Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 29, 2014 | 13-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SEVCON, INC. | ' |
Entity Central Index Key | '0000825411 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 3,574,765 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 29-Mar-14 | ' |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 29, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,450 | $2,062 |
Trade receivables, net of allowances for doubtful accounts of $48 at March 29, 2014 and $61 at September 30, 2013 | 6,838 | 6,746 |
Other receivables | 883 | 357 |
Inventories | 5,965 | 5,723 |
Prepaid expenses and other current assets | 2,085 | 1,862 |
Total current assets | 17,221 | 16,750 |
Property, plant and equipment, at cost: | ' | ' |
Land and improvements | 23 | 23 |
Buildings and improvements | 757 | 737 |
Equipment | 11,517 | 10,992 |
Property, plant and equipment, at cost | 12,297 | 11,752 |
Less: accumulated depreciation | -10,335 | -9,783 |
Net property, plant and equipment | 1,962 | 1,969 |
Long-term deferred tax assets | 3,374 | 3,152 |
Goodwill | 1,435 | 1,435 |
Other-long term assets | 150 | 54 |
Total assets | 24,142 | 23,360 |
Current liabilities: | ' | ' |
Current portion of long term debt | 49 | 46 |
Accounts payable | 4,077 | 3,880 |
Accrued expenses | 1,943 | 2,087 |
Accrued and deferred taxes on income | 0 | 47 |
Total current liabilities | 6,069 | 6,060 |
Liability for pension benefits | 8,255 | 8,354 |
Long term debt | 1,704 | 1,728 |
Total liabilities | 16,028 | 16,142 |
Stockholders' equity: | ' | ' |
Preferred stock, par value $.10 per share - authorized - 1,000,000 shares; outstanding - none | 0 | 0 |
Common stock, par value $.10 per share - authorized - 8,000,000 shares; outstanding 3,574,765 shares at March 29, 2014 and 3,474,388 at September 30, 2013 | 358 | 347 |
Premium paid in on common stock | 5,751 | 5,699 |
Retained earnings | 9,241 | 8,591 |
Accumulated other comprehensive loss | -7,236 | -7,419 |
Total stockholders' equity | 8,114 | 7,218 |
Total liabilities and stockholders' equity | $24,142 | $23,360 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 29, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Trade receivables, allowances for doubtful accounts | $48 | $61 |
Stockholders' equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.10 | $0.10 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, authorized (in shares) | 8,000,000 | 8,000,000 |
Common stock, outstanding (in shares) | 3,574,765 | 3,474,388 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract] | ' | ' | ' | ' |
Net sales | $9,170 | $8,017 | $18,219 | $14,657 |
Cost of sales | -5,568 | -5,010 | -10,785 | -9,410 |
Gross profit | 3,602 | 3,007 | 7,434 | 5,247 |
Selling, research and administrative expenses | -3,406 | -2,865 | -6,528 | -6,290 |
Restructuring charge | 0 | -605 | 0 | -605 |
Operating income (loss) | 196 | -463 | 906 | -1,648 |
Interest expense | -19 | -26 | -35 | -50 |
Interest income | 1 | 1 | 1 | 1 |
Foreign currency loss | -39 | -88 | -124 | -289 |
Income (loss) before income tax | 139 | -576 | 748 | -1,986 |
Income tax benefit (provision) | 23 | 638 | -98 | 746 |
Net income (loss) | $162 | $62 | $650 | ($1,240) |
Basic income (loss) per share (in dollars per share) | $0.05 | $0.02 | $0.19 | ($0.37) |
Fully diluted income (loss) per share (in dollars per share) | $0.05 | $0.02 | $0.19 | ($0.37) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) [Abstract] | ' | ' | ' | ' |
Net income (loss) | $162 | $62 | $650 | ($1,240) |
Other comprehensive income: | ' | ' | ' | ' |
Foreign currency translation adjustment | 30 | 20 | 96 | 121 |
Defined benefit pension plans: | ' | ' | ' | ' |
Actuarial loss, net of $13 and $26 tax benefit for the three and six month periods, respectively, (2013: net of $18 and $37 tax benefit for the three and six month periods, respectively) | 44 | 50 | 87 | 103 |
Comprehensive income (loss) | $236 | $132 | $833 | ($1,016) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Defined benefit pension plans: | ' | ' | ' | ' |
Tax benefits on actuarial loss | $13 | $18 | $26 | $37 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Cash flow from operating activities: | ' | ' |
Net income (loss) | $650 | ($1,240) |
Adjustments to reconcile net income (loss) to net cash used by operating activities: | ' | ' |
Depreciation | 304 | 309 |
Gain on sale of fixed assets | 0 | -3 |
Stock-based compensation | 127 | 168 |
Pension contributions greater than pension expense | -195 | -20 |
Deferred tax provision (benefit) | 98 | -912 |
Increase (decrease) in cash resulting from changes in operating assets and liabilities: | ' | ' |
Trade receivables | 18 | -300 |
Other receivables | -526 | 0 |
Inventories | -136 | 115 |
Prepaid expenses and other current assets | -530 | 54 |
Accounts payable | 99 | -52 |
Accrued expenses | -167 | 207 |
Accrued and deferred taxes on income | -83 | 147 |
Net cash used by operating activities | -341 | -1,527 |
Cash flow used by investing activities: | ' | ' |
Acquisition of property, plant and equipment | -249 | -307 |
Proceeds of sale of fixed assets | 0 | 4 |
Net cash used by investing activities | -249 | -303 |
Cash flow used by financing activities: | ' | ' |
Repayments of long term debt | -23 | -21 |
Purchase and retirement of common stock | -63 | -53 |
Net cash used by financing activities | -86 | -74 |
Effect of exchange rate changes on cash | 64 | 83 |
Net decrease in cash | -612 | -1,821 |
Beginning balance - cash and cash equivalents | 2,062 | 2,823 |
Ending balance - cash and cash equivalents | 1,450 | 1,002 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for income taxes | 83 | 3 |
Cash paid for interest | $35 | $50 |
Basis_of_presentation
Basis of presentation | 6 Months Ended | |
Mar. 29, 2014 | ||
Basis of presentation [Abstract] | ' | |
Basis of presentation | ' | |
-1 | Basis of presentation | |
Sevcon, Inc. ("Sevcon" or "the Company") is a Delaware corporation organized on December 22, 1987 to carry on the electronic controls business previously performed by Tech/Ops, Inc. Through wholly-owned subsidiaries located in the United States, the United Kingdom, France, South Korea and Japan, the Company designs and sells, under the Sevcon name, microprocessor based controls for zero emission and hybrid 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 vehicles' power source. The Company's customers are manufacturers of on-road, off-road and industrial vehicles including automobiles, buses, fork lift trucks, aerial lifts, mining vehicles, airport ground support vehicles, utility vehicles, sweepers and other battery powered vehicles. Through another subsidiary located in the United Kingdom, Sevcon, Inc. manufactures special metalized film capacitors that are used as components in the power electronics, signaling and audio equipment markets. | ||
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normally recurring accruals) necessary to present fairly the financial position of Sevcon, Inc. as of March 29, 2014 and the results of operations and cash flows for the six months ended March 29, 2014. These unaudited interim financial statements should be read in conjunction with the 2013 annual consolidated financial statements and related notes included in the 2013 Sevcon, Inc. Annual Report filed on Form 10-K (the "2013 10-K"). Unless otherwise indicated, each reference to a year means the Company's fiscal year, which ends on September 30. | ||
The results of operations for the six month period ended March 29, 2014 are not necessarily indicative of the results to be expected for the full year. |
Summary_of_significant_account
Summary of significant accounting policies | 6 Months Ended |
Mar. 29, 2014 | |
Summary of significant accounting policies [Abstract] | ' |
Summary of significant accounting policies | ' |
(2) Summary of significant accounting policies | |
There have been no changes since the end of 2013 to the significant accounting policies followed by Sevcon, Inc. |
Stockbased_compensation_plans
Stock-based compensation plans | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Stock-based compensation plans [Abstract] | ' | ||||||||||||||||
