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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 |
Fourth Quarter Fiscal 2012 Results Summary
Full-Year Fiscal 2012 Results Summary
Management Comments
"Sevcon concluded a year of 10% revenue growth although with a weak fourth quarter as the macroeconomic environment in our key geographic markets affected both the off-road and on-road segments of our business," said President and CEO Matt Boyle. "Reflecting the continued global slowdown in construction and mining activity, we continued to experience soft product demand for traditional off-road industrial EV applications during the quarter. A bright spot in our traditional markets was an improvement in shipments to our fork lift truck customers in North America and the Far East. In the on-road EV market, sales to two-wheel applications improved by 25% from the fourth quarter last year. Sales of controllers to four-wheel customers decreased, however, mainly due to curtailment of shipments to one large customer compared to the orders fulfilled to that customer a year earlier."
"Fourth-quarter revenues in Sevcon's core business, the Controls segment, were down 15% from a year ago, a trend continuing into this current year. This reflects slower demand in Europe and North America, while sales in the Far East were higher," said Boyle. "Excluding the impact of foreign currency, Controls segment revenues declined 12% overall in the fourth quarter. Revenues in Europe and North America were 37% and 9% lower, respectively, than in the same fiscal quarter last year, while sales in the Far East were 89% higher."
"Looking forward, we will continue to be impacted by the negatives effects of the global macroeconomy which will play a key role in shaping the near-term trajectory of our business," Boyle said. "Our plan for navigating this challenging environment is to remain focused on the areas within our control, starting with our project pipeline, which includes an expanding range of active projects with OEM and Tier 1 automotive suppliers in Europe, Asia and North America. In addition to on-road EV applications, these projects involve some potentially important new products in the industrial off-road sector."
"At the same time, we will continue to ensure that we have the engineering, sales and customer support resources we need to support these business development initiatives and fully capitalize on Sevcon's future opportunities, while maximizing the profitability in our business model," said Boyle. "We look forward to reporting our progress in executing on these objectives in the quarters ahead."
Fourth-Quarter and Year-End Fiscal 2012 Conference Call Details
Sevcon has scheduled a conference call to review its fourth-quarter results tomorrow, December 5, 2012 at 9:00 a.m. ET. A webcast of the call will be available at the Investor Relations section of the Company's website, www.sevcon.com. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328 prior to the start of the call. If you are unable to listen to the live call, the webcast will be archived on the company's website.
Fourth Quarter Fiscal 2012 Financial Highlights (In thousands except per share data) | ||||
Three months ended | Twelve months ended | |||
(Unaudited) | ||||
September 30 2012 | September 30 2011 | September 30 2012 | September 30 2011 | |
Revenues | $ 8,021 | $ 9,408 | $ 35,515 | $ 32,286 |
Operating income | 518 | 202 | 1,500 | 1,070 |
Income before income taxes | 538 | 213 | 1,596 | 969 |
Income taxes provision | 253 | 155 | 401 | 257 |
Net income | $ 285 | $ 58 | $ 1,195 | $ 712 |
Basic income per share | $ 0.09 | $ 0.02 | $ 0.36 | $ 0.22 |
Diluted income per share | $ 0.08 | $ 0.02 | $ 0.35 | $ 0.21 |
Average shares outstanding | 3,331 | 3,310 | 3,329 | 3,303 |
Summarized Balance Sheet Data | ||
September 30 | September 30 | |
2012 | 2011 | |
Cash and cash equivalents | $ 2,823 | $ 1,797 |
Receivables | 5,858 | 5,952 |
Inventories | 6,346 | 7,478 |
Prepaid expenses and other current assets | 1,922 | 1,281 |
Total current assets | 16,949 | 16,508 |
Long-term assets | 6,612 | 6,439 |
Total assets | $ 23,561 | $ 22,947 |
Current liabilities | $ 5,044 | $ 6,010 |
Liability for pension benefits | 10,264 | 7,634 |
Other long-term liabilities | 1,774 | 1,813 |
Stockholders' equity | 6,479 | 7,490 |
Total liabilities and stockholders' equity | $ 23,561 | $ 22,947 |
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
Forward-Looking Statements
Statements in this release about Sevcon's future prospects are forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those we anticipate. In particular: global demand for electric vehicles may not grow as much as we expect; our customers' products may not be as successful as those of other entrants in the electric vehicle market who are supplied by our competitors; and we are dependent on a few key suppliers and subcontractors for most components, sub-assemblies and finished products, and we may not be able to establish alternative sources of supply in time if supplies are interrupted. Please see the company's most recent forms 10-K and 10-Q on file with the SEC for further information regarding Sevcon's risk factors.
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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