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Sevcon Reports Financial Results For Third Quarter Fiscal 2013

SOUTHBOROUGH, Mass., Aug. 6, 2013 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) reported financial results for the third quarter of fiscal 2013 ended June 29, 2013.

Third-Quarter Fiscal 2013 Results Summary

  • Revenues were $8.7 million, compared with $8.9 million in the third quarter of fiscal 2012, reflecting ongoing mixed conditions in the Company's markets.
  • Operating income was $293,000, compared with $35,000 in the third quarter last year. Foreign currency fluctuations reduced operating income by $256,000 compared to the same period last year, due mainly to the weakness of the US dollar compared to the euro. Excluding the impact of currency, operating income was $514,000 higher than the same period last year.
  • There was an income tax charge of $47,000 compared with an income tax benefit of $99,000, in the same period last year.
  • Net income was $124,000, or $0.04 per diluted share, compared with net income of $156,000, or $0.05 per diluted share, a year earlier.

Nine-Month Fiscal 2013 Results Summary

  • Revenues were $23.3 million, compared with $27.5 million in the first nine months of fiscal 2012. This decline reflected 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's nine-month period and had little effect on reported sales.
  • Operating loss was $1.4 million, which includes a $605,000 restructuring charge in the second quarter of this fiscal year, compared with operating income of $982,000, which included $159,000 in U.K. government grant income, in the first nine months of last year.
  • Net loss was $1,116,000, or $(0.33) per share, compared with net income of $910,000, or $0.27 per diluted share, for the first nine months of fiscal 2012.

Management Comments

"Sevcon's third-quarter results were in line with our expectations," said President and CEO Matt Boyle. "Our traditional off-road business was up robustly year-over-year, particularly in Asia, despite continued weakness in the global mining sector. This growth was offset, however, by lower sales in our on-road business, primarily in Europe. At the same time, the restructuring initiatives we implemented in the second quarter are on track toward delivering the $2 million of annualized operating expense reduction that we anticipated."

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