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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sono Group NV | NASDAQ:SEV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.207 | 0.211 | 0.2138 | 0 | 01:00:00 |
Delaware
|
04-2985631
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
(Title of Each Class)
|
(Name of Exchange on Which Registered)
|
COMMON STOCK, PAR VALUE $.10 PER SHARE
|
NASDAQ CAPITAL MARKET
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
x
|
(Do not check if a smaller reporting company)
|
ITEM
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PAGE
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1.
BUSINESS
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2
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2
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2
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3
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3
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3
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3
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3
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3
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3
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3
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1A.
RISK FACTORS
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4
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2.
PROPERTIES
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5
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5
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5
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6
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6
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10
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11
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12
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25
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25
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26
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26
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27
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II
Reserves
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28
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Quarter 1
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Quarter 2
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Quarter 3
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Quarter 4
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Year
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||||||||||||||||
2012 Quarters – Common Stock price per share
|
||||||||||||||||||||
- High
|
$ | 6.25 | $ | 6.75 | $ | 7.99 | $ | 7.00 | $ | 7.99 | ||||||||||
- Low
|
$ | 3.45 | $ | 4.75 | $ | 5.78 | $ | 4.55 | $ | 3.45 | ||||||||||
2011 Quarters – Common Stock price per share
|
||||||||||||||||||||
-
High
|
$ | 7.18 | $ | 9.35 | $ | 7.47 | $ | 7.64 | $ | 9.35 | ||||||||||
-
Low
|
$ | 4.96 | $ | 4.87 | $ | 4.89 | $ | 4.69 | $ | 4.69 |
Plan Assumption
|
Change in Assumption
|
Favorable (unfavorable) Impact on Funded Status
(in thousands of dollars)
|
Change in Funded Status
|
Assumptions impacting accumulated benefit obligation:
|
|||
Discount rate
|
(0.1)%
|
$ (626)
|
6%
|
Inflation rate
|
0.1%
|
(345)
|
3%
|
Mortality rate
|
1 Year
|
(726)
|
7%
|
(in thousands of dollars)
|
Favorable (unfavorable) % change due to:
|
|||||||||||||||||||
2012
|
2011
|
Total
|
Currency
|
Volume
|
||||||||||||||||
Sales
|
||||||||||||||||||||
Controls - to external customers
|
$ | 33,825 | $ | 30,039 | 12.6 | (3.4 | ) | 16.0 | ||||||||||||
Capacitors- to external customers
|
1,691 | 2,247 | (24.7 | ) | (1.4 | ) | (23.3 | ) | ||||||||||||