Stock-based compensation plans | ' | ||||||||||||||||
(3) Stock-based compensation plans | |||||||||||||||||
Under the Company's 1996 Equity Incentive Plan (the "Plan") there were 183,400 shares reserved and available for grant at March 29, 2014. There were 106,000 shares reserved and available for grant at March 30, 2013. There were no options granted or exercised in the periods ended March 29, 2014 and March 30, 2013. | |||||||||||||||||
Recipients of grants must execute a standard form of non-competition agreement. The plan provides for the grant of Restricted Stock, Restricted Stock Units, Options, and Stock Appreciation Rights ("SARs"). SARs may be awarded either separately, or in relation to options granted, and for the grant of bonus shares. Options granted are exercisable at a price not less than fair market value on the date of grant. | |||||||||||||||||
A summary of option activity for all plans for the six months ended March 29, 2014 is as follows: | |||||||||||||||||
Shares | Weighted average Exercise | Weighted average remaining contractual life | Aggregate | ||||||||||||||
under | Price | (years) | Intrinsic Value | ||||||||||||||
Option | |||||||||||||||||
Outstanding at September 30, 2013 | 5,000 | $ | 5.4 | 0.1 years | $ | - | |||||||||||
Cancelled | (5,000 | ) | 5.4 | - | - | ||||||||||||
Outstanding at March 29, 2014 | - | $ | - | - | $ | - | |||||||||||
Exercisable at March 29, 2014 | - | $ | - | - | $ | - | |||||||||||
Exercisable and expected to vest at March 29, 2014 | - | $ | - | - | $ | - | |||||||||||
The aggregate intrinsic value, if any, included in the table above represents the difference between the exercise price of the options and the market price of the Company's common stock for the options that had exercise prices that were lower than the $11.36 and $4.85 closing market price of the Company's common stock at March 29, 2014 and September 30, 2013, respectively. | |||||||||||||||||
In December 2013, the Company granted 80,000 shares of restricted stock to seven employees, which will vest in five equal instalments so long as the employee is then employed by the Company, or as determined by the Compensation Committee. The estimated fair value of the stock measured on the date of grant was $354,000, based on the fair market value of the stock on the date of issue. The unvested compensation is being charged to income on a straight line basis over five years. The charge to income for this employee restricted stock in the first six months of 2014 was $35,000 and the subsequent charge will be approximately $18,000 on a quarterly basis. | |||||||||||||||||
In February 2014, the Company granted 28,600 shares of restricted stock to eleven non-employee directors, which will vest on the day before the 2015 annual meeting providing that the grantee remains a director of the Company, or as otherwise determined by the Compensation Committee. The aggregate fair value of the stock measured on the date of grant was $213,000, based on the closing sale price of the stock on the date of grant. Compensation expense is being charged to income on a straight line basis over the twelve month period during which the forfeiture conditions lapse. The charge to income for these restricted stock grants in the first six months of fiscal 2014 was $18,000 and the subsequent charge will be approximately $53,000 on a quarterly basis. | |||||||||||||||||
A summary of restricted stock activity for the six months ended March 29, 2014 is as follows: | |||||||||||||||||
Number of shares of Restricted Stock | Weighted Average Grant-Date Fair Value | ||||||||||||||||
Non-vested balance as of September 30, 2013 | 103,800 | $ | 5.05 | ||||||||||||||
Granted | 108,600 | $ | 5.23 | ||||||||||||||
Vested | (43,800 | ) | $ | 4.63 | |||||||||||||
Non-vested balance as of March 29, 2014 | 168,600 | $ | 5.27 | ||||||||||||||
Stock-based compensation expense was $68,000 and $127,000 for the three and six month periods ended March 29, 2014 and $97,000 and $168,000 for the three and six month periods ended March 30, 2013. At March 29, 2014, there was $812,000 of unrecognized compensation expense related to restricted stock granted under the Plan. The Company expects to recognize that cost over a weighted average period of 3.1 years. |
Cash_dividends
Cash dividends | 6 Months Ended |
Mar. 29, 2014 | |
Cash dividends [Abstract] | ' |
Cash dividends | ' |
(4) Cash dividends | |
The Board of Directors suspended dividends to conserve cash during the global recession that began in 2009 and will consider whether to resume paying dividends as conditions and the Company's operating results improve. |
Calculation_of_earnings_per_sh
Calculation of earnings per share and weighted average shares outstanding | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Calculation of earnings per share and weighted average shares outstanding [Abstract] | ' | ||||||||||||||||
Calculation of earnings per share and weighted average shares outstanding | ' | ||||||||||||||||
(5) Calculation of earnings per share and weighted average shares outstanding | |||||||||||||||||
Basic and fully diluted earnings per share were calculated as follows: | |||||||||||||||||
(in thousands except per share data) | |||||||||||||||||
Three Months ended | Six Months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) | $ | 162 | $ | 62 | $ | 650 | $ | (1,240 | ) | ||||||||
Weighted average shares outstanding – basic | 3,401 | 3,363 | 3,388 | 3,351 | |||||||||||||
Basic income (loss) per share | $ | 0.05 | $ | 0.02 | $ | 0.19 | $ | (0.37 | ) | ||||||||
Common stock equivalents | 90 | - | 64 | 2 | |||||||||||||
Weighted average shares outstanding – diluted | 3,491 | 3,363 | 3,452 | 3,353 | |||||||||||||
Diluted income (loss) per share | $ | 0.05 | $ | 0.02 | $ | 0.19 | $ | (0.37 | ) | ||||||||
No. of options that are anti-dilutive excluded from calculation of common stock equivalents | - | - | - | - |
Segment_information
Segment information | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Segment information [Abstract] | ' | ||||||||||||||||
Segment information | ' | ||||||||||||||||
(6) Segment information | |||||||||||||||||
The Company has two reportable segments: electronic controls and capacitors. The electronic controls segment produces microprocessor based control systems for zero emission and hybrid electric vehicles. The capacitors segment produces metalized film capacitors for sale to electronic equipment manufacturers. Each segment has its own management team and sales force and the capacitors segment has its own manufacturing facility. | |||||||||||||||||
The significant accounting policies of the segments are those described in Note 1 to the Notes to Consolidated Financial Statements in the 2013 10-K. Inter-segment revenues are accounted for at current market prices. The Company evaluates the performance of each segment principally based on operating income. The Company does not allocate income taxes, interest income and expense or foreign currency translation gains and losses to segments. Information concerning operations of these businesses is as follows: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Three months ended March 29, 2014 | |||||||||||||||||
Controls | Capacitors | Corporate | Total | ||||||||||||||
Sales to external customers | $ | 8,601 | 569 | - | $ | 9,170 | |||||||||||
Inter-segment revenues | - | 2 | - | 2 | |||||||||||||
Operating income (loss) | 190 | 104 | (98 | ) | 196 | ||||||||||||
Identifiable assets | 22,220 | 1,341 | 581 | 24,142 | |||||||||||||
Three months ended March 30, 2013 | |||||||||||||||||
Controls | Capacitors | Corporate | Total | ||||||||||||||
Sales to external customers | 7,581 | 436 | - | 8,017 | |||||||||||||
Inter-segment revenues | - | 4 | - | 4 | |||||||||||||
Operating loss | (293 | ) | (7 | ) | (163 | ) | (463 | ) | |||||||||
Identifiable assets | 20,242 | 1,147 | 491 | 21,880 | |||||||||||||
Six months ended March 29, 2014 | |||||||||||||||||
Controls | Capacitors | Corporate | Total | ||||||||||||||
Sales to external customers | $ | 17,136 | $ | 1,083 | $ | - | $ | 18,219 | |||||||||
