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Sevcon Reports Financial Results For Second Quarter Fiscal 2013

SOUTHBOROUGH, Mass., May 7, 2013 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) reported financial results for the second quarter of fiscal 2013 ended March 30, 2013.

Second Quarter Fiscal 2013 Results Summary

  • Revenues were $8.0 million, down from $10.1 million in the second quarter of fiscal 2012 but indicating a recovery from the $6.6 million recognized in the first quarter of fiscal 2013. This reflects a continuation of product demand fluctuations in most of the Company's markets that began in the fourth quarter of fiscal 2012. Foreign currency exchange rates were similar to last year and had little effect on reported sales.
  • Operating loss was $463,000, including a one-time restructuring charge of $605,000, compared with operating income of $695,000 in the second quarter last year, which included $110,000 in U.K. government grant income. This represents an improvement over the $1.2 million operating loss in the first quarter of fiscal 2013.
  • The Company recorded an income tax benefit for the quarter of $638,000.
  • Net income was $62,000 or $0.02 per share, compared with net income of $470,000, or $0.14 per diluted share, a year earlier and a net loss of $1.3 million in the first quarter of fiscal 2013.

Six-Month Fiscal 2013 Results Summary

  • Revenues were $14.6 million, compared with $18.6 million in the first six months of fiscal 2012. Foreign currency exchange rates were similar to last year and had little effect on reported sales.
  • Operating loss was $1,648,000, which included a one-time restructuring charge of $605,000 in the second quarter, compared with operating income of $947,000 in the first six months of last year, which included $110,000 in U.K. government grant income.
  • Net loss was $1.24 million, or $(0.37) per share, compared with net income of $754,000, or $0.22 per diluted share, for the first six months of fiscal 2012.

Management Comments

"Conditions in both the off-road and on-road segments of our business continue to be very challenging, and product demand remains well below the levels of a year ago," said President and CEO Matt Boyle. "However, the pickup in order flow that we began to experience in January continued through the second quarter. Our lead times and visibility have stabilized, and we were encouraged to see some pockets of end-market strength materialize as the quarter progressed."

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