-----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, ANCzJZdfGEKb4T+oEMsct0SuarFAelsMqpQjBK+0qKTff8dVYJuN98/8qCgcRkOh iEKO7KB/er1yecgrVe7J3g== 0000825411-07-000014.txt : 20070425 0000825411-07-000014.hdr.sgml : 20070425 20070425155209 ACCESSION NUMBER: 0000825411-07-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070331 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20070425 DATE AS OF CHANGE: 20070425 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: 07787655 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 a.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 April 24, 2007 ----------------------------------------------- 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 April 24, 2007 the Registrant issued a press release announcing earnings for the second fiscal quarter ended March 31, 2007. A copy of such press release is attached hereto as Exhibit 99 and is incorporated by reference herein in its entirety. Item 5.02 (c). Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory arrangements with Certain Officers. On April 24, 2007 the Registrant appointed Mr. Paul N. Farquhar, age 45, as Vice President, Treasurer and Principal Accounting Officer. Mr. Farquhar is a British Chartered Accountant and from January 2005 to March 2007 was European Financial Controller for AAF International, a global company providing products for air filtration. From 1997 to January 2005 he was European Finance Director of Haskel International Inc., a world leading manufacturer of hydraulic and pneumatic driven high pressure products, systems and accessories. Mr Farquhar is employed by the UK subsidiary of the Registrant at an annual salary of 90,000 British Pounds (approximately $180,000). In the event of termination of his employment without cause, he would be entitled to a termination payment of 3 months salary. On April 24, 2007 Mr. Farquhar was awarded 2,000 shares of restricted stock which will vest on the third business day after the announcement of fiscal 2007 results; provided that they will fully vest upon his death or Disability or upon a Change of Control (as each is defined in the Registrant's Stock Option Plan). If Mr. Farquhar's employment with the Registrant is terminated for any reason other than his death or Disability, any unvested shares will be forfeited and returned to the Registrant, unless the Compensation Committee of the Board of Directors determines otherwise in its discretion. 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 b.txt NEWS RELEASE APRIL 24 2007 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 SECOND QUARTER SALES AND IMPROVED PROFITS Southborough, Mass. April 24, 2007. Tech/Ops Sevcon, Inc. (AMEX symbol TO) reported net income of $568,000, or $.18 per share, for the second fiscal quarter ended March 31, 2007. Net income increased by 66% from $342,000 in the comparable period last year. Basic and fully diluted net income was $.18 per share, an increase of $.07 per share compared with the second quarter of last year. Sales in the second quarter were $10,374,000; the highest quarterly sales ever recorded by the Company. Sales revenues of were 21% ahead of the second quarter last year. Volumes shipped were 14% ahead of the prior year period, augmented by Foreign currency fluctuations which caused an increase in reported revenues of $628,000, or 7%. Operating income for the second quarter was $898,000, an increase of $336,000, or 60%, compared to the second quarter of last year. Gross profit increased by $697,000 compared to last year due to both higher volumes and foreign currency fluctuations. Operating expense for the second quarter was $297,000 higher than the same period last year, mainly due to foreign currency fluctuations. For the six month period, revenues were $18,600,000, an increase of $2,217,000, or 14%, compared to last year. Higher volumes accounted for a 7% increase in sales revenues and contributed $394,000 of additional gross profit. The weakness of the US dollar compared to the British Pound and the Euro resulted in a $1,100,000 increase in reported sales, but this reduced operating income by $198,000. Operating expenses, excluding the effect of foreign currency changes, were $100,000 lower than last year. Operating income for the first half of fiscal 2007 was $1,102,000, an increase of $296,000, or 37%, compared to last year. For the first half of fiscal 2007, net income was $656,000, or $.21 per diluted share, compared to $502,000, or $.16 per diluted share last year. The Company is pleased to announce the appointment of Mr. Paul N. Farquhar as Vice President, Treasurer and Principal Accounting Officer. He is a UK Chartered Accountant and has wide experience in senior financial roles in international manufacturing businesses. 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. Second Quarter 2007 Financial Highlights (unaudited) (in thousands except per share data) Three months ended Six months ended ------------------ ----------------- March 31 April 1 March 31 April 1 2007 2006 2007 2006 ======== ======= ======== ======== Net sales $ 10,374 $ 8,562 $ 18,600 $ 16,383 ======== ======= ======== ======== Operating income 898 562 1,102 806 Income before income taxes 875 525 1,009 771 Net income $ 568 $ 342 $ 656 $ 502 ======== ======= ======== ======== Basic income per share $ .18 $ .11 $ .21 $ .16 ======== ======= ======== ======== Diluted income per share $ .18 $ .11 $ .21 $ .16 ======== ======= ======== ======== Cash dividend per share $ .03 $ .03 $ .06 $ .06 ======== ======= ======== ======== Average shares outstanding 3,167 3,141 3,158 3,134 ======== ======= ======== ======== Summarized Balance Sheet Data (in thousands of dollars) March 31, September 30, 2007 2006 (unaudited) (derived from audited statements) ======== ======== Cash, and cash equivalents $ 234 $ 1,290 Receivables 8,678 6,187 Inventories 4,698 4,717 Prepaid expenses and other current assets 1,157 847 -------- ------- Total current assets 14,767 13,041 Long-term assets 5,942 5,611 -------- ------- Total assets $ 20,709 $ 18,652 Other current liabilities $ 6,782 $ 5,673 Liability for pension benefits 2,914 2,886 Deferred taxes 59 56 Stockholders' investment $ 10,954 $ 10,037 -------- ------- Total liabilities and stockholders' investment $ 20,709 $ 18,652 ======== ======== 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 May, 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-----