Inter-segment revenues | - | 2 | - | 2 | |||||||||||||
Operating income (loss) | 839 | 144 | (77 | ) | 906 | ||||||||||||
Identifiable assets | 22,220 | 1,341 | 581 | 24,142 | |||||||||||||
Six months ended March 30, 2013 | |||||||||||||||||
Controls | Capacitors | Corporate | Total | ||||||||||||||
Sales to external customers | $ | 13,783 | $ | 874 | $ | - | $ | 14,657 | |||||||||
Inter-segment revenues | - | 6 | - | 6 | |||||||||||||
Operating loss | (1,436 | ) | (21 | ) | (191 | ) | (1,648 | ) | |||||||||
Identifiable assets | 20,242 | 1,147 | 491 | 21,880 | |||||||||||||
In the electronic controls segment, revenues derive from the following products and services: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Three Months ended | Six Months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Electronic controls for zero emission and hybrid electric vehicles | $ | 6,555 | $ | 6,043 | $ | 13,139 | $ | 10,128 | |||||||||
Accessory and aftermarket products and services | 2,046 | 1,538 | 3,997 | 3,655 | |||||||||||||
Total electronic controls segment revenues | $ | 8,601 | $ | 7,581 | $ | 17,136 | $ | 13,783 |
Research_and_development
Research and development | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Research and development [Abstract] | ' | ||||||||||||||||
Research and development | ' | ||||||||||||||||
(7) Research and development | |||||||||||||||||
The cost of research and development programs is charged against income as incurred and was as follows: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Three Months ended | Six Months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Research and development expense, net of grants receivable | $ | 1,083 | $ | 1,004 | $ | 2,013 | $ | 2,087 | |||||||||
Percentage of sales | 12 | % | 13 | % | 11 | % | 14 | % | |||||||||
In recent years the Company has received several awards of research and development grants by the Technology Strategy Board, a public body established by the U.K. government to stimulate technology-enabled innovation. | |||||||||||||||||
In 2011, the Company was awarded a research and development grant by the Technology Strategy Board to lead a collaborative project with Cummins Generator Technologies and Newcastle University in the U.K. to develop an innovative electric drive system for electric vehicles using advanced switched reluctance motor technology. The Company recorded grant income from this Technology Strategy Board project of $16,000 and $33,000 in the three and six month periods ended March 29, 2014, respectively, associated with research and development expense of $47,000 and $97,000, respectively, in the same periods. The Company recorded grant income of $38,000 and $44,000 in the three and six month periods ended March 30, 2013, respectively, associated with research and development expense of $111,000 and $130,000, respectively, in the same periods. | |||||||||||||||||
In 2013, the Company was awarded a research and development grant by the Technology Strategy Board as one of a consortium of organizations in the U.K to research and design ultra-efficient systems for electric and hybrid vehicles. The Company recorded grant income from this Technology Strategy Board project of $2,000 and $3,000 in the three and six month periods ended March 29, 2014, respectively, associated with research and development expense of $7,000 and $10,000, respectively, in the same periods. The Company did not record any grant income or incur any research and development expense in respect of this grant in the first six months of 2013. | |||||||||||||||||
In July 2013, the Company was awarded a grant of approximately $480,000 by the Low Emission Transport Collaborative Projects Fund, a U.K. government body. The grant is to develop next-generation controls for high-voltage, low-power applications. This grant will defray part of the research and development expense associated with this project over the period from July 2013 to March 2015. The Company recorded grant income from this project of $139,000 and $236,000 in the three and six month periods ended March 29, 2014, respectively, associated with research and development expense of $547,000 and $969,000, respectively, in the same periods. The Company did not record any grant income or incur any research and development expense in respect of this grant in the first six months of 2013. | |||||||||||||||||
The grant income in the first six months of 2014 and 2013 was recorded as a reduction of research and development expense. |
Employee_benefit_plans
Employee benefit plans | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Employee benefit plans [Abstract] | ' | ||||||||||||||||
Employee benefit plans | ' | ||||||||||||||||
(8) Employee benefit plans | |||||||||||||||||
Sevcon has defined contribution plans covering the majority of its U.S. and U.K. employees in the controls business. There is also a small defined contribution plan covering senior managers in the capacitor business. The Company has frozen U.K. and U.S. defined benefit plans for which no future benefits are being earned by employees. The following table sets forth the components of the net pension cost for the three and six month periods ended March 29, 2014 and March 30, 2013, respectively: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Three Months ended | Six Months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 325 | $ | 313 | $ | 643 | $ | 636 | |||||||||
Expected return on plan assets | (327 | ) | (297 | ) | (647 | ) | (590 | ) | |||||||||
Amortization of net loss | 57 | 68 | 113 | 140 | |||||||||||||
Net periodic benefit cost | 55 | 84 | 109 | 186 | |||||||||||||
Net cost of defined contribution plans | $ | 132 | $ | 121 | $ | 247 | $ | 243 | |||||||||
Net cost of all employee benefit plans | $ | 187 | $ | 205 | $ | 356 | $ | 429 | |||||||||
The following table sets forth the movement in the liability for pension benefits in the six month periods ended March 29, 2014 and March 30, 2013: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Six Months ended | |||||||||||||||||
March 29, | March 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Liability for pension benefits at beginning of period | 8,354 | 10,264 | |||||||||||||||
Net periodic benefit cost | 109 | 186 | |||||||||||||||
Plan contributions | (304 | ) | (206 | ) | |||||||||||||
Recognition of net actuarial loss | (113 | ) | (140 | ) | |||||||||||||
Effect of exchange rate changes | 209 | (586 | ) | ||||||||||||||
Balance at end of period | 8,255 | 9,518 | |||||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
March 29, | March 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-current liabilities | $ | 8,255 | $ | 9,518 | |||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Three Months ended | Six Months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Actuarial loss, net of $13 and $26 tax benefit for the three and six month periods, respectively, (2013: net of $18 and $37 tax benefit for the three and six month periods, respectively) | $ | 44 | 50 | $ | 87 | 103 | |||||||||||
$ | 44 | $ | 50 | $ | 87 | $ | 103 | ||||||||||
Sevcon, Inc. contributed $100,000 to its frozen U.S. defined benefit plan in the six months ended March 29, 2014; it presently anticipates contributing a further $100,000 to fund its U.S. plan in the remainder of fiscal 2014. In addition, employer contributions to the U.K. defined benefit plan were $204,000 in the first six months and are estimated to total $494,000 in 2014. | |||||||||||||||||
The table below presents information about the Company's pension plan assets measured and recorded at fair value as of March 29, 2014 and indicates the fair value hierarchy of the inputs utilized by the Company to determine the fair values. | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Level 1* | Level 2** | Level 3*** | |||||||||||||||
(Quoted prices in active | (Significant observable inputs) | (Unobservable inputs) | |||||||||||||||
markets) | |||||||||||||||||
Mutual Funds | |||||||||||||||||
Standard Life Pension Global Absolute Returns Strategies Fund | 7,006 | - | - | ||||||||||||||
Standard Life U.K. Indexed Linked Fund | 1,773 | - | - | ||||||||||||||
