Tech/Ops Sevcon Reports First Quarter Results.Business Editors SOUTHBOROUGH Southborough is the name of several places:
Tech/Ops Sevcon, Inc. (AMEX AMEX See: American Stock Exchange symbol TO) reported net income of $81,000, or $.03 per share, for the first fiscal quarter ended December December: see month. 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 An aerial lift is a means of transport in which gondolas or open chairs are hauled above the ground by means of a cable. Types of aerial lifts include:
(2) In Unix, to make a copy of a process for execution. (3) In the Macintosh file system, a fork is a top- level structure that separates data folders and files from other resources. See HFS. lift truck market were lower compared to the first quarter of last year and this market continues to be depressed Depressed A description of a market, security, or product that is experiencing weak demand and lowering prices. Notes: A depressed market, security, or product implies that prices and volume are low. There are many reasons for a depressed market, security, or product. . Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. 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 A computer that uses a microprocessor chip as its CPU. Essentially, all computers today are microprocessor based. controls for electric vehicles. The controls are used to vary the speed and movement of vehicles, to integrate specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. functions, and to prolong pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. 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
Net sales $6,466 $5,645
Operating income 173 14
Income before income taxes 124 9
Net income $81 $6
Basic income per share $.03 $.00
Diluted income per share $.03 $.00
Cash dividend per share $.03 $.03
Average shares outstanding 3,125 3,125
Summarized Balance Sheet Data (in thousands of dollars)
December September
31, 2003 30, 2003
(unaudited) (derived from
audited
statements)
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
Total current assets 9,971 9,373
Long-term assets 4,578 4,361
Total assets $14,549 $13,734
Other current liabilities $4,315 $4,009
Deferred taxes 81 77
Stockholders' investment 10,153 9,648
Total liabilities and stockholders'
investment $14,549 $13,734
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