Capacitors - inter-segment
|
19 | 26 | (26.9 | ) | (2.1 | ) | (24.8 | ) | ||||||||||||
Capacitors – total
|
1,710 | 2,273 | (24.8 | ) | (1.5 | ) | (23.3 | ) | ||||||||||||
Total sales to external customers
|
35,515 | 32,286 | 10.0 | (3.3 | ) | 13.3 | ||||||||||||||
Gross Profit
|
||||||||||||||||||||
Controls
|
11,578 | 10,191 | 13.6 | (0.3 | ) | 13.9 | ||||||||||||||
Capacitors
|
592 | 1,108 | (46.6 | ) | (0.8 | ) | (45.8 | ) | ||||||||||||
Total
|
12,170 | 11,299 | 7.7 | (0.4 | ) | 8.1 | ||||||||||||||
Selling, research and administrative expenses, gain on sale of fixed assets and pension curtailment gain
|
||||||||||||||||||||
Controls
|
(10,805 | ) | (9,405 | ) | (14.9 | ) | 3.0 | (17.9 | ) | |||||||||||
Capacitors
|
(678 | ) | (716 | ) | 5.3 | 1.8 | 3.5 | |||||||||||||
Gain on sale of fixed assets
|
17 | 447 | (96.2 | ) | - | (96.2 | ) | |||||||||||||
Pension curtailment gain
|
794 | - | 100.0 | - | 100.0 | |||||||||||||||
Unallocated corporate income
(expense)
|
2 | (555 | ) | 99.6 | - | 99.6 | ||||||||||||||
Total
|
(10,670 | ) | (10,229 | ) | (4.3 | ) | 2.1 | (6.4 | ) | |||||||||||
Operating income
|
||||||||||||||||||||
Controls
|
1,584 | 1,233 | 28.5 | (50.9 | ) | 79.4 | ||||||||||||||
Capacitors
|
(86 | ) | 392 | (122.0 | ) | 0.9 | (122.9 | ) | ||||||||||||
Unallocated corporate income
(expense)
|
2 | (555 | ) | 99.6 | - | 99.6 | ||||||||||||||
Total
|
1,500 | 1,070 | 40.2 | (58.2 | ) | 98.4 | ||||||||||||||
Other income and expense
|
96 | (101 | ) | 195.0 | 133.1 | 61.9 | ||||||||||||||
Income before income taxes
|
1,590 | 969 | 64.7 | (37.5 | ) | 102.2 | ||||||||||||||
Income taxes provision
|
(401 | ) | (257 | ) | (56.0 | ) | (35.4 | ) | (91.4 | ) | ||||||||||
Net income
|
$ | 1,195 | $ | 712 | 67.8 | (38.3 | ) | 106.1 |
(in thousands of dollars)
|
||||||||||||
Sales
|
Cost of sales
|
Gross Profit
|
||||||||||
Actual 2011
|
$ | 32,286 | $ | 20,987 | $ | 11,299 | ||||||
Change in 2012 due to:
|
||||||||||||
Foreign currency fluctuations
|
(1,062 | ) | (1,021 | ) | (41 | ) | ||||||
Increased volume, assuming 2011 gross profit percentage
|
4,291 | 2,789 | 1,502 | |||||||||
All other cost of sales changes, net
|
590 | (590 | ) | |||||||||
Actual 2012
|
$ | 35,515 | $ | 23,345 | $ | 12,170 |
Selling, research and administrative expenses, before 2011 gain on sale of fixed assets and 2012 pension curtailment gain
|
(in thousands of dollars)
|
|||
Reported expense in 2012
|
$ | 11,481 | ||
Reported expense in 2011
|
10,676 | |||
Increase in expense
|
805 | |||
Increase due to:
|
||||
Effect of exchange rate changes
|
(218 | ) | ||
Higher research and sales and marketing expense, net of currency effect
|
917 | |||
Higher administrative expense, net of currency effect
|
106 | |||
Total increase in selling, research and administrative expenses, before gain on sale of fixed assets in 2011 and pension curtailment gain in 2012
|
$ | 805 |
(in thousands of dollars)
|
||||||||
Expected maturity or transaction date
|
||||||||
Fiscal 2013
|
Fair Value
|
|||||||
On balance sheet financial instruments:
|
||||||||
In $ U.S. Functional Currency
|
||||||||
Accounts receivable in British Pounds
|
766 | 766 | ||||||
Accounts receivable in Euros
|
2,486 | 2,486 | ||||||
Accounts payable in British Pounds
|
653 | 653 | ||||||
Accounts payable in Euros
|
2,116 | 2,116 | ||||||
Anticipated Transactions
|
||||||||
In $ U.S. Functional Currency
|
||||||||
Firmly committed sales contracts
|
||||||||
In British Pounds
|
1,084 | 1,084 | ||||||
In Euros
|
1,592 | 1,592 |
(in thousands of dollars except per share data)
|
||||||||
September 30,
2012
|
September 30,
2011
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 2,823 | $ | 1,797 | ||||
Trade receivables net of allowances for doubtful accounts of $32 in 2012