Standard Life Long Corporate Bond Fund | 1,716 | - | - | ||||||||||||||
CF Ruffer Absolute Return Fund | 7,106 | - | - | ||||||||||||||
U.S. Equity Funds | 327 | - | - | ||||||||||||||
U.S. Mutual Funds and Fixed Income Funds | 2,393 | - | - | ||||||||||||||
Other Types of Investments | |||||||||||||||||
Cash | 197 | - | - | ||||||||||||||
Total | 20,518 | - | - | ||||||||||||||
* | Level 1 investments represent mutual funds for which a quoted market price is available on an active market. These investments will primarily hold stocks or bonds, or a combination of stocks and bonds. | ||||||||||||||||
** | The Company currently does not have any Level 2 pension plan financial assets. | ||||||||||||||||
*** | The Company currently does not have any Level 3 pension plan financial assets. | ||||||||||||||||
The following estimated benefit payments have been, or are expected, to be paid: | |||||||||||||||||
(in thousands | |||||||||||||||||
of dollars) | |||||||||||||||||
2014 | $ | 497 | |||||||||||||||
2015 | 618 | ||||||||||||||||
2016 | 653 | ||||||||||||||||
2017 | 646 | ||||||||||||||||
2018 | 646 | ||||||||||||||||
2019 – 2023 | 3,296 |
Inventories
Inventories | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
(9) Inventories | |||||||||
Inventories, net of reserve, were comprised of: | |||||||||
(in thousands of dollars) | |||||||||
March 29, | September 30, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 2,255 | $ | 2,201 | |||||
Work-in-process | 17 | 11 | |||||||
Finished goods | 3,693 | 3,511 | |||||||
$ | 5,965 | $ | 5,723 |
Other_receivables
Other receivables | 6 Months Ended |
Mar. 29, 2014 | |
Other receivables [Abstract] | ' |
Other receivables | ' |
(10) Other receivables | |
Other receivables of $883,000 at March 29, 2014 include $558,000 of receivables in the Company's French subsidiary that have been reclassified from trade receivables. In January 2014 management was advised that SITL, a customer of the Company's French subsidiary and a manufacturer of on-road electric vehicles, had entered administration protection for a minimum period of six months. The Company has submitted a claim with the French court appointed administrator for the full amount of the receivable of $558,000 and no resolution is expected for at least another month from the date of this filing. In late April 2014, the Commercial Court in Lyon gave Sevcon the option to recover from SITL the entire inventory of material represented by the receivable of $558,000. The inventory concerned represents current saleable product and, in the opinion of management, could be sold by the Company's French subsidiary to alternative customers in a reasonable timescale. Due to the high level of uncertainty at this time, management has not assessed a reserve for an uncollectible amount, but any loss incurred may be up to the amount recorded at March 29, 2014, of $558,000 less the value of the inventory that would be recovered from SITL should the Company exercise its option to do so. |
Fair_value_of_financial_instru
Fair value of financial instruments | 6 Months Ended |
Mar. 29, 2014 | |
Fair value of financial instruments [Abstract] | ' |
Fair value of financial instruments | ' |
(11) Fair value of financial instruments | |
The Company's financial instruments consist mainly of cash and cash equivalents, short-term investments, accounts receivable and accounts payable. The carrying amount of these financial instruments as of March 29, 2014 approximates fair value due to the short-term nature of these instruments. The fair value of the Company's long term debt at March 29, 2014 approximated $1,753,000 (the carrying value on the consolidated balance sheet at March 29, 2014) based on recent financial market pricing. The long term debt represents a level 2 liability in accordance with the fair value hierarchy described in Note 8. |
Accrued_expenses
Accrued expenses | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Accrued expenses [Abstract] | ' | ||||||||
Accrued expenses | ' | ||||||||
(12) Accrued expenses | |||||||||
Set out below is an analysis of other accrued expenses at March 29, 2014 and September 30, 2013, which shows separately any items in excess of 5% of total current liabilities: | |||||||||
(in thousands of dollars) | |||||||||
March 29, | September 30, | ||||||||
2014 | 2013 | ||||||||
Accrued compensation and related costs | $ | 1,074 | $ | 1,015 | |||||
Other accrued expenses | 869 | 1,072 | |||||||
$ | 1,943 | $ | 2,087 |
Warranty_reserves
Warranty reserves | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Warranty reserves [Abstract] | ' | ||||||||||||||||
Warranty reserves | ' | ||||||||||||||||
(13) Warranty reserves | |||||||||||||||||
Warranty reserves are included on the balance sheet within accrued expenses; the movement in warranty reserves was as follows: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Three Months ended | Six Months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Warranty reserves at beginning of period | $ | 139 | $ | 106 | $ | 138 | $ | 89 | |||||||||
Decrease in beginning balance for warranty obligations settled during the period | (1 | ) | (7 | ) | (44 | ) | (15 | ) | |||||||||
Foreign currency translation adjustment | 1 | (4 | ) | 2 | (1 | ) | |||||||||||
Net increase (decrease) in warranty reserves for products sold during the period | 1 | (5 | ) | 44 | 17 | ||||||||||||
Warranty reserves at end of period | $ | 140 | $ | 90 | $ | 140 | $ | 90 |
Debt
Debt | 6 Months Ended | ||||
Mar. 29, 2014 | |||||
Debt [Abstract] | ' | ||||
Debt | ' | ||||
(14) Debt | |||||
At March 29, 2014 the Company had $53,000 outstanding under a U.K. bank loan entered into in April 2010, with a fixed interest rate of 6.8%. The loan, which was entered into by the U.K. metalized film capacitor subsidiary to purchase an item of capital equipment, is denominated in British Pounds. The loan agreement provides for equal monthly installments of $4,000 comprising interest and principal for a five year period commencing in May 2010. Of the total amount outstanding at March 29, 2014, $49,000 is shown in the current liabilities section of the accompanying consolidated balance sheet under current debt, representing the principal element of the loan installments ending on March 31, 2015. Included in other long term liabilities at March 29, 2014, is $4,000 which represents the principal element of the loan installments payable in fiscal year 2015. The fair market value of the debt at March 29, 2014 was $53,000. | |||||
The Company's wholly owned subsidiary, Sevcon USA, Inc., has a $3,500,000 secured revolving credit facility with RBS Citizens, National Association for working capital and general corporate purposes. The loan and security agreement will expire on June 14, 2017 when all outstanding principal and unpaid interest will be due and payable in full. The facility may be paid before maturity in whole or in part at the option of Sevcon USA, Inc., without penalty or premium. Interest on the loan is payable monthly, and in the second quarter of 2014, was calculated at a margin of 3.125% over LIBOR. Under the facility, Sevcon USA, Inc. must maintain, on a quarterly basis, a debt to tangible net worth ratio of no more than 2.40:1 and a debt service coverage ratio of no less than 1.25:1 for each rolling twelve-month period. Upon entering into the revolving credit facility, Sevcon USA, Inc. drew down $1,700,000, which was the total amount outstanding at March 29, 2014. This $1,700,000 is shown in the accompanying consolidated balance sheet under long-term debt. The carrying value of the debt approximated to fair value based on current interest rates. | |||||
In July 2013, the Company's U.K. bank renewed the overdraft facilities of the Company's U.K. controls and capacitor subsidiaries. The facilities total $1,495,000 and are secured by real estate owned by those companies. In common with bank overdrafts in Europe, the renewal of the facilities is for a twelve month period although in line with normal practice in Europe, they can be withdrawn on demand by the bank. The facilities were unused at March 29, 2014. | |||||
