-----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, R9HEjlGiLyUzS9HJ6mGhIfIedDbnwQcax8F/DheTyliAdH8qMyOI2ogyiriwxmeZ Gm4s0ztkAJvrXAA5ZE+unA== 0000825411-08-000024.txt : 20080730 0000825411-08-000024.hdr.sgml : 20080730 20080730145237 ACCESSION NUMBER: 0000825411-08-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080628 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080730 DATE AS OF CHANGE: 20080730 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: 08978575 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 Date of Report (Date of earliest event reported): JULY 29, 2008 TECH/OPS SEVCON, INC. (Exact Name of Registrant as Specified in Charter) Delaware 1-9789 04-2985631 (State or Other (Commission File Number) (IRS Employer Jurisdiction Identification No.) of Incorporation) 155 Northboro Road Southborough, MA 01772 --------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (508) 281-5510 --------------------------------------------------- (Registrant's telephone number, including area code) - ------------------------------------------------------------ (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: /_/ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) /_/ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) /_/ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) /_/ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition On July 29, 2008. the Registrant issued a press release announcing financial results for its second fiscal quarter ended June 28,2008. A copy of such press release is filed as Exhibit 99.1 hereto and is incorporated by reference herein in its entirety. Item 9.01. Financial Statements and Exhibits (d) Exhibits 99.1 Press release issued by the Registrant on July 29, 2008 is furnished herewith. SIGNATURE 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. Dated: July 30, 2008 By: /s/ Raymond J. Thibault Jr. ------------------------------ Raymond J. Thibault Jr. Assistant Treasurer EX-99 2 a.txt JULY 29, 2008 NEWS RELEASE Tech/Ops Sevcon Inc. 155 Northboro Road Southborough, MA 01772 Telephone (508) 281 5510 For release: Immediately For further information contact: Paul Farquhar TECH/OPS SEVCON REPORTS THIRD QUARTER LOSS AFTER RESTRUCTURING CHARGE Southborough, Mass. July 29, 2008. Tech/Ops Sevcon, Inc. (AMEX symbol TO) reported a net loss of $289,000 or $0.09 per share, for the third fiscal quarter ended June 28, 2008 after providing for the costs of a significant restructuring of its UK manufacturing operations, completed in June 2008. Third quarter 2008 compared to third quarter 2007 * Operating loss was $391,000, after costs of $700,000 relating to restructuring which is anticipated to immediately remove $2 million of operating costs on an annualized basis, following the closure of the residual manufacturing operation in the UK. This followed a strategic review of the business which identified an opportunity to significantly reduce ongoing manufacturing costs through further reliance on subcontractors to manufacture the Company's products. The restructuring cost comprised one-time termination costs for 41 employees and associated professional fees. * Sales decreased by 3% to $10.0 million; volume declined $779,000 or 7.5%. The Company recorded sales increases in North America and in the Far East, but decreases in the European aerial lift sector. This was offset by a positive foreign currency impact of $453,000 or 4.0%. * Gross profit was 32.1% compared to 36.7% last year, due to the impact of several non-recurring items including start up costs at a subcontractor, component obsolescence in the UK and warranty costs at one customer. * Net loss was $289,000 compared to net income of $483,000 last year. Foreign currency changes increased net income by $110,000; restructuring costs and material issues reduced net income by $455,000 and $254,000 respectively. * Net loss per share was $0.09 compared to net income per share of $0.15 last year. Nine months year-to-date 2008 compared to 2007 * Sales of $30.8 million were 6.5% ahead of last year; volume increased $355,000, and there was a positive foreign currency impact of $1,522,000. * Operating income was $829,000, a decrease of $1,055,000 from the same period last year. Foreign currency improved operating income by $472,000 in the nine month period. * Net income was $485,000 compared to last year when net income was $1,139,000. Foreign currency improved net income by $386,000 in the first nine months. The restructuring charge and third quarter material issues reduced net income by $497,000 and $277,000 respectively. * Net income per share was $0.15, down $0.21 from the $0.36 recorded last year. 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. Third Quarter 2008 Financial Highlights (unaudited) (in thousands except per share data) Three months ended Nine months ended ------------------- ------------------ June 28 June 30 June 28 June 30 2008 2007 2008 2007 ------- ------- ------- ------- Net sales $10,015 $10,341 $30,818 $28,941 ------- ------- ------- ------- Operating (Loss)/Income (391) 782 829 1,884 (Loss)/Income before income taxes(444) 735 747 1,744 Net (Loss)/Income $ (289) $ 483 $ 485 $ 1,139 ------- ------- ------- ------- Basic income per share $ .(09) $ .15 $ .15 $ .36 ------- ------- ------- ------- Diluted (Loss)/Income per share $.(09) $ .15 $ .15 $ .36 ------- ------- ------- ------- Cash dividend per share $ .03 $ .03 $ .09 $ .09 ------- ------- ------- ------- Average shares outstanding 3,217 3,172 3,206 3,162 ------- ------- ------- ------- Summarized Balance Sheet Data (in thousands of dollars) June 28, September 30, 2008 2007 (unaudited) (derived from Audited statements) --------- ------------ Cash,and cash equivalents $ 1,250 $ 1,014 Receivables 8,142 8,714 Inventories 5,420 5,422 Prepaid expenses and other current assets 978 916 --------- ------------ Total current assets 15,790 16,066 Long-term assets 5,907 5,860 --------- ------------ Total assets $ 21,697 $ 21,926 --------- ------------ Other current liabilities 6,575 7,187 Liability for pension benefits 2,179 2,244 Other long-term liabilities 60 61 Stockholders' equity 12,883 12,434 --------- ------------ Total liabilities and stockholders' equity $ 21,697 $ 21,926 --------- ------------ -----END PRIVACY-ENHANCED MESSAGE-----