and $49 in 2011
|
5,289 | 5,315 | ||||||
Other receivables
|
569 | 637 | ||||||
Inventories
|
6,346 | 7,478 | ||||||
Prepaid expenses and other current assets
|
1,922 | 1,281 | ||||||
Total current assets
|
16,949 | 16,508 | ||||||
Property, plant and equipment, at cost:
|
||||||||
Land and improvements
|
23 | 22 | ||||||
Buildings and improvements
|
734 | 710 | ||||||
Equipment
|
10,576 | 9,916 | ||||||
11,333 | 10,648 | |||||||
Less: accumulated depreciation
|
(9,188 | ) | (8,401 | ) | ||||
Net property, plant and equipment
|
2,145 | 2,247 | ||||||
Long-term deferred tax assets
|
3,002 | 2,699 | ||||||
Goodwill
|
1,435 | 1,435 | ||||||
Other long-term assets
|
30 | 58 | ||||||
Total assets
|
$ | 23,561 | $ | 22,947 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$ | 43 | $ | 39 | ||||
Accounts payable
|
3,198 | 3,800 | ||||||
Accrued expenses
|
1,803 | 2,106 | ||||||
Accrued and deferred taxes on income
|
- | 65 | ||||||
Total current liabilities
|
5,044 | 6,010 | ||||||
Liability for pension benefits
|
10,264 | 7,634 | ||||||
Long-term debt
|
1,774 | 1,813 | ||||||
Total liabilities
|
17,082 | 15,457 | ||||||
S
tockholders’ equity:
|
||||||||
Preferred stock, par value $.10 per share – authorized – 1,000,000 shares;
outstanding – none
|
- | - | ||||||
Common stock, par value $.10 per share – authorized – 8,000,000 shares;
Outstanding 3,475,306 shares at September 30, 2012 and 3,360,322 shares at
September 30, 2011
|
348 | 336 | ||||||
Premium paid in on common stock
|
5,492 | 5,295 | ||||||
Retained earnings
|
9,662 | 8,467 | ||||||
Accumulated other comprehensive loss
|
(9,023 | ) | (6,608 | ) | ||||
Total stockholders’ equity
|
6,479 | 7,490 | ||||||
Total liabilities and stockholders’ equity
|
$ | 23,561 | $ | 22,947 |
2012
|
2011
|
|||||||
Net sales
|
$ | 35,515 | $ | 32,286 | ||||
Cost of sales
|
(23,345 | ) | (20,987 | ) | ||||
Gross profit
|
12,170 | 11,299 | ||||||
Selling, research and administrative expense
|
(11,481 | ) | (10,676 | ) | ||||
Gain on sale of property, plant and equipment
|
17 | 447 | ||||||
Pension curtailment gain
|
794 | - | ||||||
Operating income
|
1,500 | 1,070 | ||||||
Interest expense
|
(141 | ) | (64 | ) | ||||
Interest income
|
19 | 2 | ||||||
Foreign currency gain (loss)
|
218 | (39 | ) | |||||
Income before income tax
|
1,596 | 969 | ||||||
Income tax provision
|
(401 | ) | (257 | ) | ||||
Net income
|
$ | 1,195 | $ | 712 | ||||
Basic earnings per share
|
$ | .36 | $ | .22 | ||||
Fully diluted earnings per share
|
$ | .35 | $ | .21 | ||||
Weighted average shares used in computation of earnings per share:
|
||||||||
Basic
|
3,329 | 3,303 | ||||||
Diluted
|
3,380 | 3,337 |
2012
|
2011
|
|||||||
Net income
|
$ | 1,195 | $ | 712 | ||||
Foreign currency translation adjustment
|
(53 | ) | (125 | ) | ||||
Pension liability adjustment, net of tax
|
(2,362 | ) | 642 | |||||
Comprehensive (loss) income
|
$ | (1,220 | ) | $ | 1,229 |
(in thousands of dollars except number of shares data)
|
||||||||||||||||||||||||
Common Stock
$.10 par value
|
||||||||||||||||||||||||
Number of
Shares
|
Common
Stock
|
Premium paid in on common stock
|
Retained Earnings
|
Accumulated other comprehensive loss
|
Total stockholders equity
|
|||||||||||||||||||
Balance September, 30 2010
|
3,340,322 | $ | 334 | $ | 5,132 | $ | 7,755 | $ | (7,125 | ) | $ | 6,096 | ||||||||||||
Net income
|
712 | 712 | ||||||||||||||||||||||
Currency translation adjustment
|
(125 | ) | (125 | ) | ||||||||||||||||||||
Issuance of restricted stock
|
20,000 | 2 | (2 | ) | - | |||||||||||||||||||
Stock-based compensation, net of tax
|
165 | 165 | ||||||||||||||||||||||
Pension liability adjustment, net of tax provision of $91
|
642 | 642 | ||||||||||||||||||||||
Balance September 30, 2011
|
