-----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, Nn967MZzdaXPfVw03VBIrG4VEQa0SXrTFw3gBiS9hIrpp0HM6qNRja8CEbN/5Qwc G47rqG7JsuQStkVjtAuB2Q== 0000825411-06-000016.txt : 20060725 0000825411-06-000016.hdr.sgml : 20060725 20060725162845 ACCESSION NUMBER: 0000825411-06-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060701 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20060725 DATE AS OF CHANGE: 20060725 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: 06979357 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 b.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 July 25, 2006 ----------------------------------------------- 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 July 25 ,2006 the Registrant issued a press release announcing earnings for the third fiscal quarter ended July 1 , 2006. 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 /s/ Raymond J. Thibault Jr. Raymond J. Thibault Jr. Assistant Treasurer EX-99 2 a.txt QUARTER 3 NEWS RELEASE Tech/Ops Sevcon Inc. 155 Northboro Road Southborough, MA 01772 Telephone (508) 281 5510 News Release For release: Immediately For further information contact: Paul McPartlin TECH/OPS SEVCON REPORTS RECORD QUARTERLY REVENUES AND INCREASED PROFITS Southborough, Mass. July 25, 2006..... Tech/Ops Sevcon, Inc. (AMEX symbol TO) reported net income of $369,000, or $.12 per share, for the third fiscal quarter ended July 1, 2006. Net income increased by $153,000, or 71% from $216,000 in the comparable period last year. Basic and fully diluted net income was $.12 per share, an increase of $.05 per share compared with the third quarter of last year. Sales in the third quarter were 10% ahead at $9,313,000, the highest quarterly revenues recorded by the Company. Volumes shipped were 10% ahead of the prior year period, and foreign currency fluctuations had a small positive impact on reported revenues. Operating income for the third quarter was $584,000, an increase of $203,000, or 53%, compared to the third quarter of last year. Gross profit increased by $392,000 compared to last year and was 38.1% of sales compared to 37.4% in the third quarter of last year. The increase in gross profit was mainly due to increased volumes and, to a lesser extent, due to the positive impact of foreign currency fluctuations. Operating expense for the third quarter was $189,000 higher than the same period last year. For the nine month period, net income was 113% higher at $871,000, or $.28 per diluted share, compared to $408,000, or $.13 per diluted share last year. Revenues in the first nine months of fiscal 2006 were $25,696,000, an increase of $1,607,000, or 7%, compared to last year. Foreign currency fluctuations resulted in a $780,000 decrease in reported sales. Volumes were 10% ahead of the prior year. Gross profit increased by $788,000 due to increased volumes, partially offset by the adverse impact of foreign currency fluctuations. Operating expenses were $84,000 higher than last year, with higher spend on sales and engineering partially offset by the impact of foreign currency fluctuations. Operating income for the nine month period was $1,390,000, an increase of $704,000, or 103%, compared to $686,000, in the first nine months of the prior year. Foreign currency fluctuations increased year-to-date reported operating income by $85,000 compared to the same period last year. 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, and 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. Third Quarter 2006 Financial Highlights (unaudited) (in thousands except per share data) Three months ended Nine months ended ------------------ ----------------- July 1 July 2 July 1 July 2 2006 2005 2006 2005 ================== ================= Net sales $9,313 $8,453 $25,696 $24,089 ================== ================= Operating income 584 381 1,390 686 Income before income taxes 564 333 1,335 628 Net income $ 369 $ 216 $ 871 $ 408 ================== ================= Basic income per share $ .12 $ .07 $ .28 $ .13 ================== ================= Diluted income per share $ .12 $ .07 $ .28 $ .13 ================== ================= Cash dividend per share $ .03 $ .03 $ .09 $ .09 ================== ================= Average shares outstanding 3,144 3,125 3,134 3,125 ================== ================= Summarized Balance Sheet Data (in thousands of dollars) July 1, 2006 September 30, (unaudited) 2005 (derived from audited statements) =============== =============== Cash, and cash equivalents $ 330 $ 1,130 Receivables 6,819 6,193 Inventories 5,523 3,737 Prepaid expenses and other current assets 1,195 915 --------------- -------------- Total current assets 13,867 11,975 Long-term assets 4,613 4,471 --------------- -------------- Total assets $ 18,480 $ 16,446 =============== =============== Due to banks $ 426 $ - Other current liabilities 6,287 5,824 Deferred taxes 35 33 Stockholder equity 11,732 10,589 --------------- -------------- Total liabilities and stockholder equity $ 18,480 $ 16,446 =============== =============== To our shareholders: If you would like to receive a copy of the Company's Form 10-Q, which will be available as soon as filed, in mid August, please send your request to: Investor Relations Tech/Ops Sevcon, Inc. 155 Northboro Road Southborough, MA 01772 e-mail investor.relations@sevcon.com www.techopssevcon.com -----END PRIVACY-ENHANCED MESSAGE-----