-----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, UiGghIbxWO620Ug7hILI7tP5nJE47wgzvQ1BW8Tn4N6FgXxu59ZIlxrISix/Y3i2 q+YqCB6FQE2Y/tWHPWrKzg== 0000825411-04-000012.txt : 20041208 0000825411-04-000012.hdr.sgml : 20041208 20041208164332 ACCESSION NUMBER: 0000825411-04-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040930 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20041208 DATE AS OF CHANGE: 20041208 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: 041191226 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 1 k.txt 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 December 8, 2004 ----------------------------------------------- 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 December 8,2004 the Registrant issued a press release announcing earnings for the fiscal year and quarter ended September 30, 2004. 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 December 8, 2004 /s/ Raymond J. Thibault Jr. Raymond J. Thibault Jr. Assistant Treasurer EX-99 2 b.txt FISCAL 2004 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 IMPROVED ANNUAL AND FOURTH QUARTER RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND Southborough, Mass. December 8, 2004..... Tech/Ops Sevcon, Inc. (AMEX symbol TO) reported that net income for the year ended September 30, 2004 was $611,000, or $.19 per diluted share, compared to last year's results when the Company had net income of $83,000, or $.03 per diluted share. Revenues for fiscal 2004 were $29,150,000, an increase of $6,037,000, or 26%, compared to the prior year's $23,113,000. Foreign currency fluctuations, principally the strength of the Euro and British pound compared to the US dollar, accounted for an increase of $2,027,000 in reported sales. Excluding the foreign currency impact, volumes were 17% higher than last year due to improved conditions in most of the markets served by the controls business segment. Operating income for fiscal 2004 was $972,000, compared to $151,000 last year. Increased volumes and better margins contributed to improved operating income; however, higher engineering expense on advanced new products, increased sales and marketing expense and foreign currency fluctuations partially offset this improvement. Fourth quarter sales were $7,925,000, an increase of $2,556,000, or 48%, compared to the prior year's $5,369,000. All of the markets served by the controls business were ahead in the fourth quarter of the current fiscal year, but the capacitor market declined. There was operating income of $399,000 in the fourth quarter of the current fiscal year, compared to an operating loss of $327,000 for the same quarter last year. Higher volumes, better margins, and lower inventory obsolescence all positively impacted fourth quarter results in fiscal 2004. There was net income of $285,000 for the fourth quarter of fiscal 2004 compared to a net loss of $232,000 for the same quarter last year. The net income per diluted share was $.09 in the fourth quarter of fiscal 2004 compared to a net loss of $.07 per share for the same quarter last year. The Board of Directors today declared a quarterly cash dividend of $.03 per share for the first quarter of fiscal 2005. The dividend will be paid on January 6, 2005 to stockholders of record on December 22, 2004. 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 2004 (in thousands except per share data) Three months ended Twelve months ended ------------------ ------------------- Sept 30 Sept 30 Sept 30 Sept 30 2004 2003 2004 2003 ------- ------- ------- ------- Net sales $ 7,925 $ 5,369 $29,150 $23,113 ------- ------- ------- ------- Operating income (loss) 399 (327) 972 151 Income (loss) before income taxes 418 (356) 918 128 Net income (loss) $ 285 $ (232) $ 611 $ 83 ------- ------- ------- ------- Basic income (loss) per share $ .09 $ (.07) $ .20 $ .03 ------- ------- ------- ------- Diluted income (loss) per share $ .09 $ (.07) $ .19 $ .03 ------- ------- ------- ------- Cash dividend per share $ .03 $ .03 $ .12 $ .12 ------- ------- ------- ------- Average shares outstanding 3,125 3,125 3,125 3,125 ------- ------- ------- ------- Summarized Balance Sheet Data (derived from audited statements) (in thousands of dollars) September 30, September 30, 2004 2003 ------------ ------------ Cash, cash equivalents and short-term Investments $ 905 $ 524 Receivables 6,109 4,138 Inventories 4,043 3,999 Prepaid expenses and other current assets 931 762 ------- ------- Total current assets 11,988 9,373 Long-term assets 4,620 4,361 ------- ------- Total assets $16,608 $13,784 ------- ------- Current liabilities $ 6,083 $ 4,059 Deferred taxes 61 77 Stockholders' investment $10,464 $ 9,648 ------- ------- Total liabilities and stockholders' investment $16,608 $13,784 ------- ------- -----END PRIVACY-ENHANCED MESSAGE-----