Tech/Ops Sevcon Reports Second Quarter Results
27 Abril 2010 - 1:25PM
Business Wire
Tech/Ops Sevcon, Inc. (NASDAQ symbol TO) reported net income of
$27,000, or $0.01 per share, for the second quarter ended April 3,
2010, compared with a net loss of $293,000, or $0.09 per share,
last year.
Second quarter fiscal 2010 compared to second quarter fiscal
2009
- Sales of $6,171,000 were
$1,288,000 higher than in the second quarter last year. Foreign
currency fluctuations increased reported sales in the second fiscal
quarter by $226,000; this was mainly due to a stronger US Dollar
compared to both the British Pound and the Euro in the prior year
period. Excluding the impact of foreign currency, shipment volumes
were $1,062,000 higher than last year, caused by improved demand in
the Company’s traditional markets and sales of new products to new
applications.
- Operating income of $63,000 was
$537,000 better than the $474,000 loss reported for the second
quarter last year, despite the impact of adverse foreign currency
fluctuations of $244,000, when the Company took a $303,000
restructuring charge. The increase in operating income was due to a
combination of higher demand for the Company’s products and lower
operating expenses, offset by the impact of adverse foreign
currency fluctuations.
- Foreign currency fluctuations
reduced pretax income by $329,000 in the quarter, compared to a
reduction of $61,000 in the same period last year.
- The Company recorded a net
profit for the second fiscal quarter of $27,000 compared to a net
loss of $293,000 in the second quarter of last year.
- Net income per share for the
quarter was $0.01 compared to a net loss per share of $0.09 last
year.
Six months year-to-date 2010 compared to 2009
- Revenue of $12,532,000 was
$822,000 higher than last year; volumes shipped were 3% higher and
currency fluctuations increased reported revenue by a further
4%.
- Operating income was $224,000
compared to an operating loss of $401,000 last year, an improvement
of $625,000.
- Net income for the first six
fiscal months was $186,000 compared to a net loss of $434,000 last
year.
- Fully diluted net income per
share was $0.06 in the first six months compared to a fully diluted
net loss per share of $0.13 in fiscal 2009.
Tech/Ops Sevcon, Inc. is a world leader in the design,
manufacture and marketing of microprocessor based controls for zero
emission electric vehicles. The controls are used to vary the speed
and movement of vehicles, to integrate specialized functions, and
to optimize the energy consumption of the vehicles’ power source.
Sevcon supplies customers throughout the world from its operations
in the United Kingdom, the USA, France, and the Far East, and
through an international dealer network. The Company's customers
are manufacturers of on and off road vehicles including cars,
trucks, buses, motorcycles, fork lift trucks, aerial lifts, mining
vehicles, airport tractors, sweepers, and other electrically
powered vehicles.
Second Quarter 2010 Financial
Highlights (unaudited)
(in thousands except per share
data)
Three months ended
Six
months ended
April 3
2010
March 28
2009
April 3
2010
March 28
2009
Net sales $ 6,171 $ 4,883 $ 12,532 $ 11,710 Operating
/ Income /(Loss) 63 (474) 224 (401) Income / (Loss) before
income taxes 41 (410) 287 (628) Net Income / (Loss) $ 27 $
(293) $ 186 $ (434) Basic Income / (Loss) per share $ 0.01 $
(0.09) $ 0.06 $ (0.13) Diluted Income / (Loss) per share $
0.01 $ (0.09) $ 0.06 $ (0.13) Cash dividend per share $ - $
- $ - $ - Average shares outstanding 3,277
3,243 3,265 3,235
Summarized Balance Sheet
Data
(in thousands of dollars)
April 3,2010
(unaudited)
September 30,2009
(derived
fromauditedstatements)
Cash and cash equivalents $ 1,312 $ 632 Receivables
4,871 3,383 Inventories 4,541 4,723 Prepaid expenses and other
current assets 976 1,398 Total current assets 11,700
10,136 Long-term assets 6,438 6,674 Total assets $
18,138 $ 16,810 Current liabilities $ 4,715 $ 3,341
Liability for pension benefits 7,106 7,166 Other long-term
liabilities 46 48 Stockholders’ equity $ 6,271 $ 6,255 Total
liabilities and stockholders’ investment $ 18,138 $ 16,810
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