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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.)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
x
|
|
|
(Do not check if a smaller reporting company)
|
|
Class
|
Outstanding at August 7, 2014
|
Common stock, par value $.10
|
3,574,765
|
|
PAGE
|
2
|
|
2
|
|
2
|
|
3
|
|
3
|
|
4
|
|
5
|
|
14
|
|
20
|
|
21
|
|
21
|
|
21
|
|
21
|
|
23
|
|
23
|
|
23
|
|
23
|
|
23
|
|
24
|
|
24
|
(in thousands of dollars except share and per share data)
|
||||||||
|
June 28,
2014
|
September 30,
2013
|
||||||
|
(unaudited)
|
(derived from audited statements)
|
||||||
ASSETS
|
|
|
||||||
Current assets:
|
|
|
||||||
Cash and cash equivalents
|
$
|
1,303
|
$
|
2,062
|
||||
Trade receivables, net of allowances for doubtful accounts of $42 at June 28, 2014 and $61 at September 30, 2013
|
7,188
|
6,746
|
||||||
Other receivables
|
866
|
357
|
||||||
Inventories, net
|
6,384
|
5,723
|
||||||
Prepaid expenses and other current assets
|
2,584
|
1,862
|
||||||
Total current assets
|
18,325
|
16,750
|
||||||
Property, plant and equipment, at cost:
|
||||||||
Land and improvements
|
24
|
23
|
||||||
Buildings and improvements
|
775
|
737
|
||||||
Equipment
|
12,063
|
10,992
|
||||||
|
12,862
|
11,752
|
||||||
Less: accumulated depreciation
|
(10,691
|
)
|
(9,783
|
)
|
||||
Net property, plant and equipment
|
2,171
|
1,969
|
||||||
Long-term deferred tax assets
|
3,367
|
3,152
|
||||||
Goodwill
|
1,435
|
1,435
|
||||||
Other-long term assets
|
170
|
54
|
||||||
Total assets
|
$
|
25,468
|
$
|
23,360
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long term debt
|
$
|
42
|
$
|
46
|
||||
Accounts payable
|
4,638
|
3,880
|
||||||
Accrued expenses
|
1,946
|
2,087
|
||||||
Accrued and deferred taxes on income
|
-
|
47
|
||||||
Total current liabilities
|
6,626
|
6,060
|
||||||
Liability for pension benefits
|
8,320
|
8,354
|
||||||
Long term debt
|
1,700
|
1,728
|
||||||
Total liabilities
|
16,646
|
16,142
|
||||||
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 3,574,765 shares at June 28, 2014 and 3,474,388 at September 30, 2013
|
358
|
347
|
||||||
Premium paid in on common stock
|
5,850
|
5,699
|
||||||
Retained earnings
|
9,463
|
8,591
|
||||||
Accumulated other comprehensive loss
|
(7,170
|
)
|
(7,419
|
)
|
||||
Total Sevcon, Inc. stockholders’ equity
|
8,501
|
7,218
|
||||||
Noncontrolling interests
|
321
|
-
|
||||||
Total stockholders’ equity
|
8,822
|
7,218
|
||||||
Total liabilities and stockholders’ equity
|
$
|
25,468
|
$
|
23,360
|
|
(in thousands of dollars except per share data)
|
|||||||||||||||
|
Three months ended
|
Nine months ended
|
||||||||||||||
|
June 28,
2014
|
June 29,
2013
|
June 28,
2014
|
June 29,
2013
|
||||||||||||
Net sales
|
$
|
9,657
|
$
|
8,675
|
$
|
27,876
|
$
|
23,332
|
||||||||
Cost of sales
|
(6,081
|
)
|
(5,438
|
)
|
(16,866
|
)
|
(14,848
|
)
|
||||||||
Gross profit
|
3,576
|
3,237
|
11,010
|
8,484
|
||||||||||||
Selling, research and administrative expenses
|
(3,363
|
)
|
(2,944
|
)
|
(9,891
|
)
|
(9,234
|
)
|
||||||||
Restructuring charge
|
-
|
-
|
-
|
(605
|
)
|
|||||||||||