3,360,322 | $ | 336 | $ | 5,295 | $ | 8,467 | $ | (6,608 | ) | $ | 7,490 | ||||||||||||
Net income
|
1,195 | 1,195 | ||||||||||||||||||||||
Currency translation adjustment
|
(53 | ) | (53 | ) | ||||||||||||||||||||
Issuance of restricted stock
|
125,200 | 13 | (13 | ) | - | |||||||||||||||||||
Retirement of shares
|
(10,216 | ) | (1 | ) | (68 | ) | (69 | ) | ||||||||||||||||
Stock-based compensation, net of tax
|
278 | 278 | ||||||||||||||||||||||
Pension liability adjustment, net of tax benefit of $711
|
(2,362 | ) | (2,362 | ) | ||||||||||||||||||||
Balance September 30, 2012
|
3,475,306 | $ | 348 | $ | 5,492 | $ | 9,662 | $ | (9,023 | ) | $ | 6,479 |
2012
|
2011
|
|||||||
Cash flow from operating activities:
|
||||||||
Net income
|
$ | 1,195 | $ | 712 | ||||
Adjustments to reconcile net income to net cash generated from (used by) operating activities:
|
||||||||
Depreciation
|
598 | 654 | ||||||
Gain on sale of property, plant and equipment
|
(17 | ) | (447 | ) | ||||
Stock-based compensation
|
242 | 186 | ||||||
Pension contributions less than pension expense
|
50 | 220 | ||||||
Pension curtailment gain
|
(794 | ) | - | |||||
Deferred tax charge
|
313 | 99 | ||||||
Increase (decrease) in cash resulting from changes in operating assets and liabilities:
|
||||||||
Receivables
|
93 | (745 | ) | |||||
Inventories
|
1,285 | (2,541 | ) | |||||
Prepaid expenses and other current assets
|
(182 | ) | (135 | ) | ||||
Accounts payable
|
(700 | ) | 74 | |||||
Accrued expenses
|
(310 | ) | 640 | |||||
Accrued and deferred taxes on income
|
(267 | ) | 36 | |||||
Net cash generated from (used by) operating activities
|
1,506 | (1,247 | ) | |||||
Cash flow (used by) generated from investing activities:
|
||||||||
Acquisition of property, plant and equipment
|
(426 | ) | (635 | ) | ||||
Proceeds of sale of fixed assets
|
20 | 1,278 | ||||||
Net cash (used by) generated from investing activities
|
(406 | ) | 643 | |||||
Cash flow (used by) generated from financing activities:
|
||||||||
Repayment of long term debt
|
(39 | ) | (38 | ) | ||||
Repurchase of common stock
|
(69 | ) | - | |||||
Proceeds of long term debt
|
- | 1,700 | ||||||
Net cash (used by) generated from financing activities
|
(108 | ) | 1,662 | |||||
Effect of exchange rate changes on cash
|
34 | (64 | ) | |||||
Net increase in cash
|
1,026 | 994 | ||||||
Beginning balance - cash and cash equivalents
|
1,797 | 803 | ||||||
Ending balance - cash and cash equivalents
|
$ | 2,823 | $ | 1,797 | ||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for income taxes
|
$ | 360 | $ | 77 | ||||
Cash paid for interest
|
$ | 120 | $ | 62 |
2012
|
2011
|
|||||||
Warranty reserves at beginning of year
|
89 | 96 | ||||||
Decrease in beginning balance for warranty obligations settled during the year
|
(38 | ) | (37 | ) | ||||
Other changes to pre-existing warranties
|
(8 | ) | (25 | ) | ||||
Foreign currency translation adjustment
|
1 | (1 | ) | |||||
Net increase in warranty reserves for products sold during the year
|
45 | 56 | ||||||
Warranty reserves at end of year
|
$ | 89 | $ | 89 |
2012
|
2011
|
|||||||
Raw materials
|
$ | 2,391 | $ | 1,281 | ||||
Work-in-process
|
76 | 99 | ||||||
Finished goods
|
3,879 | 6,098 | ||||||
$ | 6,346 | $ | 7,478 |
2012
|
2011
|
|||||||
Net income
|
$ | 1,195 | $ | 712 | ||||
Weighted average shares outstanding
|
3,329 | 3,303 | ||||||
Basic income per share
|
$ | .36 | $ | .22 | ||||
Common stock equivalents
|
51 | 34 | ||||||
Average common and common equivalent shares outstanding
|
3,380 | 3,337 | ||||||
Diluted income per share
|
$ | .35 | $ | .21 |
Shares under option
|
Weighted average
exercise price
|
Weighted average remaining contractual life (years)
|
Aggregate Intrinsic value
|
|||||||||||||
Outstanding at September 30, 2010
