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.
- 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.
"We are continuing to expand our portfolio of relationships with OEM and automotive suppliers in Europe, Asia and North America," Boyle said. "Leveraging our industry-leading technology in close cooperation with our customers, we are continuing to develop new solutions for making electric vehicles safer, more convenient and cheaper to run. We were recently awarded a grant by the local government in the U.K., equivalent to $450,000, to assist in the development of a new range of high-voltage controls, which will offset engineering spend on this project. The grant covers an expected 18-month development and implementation program. We also recently launched the first product in what we envision as a full line of Gen4 DC controllers, which will encompass products in a variety of sizes similar to the sizes we cover with our successful Gen4 AC controllers. We expect our Gen4 DC products to be highly price and performance competitive and well-suited to a large number of applications, especially in the global off-road construction and distribution markets.""We believe that Sevcon is well-positioned for the challenges ahead," said Boyle. "Fundamentally, we are in the right place at the right time with our technology and products and with our expanding portfolio of OEM relationships, although our near-term visibility is cloudier than we would like. We are confident that, with our lower cost structure and conservative balance sheet, a more consistent recovery in end-market demand will enhance the operating leverage in our business. We remain committed to growth and improved profitability, and look forward to reporting continued progress toward these goals." Third Quarter Fiscal 2013 Conference Call Details Sevcon has scheduled a conference call to review its results for the third quarter of fiscal 2013 tomorrow, August 7, 2013 at 9:00 a.m. ET. Those who wish to listen to the conference call webcast should visit the Investor Relations section of the company's website at 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.
|Third Quarter Fiscal 2013 Financial Highlights|
|(in thousands except per share data)|
|Three months ended||Nine months ended|
|June 29||June 30||June 29||June 30|
|Operating income (loss)||293||35||(1,355)||982|
|Income (loss) before income taxes||171||57||(1,815)||1,058|
|Net income (loss)||$124||$156||$(1,116)||$910|
|Basic income (loss) per share||$0.04||$0.05||$(0.33)||$0.27|
|Diluted income (loss) per share||$0.04||$0.05||$(0.33)||$0.27|
|Average shares outstanding||3,365||3,341||3,356||3,330|
|Summarized Balance Sheet Data|
|June 29||September 30|
|Cash and cash equivalents||$1,338||$2,823|
|Prepaid expenses and other current assets||1,535||1,932|
|Total current assets||15,362||16,949|
|Liability for pension benefits||9,496||10,264|
|Other long-term liabilities||38||1,774|
|Total liabilities and stockholders' equity||$22,671||$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