Annual principal payments on long term debt at March 29, 2014 are as follows: | |||||
Fiscal year (in thousands of dollars) | |||||
2015 | 4 | ||||
2016 | - | ||||
2017 | 1,700 | ||||
Total | 1,704 |
Subsequent_events
Subsequent events | 6 Months Ended |
Mar. 29, 2014 | |
Subsequent events [Abstract] | ' |
Subsequent events | ' |
(15) Subsequent events | |
In preparing these interim consolidated financial statements, the Company has evaluated, for potential recognition or disclosure, events or transactions subsequent to the end of the most recent quarterly period, the issuance date of these financial statements. No material subsequent events were identified that require recognition or disclosure in these financial statements. |
Stockbased_compensation_plans_
Stock-based compensation plans (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Stock-based compensation plans [Abstract] | ' | ||||||||||||||||
Summary of option activity for all plans | ' | ||||||||||||||||
A summary of option activity for all plans for the six months ended March 29, 2014 is as follows: | |||||||||||||||||
Shares | Weighted average Exercise | Weighted average remaining contractual life | Aggregate | ||||||||||||||
under | Price | (years) | Intrinsic Value | ||||||||||||||
Option | |||||||||||||||||
Outstanding at September 30, 2013 | 5,000 | $ | 5.4 | 0.1 years | $ | - | |||||||||||
Cancelled | (5,000 | ) | 5.4 | - | - | ||||||||||||
Outstanding at March 29, 2014 | - | $ | - | - | $ | - | |||||||||||
Exercisable at March 29, 2014 | - | $ | - | - | $ | - | |||||||||||
Exercisable and expected to vest at March 29, 2014 | - | $ | - | - | $ | - | |||||||||||
Summary of restricted stock activity | ' | ||||||||||||||||
A summary of restricted stock activity for the six months ended March 29, 2014 is as follows: | |||||||||||||||||
Number of shares of Restricted Stock | Weighted Average Grant-Date Fair Value | ||||||||||||||||
Non-vested balance as of September 30, 2013 | 103,800 | $ | 5.05 | ||||||||||||||
Granted | 108,600 | $ | 5.23 | ||||||||||||||
Vested | (43,800 | ) | $ | 4.63 | |||||||||||||
Non-vested balance as of March 29, 2014 | 168,600 | $ | 5.27 |
Calculation_of_earnings_per_sh1
Calculation of earnings per share and weighted average shares outstanding (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Calculation of earnings per share and weighted average shares outstanding [Abstract] | ' | ||||||||||||||||
Basic and fully diluted earnings per share | ' | ||||||||||||||||
Basic and fully diluted earnings per share were calculated as follows: | |||||||||||||||||
(in thousands except per share data) | |||||||||||||||||
Three Months ended | Six Months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) | $ | 162 | $ | 62 | $ | 650 | $ | (1,240 | ) | ||||||||
Weighted average shares outstanding – basic | 3,401 | 3,363 | 3,388 | 3,351 | |||||||||||||
Basic income (loss) per share | $ | 0.05 | $ | 0.02 | $ | 0.19 | $ | (0.37 | ) | ||||||||
Common stock equivalents | 90 | - | 64 | 2 | |||||||||||||
Weighted average shares outstanding – diluted | 3,491 | 3,363 | 3,452 | 3,353 | |||||||||||||
Diluted income (loss) per share | $ | 0.05 | $ | 0.02 | $ | 0.19 | $ | (0.37 | ) | ||||||||
No. of options that are anti-dilutive excluded from calculation of common stock equivalents | - | - | - | - |
Segment_information_Tables
Segment information (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Segment information [Abstract] | ' | ||||||||||||||||
Information concerning operations of business segments | ' | ||||||||||||||||
The significant accounting policies of the segments are those described in Note 1 to the Notes to Consolidated Financial Statements in the 2013 10-K. Inter-segment revenues are accounted for at current market prices. The Company evaluates the performance of each segment principally based on operating income. The Company does not allocate income taxes, interest income and expense or foreign currency translation gains and losses to segments. Information concerning operations of these businesses is as follows: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Three months ended March 29, 2014 | |||||||||||||||||
Controls | Capacitors | Corporate | Total | ||||||||||||||
Sales to external customers | $ | 8,601 | 569 | - | $ | 9,170 | |||||||||||
Inter-segment revenues | - | 2 | - | 2 | |||||||||||||
Operating income (loss) | 190 | 104 | (98 | ) | 196 | ||||||||||||
Identifiable assets | 22,220 | 1,341 | 581 | 24,142 | |||||||||||||
Three months ended March 30, 2013 | |||||||||||||||||
Controls | Capacitors | Corporate | Total | ||||||||||||||
Sales to external customers | 7,581 | 436 | - | 8,017 | |||||||||||||
Inter-segment revenues | - | 4 | - | 4 | |||||||||||||
Operating loss | (293 | ) | (7 | ) | (163 | ) | (463 | ) | |||||||||
Identifiable assets | 20,242 | 1,147 | 491 | 21,880 | |||||||||||||
Six months ended March 29, 2014 | |||||||||||||||||
Controls | Capacitors | Corporate | Total | ||||||||||||||
Sales to external customers | $ | 17,136 | $ | 1,083 | $ | - | $ | 18,219 | |||||||||
Inter-segment revenues | - | 2 | - | 2 | |||||||||||||
Operating income (loss) | 839 | 144 | (77 | ) | 906 | ||||||||||||
Identifiable assets | 22,220 | 1,341 | 581 | 24,142 | |||||||||||||
Six months ended March 30, 2013 | |||||||||||||||||
Controls | Capacitors | Corporate | Total | ||||||||||||||
Sales to external customers | $ | 13,783 | $ | 874 | $ | - | $ | 14,657 | |||||||||
Inter-segment revenues | - | 6 | - | 6 | |||||||||||||
Operating loss | (1,436 | ) | (21 | ) | (191 | ) | (1,648 | ) | |||||||||
Identifiable assets | 20,242 | 1,147 | 491 | 21,880 | |||||||||||||
Revenues of electronic controls segment by products and services | ' | ||||||||||||||||
In the electronic controls segment, revenues derive from the following products and services: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Three Months ended | Six Months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Electronic controls for zero emission and hybrid electric vehicles | $ | 6,555 | $ | 6,043 | $ | 13,139 | $ | 10,128 | |||||||||
Accessory and aftermarket products and services | 2,046 | 1,538 | 3,997 | 3,655 | |||||||||||||
Total electronic controls segment revenues | $ | 8,601 | $ | 7,581 | $ | 17,136 | $ | 13,783 |
Research_and_development_Table
Research and development (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Research and development [Abstract] | ' | ||||||||||||||||
Cost of research and development programs charged against income | ' | ||||||||||||||||
The cost of research and development programs is charged against income as incurred and was as follows: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Three Months ended | Six Months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Research and development expense, net of grants receivable | $ | 1,083 | $ | 1,004 | $ | 2,013 | $ | 2,087 | |||||||||
Percentage of sales | 12 | % | 13 | % | 11 | % | 14 | % |
Employee_benefit_plans_Tables
Employee benefit plans (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Employee benefit plans [Abstract] | ' | ||||||||||||||||
Components of the net pension cost | ' | ||||||||||||||||
Sevcon has defined contribution plans covering the majority of its U.S. and U.K. employees in the controls business. There is also a small defined contribution plan covering senior managers in the capacitor business. The Company has frozen U.K. and U.S. defined benefit plans for which no future benefits are being earned by employees. The following table sets forth the components of the net pension cost for the three and six month periods ended March 29, 2014 and March 30, 2013, respectively: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Three Months ended | Six Months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 325 | $ | 313 | $ | 643 | $ | 636 | |||||||||
Expected return on plan assets | (327 | ) | (297 | ) | (647 | ) | (590 | ) | |||||||||
Amortization of net loss | 57 | 68 | 113 | 140 | |||||||||||||
Net periodic benefit cost | 55 | 84 | 109 | 186 | |||||||||||||
Net cost of defined contribution plans | $ | 132 | $ | 121 | $ | 247 | $ | 243 | |||||||||
