Sevcon Reports Annual and Fourth Quarter Results
December 05 2011 - 4:08PM
Sevcon, Inc. (Nasdaq:SEV) reported that revenues in fiscal 2011
were 24% higher than in 2010. Revenues increased 34% in the fourth
fiscal quarter compared to the same period last year. Revenues have
continued to increase this year as demand for the Company's
products has increased in both its traditional and new on-road
electric vehicle sectors, driven by the Gen4 product range. Net
income was $712,000, or $0.21 per diluted share, in fiscal 2011
compared to $866,000 or $0.26 per diluted share last year. Net
income was $58,000, or $0.02 per diluted share, in the fourth
fiscal quarter of 2011 compared to $561,000 or $0.17 per diluted
share last year.
Fiscal year 2011 compared to fiscal year
2010
- Revenue of $32.3 million was $6.2 million higher than last
year; volumes shipped were 22% higher and foreign currency
fluctuations increased reported revenue by a further 2%.
- Operating expense of $10,676,000 was $1,378,000 higher than
last year; foreign currency fluctuations increased reported
operating expense by $244,000.
- Excluding one-time items, operating income for the year was
$623,000 compared to an operating loss of $178,000 last year, an
improvement of $801,000.
- Including a one-time gain of $447,000 arising from the sale of
a surplus U.K. facility, the Company recorded operating income of
$1,070,000 for the year. This compares to operating income of
$329,000 in fiscal 2010 after reflecting a one-time gain of
$507,000 arising from the decision to freeze the Company's defined
benefit pension plan for U.S. employees.
- The Company reported a provision for income taxes of $257,000;
this compares to a benefit from income taxes of $360,000 in fiscal
2010 arising from research and development tax credits in the
Company's U.K. operations and the partial reversal of a deferred
tax valuation allowance in the U.S.
Fourth quarter fiscal 2011 compared to fourth quarter
fiscal 2010
- Revenues were $9,408,000 compared to $7,031,000, an increase of
$2,377,000, or 34%. Foreign currency fluctuations increased sales
by $248,000, or 4%, mainly due to a weaker U.S. Dollar against both
the British Pound and the Euro. Shipment volumes were $2,129,000,
or 30%, higher, despite continuing shortages of some key electrical
components which remain in global short supply. The main reason for
the increase in volumes shipped was greater demand from new
customers and shipments into new applications. The Company's
traditional industrial markets continue to improve slowly.
- Operating expense of $2,818,000 was $223,000 higher than last
year; foreign currency fluctuations increased reported operating
expense by $79,000.
- The Company recorded operating income for the fourth quarter of
$202,000 compared to $167,000 in the same quarter last year.
- The Company reported a provision for income taxes in the fourth
quarter of $155,000, a $634,000 increase in the tax charge compared
to the $479,000 recorded benefit from income taxes in the same
quarter of fiscal 2010. The benefit from income taxes last year
arose largely from U.K. research and development tax credits and
the partial reversal of a deferred tax valuation allowance in the
Company's U.S. business.
Management Comments
"We concluded fiscal 2011 with a strong fourth quarter,
highlighted by 34% year-over-year revenue growth," said President
and CEO Matt Boyle. "We executed successfully on our strategy to
supplement growth in our traditional off-road electric vehicle
markets by capitalizing on opportunities in the on-road electric
vehicle sector, driven mainly by shipments of our Gen4 product
range."
About Sevcon, Inc.
Sevcon is a world leader in the design and manufacture of
microprocessor based controls for zero emission electric and hybrid
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 vehicle's power source. The Company
supplies customers throughout the world from its operations in the
USA, the U.K., France and the Asia Pacific region and through an
international dealer network. Sevcon'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.
For more information visit www.sevcon.com
The Sevcon, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9607
Fourth Quarter 2011 Financial Highlights
(in thousands of dollars except per share data)
|
Three months ended
(unaudited) |
Twelve months ended |
|
Sept. 30, 2011 |
Sept. 30, 2010 |
Sept. 30, 2011 |
Sept. 30, 2010 |
|
|
|
|
|
Net sales |
$ 9,408 |
$ 7,031 |
$ 32,286 |
$ 26,053 |
|
|
|
|
|
Operating Income |
202 |
167 |
1,070 |
329 |
|
|
|
|
|
Income before income taxes |
213 |
82 |
969 |
506 |
|
|
|
|
|
Income taxes (provision)
benefit |
(155) |
479 |
(257) |
360 |
|
|
|
|
|
Net Income |
$ 58 |
$ 561 |
$ 712 |
$ 866 |
|
|
|
|
|
Basic Income per share |
$ 0.02 |
$ 0.17 |
$ 0.22 |
$ 0. 26 |
|
|
|
|
|
Diluted Income per share |
$ 0.02 |
$ 0.17 |
$ 0.21 |
$ 0.26 |
|
|
|
|
|
Average shares outstanding |
3,310 |
3,280 |
3,303 |
3,273 |
|
|
|
|
|
Summarized Balance Sheet Data
|
(in thousands of dollars) |
|
September 30, 2011 |
September 30, 2010 |
|
|
|
Cash and cash equivalents |
$ 1,797 |
$ 803 |
Receivables |
5,952 |
5,277 |
Inventories |
7,478 |
5,048 |
Prepaid expenses and other current
assets |
1,281 |
1,410 |
Total current assets |
16,508 |
12,538 |
Long-term assets |
6,439 |
7,346 |
Total assets |
$ 22,947 |
$ 19,884 |
|
|
|
Current liabilities |
$ 6,010 |
$ 5,432 |
Liability for pension benefits |
7,634 |
8,203 |
Other long-term liabilities |
1,813 |
153 |
Stockholders' equity |
7,490 |
6,096 |
Total liabilities and stockholders'
equity |
$ 22,947 |
$ 19,884 |
CONTACT: David Calusdian
Sharon Merrill Associates
1 (617) 542 5300
dcalusdian@InvestorRelations.com
Matt Boyle
President and CEO
1 (508) 281 5503
matt.boyle@Sevcon.com
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