Operating income (loss)
|
213
|
293
|
1,119
|
(1,355
|
)
|
|||||||||||
Interest expense
|
(18
|
)
|
(28
|
)
|
(53
|
)
|
(78
|
)
|
||||||||
Interest income
|
-
|
-
|
1
|
1
|
||||||||||||
Foreign currency loss
|
(7
|
)
|
(94
|
)
|
(131
|
)
|
(383
|
)
|
||||||||
Income (loss) before income tax
|
188
|
171
|
936
|
(1,815
|
)
|
|||||||||||
Income tax benefit (provision)
|
34
|
(47
|
)
|
(64
|
)
|
699
|
||||||||||
Net income (loss)
|
222
|
124
|
872
|
(1,116
|
)
|
|||||||||||
Less: Net income (loss) attributable to noncontrolling interests
|
-
|
-
|
-
|
-
|
||||||||||||
Net income (loss) attributable to common stockholders
|
222
|
124
|
872
|
(1,116
|
)
|
|||||||||||
Basic income (loss) per share
|
$
|
0.07
|
$
|
0.04
|
$
|
0.26
|
$
|
(0.33
|
)
|
|||||||
Fully diluted income (loss) per share
|
$
|
0.06
|
$
|
0.04
|
$
|
0.25
|
$
|
(0.33
|
)
|
|
(in thousands of dollars)
|
|||||||||||||||
|
Three months ended
|
Nine months ended
|
||||||||||||||
|
June 28,
2014
|
June 29,
2013
|
June 28,
2014
|
June 29,
2013
|
||||||||||||
Net income (loss)
|
$
|
222
|
$
|
124
|
$
|
872
|
$
|
(1,116
|
)
|
|||||||
Other comprehensive income:
|
||||||||||||||||
Foreign currency translation adjustment
|
22
|
66
|
118
|
187
|
||||||||||||
Defined benefit pension plans:
|
||||||||||||||||
Amortization of actuarial loss, 2014: net of $13 and $39 tax benefit for the three and nine month periods, respectively, (2013: net of $19 and $56 tax benefit for the three and nine month periods, respectively)
|
44
|
49
|
131
|
152
|
||||||||||||
Comprehensive income (loss)
|
288
|
239
|
1,121
|
(777
|
)
|
|||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests
|
-
|
-
|
-
|
-
|
||||||||||||
Comprehensive income (loss) attributable to common stockholders
|
$
|
288
|
$
|
239
|
$
|
1,121
|
$
|
(777
|
)
|
|
(in thousands of dollars)
|
|||||||
|
Nine months ended
|
|||||||
|
June 28,
2014
|
June 29,
2013
|
||||||
Cash flow from operating activities:
|
|
|
||||||
Net income (loss)
|
$
|
872
|
$
|
(1,116
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash used by operating activities:
|
||||||||
Depreciation
|
456
|
458
|
||||||
Gain on sale of property, plant and equipment
|
-
|
(3
|
)
|
|||||
Stock-based compensation
|
225
|
215
|
||||||
Pension contributions greater than pension expense
|
(264
|
)
|
(44
|
)
|
||||
Deferred tax provision (benefit)
|
64
|
(1,107
|
)
|
|||||
Increase (decrease) in cash resulting from changes in operating assets and liabilities:
|
||||||||
Trade receivables
|
(306
|
)
|
(932
|
)
|
||||
Other receivables
|
(494
|
)
|
-
|
|||||
Inventories
|
(460
|
)
|
301
|
|||||
Prepaid expenses and other current assets
|
(1,002
|
)
|
122
|
|||||
Accounts payable
|
566
|
446
|
||||||
Accrued expenses
|
(178
|
)
|
159
|
|||||
Accrued and deferred taxes on income
|
(12
|
)
|
408
|
|||||
Net cash used by operating activities
|
(533
|
)
|
(1,093
|
)
|
||||
Cash flow used by investing activities:
|
||||||||
Acquisition of property, plant and equipment
|
(559
|
)
|
(383
|
)
|
||||
Proceeds of sale of property, plant and equipment
|
-
|
4
|
||||||
Investment in joint venture, net of cash acquired
