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) May 7, 2013
SEVCON, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-9789 | 04-2985631 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| 155 Northboro Road Southborough, MA |
01772 |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (508) 281-5510
N/A
(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 May 7, 2013 the Registrant issued a press release announcing financial results for the first six months and second quarter of fiscal 2013 ended March 30, 2013. 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 May 7, 2013 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.
| SEVCON, INC.
(Registrant) |
||
| May 7, 2013
(Date) |
/s/ RAYMOND J. THIBAULT JR.
Raymond J. Thibault Jr. Assistant Treasurer |
EXHIBIT INDEX
| Exhibit Number | Description of Exhibit | |
| 99.1 | Press Release issued by the Registrant on May 7, 2013. |
EXHIBIT 99.1
SOUTHBOROUGH, Mass., May 7, 2013 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) reported financial results for the second quarter of fiscal 2013 ended March 30, 2013.
Second Quarter Fiscal 2013 Results Summary
Six-Month Fiscal 2013 Results Summary
Management Comments
"Conditions in both the off-road and on-road segments of our business continue to be very challenging, and product demand remains well below the levels of a year ago," said President and CEO Matt Boyle. "However, the pickup in order flow that we began to experience in January continued through the second quarter. Our lead times and visibility have stabilized, and we were encouraged to see some pockets of end-market strength materialize as the quarter progressed."
"Our highest near-term priority is to return Sevcon to profitability," Boyle said. "We have taken out costs without, we believe, jeopardizing the long-term growth of the business. We implemented personnel and cost reduction measures in the second quarter designed to rapidly accomplish this goal, based on the assumption of continued soft demand. We expect these measures to result in approximately $2 million of annual savings. Although we incurred a related restructuring charge of $605,000 in the second quarter, the associated cost reductions enabled us to narrow our operating loss."
"We believe that Sevcon is well-positioned to leverage the underlying strength in global demand for environmentally friendly transportation," said Boyle. "We are continuing to expand our portfolio of relationships with OEMs and automotive suppliers in Europe, Asia and North America. At the same time, our engineering team is working closely with our customers around the world on solutions for making electric vehicles safer, more convenient and less costly to operate than ever before. Although the near-term demand environment remains less than favorable, we began the third quarter with a stronger backlog than we began the last two quarters and we have both an improved order flow and a lower cost structure. We remain committed to returning the business to growth and profitability, and look forward to reporting continued progress toward this goal in the quarters ahead."
Second Quarter Fiscal 2013 Conference Call Details
Sevcon has scheduled a conference call to review its results for the second quarter of fiscal 2013 tomorrow, May 8, 2013 at 9:00 a.m. ET. Those who wish to listen to the conference call webcast should visit the Investor Relations section of the company's website at www.sevcon.com. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328 prior to the start of the call. If you are unable to listen to the live call, the webcast will be archived on the company's website.
| Second Quarter Fiscal 2013 Financial Highlights | ||||
| (in thousands except per share data) | ||||
| Three months ended | Six months ended | |||
| (Unaudited) | (Unaudited) | |||
|
March 30 2013 |
March 31 2012 |
March 30 2013 |
March 31 2012 |
|
| Net sales | $ 8,017 | $ 10,101 | $ 14,657 | $ 18,616 |
| Operating (loss) income | (463) | 695 | (1,648) | 947 |
| (Loss) income before income taxes | (576) | 628 | (1,986) | 1,001 |
| Net income (loss) | $ 62 | $ 470 | $ (1,240) | $ 754 |
| Basic income (loss) per share | $ 0.02 | $ 0.14 | $ (0.37) | $ 0.23 |
| Diluted income (loss) per share | $ 0.02 | $ 0.14 | $ (0.37) | $ 0.22 |
| Average shares outstanding | 3,363 | 3,336 | 3,351 | 3,313 |
| Summarized Balance Sheet Data | ||
| (in thousands) | ||
|
March 30 2013 (Unaudited) |
September 30 2012 (Derived from audited statements) |
|
| Cash and cash equivalents | $ 1,002 | $ 2,823 |
| Receivables | 6,008 | 5,858 |
| Inventories | 5,963 | 6,346 |
| Prepaid expenses and other current assets | 2,066 | 1,932 |
| Total current assets | 15,039 | 16,949 |
| Long-term assets | 6,841 | 6,612 |
| Total assets | $ 21,880 | $ 23,561 |
| Current liabilities | $ 5,036 | $ 5,044 |
| Liability for pension benefits | 9,518 | 10,264 |
| Other long-term liabilities | 1,748 | 1,774 |
| Stockholders' equity | $ 5,578 | 6,479 |
| Total liabilities and stockholders' equity | $ 21,880 | $ 23,561 |
About Sevcon, Inc.
Sevcon is a world leader in the design and manufacture of microprocessor based controls for zero emission electric and hybrid vehicles. The controls are used to vary the speed and movement of vehicles, to integrate specialized functions and to optimize the energy consumption of the vehicle's power source. The Company supplies customers throughout the world from its operations in the USA, the U.K., France and the Asia Pacific region and through an international dealer network. Sevcon's customers are manufacturers of on and off-road vehicles including cars, trucks, buses, motorcycles, fork lift trucks, aerial lifts, mining vehicles, airport tractors, sweepers and other electrically powered vehicles. For more information visit www.sevcon.com.
Forward-Looking Statements
Statements in this release about Sevcon's prospects for fiscal 2013 and beyond are forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those we anticipate. In particular: global demand for electric vehicles may not grow as much as we expect; our customers' products may not be as successful as those of other entrants in the electric vehicle market who are supplied by our competitors; and we are dependent on a few key suppliers and subcontractors for most components, sub-assemblies and finished products, and we may not be able to establish alternative sources of supply in time if supplies are interrupted. Please see the company's most recent forms 10-K and 10-Q on file with the SEC for further information regarding Sevcon's risk factors.
CONTACT: David Calusdian
Sharon Merrill Associates
1 (617) 542 5300
SEV@InvestorRelations.com
Matt Boyle
President and CEO
1 (508) 281 5503
matt.boyle@Sevcon.com