-----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, THxnIMalQhJ8LAHwgzdKQ44Saambraj9OlhbvmUHb7TxV8C9/9m2xemrEDSiqATO gIEYuUTTtxFiL7zYNPxJtw== 0000825411-03-000014.txt : 20031117 0000825411-03-000014.hdr.sgml : 20031117 20031117163426 ACCESSION NUMBER: 0000825411-03-000014 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031117 ITEM INFORMATION: FILED AS OF DATE: 20031117 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-09789 FILM NUMBER: 031008333 BUSINESS ADDRESS: STREET 1: 155 NORTHBORO ROAD CITY: SOUTHBOROUGH STATE: MA ZIP: 01772 BUSINESS PHONE: 5082815510 MAIL ADDRESS: STREET 1: 155 NORTHBORO ROAD CITY: SOUTHBOROUGH STATE: MA ZIP: 01772 8-K/A 1 a.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 November 17, 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:) ------------------------------------------------------ (Former Name or Former Address, if Changed Since Last Report) Item 12. Results of Operations and Financial Condition On November 13, 2003, the Registrant issued a press release announcing earnings for the fourth quarter and year ended September 30, 2003. A copy of such press release is attached hereto as Exhibit 99 and is incorporated by reference herein in its entirety. 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 November 17,2003 /s/ Raymond J. Thibault Jr. Raymond J. Thibault Jr. Assistant Treasurer EX-99 3 b.txt PRESS 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 ANNUAL AND FOURTH QUARTER RESULTS Southborough, Mass. November 13, 2003. Tech/Ops Sevcon, Inc. (AMEX symbol TO) reported that net income for the year ended September 30, 2003 was $83,000, or $.03 per diluted share, compared to last year's results when the Company had net income of $57,000, or $.02 per diluted share. Revenues for fiscal 2003 were $23,113,000, an increase of $1,241,000, or 6%, compared to the prior year's $21,872,000. Foreign currency fluctuations, principally the strength of the Euro and British pound compared to the US dollar, accounted for an increase of $1,885,000 in reported sales. Excluding the foreign currency impact, volumes were 3% lower than last year due to depressed conditions in most of the markets served by the Company. Operating income for fiscal 2003 was $151,000, compared to $45,000 last year. Better margins and positive foreign currency fluctuations contributed to improved operating income; however, in the current fiscal year higher engineering expense on advanced new products, lower volumesand increased inventory obsolescence adversely impacted operating income. Fourth quarter sales were $5,369,000, a decrease of $171,000, or 3%, compared to the prior year?s $5,540,000. Foreign currency fluctuations increased reported revenues in the fourth quarter by $295,000; therefore volumes were lower than the same quarter last year by $466,000, or 8%. The fourth quarter is traditionally slow due to many customers shutting their plants for a summer vacation. Only the aerial lift and capacitor markets showed any growth compared to last year's fourth quarter, all other markets served by the Company declined. There was an operating loss of $327,000 in the fourth quarter of the current fiscal year, compared to an operating loss of $330,000 for the same quarter last year. Lower volumes, increased new product engineering expense and higher inventory obsolescence adversely impacted fourth quarter results in fiscal 2003. Better margins and positive foreign currency fluctuations contributed positively to this year's operating results. In the fourth quarter of last year the operating loss was adversely impacted by a charge of $209,000 relating to the UK pension plan. There was a net loss of $232,000 for the fourth quarter of fiscal 2003 compared to a net loss of $205,000 for the same quarter last year. The net loss per diluted share was $.07 in the fourth quarter of both fiscal 2003 and 2002. 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. Financial Highlights 2003 (in thousands except per share data) Three months ended Twelve months ended ------------------ ------------------- Sept 30 Sept 30 Sept 30 Sept 30 2003 2002 2003 2002 ================ =================== Net sales $5,369 $5,540 $23,113 $21,872 ================ =================== Operating income (loss) (327) (330) 151 45 Income before income taxes (356) (315) 128 88 Net income $(232) $(205) $83 $57 ================ ================== Basic income per share $(.07) $(.07) $.03 $.02 ================ ================== Diluted income per share $(.07) $(.07) $.03 $.02 ================ ================== Cash dividend per share $.03 $.03 $.12 $.30 ================ ================== Average shares outstanding 3,125 3,123 3,125 3,117 ================ ================== Summarized Balance Sheet Data (derived from audited statements) (in thousands of dollars) September 30, September 30, 2003 2002 ============= ============= Cash, cash equivalents and short-term investments $524 $695 Receivables 4,088 3,938 Inventories 3,999 4,137 Prepaid expenses and other current assets 762 539 ------------ ------------- Total current assets 9,373 9,309 Long-term assets 4,361 4,212 ------------ ------------- Total assets $13,734 $13,521 ============ ============= Current liabilities $4,009 $3,975 Deferred taxes 77 93 Stockholders' Investment $9,648 $9,453 ------------ ------------ $13,734 $13,521 ============ ============ -----END PRIVACY-ENHANCED MESSAGE-----