|
322
|
-
|
||||||
Net cash used by investing activities
|
(237
|
)
|
(379
|
)
|
||||
Cash flow used by financing activities:
|
||||||||
Repayments of long term debt
|
(35
|
)
|
(31
|
)
|
||||
Purchase and retirement of common stock
|
(63
|
)
|
(70
|
)
|
||||
Net cash used by financing activities
|
(98
|
)
|
(101
|
)
|
||||
Effect of exchange rate changes on cash
|
109
|
88
|
||||||
Net decrease in cash
|
(759
|
)
|
(1,485
|
)
|
||||
Beginning balance - cash and cash equivalents
|
2,062
|
2,823
|
||||||
Ending balance - cash and cash equivalents
|
$
|
1,303
|
$
|
1,338
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for income taxes, net of refunds
|
$
|
12
|
$
|
22
|
||||
Cash paid for interest
|
53
|
78
|
(1) | Basis of presentation |
(2) | Summary of significant accounting policies |
(3) | New accounting pronouncement |
(4) | Stock-based compensation plans |
|
Shares
under
Option
|
Weighted average Exercise
Price
|
Weighted average remaining contractual life
(years)
|
Aggregate
Intrinsic Value
|
||||||||||||
Outstanding at September 30, 2013
|
5,000
|
$
|
5.40
|
0.1 years
|
$
|
-
|
||||||||||
Cancelled
|
(5,000
|
)
|
5.40
|
-
|
-
|
|||||||||||
Outstanding at June 28, 2014
|
-
|
$
|
-
|
-
|
$
|
-
|
||||||||||
Exercisable at June 28, 2014
|
-
|
$
|
-
|
-
|
$
|
-
|
||||||||||
Exercisable and expected to vest at June 28, 2014
|
-
|
$
|
-
|
-
|
$
|
-
|
|
Number of shares of Restricted Stock
|
Weighted Average Grant-Date Fair Value
|
||||||
Non-vested balance as of September 30, 2013
|
103,800
|
$
|
5.05
|
|||||
Granted
|
108,600
|
$
|
5.23
|
|||||
Vested
|
(43,800
|
)
|
$
|
4.63
|
||||
Non-vested balance as of June 28, 2014
|
168,600
|
$
|
5.27
|
(5) | Cash dividends |
(6) | Calculation of earnings per share and weighted average shares outstanding |
|
(in thousands except per share data)
|
|||||||||||||||
|
Three Months ended
|
Nine Months ended
|
||||||||||||||
|
June 28,
2014
|
June 29,
2013
|
June 28,
2014
|
June 29,
2013
|
||||||||||||
Net income (loss)
|
$
|
222
|
$
|
124
|
$
|
872
|
$
|
(1,116
|
)
|
|||||||
Weighted average shares outstanding – basic
|
3,406
|
3,365
|
3,394
|
3,356
|
||||||||||||
Basic income (loss) per share
|
$
|
0.07
|
$
|
0.04
|
$
|
0.26
|
$
|
(0.33
|
)
|
|||||||
Common stock equivalents
|
93
|
6
|
74
|
4
|
||||||||||||
Weighted average shares outstanding – diluted
|
3,499
|
3,371
|
3,468
|
3,360
|
||||||||||||
Diluted income (loss) per share
|
$
|
0.06
|
$
|
0.04
|
$
|
0.25
|
$
|
(0.33
|
)
|
|||||||
No. of options that are anti-dilutive excluded from calculation of common stock equivalents
|
-
|
-
|
-
|
-
|
(7) | Segment information |
|
(in thousands of dollars)
|
|||||||||||||||
|
Three months ended June 28, 2014
|
|||||||||||||||
|
Controls
|
Capacitors
|
Corporate
|
Total
|
||||||||||||
Sales to external customers
|
$
|
9,063
|
$
|
594
|
$
|
-
|
$
|
9,657
|
||||||||
Inter
-
segment revenues
|
-
|
3
|
-
|
3
|
||||||||||||
Operating income (loss)
|
194
|
108
|
(89
|
)
|
213
|
|||||||||||
Total assets, excluding goodwill
|
21,907
|
1,462
|
664
|
24,033
|
|
Three months ended June 29, 2013
|
|||||||||||||||
|
Controls
|
Capacitors
