-----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, CK22jSI4iEj+j8kYMzFLA0EZayIhdu0xhfI0b1WJwnTnuONLS6hvqI5gf9vIJx+T 1WVSsZ+RH2OTVnxNj3ndZw== 0000825411-07-000023.txt : 20071206 0000825411-07-000023.hdr.sgml : 20071206 20071206171533 ACCESSION NUMBER: 0000825411-07-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071206 DATE AS OF CHANGE: 20071206 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: 071290277 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 December 4, 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 2.02. Results of Operations and Financial Condition On December 4, 2007 the Registrant issued a press release announcing earnings the fiscal year and fourth quarter ended September 30, 2007. A copy of such press release is attached hereto as Exhibit 99 and is incorporated by reference herein in its entirety. Item 9.01. Financial Statements and Exhibits. (a) Exhibit 99.1 Press release issued by the registrant on December 4, 2007 is furnished herewith. 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 c.txt DECEMBER 4, 2007 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 ANNUAL AND FOURTH QUARTER RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND Southborough, Mass. December 4, 2007.. Tech/Ops Sevcon, Inc. (AMEX symbol TO) reported a 17% increase in net income to $1,303,000, or $.41 per share, for the year ended September 30, 2007. Fiscal 2007 compared to 2006 Revenues of $39.2 million were 13% ahead of last year; volumes were up by 7%, and a further gain of 6% was due to a positive foreign currency impact. Operating income was $2,063,000, an increase of 12%. There was an adverse foreign currency impact on operating income of $545,000, mainly due to the weakness of the US Dollar. Excluding this foreign currency change, operating income improved by 41%. Net income was 17% ahead of last year at $1,303,000. Foreign currency changes reduced net income by $350,000; underlying net income was up by 48%. Diluted net income per share was $.41, up by $.06 compared to last year. Adjusted for the impact of the weakening US dollar, diluted net income per share would have been $.51, an increase of $.16, or 46%, compared to last year. Fourth quarter 2007 compared to fourth quarter 2006 Sales increased by 15% to $10.3 million; volumes up 8%, positive foreign currency impact of 7%. Management changes in the capacitor business during the fourth quarter incurred one-time costs of $297,000. Fourth quarter operating income was $179,000. Foreign currency Fluctuations had an adverse impact of $118,000 and management changes cost $297,000. Adjusted for the impact of foreign currency and management changes, underlying operating income would have been $594,000, compared to $454,000 in 2006, an increase of 31%. Net income of $164,000 was $79,000 behind last year. Foreign currency and management changes reduced net income by $185,000 or 46%. Adjusting for this impact net income would have increased by $106,000, or 44%. Diluted net income per share was $.05 compared to $.08 last year. First Quarter 2008 Dividend The Board of Directors today declared a quarterly cash dividend of $.03 per share for the first quarter of fiscal 2008. The dividend will be paid on January 3, 2008 to stockholders of record on December 19, 2007. Tech/Ops Sevcon, Inc. is a world leader in the design, manufacture and Marketing of microprocessor based controls for zero emission 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. Financial Highlights 2007 (in thousands except per share data) Three months ended Twelve months ended ------------------ ------------------- Sept 30 Sept 30 Sept 30 Sept 30 2007 2006 2007 2006 --------- -------- ------- ------- Net sales $10,272 $8,934 $39,213 $34,630 ---------- -------- ------- ------- Operating income 179 454 2,063 1,844 Income before income taxes 244 399 1,988 1,734 Net income $164 $243 $1,303 $1,114 ---------- -------- ------- ------- Basic income per share $.05 $.08 $.41 $.35 ---------- -------- ------- ------- Diluted income per share $.05 $.08 $.41 $.35 ---------- -------- ------- ------- Cash dividend per share $.03 $.03 $.12 $.12 ---------- -------- ------- ------- Average shares outstanding 3,181 3,146 3,167 3,139 ---------- -------- ------- ------- Summarized Balance Sheet Data (in thousands of dollars) September 30, September 30, 2007 2006 ------------- ------------- Cash and cash equivalents $1,014 $1,290 Receivables 8,714 6,187 Inventories 5,422 4,717 Prepaid expenses and other current assets 916 847 Total current assets 16,066 13,041 ------------- ------------ Long-term assets 5,860 5,611 Total assets $21,926 $18,652 ------------- ------------ Current liabilities $7,187 $5,673 Liability for pension benefits 2,244 2,886 Other long-term liabilities 61 56 ------------- ----------- Stockholders' equity $12,434 $10,037 Total liabilities and stockholders' investment $21,926 $18,652 ------------- ----------- -----END PRIVACY-ENHANCED MESSAGE-----