|
46,000 | $ | 5.62 |
2 years
|
$ | 25,400 | ||||||||||
Exercised in 2011
|
- | $ | - | - | - | |||||||||||
Cancelled in 2011
|
- | $ | - | - | - | |||||||||||
Outstanding at September 30, 2011
|
46,000 | $ | 5.62 |
1 year
|
$ | 65,500 | ||||||||||
Exercisable at September 30, 2011
|
41,000 | $ | 5.75 |
1 year
|
$ | 56,700 | ||||||||||
Exercised in 2012
|
- | $ | - | - | - | |||||||||||
Cancelled in 2012
|
(10,000 | ) | $ | 9.60 | - | - | ||||||||||
Outstanding at September 30, 2012
|
36,000 | $ | 4.51 |
0.6 years
|
$ | 11,800 | ||||||||||
Exercisable at September 30, 2012
|
33,500 | $ | 4.51 |
0.6 years
|
$ | 11,100 |
Price range
|
Shares under option
|
Weighted average remaining contractual life
|
|||||
$ | 4.37 - $ 6.56 | 36,000 |
0.6 years
|
2012
|
2011
|
|||||||
Beginning Balance – Non-vested
|
50.0 | 60.0 | ||||||
Granted to employees – 5 year vesting
|
110.0 | - | ||||||
Granted to non-employee directors – 1 year vesting
|
15.2 | 20.0 | ||||||
Vested
|
(31.0 | ) | (30.0 | ) | ||||
Forfeited
|
- | - | ||||||
Ending Balance – Non-vested
|
144.2 | 50.0 | ||||||
Weighted-average fair value for shares granted during the year
|
$ | 5.69 | $ | 8.75 | ||||
Weighted-average fair value for shares vested during the year
|
$ | 7.10 | $ | 3.56 | ||||
Weighted-average fair value for ending balance - non-vested
|
$ | 5.22 | $ | 5.21 |
2012
|
2011
|
|||||||
Domestic
|
$ | 220 | $ | (250 | ) | |||
Foreign
|
1,376 | 1,219 | ||||||
$ | 1,596 | $ | 969 |
2012
|
2011
|
|||||||
Statutory Federal income tax rate
|
34 | % | 34 | % | ||||
Computed tax provision at statutory rate
|
$ | 532 | $ | 322 | ||||
Increases (decreases) resulting from:
|
||||||||
Foreign tax rate differentials
|
(118 | ) | (82 | ) | ||||
State taxes net of federal tax benefit
|
54 | 8 | ||||||
Change in deferred tax valuation allowance
|
- | (177 | ) | |||||
Foreign research incentives
|
(322 | ) | (230 | ) | ||||
U.K. rate change
|
225 | 370 | ||||||
Other
|
30 | 46 | ||||||
Income tax provision in the consolidated income statements
|
$ | 401 | $ | 257 |
2012
|
||||||||||||||||||||
Domestic current
|
Domestic long-term
|
Foreign current
|
Foreign
long-term
|
Total
|
||||||||||||||||
Assets:
|
||||||||||||||||||||
Pension accruals
|
$ | - | $ | 439 | $ | - | $ | 2,147 | $ | 2,586 | ||||||||||
Inventory basis differences
|
54 | - | - | - | 54 | |||||||||||||||
Warranty reserves
|
19 | - | - | - | 19 | |||||||||||||||
Foreign tax credit carry forwards
|
- | 277 | - | - | 277 | |||||||||||||||
Accrued compensation expense
|
14 | - | - | 58 | 72 | |||||||||||||||
Net operating losses
|
308 | - | 627 | - | 935 | |||||||||||||||
Other (net)
|
- | 252 | 4 | - | 256 | |||||||||||||||
395 | 968 | 631 | 2,205 | 4,199 | ||||||||||||||||
Liabilities:
|
||||||||||||||||||||
Property basis differences
|
- | 33 | - | (44 | ) | (11 | ) | |||||||||||||
Net asset
|
395 | 1,001 | 631 | 2,161 | 4,188 | |||||||||||||||
Valuation allowance
|
- | (159 | ) | - | - | (159 | ) | |||||||||||||
Net deferred tax asset
|
$ | 395 | $ | 842 | $ | 631 | $ | 2,161 | $ | 4,029 |
2011
|
||||||||||||||||||||
Domestic current
|
Domestic long-term
|
Foreign current
|
Foreign
long-term
|
Total
|
||||||||||||||||
Assets:
|
||||||||||||||||||||
Pension accruals
|
$ | - | $ | 449 | $ | - | $ | 1,668 | $ | 2,117 | ||||||||||
Inventory basis differences
|
49 | - | - | - | 49 | |||||||||||||||
Warranty reserves
|
19 | - | - | - | 19 | |||||||||||||||
Foreign tax credit carry forwards
|
- | 275 | - | - | 275 | |||||||||||||||
Accrued compensation expense
|
33 | - | - | - | 33 | |||||||||||||||
Net operating losses
|
130 | 239 | 522 | - | 891 | |||||||||||||||
Other (net)
|
1 | 241 | 56 | 51 | 349 | |||||||||||||||
232 | 1,204 | 578 | 1,719 | 3,733 | ||||||||||||||||
Liabilities:
|