Net cost of all employee benefit plans | $ | 187 | $ | 205 | $ | 356 | $ | 429 | |||||||||
Movement in liability for pension benefits | ' | ||||||||||||||||
The following table sets forth the movement in the liability for pension benefits in the six month periods ended March 29, 2014 and March 30, 2013: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Six Months ended | |||||||||||||||||
March 29, | March 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Liability for pension benefits at beginning of period | 8,354 | 10,264 | |||||||||||||||
Net periodic benefit cost | 109 | 186 | |||||||||||||||
Plan contributions | (304 | ) | (206 | ) | |||||||||||||
Recognition of net actuarial loss | (113 | ) | (140 | ) | |||||||||||||
Effect of exchange rate changes | 209 | (586 | ) | ||||||||||||||
Balance at end of period | 8,255 | 9,518 | |||||||||||||||
Amounts recognized in balance sheet | ' | ||||||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
March 29, | March 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-current liabilities | $ | 8,255 | $ | 9,518 | |||||||||||||
Amounts recognized in other comprehensive income | ' | ||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Three Months ended | Six Months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Actuarial loss, net of $13 and $26 tax benefit for the three and six month periods, respectively, (2013: net of $18 and $37 tax benefit for the three and six month periods, respectively) | $ | 44 | 50 | $ | 87 | 103 | |||||||||||
$ | 44 | $ | 50 | $ | 87 | $ | 103 | ||||||||||
Pension plan assets measured and recorded at fair value | ' | ||||||||||||||||
The table below presents information about the Company's pension plan assets measured and recorded at fair value as of March 29, 2014 and indicates the fair value hierarchy of the inputs utilized by the Company to determine the fair values. | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Level 1* | Level 2** | Level 3*** | |||||||||||||||
(Quoted prices in active | (Significant observable inputs) | (Unobservable inputs) | |||||||||||||||
markets) | |||||||||||||||||
Mutual Funds | |||||||||||||||||
Standard Life Pension Global Absolute Returns Strategies Fund | 7,006 | - | - | ||||||||||||||
Standard Life U.K. Indexed Linked Fund | 1,773 | - | - | ||||||||||||||
Standard Life Long Corporate Bond Fund | 1,716 | - | - | ||||||||||||||
CF Ruffer Absolute Return Fund | 7,106 | - | - | ||||||||||||||
U.S. Equity Funds | 327 | - | - | ||||||||||||||
U.S. Mutual Funds and Fixed Income Funds | 2,393 | - | - | ||||||||||||||
Other Types of Investments | |||||||||||||||||
Cash | 197 | - | - | ||||||||||||||
Total | 20,518 | - | - | ||||||||||||||
* | Level 1 investments represent mutual funds for which a quoted market price is available on an active market. These investments will primarily hold stocks or bonds, or a combination of stocks and bonds. | ||||||||||||||||
** | The Company currently does not have any Level 2 pension plan financial assets. | ||||||||||||||||
*** | The Company currently does not have any Level 3 pension plan financial assets. | ||||||||||||||||
Estimated future benefit payments | ' | ||||||||||||||||
The following estimated benefit payments have been, or are expected, to be paid: | |||||||||||||||||
(in thousands | |||||||||||||||||
of dollars) | |||||||||||||||||
2014 | $ | 497 | |||||||||||||||
2015 | 618 | ||||||||||||||||
2016 | 653 | ||||||||||||||||
2017 | 646 | ||||||||||||||||
2018 | 646 | ||||||||||||||||
2019 – 2023 | 3,296 |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories, net of reserve, were comprised of: | |||||||||
(in thousands of dollars) | |||||||||
March 29, | September 30, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 2,255 | $ | 2,201 | |||||
Work-in-process | 17 | 11 | |||||||
Finished goods | 3,693 | 3,511 | |||||||
$ | 5,965 | $ | 5,723 |
Accrued_expenses_Tables
Accrued expenses (Tables) | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Accrued expenses [Abstract] | ' | ||||||||
Analysis of other accrued expenses | ' | ||||||||
Set out below is an analysis of other accrued expenses at March 29, 2014 and September 30, 2013, which shows separately any items in excess of 5% of total current liabilities: | |||||||||
(in thousands of dollars) | |||||||||
March 29, | September 30, | ||||||||
2014 | 2013 | ||||||||
Accrued compensation and related costs | $ | 1,074 | $ | 1,015 | |||||
Other accrued expenses | 869 | 1,072 | |||||||
$ | 1,943 | $ | 2,087 |
Warranty_reserves_Tables
Warranty reserves (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Warranty reserves [Abstract] | ' | ||||||||||||||||
Movement in warranty reserves | ' | ||||||||||||||||
Warranty reserves are included on the balance sheet within accrued expenses; the movement in warranty reserves was as follows: | |||||||||||||||||
(in thousands of dollars) | |||||||||||||||||
Three Months ended | Six Months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Warranty reserves at beginning of period | $ | 139 | $ | 106 | $ | 138 | $ | 89 | |||||||||
Decrease in beginning balance for warranty obligations settled during the period | (1 | ) | (7 | ) | (44 | ) | (15 | ) | |||||||||
Foreign currency translation adjustment | 1 | (4 | ) | 2 | (1 | ) | |||||||||||
Net increase (decrease) in warranty reserves for products sold during the period | 1 | (5 | ) | 44 | 17 | ||||||||||||
Warranty reserves at end of period | $ | 140 | $ | 90 | $ | 140 | $ | 90 |
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||
Mar. 29, 2014 | |||||
Debt [Abstract] | ' | ||||
Annual principal payments on long term debt | ' | ||||
Annual principal payments on long term debt at March 29, 2014 are as follows: | |||||
Fiscal year (in thousands of dollars) | |||||
2015 | 4 | ||||
2016 | - | ||||
2017 | 1,700 | ||||
Total | 1,704 |
Stockbased_compensation_plans_1
Stock-based compensation plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Sep. 30, 2013 | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 29, 2014 | Dec. 28, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | |
Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | 1996 Equity Incentive Plan [Member] | 1996 Equity Incentive Plan [Member] | ||||||
Employee | Employee | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved and available for grant (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 183,400 | 106,000 |
Shares under Option [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in shares) | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' |
Cancelled (in shares) | ' | ' | ' | ' | ' | -5,000 | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in shares) | ' | ' | ' | ' | ' | 0 | 5,000 | ' | ' | ' | ' | ' |
Exercisable, end of period (in shares) | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Exercisable and expected to vest, end of period (in shares) | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Weighted average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in dollars per share) | ' | ' | ' | ' | ' | $5.40 | ' | ' | ' | ' | ' | ' |
Cancelled (in dollars per share) | ' | ' | ' | ' | ' | $5.40 | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in dollars per share) | ' | ' | ' | ' | ' | $0 | $5.40 | ' | ' | ' | ' | ' |
Exercisable, end of period (in dollars per share) | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' |
Exercisable and expected to vest, end of period (in dollars per share) | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual life, outstanding, beginning of period | ' | ' | ' | ' | ' | '0 years | '0 years 1 month 6 days | ' | ' | ' | ' | ' |
Weighted average remaining contractual life, outstanding, end of period | ' | ' | ' | ' | ' | '0 years | '0 years 1 month 6 days | ' | ' | ' | ' | ' |
Weighted average remaining contractual life, exercisable, end of period | ' | ' | ' | ' | ' | '0 years | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual life, exercisable and expected to vest, end of period | ' | ' | ' | ' | ' | '0 years | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, outstanding, beginning of period | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, outstanding, end of period | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' |
