Tech/Ops Sevcon Reports First Quarter Results.SOUTHBOROUGH, Mass. -- Tech/Ops Sevcon, Inc. (AMEX AMEX See: American Stock Exchange symbol TO) reported that sales for the first fiscal quarter ended December 30, 2006 increased by 5% to $8,266,000 compared with $7,821,000 last year. However, the weakness of the US dollar compared to European currencies accounted for a 6% increase in reported sales and underlying volumes were down 1%. While the Company achieved sales increases in the fork lift truck, airport ground support and other electric vehicle markets these were offset by lower shipments to the US 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:
The weakness of the US dollar negatively affected gross margins, which were 36.4% of sales compared to 39.0% in the first quarter of the prior year. With operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in line with last year, 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 down by $40,000 to $204,000. There was a currency exchange loss of $67,000 in the first quarter of this year compared to a currency gain of $22,000 in last year's first quarter. Net income for the quarter was $88,000, or $.03 per diluted share, compared with $160,000, or $.05 per diluted share, in last year's first quarter. 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 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. [TABLE OMITTED] [TABLE OMITTED] |
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