Tech/Ops Sevcon Reports First Quarter Results
January 26 2011 - 11:48AM
Business Wire
Tech/Ops Sevcon, Inc. (NASDAQ symbol TO)
First quarter fiscal 2011 compared to first quarter fiscal
2010
- Sales of $6,883,000 were $522,000
higher than in the first quarter last year after giving effect to
foreign currency fluctuations, which reduced reported sales in the
first fiscal quarter by $192,000. Excluding the impact of foreign
currency, shipment volumes were $714,000 higher than last year, due
mainly to sales of the Company’s new Gen4 AC product to new
applications.
- Revenues were lower than expected in
the quarter as a customer was unable to take delivery of a
substantial order. This has temporarily increased inventories of a
standard product.
- The lack of availability of some raw
materials continues to limit output of some of the Company’s
products, but the Company believes that the situation has now
stabilized.
- Operating income of $33,000 was
$128,000 lower than the $161,000 reported for the first quarter
last year. This decrease was due to a combination of startup costs
of new business and higher costs in engineering associated with the
acceleration of new product development.
- The Company recorded net income for the
quarter of $5,000, compared to $159,000 in the first quarter of
last year.
- On a per share basis, the Company broke
even for the quarter, compared to net income of $0.05 last
year.
Tech/Ops Sevcon, Inc. is a world leader in the design,
manufacture and marketing of microprocessor based controls for
hybrid and 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.
First Quarter fiscal 2011 Financial
Highlights (unaudited)
(in thousands except per share data)
Three months
ended
January 1 January 2 2011 2010 Net sales $
6,883 $ 6,361 Operating Income 33 161 Income before
income taxes 6 246 Net Income $ 5 $ 159 Basic Income
per share $ .00 $ .05 Diluted Income per share $ .00 $ .05
Average shares outstanding 3,285 3,254
Summarized Balance Sheet Data
(in thousands of dollars)
January 1,2011(unaudited)
September 30,2010(derived
fromauditedstatements)
Cash and cash equivalents $ 655 $ 803 Receivables 5,339 5,277
Inventories 5,894 5,048 Prepaid expenses and other current assets
1,225 1,410 Total current assets 13,113 12,538
Long-term assets 7,421 7,346 Total assets $ 20,534 $
19,884 Current liabilities $ 6,111 $ 5,432 Liability for
pension benefits 8,124 8,203 Other long-term liabilities 142 153
Stockholders’ equity $ 6,157 $ 6,096 Total liabilities and
stockholders’ equity $ 20,534 $ 19,884
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