-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DQFa31bsHcmbkqfweAvm3d1XcdO4goX1PPBPT7l+ITBJHWMDEnmzRNG3A05ppS8p MKVbNy/wfwHv4rLlSakK7w== 0000825411-03-000002.txt : 20030424 0000825411-03-000002.hdr.sgml : 20030424 20030424152123 ACCESSION NUMBER: 0000825411-03-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030424 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TECH OPS SEVCON INC CENTRAL INDEX KEY: 0000825411 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL INDUSTRIAL APPARATUS [3620] IRS NUMBER: 042985631 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09789 FILM NUMBER: 03662254 BUSINESS ADDRESS: STREET 1: 40 NORTH AVENUE CITY: BURLINGTON STATE: MA ZIP: 01803-3391 BUSINESS PHONE: 7812297896 MAIL ADDRESS: STREET 1: 40 NORTH AVENUE CITY: BURLINGTON STATE: MA ZIP: 01803-3391 8-K 1 a.txt FD UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 April 24, 2003 ----------------------------------------------- Date of Report (date of earliest event reported TECH/OPS SEVCON, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 1-9789 04-2985631 - ------------------------------- ------------ -------------- (State or other jurisdiction of Commission (I.R.S. Employer incorporation or organization) File Number Identification No.) 155 Northboro Road Southborough, MA 01772 ------------------------------------------------------ (Address of principal executive offices and zip code) (508) 281-5510 --------------------------------------------------- (Registrant's telephone number, including area code:) 40 North Ave. Burlington, MA 01803-3300 ------------------------------------------------------ (Former Name or Former Address, if Changed Since Last Report) Item 9. Regulation FD Disclosure (also furnished under Item 12 - "Results of Operations and Financial Conditions") On April 22, 2003, the Registrant issued a press release announcing earnings for the second quarter ended March 31, 2003. A copy of such press release is attached hereto as Exhibit 99 and is incorporated by reference herein in its entirety. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits Exhibit Number Description of Exhibit ------- ---------------------- 99 News Release SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Tech/Ops Sevcon, Inc., Registrant April 24, 2003 /s/ Raymond J. Thibault Jr. Raymond J. Thibault Jr. Assistant Treasurer EX-99 3 c.txt NEWS RELEASE EXHIBIT 99 Tech/Ops Sevcon Second Quarter News Release Tech/Ops Sevcon, Inc. 155 Northboro Road Southborough, MA 01772 Telephone (508) 281 5510 For Release: IMMEDIATE - ----------------------------------------------------------------------------- News For Further Information Contact Release Paul A. McPartlin - ----------------------------------------------------------------------------- TECH/OPS SEVCON REPORTS SECOND QUARTER RESULTS Southborough, Mass. April 22, 2003..... Tech/Ops Sevcon, Inc. (AMEX symbol TO) reported that net income for its second fiscal quarter was $211,000, or $.07 per diluted share, compared to last year's results when the Company had net income of $192,000, or $.06 per diluted share. Revenues for the second quarter were $6,138,000, an increase of $563,000, or 10%, compared to the prior year's $5,575,000. Foreign currency fluctuations resulted in a $675,000 increase in reported sales. Second quarter volumes were 2% lower than last year. Operating income for the second quarter of $303,000 was $2,000 higher than last year. Foreign currency changes compared to last year resulted in an increase of $115,000 in second quarter operating income, equivalent to $.02 per share. For the six month period, net income was $217,000, or $.07 per diluted share, compared to $243,000, or $.08 per diluted share last year. Revenues in the first six months of fiscal 2003 were $11,783,000, an increase of $806,000, or 7%, compared to last year. Foreign currency fluctuations resulted in a $990,000 increase in reported sales. Volumes were 2% less than last year. Operating income for the six-month period was $317,000, compared to $393,000, in the first half of the prior year. Foreign currency fluctuations increased year-to-date reported operating income by $90,000 compared to the same period last year, equivalent to $.02 per share. The Company paid a regular quarterly cash dividend of $94,000, or $.03 per share, on April 10, 2003. In March 2003 the Company relocated to new premises in Southborough, MA, located 5 miles north of the Junction of the I90 and I495. The new building houses both the corporate office and Sevcon, Inc. This modern 13,000 square feet building provides increased space and facilities for applications engineering as well as distribution and service facilities for the North American markets. Contact details are: Tech/Ops Sevcon, Inc. 155 Northboro Road, Southborough, MA 01772 Telephone (508) 281 5510; Fax (508) 281 5520 E-mail investor.relations@sevcon.com Tech/Ops Sevcon, Inc. is a world leader in the design, manufacture and marketing of microprocessor based controls for electric vehicles. The controls are used to vary the speed and movement of vehicles, to integrate specialized functions, and to prolong the shift life of the vehicles? batteries. Sevcon supplies customers throughout the world from its operations in the United Kingdom, the USA, France, the Far East, and through an international dealer network. The Company's customers are manufacturers of fork lift trucks, aerial lifts, mining vehicles, airport tractors, sweepers, and other battery powered vehicles. Second Quarter 2003 Financial Highlights (unaudited) (in thousands except per share data) Three months ended Six months ended -------------------- ------------------- March 31 March 31 March 31 March 31 2003 2002 2003 2002 -------- -------- -------- -------- Net sales $6,138 $5,575 $11,783 $10,977 Operating income 303 301 317 393 Income before income taxes 325 294 334 373 Net income $ 211 $ 192 $ 217 $ 243 -------- -------- -------- -------- Basic income per share $ .07 $ .06 $ .07 $ .08 -------- -------- -------- -------- Diluted income per share $ .07 $ .06 $ .07 $ .08 -------- -------- -------- -------- Cash dividend per share $ .03 $ .09 $ .06 $ .18 -------- -------- -------- -------- Average shares outstanding 3,125 3,115 3,125 3,112 -------- -------- -------- -------- -----END PRIVACY-ENHANCED MESSAGE-----