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 $0.08 per diluted share, a year earlier.
"Despite the difficulties we faced in the first quarter, we remain positive about the outlook for our business," said Boyle. "After experiencing exceptionally weak order flow this past October and November, we were pleased to see signs of improvement in December that continued into January 2013. Nonetheless, our near-term focus is to return the business to operating profitability and we are implementing measures designed to rapidly accomplish this goal.""Looking ahead longer term, we believe that Sevcon is well-positioned to leverage the underlying strength in global demand for green transportation," Boyle said. "Our recent investments in sales and customer support are enabling us to continue expanding our project pipeline through new relationships with OEM and Tier 1 automotive suppliers in Europe, Asia and North America. In addition, our recently expanded engineering team is advancing our technology in ways that promise to make electric vehicles safer, more convenient and more cost-efficient in markets around the world. We look forward to reporting our progress on these initiatives in the quarters ahead." First-Quarter Fiscal 2013 Conference Call Details Sevcon has scheduled a conference call to review its first-quarter results tomorrow, January 30, 2013 at 9:00 a.m. ET. A webcast of the call will be available at the Investor Relations section of the Company's website, www.sevcon.com. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328 prior to the start of the call. If you are unable to listen to the live call, the webcast will be archived on the company's website.
|First Quarter Fiscal 2013 Financial Highlights|
|(in thousands except per share data)|
|Three months ended|
|December 29,||December, 31|
|2012 (unaudited)||2011 (unaudited)|
|Net sales||$ 6,640||$ 8,515|
|Operating (Loss) Income||(1,185)||252|
|(Loss) Income before income taxes||(1,410)||373|
|Net (Loss) Income||($ 1,302)||$ 284|
|Basic (Loss) Income per share||($.39)||$ .09|
|Diluted (Loss) Income per share||($.39)||$ .08|
|Average shares outstanding||3,339||3,313|
|Summarized Balance Sheet Data|
|(in thousands of dollars)|
|December 29, 2012 (unaudited)||September 30, 2012 (derived from audited statements)|
|Cash and cash equivalents||$ 1,289||$ 2,823|
|Prepaid expenses and other current assets||1,981||1,932|
|Total current assets||15,102||16,949|
|Total assets||$ 21,717||$ 23,561|
|Current liabilities||$ 4,240||$ 5,044|
|Liability for pension benefits||10,312||10,264|
|Other long-term liabilities||1,763||1,774|
|Stockholders' equity||$ 5,402||6,479|
|Total liabilities and stockholders' equity||$ 21,717||$ 23,561|
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