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Sevcon Reports Financial Results For First Quarter Fiscal 2013

SOUTHBOROUGH, Mass., Jan. 29, 2013 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) a global manufacturer of drivetrain controls for electric and hybrid vehicles, today reported financial results for the first quarter of fiscal 2013 ended December 29, 2012.

First Quarter Fiscal 2013 Results Summary
  • Revenues were $6.6 million, compared with $8.5 million in the first quarter of fiscal 2012, resulting from the fluctuations in demand from most of the Company's markets that began in the fourth quarter of fiscal 2012.  
  • Operating loss was $1.2 million, compared with operating income of $0.25 million in the first quarter last year.  
  • Net loss was $1.3 million, or ($0.39) per diluted share, compared with net income of $284,000, or $0.08 per diluted share, a year earlier.

Management Comments

"Challenging global economic conditions continued to adversely affect both the off-road and on-road segments of our business in the first quarter," said President and CEO Matt Boyle. "Product demand for traditional off-road industrial EV applications remained soft, reflecting ongoing weakness in the global construction and mining sectors. Despite the strength we saw in the fourth quarter of fiscal 2012, our sales in the fork lift truck segment were essentially flat on a year-over-year basis. As we experienced in the fourth fiscal quarter of 2012 product sales to customers in the on-road EV market were down overall from the first quarter last year, despite double digit growth in sales for two-wheel applications such as electric scooters and motorcycles."  

"Revenues in Sevcon's core business, the Controls segment, declined 23% from the first quarter last year," Boyle said. "Weak demand in Europe, and to a lesser extent in North America, continued to negatively affect our results. Continuing the trend we saw in the fourth fiscal quarter of 2012, sales in Japan were higher year-over-year, driven primarily by a rebound in Japanese demand for off-road industrial EV products. Revenues in Europe and North America were 44% and 18% lower, respectively, than in the same quarter last fiscal year, while sales in the Far East were up 17%."

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