||||||||||||||||||||
Property basis differences
|
- | 31 | - | (98 | ) | (67 | ) | |||||||||||||
Net asset
|
232 | 1,235 | 578 | 1,621 | 3,666 | |||||||||||||||
Valuation allowance
|
- | (157 | ) | - | - | (157 | ) | |||||||||||||
Net deferred tax asset
|
$ | 232 | $ | 1,078 | $ | 578 | $ | 1,621 | $ | 3,509 |
2012
|
2011
|
|||||||
Accrued compensation and related costs
|
$ | 1,021 | $ | 1,090 | ||||
Other accrued expenses
|
782 | 1,016 | ||||||
$ | 1,803 | $ | 2,106 |
2012
|
2011
|
|||||||
Change in benefit obligation:
|
||||||||
Benefit obligation at beginning of year
|
$ | 23,191 | $ | 23,637 | ||||
Service cost
|
263 | 331 | ||||||
Interest cost
|
1,263 | 1,268 | ||||||
Plan participants contributions
|
211 | 198 | ||||||
Actuarial loss (gain)
|
3,639 | (202 | ) | |||||
Prior service credit
|
- | (1,133 | ) | |||||
Gains on curtailments
|
(907 | ) | - | |||||
Benefits paid
|
(325 | ) | (689 | ) | ||||
Foreign currency exchange rate changes
|
810 | (219 | ) | |||||
Benefit obligation at end of year
|
28,145 | 23,191 | ||||||
Change in plan assets:
|
||||||||
Fair value of plan assets at beginning of year
|
15,557 | 15,434 | ||||||
Return on plan assets
|
1,295 | 233 | ||||||
Employer contributions
|
626 | 545 | ||||||
Plan participants contributions
|
211 | 198 | ||||||
Benefits paid
|
(325 | ) | (689 | ) | ||||
Foreign currency exchange rate changes
|
517 | (164 | ) | |||||
Fair value of plan assets at end of year
|
17,881 | 15,557 | ||||||
Funded status
|
(10,264 | ) | (7,634 | ) | ||||
Liability for pension benefits recorded in the balance sheet
|
$ | (10,264 | ) | $ | (7,634 | ) |
2012
|
2011
|
|||||||
Non current liabilities
|
10,264 | $ | 7,634 |
2012
|
2011
|
|||||||
Actuarial loss, net of $706,000 tax benefit (2011: net of $188,000 tax benefit)
|
$ | (2,344 | ) | $ | (194 | ) | ||
Prior service (loss) gain, net of $5,000 tax benefit (2011: net of $279,000 tax provision)
|
(18 | ) | 836 | |||||
$ | (2,362 | ) | $ | 642 |
2012
|
2011
|
|||||||
Components of net periodic benefit cost:
|
||||||||
Service cost
|
$ | 263 | $ | 331 | ||||
Interest cost
|
1,263 | 1,268 | ||||||
Expected return on plan assets
|
(1,158 | ) | (1,126 | ) | ||||
Amortization of prior service gain
|
(24 | ) | (18 | ) | ||||
Amortization of net actuarial loss
|
332 | 310 | ||||||
Net periodic benefit cost
|
$ | 676 | $ | 765 | ||||
Net cost of defined contribution plans
|
$ | 160 | $ | 77 |
2012
|
2011
|
|||||||
Plan obligations:
|
||||||||
Discount rate
|
4.61 | % | 5.34 | % | ||||
Rate of compensation increase
|
0.0 | % | 2.79 | % | ||||
Net periodic benefit cost:
|
||||||||
Discount rate
|
4.61 | % | 5.34 | % | ||||
Expected long term return on plan assets
|
6.67 | % | 7.26 | % | ||||
Rate of compensation increase
|
0.0 | % | 2.79 | % |
Level 1*
(Quoted prices in active markets)
|
Level 2**
(Significant observable inputs)
|
Level 3***
(Unobservable inputs)
|
||||||||||
Mutual Funds
|
||||||||||||
Standard Life Pension Global Absolute Returns Strategies Fund
|
6,148 | - | - | |||||||||
Standard Life UK Indexed Linked Fund
|
1,576 | - | - | |||||||||
Standard Life Long Corporate Bond Fund
|
1,581 | - | - | |||||||||
CF Ruffer Absolute Return Fund
|
6,168 | - | - | |||||||||
U.S. Mutual Funds
|
2,060 | - | - | |||||||||
U.S. Exchange Traded Funds
|
185 | - | - | |||||||||
Other Types of Investments
|
||||||||||||
Cash
|
163 | - | - | |||||||||
Total
|
17,881 | - | - |
*
|
Level 1 investments represent mutual funds for which a quoted market price is available on an active market. These investments primarily hold stocks or bonds, or a combination of stocks and bonds.
|
**
|
The Company currently does not have any Level 2 pension plan financial assets.
|
***
|
The Company currently does not have any Level 3 pension plan financial assets.