|
Corporate
|
Total
|
||||||||||||
Sales to external customers
|
8,191
|
$
|
484
|
$
|
-
|
$
|
8,675
|
|||||||||
Inter-segment revenues
|
-
|
-
|
-
|
-
|
||||||||||||
Operating income (loss)
|
208
|
29
|
56
|
293
|
||||||||||||
Total assets, excluding goodwill
|
19,637
|
1,149
|
450
|
21,236
|
|
Nine months ended June 28, 2014
|
|||||||||||||||
|
Controls
|
Capacitors
|
Corporate
|
Total
|
||||||||||||
Sales to external customers
|
26,199
|
$
|
1,677
|
$
|
-
|
$
|
27,876
|
|||||||||
Inter
-
segment revenues
|
-
|
5
|
-
|
5
|
||||||||||||
Operating income (loss)
|
1,033
|
252
|
(166
|
)
|
1,119
|
|||||||||||
Total assets, excluding goodwill
|
21,907
|
1,462
|
664
|
24,033
|
|
Nine months ended June 29, 2013
|
|||||||||||||||
|
Controls
|
Capacitors
|
Corporate
|
Total
|
||||||||||||
Sales to external customers
|
21,974
|
$
|
1,358
|
$
|
-
|
$
|
23,332
|
|||||||||
Inter-segment revenues
|
-
|
6
|
-
|
6
|
||||||||||||
Operating loss
|
(1,228
|
)
|
8
|
(135
|
)
|
(1,355
|
)
|
|||||||||
Total assets, excluding goodwill
|
19,637
|
1,149
|
450
|
21,236
|
|
(in thousands of dollars)
|
|||||||||||||||
|
Three Months ended
|
Nine Months ended
|
||||||||||||||
|
June 28,
2014
|
June 29,
2013
|
June 28,
2014
|
June 29,
2013
|
||||||||||||
Electronic controls for zero emission and hybrid electric vehicles
|
$
|
6,591
|
$
|
5,718
|
$
|
19,730
|
$
|
14,367
|
||||||||
Accessory and aftermarket products and services
|
2,472
|
2,473
|
6,469
|
7,607
|
||||||||||||
Total electronic controls segment revenues
|
$
|
9,063
|
$
|
8,191
|
$
|
26,199
|
$
|
21,974
|
(8) | Research and development |
(in thousands of dollars)
|
||||||||||||||||
|
Three Months ended
|
Nine Months ended
|
||||||||||||||
|
June 28,
2014
|
June 29,
2013
|
June 28,
2014
|
June 29,
2013
|
||||||||||||
Research and development expense, net of grants receivable
|
$
|
1,045
|
$
|
970
|
$
|
3,058
|
$
|
3,057
|
||||||||
Percentage of sales
|
10.8
|
%
|
11.2
|
%
|
11.0
|
%
|
13.1
|
%
|
(9) | Employee benefit plans |
|
(in thousands of dollars)
|
|||||||||||||||
|
Three Months ended
|
Nine Months ended
|
||||||||||||||
|
June 28,
2014
|
June 29,
2013
|
June 28,
2014
|
June 29,
2013
|
||||||||||||
Interest cost
|
$
|
330
|
$
|
309
|
$
|
973
|
$
|
945
|
||||||||
Expected return on plan assets
|
(331
|
)
|
(286
|
)
|
(978
|
)
|
(876
|
)
|
||||||||
Amortization of net loss
|
57
|
68
|
170
|
208
|
||||||||||||
Net periodic benefit cost
|
56
|
91
|
165
|
277
|
||||||||||||
Net cost of defined contribution plans
|
$
|
125
|
$
|
103
|
$
|
372
|
$
|
346
|
||||||||
Net cost of all employee benefit plans
|
$
|
181
|
$
|
194
|
$
|
537
|
$
|
623
|
|
(in thousands of dollars)
|
|||||||
|
Nine Months ended
|
|||||||
|
June 28,
2014
|
June 29,
2013
|
||||||
Liability for pension benefits at beginning of period
|
$
|
8,354
|
$
|
10,264
|
||||
Net periodic benefit cost
|
165
|
277
|
||||||
Plan contributions
|
(429
|
)
|
(321
|
)
|
||||
Amortization of actuarial loss
|
(170
|
)
|
(208
|
)
|
||||
Effect of exchange rate changes
|
400
|
516
|
||||||
Balance at end of period
|
$
|
8,320
|
$
|
9,496
|
|
(in thousands of dollars)
|
|||||||
