Sevcon: Fourth-Quarter Fiscal 2013 Results Summary
The following excerpt is from the company's SEC filing
"Sevcon's fourth-quarter growth was mainly the result of increases in shipments to customers in the global aerial work platform market," said President and CEO Matt Boyle. "The underlying demand patterns have improved over the past three quarters, with increased demand in the U.S and relative strength in Asia. The key difference this quarter compared to the same quarter in fiscal 2012 was in Europe, where the recent pattern reversed and sales were up significantly year-over-year.
"In our traditional off-road markets, the ongoing improvement in the global aerial work platform market continued to be offset primarily by weakness in the mining sector," Boyle said. "In the on-road sector, revenues were higher in Europe. At the same time, we are seeing strong interest in using our control technology for hybrid electric vehicles. We are also continuing to make good progress in penetrating the overall two-wheel EV market on a global basis, and Q4 was another quarter of solid growth in shipments of controllers to OEM and Tier 1 suppliers to the scooter and motorcycle markets in Europe, Asia and North America.
"Looking forward, we believe there is far greater stability in our markets than at this point a year ago," continued Boyle. "While there is still some volatility, we are encouraged by what we are hearing from customers in both the off-road and on-road segments of the market. The restructuring initiatives that we implemented midway through fiscal 2013 are delivering the $2 million of annualized operating cost reduction that we had anticipated. With a lower cost structure and conservative balance sheet, we believe that Sevcon is well-positioned for growth and improved profitability as fiscal 2014 unfolds."
Sevcon has scheduled a conference call to review its results for the fourth quarter and fiscal 2013 tomorrow, December 11, 2013 at 9:00 a.m. ET. Those who wish to listen to the conference call webcast should visit the Investor Relations section of the company's website at www.sevcon.com. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328 prior to the start of the call. If you are unable to listen to the live call, the webcast will be archived on the company's website.
Sevcon is a world leader in the design and manufacture of microprocessor based controls for zero emission electric and hybrid vehicles. The controls are used to vary the speed and movement of vehicles, to integrate specialized functions and to optimize the energy consumption of the vehicle's power source. The Company supplies customers throughout the world from its operations in the USA, the U.K., France and the Asia Pacific region and through an international dealer network. Sevcon's customers are manufacturers of on and off-road vehicles including cars, trucks, buses, motorcycles, fork lift trucks, aerial lifts, mining vehicles, airport tractors, sweepers and other electrically powered vehicles. For more information visit www.sevcon.com.
Statements in this release about Sevcon's prospects for fiscal 2014 and beyond are forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those we anticipate. In particular: global demand for electric vehicles may not grow as much as we expect; our customers' products may not be as successful as those of other entrants in the electric vehicle market who are supplied by our competitors; and we are dependent on a few key suppliers and subcontractors for most components, sub-assemblies and finished products, and we may not be able to establish alternative sources of supply in time if supplies are interrupted. Please see the Company's most recent forms 10-K and 10-Q on file with the SEC for further information regarding Sevcon's risk factors.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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