Officer Matt Boyle. "We
made excellent progress during the year on our growth strategy, and
reported record financial results. Excluding foreign currency
impacts, total sales increased $5.7 million, or 15 percent, from
fiscal 2014. Sales for on-road applications were up 41 percent,
driven by our pursuit of high-value electrification segments. Our
breakthrough GEN5 technology platform, the foundation of our growth
strategy, was introduced in September to a highly receptive
customer base. Simple to install and program, GEN5 motor
controllers will set new standards of reliability, flexibility, and
security in on-road applications. We also logged a record number of
product shipments during the year, and rolled out customizable
technology solutions that we believe will provide 30 percent more
value than traditional technologies. In our off-road, industrial
market segment, sales increased 1.5 percent from fiscal 2014."
"Looking forward to fiscal 2016, we continue to be in an
investment mode in order to maximize future returns for our
stockholders," Boyle said. "We believe that, with our new
technologies, Sevcon is well-positioned for further design wins
with an increasing number of GEN5 products, plus an expanding base
of blue-chip customers. We expect that our traditional off-road
industrial markets will continue to be a proxy for global economic
trends. We are taking the necessary steps to accelerate our
industrial sector growth, and these initiatives are progressing
well. In the on-road sector, we are continuing to focus on
opportunities related to the global demand for electrification. We
believe that our GEN5 technology will enable Sevcon and its
customers to be faster to market, reduce risk, and gain share in
high-growth electrification applications."
Fourth-Quarter Fiscal 2015 Conference Call
Details
Sevcon has scheduled a conference call to review its results for
the fourth quarter and fiscal 2015 tomorrow, December 9, 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.
Fourth Quarter Fiscal 2015 Financial
Highlights |
|
|
|
|
(in thousands except per share
data) |
|
|
|
|
|
Three months ended |
Twelve months ended |
|
(unaudited) |
|
|
|
September 30, 2015 |
September 30, 2014 |
September 30, 2015 |
September 30, 2014 |
Revenues |
$ 10,523 |
$ 10,047 |
$ 41,142 |
$ 37,923 |
Operating income (loss) |
677 |
(94) |
1,894 |
1,025 |
Interest income |
11 |
9 |
31 |
10 |
Interest expense |
(22) |
(83) |
(76) |
(136) |
Foreign currency gain (loss) |
(140) |
48 |
118 |
(83) |
Change in fair value of cash flow hedges |
46 |
-- |
(22) |
-- |
Income (loss) before income taxes |
572 |
(120) |
1,945 |
816 |
Income taxes provision |
(218) |
(21) |
(406) |
(85) |
Net income (loss) |
354 |
(141) |
1,539 |
731 |
Net loss attributable to non-controlling
interest |
5 |
201 |
36 |
201 |
Net income attributable to Sevcon, Inc. and
subsidiaries |
359 |
60 |
1,575 |
932 |
Series A Preference Share dividends |
(105) |
(23) |
(440) |
(23) |
Net income attributable to common
stockholders |
254 |
37 |
1,135 |
909 |
Basic income per share |
$ 0.08 |
$ 0.01 |
$ 0.33 |
$ 0.27 |
Diluted income per share |
$ 0.07 |
$ 0.01 |
$ 0.32 |
$ 0.19 |
Average shares outstanding - Basic |
3,498 |
3,407 |
3,469 |
3,398 |
Average shares outstanding - Diluted |
4,958 |
4,873 |
4,929 |
4,856 |
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|
|
|
|
|
|
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|
|
Summarized Balance Sheet
Data |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015 |
September 30, 2014 |
Cash and cash equivalents |
|
|
$ 8,048 |
$ 11,238 |
Receivables |
|
|
9,462 |
6,877 |
Inventories |
|
|
6,790 |
6,258 |
Prepaid expenses and other current
assets |
|
|
3,581 |
1,747 |
Total current assets |
|
|
27,881 |
26,120 |
Long-term assets |
|
|
7,735 |
7,847 |
Total assets |
|
|
$ 35,616 |
$ 33,967 |
|
|
|
|
|
Current liabilities |
|
|
$ 8,357 |
$ 6,276 |
Liability for pension benefits |
|
|
10,963 |
9,529 |
Other long-term liabilities |
|
|
500 |
1,700 |
Stockholders' equity |
|
|
15,712 |
16,342 |
Noncontrolling interest |
|
|
84 |
120 |
Total liabilities and stockholders'
equity |
|
|
$ 35,616 |
$ 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: Sevcon's customers supply
capital markets which are cyclical and periods of 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 or as quickly 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; our
products are designed to exacting standards, they are however
complex and a failure mechanism may require a field campaign or
recall; 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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