|
June 28,
2014
|
June 29,
2013
|
||||||
Non-current liabilities
|
$
|
8,320
|
$
|
9,496
|
|
(in thousands of dollars)
|
|||||||||||||||
|
Three Months ended
|
Nine Months ended
|
||||||||||||||
|
June 28,
2014
|
June 29,
2013
|
June 28,
2014
|
June 29,
2013
|
||||||||||||
Amortization of actuarial loss, net of $13 and $39 tax benefit for the three and nine month periods, respectively, (2013: net of $19 and $56 tax benefit for the three and nine month periods, respectively)
|
$
|
44
|
$
|
49
|
$
|
131
|
$
|
152
|
|
(in thousands of dollars)
|
|||||||||||
|
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
|
7,327
|
-
|
-
|
|||||||||
Standard Life U.K. Indexed Linked Fund
|
1,854
|
-
|
-
|
|||||||||
Standard Life Long Corporate Bond Fund
|
1,810
|
-
|
-
|
|||||||||
CF Ruffer Absolute Return Fund
|
7,321
|
-
|
-
|
|||||||||
U.S. Equity Funds
|
346
|
-
|
-
|
|||||||||
U.S. Mutual Funds and Fixed Income Funds
|
2,477
|
-
|
-
|
|||||||||
|
||||||||||||
Other Types of Investments
|
||||||||||||
Cash
|
165
|
-
|
-
|
|||||||||
Total
|
21,300
|
-
|
-
|
* | Level 1 investments represent mutual funds for which a quoted market price is available on an active market. These investments will 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. |
|
(in thousands
of dollars)
|
|||
2014
|
$
|
497
|
||
2015
|
618
|
|||
2016
|
653
|
|||
2017
|
646
|
|||
2018
|
646
|
|||
2019 – 2023
|
$
|
3,296
|
(10) | Inventories |
|
(in thousands of dollars)
|
|||||||
|
June 28,
2014
|
September 30,
2013
|
||||||
Raw materials
|
$
|
2,327
|
$
|
2,201
|
||||
Work-in-process
|
113
|
11
|
||||||
Finished goods
|
3,944
|
3,511
|
||||||
|
$
|
6,384
|
$
|
5,723
|
(11) | Other receivables |
(12) | Fair value of financial instruments |
(13) | Accrued expenses |
|
(in thousands of dollars)
|
|||||||
|
June 28,
2014
|
September 30,
2013
|
||||||
Accrued compensation and related costs
|
$
|
1,041
|
$
|
1,015
|
||||
Other accrued expenses
|
905
|
1,072
|
||||||
|
$
|
1,946
|
$
|
2,087
|
|
(in thousands of dollars)
|
|||||||||||||||
|
Three Months ended
|
Nine Months ended
|
||||||||||||||
|
June 28,
2014
|
June 29,
2013
|
June 28,
2014
|
June 29,
2013
|
||||||||||||
Warranty reserves at beginning of period
|
$
|
140
|
$
|
90
|
$
|
138
|
$
|
89
|
||||||||
Decrease in beginning balance for warranty obligations settled during the period
|
(5
|
)
|
(5
|
)
|
(49
|
)
|
(20
|
)
|
||||||||
Foreign currency translation adjustment
|
-
|
-
|
2
|
(1
|
)
|
|||||||||||
Net increase in warranty reserves for products sold during the period
|
8
|
40
|
52
|
57
|
||||||||||||
Warranty reserves at end of period
|
$
|
143
|
$
|
125
|
$
|
143
|
$
|
125
|
(15) | Debt |
Fiscal year
|
(in thousands of dollars)
|
|||
2015
|
-
|
|||
2016
|
-
|
|||
2017
|
1,700
|
|||
Total
|
$
|
1,700
|
(16) | Establishment of Joint Venture in China |
(17) | Subsequent events |
(i) | if the financial condition of any of the Company's customers deteriorates as a result of further business declines, the Company may be required to increase its estimated allowance for bad debts; |
(ii) | if actual future demand is less than previously projected, inventory write-downs may be required; or |