Aggregate intrinsic value, exercisable, end of period | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, exercisable and expected to vest, end of period | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Closing market price of Company's common stock (in dollars per share) | $11.36 | ' | $11.36 | ' | $4.85 | ' | ' | ' | ' | ' | ' | ' |
Number of shares of Restricted Stock [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested balance, beginning of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 103,800 | 103,800 | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | 28,600 | 80,000 | 108,600 | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -43,800 | ' | ' |
Non-vested balance, end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | 168,600 | ' | 168,600 | ' | ' |
Weighted Average Grant-Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested balance, beginning of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $5.05 | $5.05 | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.23 | ' | ' |
Vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.63 | ' | ' |
Non-vested balance, ending of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $5.27 | ' | $5.27 | ' | ' |
Number of employees and non-employee directors with restricted stock grant | ' | ' | ' | ' | ' | ' | ' | 11 | 7 | ' | ' | ' |
Estimated fair value of stock at date of grant | ' | ' | ' | ' | ' | ' | ' | 213,000 | 354,000 | ' | ' | ' |
Period for recognition of unearned compensation | ' | ' | ' | ' | ' | ' | ' | '12 months | '5 years | ' | ' | ' |
Charge to income for restricted stock | ' | ' | ' | ' | ' | ' | ' | 18,000 | 35,000 | ' | ' | ' |
Quarterly charge to income for restricted stock | ' | ' | ' | ' | ' | ' | ' | 53,000 | 18,000 | ' | ' | ' |
Stock based compensation expense | 68,000 | 97,000 | 127,000 | 168,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | $812,000 | ' | $812,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period for unrecognized compensation expense to be recognized | ' | ' | '3 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Calculation_of_earnings_per_sh2
Calculation of earnings per share and weighted average shares outstanding (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Basic and fully diluted earnings per share [Abstract] | ' | ' | ' | ' |
Net income (loss) | $162 | $62 | $650 | ($1,240) |
Weighted average shares outstanding - basic (in shares) | 3,401 | 3,363 | 3,388 | 3,351 |
Basic income (loss) per share (in dollars per share) | $0.05 | $0.02 | $0.19 | ($0.37) |
Common stock equivalents (in shares) | 90 | 0 | 64 | 2 |
Weighted average shares outstanding - diluted (in shares) | 3,491 | 3,363 | 3,452 | 3,353 |
Diluted income (loss) per share (in dollars per share) | $0.05 | $0.02 | $0.19 | ($0.37) |
No. of options that are anti-dilutive excluded from calculation of common stock equivalents (in shares) | 0 | 0 | 0 | 0 |
Segment_information_Details
Segment information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Sep. 30, 2013 |
Segment | |||||
Segment information [Abstract] | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 2 | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' | ' |
Sales to external customers | $9,170 | $8,017 | $18,219 | $14,657 | ' |
Inter-segment revenues | 2 | 4 | 2 | 6 | ' |
Operating income (loss) | 196 | -463 | 906 | -1,648 | ' |
Identifiable assets | 24,142 | 21,880 | 24,142 | 21,880 | 23,360 |
Controls [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' | ' |
Sales to external customers | 8,601 | 7,581 | 17,136 | 13,783 | ' |
Inter-segment revenues | 0 | 0 | 0 | 0 | ' |
Operating income (loss) | 190 | -293 | 839 | -1,436 | ' |
Identifiable assets | 22,220 | 20,242 | 22,220 | 20,242 | ' |
Capacitors [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' | ' |
Sales to external customers | 569 | 436 | 1,083 | 874 | ' |
Inter-segment revenues | 2 | 4 | 2 | 6 | ' |
Operating income (loss) | 104 | -7 | 144 | -21 | ' |
Identifiable assets | 1,341 | 1,147 | 1,341 | 1,147 | ' |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' | ' |
Sales to external customers | 0 | 0 | 0 | 0 | ' |
Inter-segment revenues | 0 | 0 | 0 | 0 | ' |
Operating income (loss) | -98 | -163 | -77 | -191 | ' |
Identifiable assets | $581 | $491 | $581 | $491 | ' |
Segment_information_Revenues_f
Segment information, Revenues from Electronic Controls Segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Electronic controls segment revenues | $8,601 | $7,581 | $17,136 | $13,783 |
Electronic controls for zero emission and hybrid electric vehicles [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Electronic controls segment revenues | 6,555 | 6,043 | 13,139 | 10,128 |
Accessory and aftermarket products and services [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Electronic controls segment revenues | $2,046 | $1,538 | $3,997 | $3,655 |
Research_and_development_Detai
Research and development (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' | ' | ' |
Research and development expense, net of grants receivable | $1,083,000 | $1,004,000 | $2,013,000 | $2,087,000 |
Percentage of sales (in hundredths) | 12.00% | 13.00% | 11.00% | 14.00% |
Cummins Generator Technologies and Newcastle University [Member] | ' | ' | ' | ' |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' | ' | ' |
Grant income recorded | 16,000 | 38,000 | 33,000 | 44,000 |
Research and development expense on projects | 47,000 | 111,000 | 97,000 | 130,000 |
Technology Strategy Board Project Grant in 2013 [Member] | ' | ' | ' | ' |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' | ' | ' |
Grant income recorded | 2,000 | ' | 3,000 | 0 |
Research and development expense on projects | 7,000 | ' | 10,000 | 0 |
Low Emission Transport Collaborative Projects Fund [Member] | ' | ' | ' | ' |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' | ' | ' |
Grant income recorded | 139,000 | ' | 236,000 | 0 |
Research and development expense on projects | 547,000 | ' | 969,000 | 0 |
Total grants awarded | ' | ' | $480,000 | ' |
Employee_benefit_plans_Details
Employee benefit plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Sep. 30, 2013 | |||
Components of net pension cost [Abstract] | ' | ' | ' | ' | ' | ||
Interest cost | $325,000 | $313,000 | $643,000 | $636,000 | ' | ||
Expected return on plan assets | -327,000 | -297,000 | -647,000 | -590,000 | ' | ||
Amortization of net loss | 57,000 | 68,000 | 113,000 | 140,000 | ' | ||
Net periodic benefit cost | 55,000 | 84,000 | 109,000 | 186,000 | ' | ||
Net cost of defined contribution plans | 132,000 | 121,000 | 247,000 | 243,000 | ' | ||
Net cost of all employee benefit plans | 187,000 | 205,000 | 356,000 | 429,000 | ' | ||
Movement in liability for pension benefits [Roll forward] | ' | ' | ' | ' | ' | ||
Liability for pension benefits at beginning of period | ' | ' | 8,354,000 | 10,264,000 | ' | ||
Net periodic benefit cost | 55,000 | 84,000 | 109,000 | 186,000 | ' | ||
Plan contributions | ' | ' | -304,000 | -206,000 | ' | ||
Recognition of net actuarial loss | ' | ' | -113,000 | -140,000 | ' | ||
Effect of exchange rate changes | ' | ' | 209,000 | -586,000 | ' | ||
Balance at end of period | 8,255,000 | 9,518,000 | 8,255,000 | 9,518,000 | ' | ||
Amounts recognized in balance sheet [Abstract] | ' | ' | ' | ' | ' | ||
Non-current liabilities | 8,255,000 | 9,518,000 | 8,255,000 | 9,518,000 | 8,354,000 | ||
Amounts recognized in accumulated other comprehensive (loss) [Abstract] | ' | ' | ' | ' | ' | ||
Actuarial loss, net of $13 and $26 tax benefit for the three and six month periods, respectively, (2013: net of $18 and $37 tax benefit for the three and six month periods, respectively) | 44,000 | 50,000 | 87,000 | 103,000 | ' | ||
Net income (loss) from defined benefit pension plans | 44,000 | 50,000 | 87,000 | 103,000 | ' | ||
Tax benefits on actuarial loss | 13,000 | 18,000 | 26,000 | 37,000 | ' | ||
Estimated future benefit payments [Abstract] | ' | ' | ' | ' | ' | ||
2014 | 497,000 | ' | 497,000 | ' | ' | ||
2015 | 618,000 | ' | 618,000 | ' | ' | ||
2016 | 653,000 | ' | 653,000 | ' | ' | ||