|
2013
|
$ | 390 | ||
2014
|
535 | |||
2015
|
689 | |||
2016
|
757 | |||
2017
|
765 | |||
2018 – 2022
|
4,252 |
2012
|
||||||||||||||||
Controls
|
Capacitors
|
Corporate
|
Total
|
|||||||||||||
Sales to external customers
|
$ | 33,825 | $ | 1,690 | $ | - | $ | 35,515 | ||||||||
Inter-segment revenues
|
- | 19 | - | 19 | ||||||||||||
Operating income (loss)
|
1,584 | (86 | ) | 2 | 1,500 | |||||||||||
Depreciation
|
507 | 89 | 2 | 598 | ||||||||||||
Identifiable assets
|
21,855 | 1,270 | 436 | 23,561 | ||||||||||||
Capital expenditures
|
340 | 86 | - | 426 | ||||||||||||
2011 | ||||||||||||||||
Controls
|
Capacitors
|
Corporate
|
Total
|
|||||||||||||
Sales to external customers
|
$ | 30,039 | $ | 2,247 | $ | - | $ | 32,286 | ||||||||
Inter-segment revenues
|
- | 26 | - | 26 | ||||||||||||
Operating income (loss)
|
1,232 | 392 | (555 | ) | 1,070 | |||||||||||
Depreciation
|
574 | 78 | 2 | 654 | ||||||||||||
Identifiable assets
|
21,382 | 1,291 | 274 | 22,947 | ||||||||||||
Capital expenditures
|
571 | 64 | - | 635 |
2012
|
2011
|
|||||||
Sales:-
|
||||||||
U.S. sales
|
$ | 15,516 | $ | 15,178 | ||||
Foreign sales:
|
||||||||
United Kingdom
|
10,137 | 8,787 | ||||||
France
|
9,862 | 8,321 | ||||||
Total Foreign
|
19,999 | 17,108 | ||||||
Total sales
|
$ | 35,515 | $ | 32,286 | ||||
Long-lived assets:
|
||||||||
U.S.A.
|
$ | 2,342 | $ | 2,617 | ||||
Foreign:
|
||||||||
United Kingdom
|
4,192 | 3,744 | ||||||
France
|
76 | 75 | ||||||
Korea and Japan
|
2 | 3 | ||||||
Total Foreign
|
4,270 | 3,822 | ||||||
Total
|
$ | 6,612 | $ | 6,439 |
2012
|
2011
|
|||||||
Electronic controls for zero emission and hybrid electric vehicles
|
$ | 25,199 | $ | 22,394 | ||||
Accessory and aftermarket products and services
|
8,626 | 7,645 | ||||||
Total controls segment revenues
|
$ | 33,825 | $ | 30,039 |
2013
|
$ | 43 | ||
2014
|
1,746 | |||
2015
|
28 | |||
Total
|
1,817 |
·
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;
|
·
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
|
·
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
|
Name of Officer
|
Age
|
Position
|
|||
Matthew Boyle
|
50 |
President & Chief Executive Officer
|
|||
Paul N. Farquhar
|
50 |
Vice President, Treasurer & Chief Financial Officer
|
Plan Category
|
Number of securities to be issued upon exercise of outstanding options warrants and rights
|
Weighted-average exercise price of outstanding options, warrants and rights
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) at end of year
|
(a)
|
(b)
|
(c)
|
|
Equity compensation plans approved by security holders:
1996 Equity Incentive Plan
1998 Director Stock Option Plan
|
31,000
5,000
|
$ 4.37
$ 5.40
|
122,800
-
|
Sub Total
|
36,000
|
$ 4.51
|
122,800
|
Equity compensation plans not approved by security holders
|
-
|
-
|
-
|
Total
|
36,000
|
$ 4.51
|
122,800
|
(a)
|
Financial statements and schedule
|
The financial statements and financial statement schedule are filed as part of this Annual Report on Form 10-K.
|
|
(b)
|
Exhibits
|
The exhibits filed as part of this Annual Report on Form 10-K are listed on the Exhibit Index below.
|
*(3)(a)
|
Restated Certificate of Incorporation of the registrant (incorporated by reference to Exhibit 3.2 to Current Report on Form 8-K filed on June 7, 2011).
|
*(3)(b)
|
Amended and Restated By-laws of the registrant (incorporated by reference to Exhibit 3.3 to Current Report on Form 8-K filed on June 7, 2011).
|
*(10)(a)
|
Sevcon, Inc. 1996 Equity Incentive Plan and amendment thereto (incorporated by reference to 2004 Proxy Statement filed on December 29, 2003 and Exhibit 10.1 to Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, respectively).
|
*(10)(b)
|
Form of Option for 1996 Equity Incentive Plan (incorporated by reference to Exhibit (10) (b) to Annual Report for the year ended September 30, 2002).
|
*(10)(c)
|
Form of Restricted Stock Agreement for employees for 1996 Equity Incentive Plan (incorporated by reference to Exhibit (10) (c) to Annual Report for the year ended September 30, 2004).