(iii) | significant negative industry or economic trends that adversely affect our future revenues and profits, or a reduction of our market capitalization relative to net book value, among other factors, may change the estimated future cash flows or other factors that we use to determine whether or not goodwill has been impaired and lead us to conclude that an impairment charge is required. |
|
Three months ended
|
Favorable (unfavorable) % change due to:
|
||||||||||||||||||
|
June 28,
2014
|
June 29,
2013
|
Total
|
Currency
|
Volume
|
|||||||||||||||
Sales:
|
|
|
|
|
|
|||||||||||||||
Controls - to external customers
|
$
|
9,063
|
$
|
8,191
|
11
|
5
|
6
|
|||||||||||||
Capacitors - to external customers
|
594
|
484
|
23
|
12
|
11
|
|||||||||||||||
Capacitors - inter-segment
|
3
|
-
|
NM
|
NM
|
NM
|
|||||||||||||||
Capacitors – total
|
597
|
484
|
23
|
12
|
11
|
|||||||||||||||
Total sales to external customers
|
9,657
|
8,675
|
11
|
5
|
6
|
|||||||||||||||
Gross Profit:
|
||||||||||||||||||||
Controls
|
3,284
|
3,039
|
8
|
3
|
5
|
|||||||||||||||
Capacitors
|
292
|
198
|
48
|
14
|
34
|
|||||||||||||||
Total
|
3,576
|
3,237
|
11
|
4
|
7
|
|||||||||||||||
Selling, research and administrative expenses:
|
||||||||||||||||||||
Controls
|
(3,090
|
)
|
(2,831
|
)
|
(9
|
)
|
(6
|
)
|
(3
|
)
|
||||||||||
Capacitors
|
(184
|
)
|
(169
|
)
|
(9
|
)
|
(11
|
)
|
(2
|
)
|
||||||||||
Unallocated corporate expense
|
(89
|
)
|
56
|
(259
|
)
|
-
|
(259
|
)
|
||||||||||||
Total
|
(3,363
|
)
|
(2,944
|
)
|
(14
|
)
|
(7
|
)
|
(7
|
)
|
||||||||||
Operating income (loss):
|
||||||||||||||||||||
Controls
|
194
|
208
|
(7
|
)
|
(50
|
)
|
43
|
|||||||||||||
Capacitors
|
108
|
29
|
272
|
29
|
243
|
|||||||||||||||
Unallocated corporate expense
|
(89
|
)
|
56
|
259
|
-
|
(259
|
)
|
|||||||||||||
Total
|
213
|
293
|
(27
|
)
|
(32
|
)
|
5
|
|||||||||||||
Other income and expense
|
(25
|
)
|
(122
|
)
|
80
|
70
|
10
|
|||||||||||||
Income before income tax
|
188
|
171
|
10
|
(5
|
)
|
15
|
||||||||||||||
Income tax benefit (provision)
|
34
|
(47
|
)
|
172
|
24
|
196
|
||||||||||||||
Net income
|
$
|
222
|
$
|
124
|
79
|
(18
|
)
|
97
|
|
Nine months ended
|
Favorable (unfavorable) % change due to:
|
||||||||||||||||||
|
June 28,
2014
|
June 29,
2013
|
Total
|
Currency
|
Volume
|
|||||||||||||||
Sales:
|
|
|
|
|
|
|||||||||||||||
Controls - to external customers
|
$
|
26,199
|
$
|
26,974
|
19
|
4
|
15
|
|||||||||||||
Capacitors - to external customers
|
1,677
|
1,358
|
24
|
7
|
17
|
|||||||||||||||
Capacitors - inter-segment
|
5
|
6
|
(16
|
)
|
6
|
(22
|
)
|
|||||||||||||
Capacitors - total
|
1,682
|
1,364
|
23
|
7
|
16
|
|||||||||||||||
Total sales to external customers
|
27,876
|
23,332
|
20
|
4
|
16
|
|||||||||||||||
Gross Profit:
|
||||||||||||||||||||
Controls
|
10,224
|
8,000
|
28
|
(1
|
)
|
29
|
||||||||||||||
Capacitors
|
786
|
484
|
63
|
10
|
53
|
|||||||||||||||
Total
|
11,010
|
8,484
|
30
|
(1
|
)
|
31
|
||||||||||||||
Selling, research and administrative expenses and restructuring charge:
|
||||||||||||||||||||
Controls
|
(9,191
|
)
|
