Tech/Ops Sevcon, Inc. (MM) (NASDAQ:TO)
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5 Years : From Oct 2014 to Oct 2019
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
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
Income before income taxes
Basic Income per share
Diluted Income per share
Average shares outstanding
Summarized Balance Sheet Data
(in thousands of dollars)
September 30,2010(derived fromauditedstatements)
Cash and cash equivalents
Prepaid expenses and other current assets
Total current assets
Liability for pension benefits
Other long-term liabilities
Total liabilities and stockholders’ equity