Sevcon Posts Q3 Decline In Revenue, Profits
Southborough-based Sevcon, which designs and manufactures microprocessor-based controls for zero emission electric and hybrid vehicles, said its third-quarter financial results met the company’s expectations, with revenue coming in at $8.7 million.
But that’s down from last year’s $8.9 million, which Sevcon said reflects the ongoing mixed conditions in the company’s markets.
Net income was $124,000, or 4 cents per share, down from $156,000, or 5 cents per share last year.
"Our traditional off-road business was up robustly year over year, particularly in Asia, despite continued weakness in the global mining sector,” said President and CEO Matt Boyle. “This growth was offset, however, by lower sales in our on-road business, primarily in Europe.”
Boyle went on to say that the company continues to move forward with restructuring initiatives implemented in the second quarter that are expected to reduce annualized operating expenses by $2 million.
For the first nine months of the year, revenues were $23.3 million, down from $27.5 million in 2012. Sevcon said the decline was due to ongoing fluctuations in product demand in most markets that began in the fourth quarter of last year.
Operating losses widened from $982,000 to $1.4 million and included a $605,000 restructuring charge from the second quarter. Net loss was $1.1 million, or 33 cents per share, compared with a net income of $910,000, or 27 cents per share, in the first nine months of 2012.
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