(9,228
|
)
|
1
|
(4
|
)
|
5
|
||||||||||||
Capacitors
|
(534
|
)
|
(476
|
)
|
(12
|
)
|
(6
|
)
|
(6
|
)
|
||||||||||
Unallocated corporate expense
|
(166
|
)
|
(135
|
)
|
(23
|
)
|
-
|
23
|
||||||||||||
Total
|
(9,891
|
)
|
(9,839
|
)
|
(1
|
)
|
(4
|
)
|
5
|
|||||||||||
Operating income (loss):
|
||||||||||||||||||||
Controls
|
1,033
|
(1,228
|
)
|
184
|
(38
|
)
|
222
|
|||||||||||||
Capacitors
|
252
|
8
|
NM
|
NM
|
NM
|
|||||||||||||||
Unallocated corporate expense
|
(166
|
)
|
(135
|
)
|
(23
|
)
|
-
|
(23
|
)
|
|||||||||||
Total
|
1,119
|
(1,355
|
)
|
183
|
(33
|
)
|
216
|
|||||||||||||
Other income and expense
|
(183
|
)
|
(460
|
)
|
60
|
55
|
5
|
|||||||||||||
Income (loss) before income tax
|
936
|
(1,815
|
)
|
152
|
(11
|
)
|
163
|
|||||||||||||
Income tax (provision) benefit
|
(64
|
)
|
699
|
(109
|
)
|
2
|
(111
|
)
|
||||||||||||
Net income (loss)
|
$
|
872
|
$
|
(1,116
|
)
|
178
|
(16
|
)
|
194
|
|
|
(in thousands of dollars)
|
||||||||||
|
Expected maturity or
transaction date
|
Expected maturity or
transaction date
|
|
|||||||||
|
Fiscal 2014
|
Fiscal 2015
|
Fair Value
|
|||||||||
On balance sheet financial instruments:
|
|
|
|
|||||||||
In $ U.S. Functional Currency
|
|
|
|
|||||||||
Accounts receivable in British Pounds
|
1,307
|
-
|
1,307
|
|||||||||
Accounts receivable in Euros
|
3,199
|
-
|
3,199
|
|||||||||
Accounts payable in British Pounds
|
1,809
|
-
|
1,809
|
|||||||||
Accounts payable in Euros
|
2,193
|
-
|
2,193
|
|||||||||
Anticipated Transactions
|
||||||||||||
In $ U.S. Functional Currency
|
||||||||||||
Firmly committed sales contracts
|
||||||||||||
In British Pounds
|
1,017
|
225
|
1,242
|
|||||||||
In Euros
|
1,833
|
-
|
1,833
|
· | the costs of acquiring and integrating another business may be materially greater than we anticipate; |
· | managing an acquired company’s technologies or lines of business or entering new markets where we have limited or no prior experience or where competitors may have stronger market positions may be more difficult than we anticipate; |
· | we may fail to achieve the expected return on our investments, which could adversely affect our business or operating results and potentially cause impairment to assets that we recorded as a part of an acquisition, including intangible assets and goodwill; |
· | the attention of our management and employees may be diverted; |
· | we may not be able to retain key personnel of an acquired business; |
· | we may assume unanticipated legal or financial liabilities; |
· | we may suffer significant increases in our interest expense, leverage and debt service requirements if we incur additional debt to pay for an acquisition; and |
· | our existing stockholders may be diluted and earnings per share may decrease if we were to issue a significant amount of equity securities in connection with an acquisition. |
|
SEVCON, INC.
|
|
|
|
|
Date: August 7, 2014
|
By: /s/ Paul N. Farquhar
|
|
Paul N. Farquhar
|
|
Chief Financial Officer (Principal Financial Officer)
|
1 Year Sono Group NV Chart |
1 Month Sono Group NV Chart |
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