Tech/Ops Sevcon Reports Fourth Quarter and Annual Results

Maker of microprocessor-based controls for electric vehicles.

Published: 07-Nov-2000

BURLINGTON, Mass.--(BUSINESS WIRE)--Nov. 7, 2000--Tech/Ops Sevcon, Inc. (AMEX:TO) reported improved sales and profits for its fourth quarter ended September 30, 2000. For fiscal 2000 sales were up by 2% compared to last year and diluted net income per share was $.90 compared to $1.00 last year.

For the fourth fiscal quarter ended September 30, 2000, sales were $6,821,000 compared to $5,843,000 in the same quarter of fiscal 1999, a increase of 17%. The main reason for improvement in sales was higher volume shipments to customers in the US and Europe. Sales in fiscal 2000 were $30,360,000, compared to $29,654,000 recorded in 1999. The year-to-year increase in sales was mainly in the US aerial lift market. Increased unit volume shipments of 7% were offset by a 5% decrease in sales due to foreign currency changes. Operating income for the fourth quarter of $745,000 was $143,000, or 24%, higher than last year. Operating Income for the year was $4,108,000 compared to $4,640,000 in last fiscal year, a decrease of 11%. The principal cause of this decrease was foreign currency fluctuations.

Net income for the fourth quarter was $515,000, compared to $462,000, in the fourth quarter of fiscal 1999, an increase of 11%. Basic net income per was $.17 per share compared to $.15 per share last year and fully diluted net income was $.16 per share, an increase of $.01 per share compared to 1999. Net income for its fiscal year was $2,805,000, which was 11% lower than $3,125,000 reported in the previous fiscal year. Basic and fully diluted income per share was $0.90 compared to $1.00 last year, a decrease of 10%. The main reason for the year-to-year reduction in net income was currency fluctuations, including the continued weakness of the Euro.

"The fourth quarter is traditionally our lowest quarter for sales as many of our European customers close down during July and August for vacation. We were happy to see higher volume shipments, especially of our new AC controls. Much of this good work in increasing unit sales volumes is undermined however by the continued weakness in the Euro against both the Dollar and the British Pound" said Matt Boyle President and CEO.

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.

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