|
*(10)(d)
|
Form of Indemnification Agreement dated January 4, 1988 between the registrant and each of its directors (incorporated by reference to Exhibit (10) (e) to Annual Report for the year ended September 30, 1994).
|
*(10)(e)
|
Directors’ Retirement Plan (incorporated by reference to Exhibit (10) (b) to Annual Report for the year ended September 30, 1990).
|
*(10)(f)
|
Board resolution terminating Directors’ Retirement Plan (incorporated by reference to Exhibit (10) (e) to Annual Report for the year ended September 30, 1997).
|
*(10)(g)
|
Sevcon, Inc. 1998 Director Stock Option Plan (incorporated by reference to Exhibit 10 to Quarterly Report on Form 10-Q for the quarter ended March 31, 1998).
|
*(10)(h)
|
Service Agreement dated as of July 1, 2010, between Mathew Boyle and Sevcon Limited (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on July 6, 2010).
|
*(10)(i)
|
Noncompetition/Nonsolicitation Agreement dated as of July 1, 2010, between Matthew Boyle and Sevcon, Inc. (incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed on July 6, 2010).
|
*(10)(j)
|
Service Agreement dated as of July 1, 2010, between Paul N. Farquhar and Sevcon Limited (incorporated by reference to Exhibit 10.3 to Current Report on Form 8-K filed on July 6, 2010).
|
*(10)(k)
|
Noncompetition/Nonsolicitation Agreement dated as of July 1, 2010, between Paul N. Farquhar and Sevcon, Inc. (incorporated by reference to Exhibit 10.4 to Current Report on Form 8-K filed on July 6, 2010).
|
(10)(l)
*(10)(m)
*(10)(n)
|
Summary of Director and Executive Officer Non-Plan Compensation (filed herewith).
Loan and Security Agreement by and between Sevcon USA, Inc. and RBS Citizens, National Association, dated June 15, 2011 (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on June 21, 2011).
Unlimited Guaranty by Sevcon, Inc. in favor of RBS Citizens, National Association, dated June 15, 2011 (incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed on June 21, 2011).
|
(21)
|
Subsidiaries of the registrant (filed herewith).
|
(23)
|
Consent of McGladrey LLP (filed herewith).
|
(31.1)
|
Certification of Principal Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
|
(31.2)
|
Certification of Principal Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith).
|
(32.1)
101
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
The following materials formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Income Statements, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Comprehensive (Loss) Income, (iv) Consolidated Statements of Stockholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements. These materials are furnished and not “filed” herewith.
|
SEVCON, INC.
|
||
By
/s/ Matthew Boyle
|
December 20, 2012
|
|
Matthew Boyle
|
||
President and Chief Executive Officer
|
SIGNATURE
|
TITLE
|
DATE
|
/s/ Matthew Boyle
|
President, Chief Executive
|
December 20, 2012
|
Matthew Boyle
|
Officer and Director
|
|
(Principal Executive Officer)
|
||
/s/ Paul N. Farquhar
|
Vice President, Chief Financial Officer and Treasurer
|
December 20, 2012
|
Paul N. Farquhar
|
(Principal Accounting Officer)
|
|
/s/ Maarten D. Hemsley
|
Director
|
December 20, 2012
|
Maarten D. Hemsley
|
||
/s/ Paul B. Rosenberg
|
Director
|
December 20, 2012
|
Paul B. Rosenberg
|
||
/s/ Marvin G. Schorr
|
Director
|
December 20, 2012
|
Marvin G. Schorr
|
||
/s/ Bernard F. Start
|
Director
|
December 20, 2012
|
Bernard F. Start
|
||
/s/ David R. A. Steadman
|
Director
|
December 20, 2012
|
David R. A. Steadman
|
||
/s/ Paul O. Stump
|
Director
|
December 20, 2012
|
Paul O. Stump
|
||
/s/ Frederick.A.Wang
|
Director
|
December 20, 2012
|
Frederick. A. Wang
|
||
/s/ William J. Ketelhut
|
Director
|
December 20, 2012
|
William J. Ketelhut
|
Allowance for doubtful accounts
|
2012
|
2011
|
||||||
Balance at beginning of year
|
49 | 53 | ||||||
Additions charged to costs and expenses
|
25 | 15 | ||||||
Deductions from reserves:
|
||||||||
Accounts collected
|
(3 | ) | - | |||||
Reduction in reserve
|
- | (1 | ) | |||||
Write off of uncollectible accounts
|
(39 | ) | (18 | ) | ||||
Balance at end of year
|
32 | 49 |
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