This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs