Tech/Ops Sevcon, Inc.
155 Northboro Road
Southborough, MA 01772
Telephone (508) 281 5510 For Release: IMMEDIATE
News For Further Information Contact:
Release Paul McPartlin
TECH/OPS SEVCON REPORTS FIRST QUARTER RESULTS
Southborough, Mass. January 27, 2004..... Tech/Ops Sevcon, Inc. (AMEX symbol
TO) reported net income of $81,000, or $.03 per share, for the first fiscal
quarter ended December 31, 2003. Net income increased by $75,000, or $.03 per
share, compared to $6,000, or $.00 per share, from the comparable period last
year. Sales in the first quarter were $6,466,000 compared to $5,645,000 for
the comparable period last year. Foreign currency fluctuations caused an
increase in reported revenues of $555,000, or 10%, and volumes shipped were 5%
ahead of the prior year period. During the first quarter revenues from the
aerial lift, airport ground support and mining markets increased compared to
the same period last year. Sales volumes into the fork lift truck market were
lower compared to the first quarter of last year and this market continues to
be depressed.
Operating income for the first quarter was $173,000, an increase of $159,000
compared to the first quarter of last year. Higher volumes and foreign
currency fluctuations increased operating income by $350,000, offset by a
$191,000 increase in engineering expense, mainly on advanced new products.
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.
Tech/Ops Sevcon, Inc.
First Quarter 2004 Financial Highlights (unaudited) (in thousands except per
share data)
Three months ended
December 31 December 31
2003 2002
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Net sales $ 6,466 $ 5,645
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Operating income 173 14
Income before income taxes 124 9
Net income $ 81 $ 6
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Basic income per share $ .03 $ .00
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Diluted income per share $ .03 $ .00
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Cash dividend per share $ .03 $ .03
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Average shares outstanding 3,125 3,125
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Summarized Balance Sheet Data (in thousands of dollars)
December September
31, 2003 30, 2003
(unaudited ) (derived
from audited
statements)
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Cash, cash equivalents and short-term investments $ 551 $ 524
Receivables 4,536 4,088
Inventories 4,015 3,999
Prepaid expenses and other current assets 869 762
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Total current assets 9,971 9,373
Long-term assets 4,578 4,361
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Total assets $ 14,549 $ 13,734
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Other current liabilities $ 4,315 $ 4,009
Deferred taxes 81 77
Stockholders' investment 10,153 9,648
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Total liabilities and stockholders' investment $ 14,549 $ 13,734