2017 | 646,000 | ' | 646,000 | ' | ' | ||
2018 | 646,000 | ' | 646,000 | ' | ' | ||
2019 - 2023 | 3,296,000 | ' | 3,296,000 | ' | ' | ||
Level 1 (Quoted prices in active markets) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 20,518,000 | [1] | ' | 20,518,000 | [1] | ' | ' |
Level 2 (Significant observable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | ' | 0 | [2] | ' | ' |
Level 3 (Unobservable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | ' | 0 | [3] | ' | ' |
Standard Life Pension Global Absolute Returns Strategies Fund [Member] | Level 1 (Quoted prices in active markets) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 7,006,000 | [1] | ' | 7,006,000 | [1] | ' | ' |
Standard Life Pension Global Absolute Returns Strategies Fund [Member] | Level 2 (Significant observable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | ' | 0 | [2] | ' | ' |
Standard Life Pension Global Absolute Returns Strategies Fund [Member] | Level 3 (Unobservable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | ' | 0 | [3] | ' | ' |
Standard Life U.K. Indexed Linked Fund [Member] | Level 1 (Quoted prices in active markets) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 1,773,000 | [1] | ' | 1,773,000 | [1] | ' | ' |
Standard Life U.K. Indexed Linked Fund [Member] | Level 2 (Significant observable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | ' | 0 | [2] | ' | ' |
Standard Life U.K. Indexed Linked Fund [Member] | Level 3 (Unobservable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | ' | 0 | [3] | ' | ' |
Standard Life Long Corporate Bond Fund [Member] | Level 1 (Quoted prices in active markets) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 1,716,000 | [1] | ' | 1,716,000 | [1] | ' | ' |
Standard Life Long Corporate Bond Fund [Member] | Level 2 (Significant observable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | ' | 0 | [2] | ' | ' |
Standard Life Long Corporate Bond Fund [Member] | Level 3 (Unobservable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | ' | 0 | [3] | ' | ' |
CF Ruffer Absolute Return Fund [Member] | Level 1 (Quoted prices in active markets) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 7,106,000 | [1] | ' | 7,106,000 | [1] | ' | ' |
CF Ruffer Absolute Return Fund [Member] | Level 2 (Significant observable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | ' | 0 | [2] | ' | ' |
CF Ruffer Absolute Return Fund [Member] | Level 3 (Unobservable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | ' | 0 | [3] | ' | ' |
U.S. Equity Funds [Member] | Level 1 (Quoted prices in active markets) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 327,000 | [1] | ' | 327,000 | [1] | ' | ' |
U.S. Equity Funds [Member] | Level 2 (Significant observable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | ' | 0 | [2] | ' | ' |
U.S. Equity Funds [Member] | Level 3 (Unobservable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | ' | 0 | [3] | ' | ' |
U.S. Mutual Funds and Fixed Income Funds [Member] | Level 1 (Quoted prices in active markets) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 2,393,000 | [1] | ' | 2,393,000 | [1] | ' | ' |
U.S. Mutual Funds and Fixed Income Funds [Member] | Level 2 (Significant observable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | ' | 0 | [2] | ' | ' |
U.S. Mutual Funds and Fixed Income Funds [Member] | Level 3 (Unobservable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | ' | 0 | [3] | ' | ' |
Cash [Member] | Level 1 (Quoted prices in active markets) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 197,000 | [1] | ' | 197,000 | [1] | ' | ' |
Cash [Member] | Level 2 (Significant observable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | ' | 0 | [2] | ' | ' |
Cash [Member] | Level 3 (Unobservable inputs) [Member] | ' | ' | ' | ' | ' | ||
Fair Value of Plan Assets [Abstract] | ' | ' | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | ' | 0 | [3] | ' | ' |
U.S. Defined Benefit Plan [Member] | ' | ' | ' | ' | ' | ||
Estimated future employer contributions [Abstract] | ' | ' | ' | ' | ' | ||
Employer contributions | ' | ' | 100,000 | ' | ' | ||
Estimated future employer contributions in current fiscal year | 100,000 | ' | 100,000 | ' | ' | ||
U.K. Defined Benefit Plan [Member] | ' | ' | ' | ' | ' | ||
Estimated future employer contributions [Abstract] | ' | ' | ' | ' | ' | ||
Employer contributions | ' | ' | 204,000 | ' | ' | ||
Estimated future employer contributions in current fiscal year | $494,000 | ' | $494,000 | ' | ' | ||
[1] | Level 1 investments represent mutual funds for which a quoted market price is available on an active market. These investments will primarily hold stocks or bonds, or a combination of stocks and bonds. | ||||||
[2] | The Company currently does not have any Level 2 pension plan financial assets. | ||||||
[3] | The Company currently does not have any Level 3 pension plan financial assets. |
Inventories_Details
Inventories (Details) (USD $) | Mar. 29, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $2,255 | $2,201 |
Work-in-process | 17 | 11 |
Finished goods | 3,693 | 3,511 |
Inventories | $5,965 | $5,723 |
Other_receivables_Details
Other receivables (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Sep. 30, 2013 |
Other receivables [Abstract] | ' | ' |
Other receivables | $883 | $357 |
Other receivables reclassified from trade receivables | $558 | ' |
Administration period (in months) | '6 months | ' |
Fair_value_of_financial_instru1
Fair value of financial instruments (Details) (Level 2 [Member], USD $) | Mar. 29, 2014 |
Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair value of long term debt | $1,753,000 |
Accrued_expenses_Details
Accrued expenses (Details) (USD $) | Mar. 29, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued expenses [Abstract] | ' | ' |
Accrued compensation and related costs | $1,074 | $1,015 |
Other accrued expenses | 869 | 1,072 |
Accrued expenses | $1,943 | $2,087 |
Percentage of total current liabilities used to analyze accrued expenses (in hundredths) | 5.00% | 5.00% |
Warranty_reserves_Details
Warranty reserves (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Movement in warranty reserves [Roll Forward] | ' | ' | ' | ' |
Warranty reserves at beginning of period | $139 | $106 | $138 | $89 |
Decrease in beginning balance for warranty obligations settled during the period | -1 | -7 | -44 | -15 |
Foreign currency translation adjustment | 1 | -4 | 2 | -1 |
Net increase (decrease) in warranty reserves for products sold during the period | 1 | -5 | 44 | 17 |
Warranty reserves at end of period | $140 | $90 | $140 | $90 |
Debt_Details
Debt (Details) (USD $) | 6 Months Ended | |
Mar. 29, 2014 | Sep. 30, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $1,704,000 | ' |
Monthly installments | 4,000 | ' |
Current portion of long term debt | 49,000 | 46,000 |
Line of Credit Facility [Line Items] | ' | ' |
Debt covenant description | 'Under the facility, Sevcon USA, Inc. must maintain, on a quarterly basis, a debt to tangible net worth ratio of no more than 2.40:1 and a debt service coverage ratio of no less than 1.25:1 for each rolling twelve-month period. | ' |
Total overdraft facility | 1,495,000 | ' |
Annual principal payments on long term debt [Abstract] | ' | ' |
2015 | 4,000 | ' |
2016 | 0 | ' |
2017 | 1,700,000 | ' |
Total maturities | 1,704,000 | ' |
Secured Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, amount outstanding | 1,700,000 | ' |
RBS Citizens, National Association [Member] | Secured Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, maximum borrowing capacity | 3,500,000 | ' |
Margin interest rate (in hundredths) | 3.13% | ' |
Line of credit facility, expiration date | 14-Jun-17 | ' |
U.K. bank loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 53,000 | ' |
Debt instrument, fixed interest rate (in hundredths) | 6.80% | ' |
Debt instrument, term | '5 years | ' |
Current portion of long term debt | 49,000 | ' |
Long-term debt, net of current maturities | 4,000 | ' |
Fair market value of the debt | 53,000 | ' |
Annual principal payments on long term debt [Abstract] | ' | ' |
Total maturities | $53,000 | ' |