Last $7.16 USD
Change Today -0.12 / -1.65%
Volume 250.0
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As of 8:10 PM 10/24/14 All times are local (Market data is delayed by at least 15 minutes).

sevcon inc (SEV) Snapshot

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02/24/14 - $14.49
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sevcon inc (SEV) Details

Sevcon, Inc., through its subsidiaries, designs and sells motor controllers for zero emission and hybrid electric vehicles under the Sevcon name in the United States, the United Kingdom, France, Korea, and Japan. The company’s controllers are used to vary the speed and movement of vehicles, to integrate specialized functions, and to prolong the shift life of vehicles power source. Its customers include manufacturers of on-road, off-road, and industrial vehicles, such as automobiles, scooters, motorcycles, buses, fork lift trucks, aerial lifts, mining vehicles, airport ground support vehicles, utility vehicles, sweepers, and other battery powered vehicles. The company also manufactures metalized film capacitors, which are used as components in the power electronics, signaling, and audio equipment markets. Sevcon, Inc. was founded in 1987 and is based in Southborough, Massachusetts.

119 Employees
Last Reported Date: 12/20/13
Founded in 1987

sevcon inc (SEV) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: $302.4K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $185.6K
Compensation as of Fiscal Year 2013.

sevcon inc (SEV) Key Developments

Sevcon, Inc. Announces First Semi-Annual Dividend on Series A Convertible Preferred Stock, Payable on October 15, 2014

Sevcon, Inc. announced that the first semi-annual dividend on the company's recently issued Series A Convertible Preferred Stock will be payable on October 15, 2014, to shareholders of record at the close of business on October 8, 2014. The dividend will be $0.09 per share, representing the pro-rata amount for the period commencing on the issuance date of September 12, 2014. Dividends on the Series A Convertible Preferred Stock are payable on October 15 and April 15 each year at the rate of 4% per annum of the stated value of $24 per share.

Sevcon, Inc. Reports Unaudited Financial Results for the Third Quarter and Nine Months Ended June 28, 2014; Provides Financial Guidance for the Fourth Quarter of Fiscal 2014

Sevcon, Inc. reported unaudited financial results for the third quarter and nine months ended June 28, 2014. Revenues increased to $9.7 million, from $8.7 million in the third quarter of fiscal 2013, reflecting continued improving conditions in the company's markets and the startup of volume production with some new customers. Operating income was $213,000, compared with $293,000 in the third quarter last year. Net income was $222,000, or $0.06 per diluted share, compared with net income of $124,000, or $0.04 per diluted share, a year earlier. In the third quarter of 2014 movements in foreign currency rates reduced operating income by $94,000 compared to the prior year. Income before income taxes was $188,000 against $171,000 a year ago. Revenues were $27.9 million, compared with $23.3 million in the first nine months of fiscal 2013. Foreign currency fluctuations increased reported sales in the first nine months by $904,000, or 4%. Operating income was $1.1 million compared with an operating loss of $1.4 million in the first nine months of last year, which included a restructuring charge of $605,000 in the second quarter of fiscal 2013. In the first nine months of 2014 movements in foreign currency rates reduced operating income by $446,000 compared to the prior year. Excluding the impact of foreign currency, operating income was $1.6 million, an increase of $3.0 million compared with the prior year period. Net income was $872,000, or $0.25 per diluted share, compared with a net loss of $1.1 million, or $0.33 per share, for the first nine months of fiscal 2013. Income before income taxes was $936,000 against loss of $1,815,000 a year ago. Looking ahead to the fourth quarter of fiscal 2014, the company believes that underlying market conditions will continue supporting the growth. On the bottom line, the commencement of shipments by its new joint venture company in China will result in recognizing its share of the related initial business establishment costs, which the company expects will reduce Sevcon's net income for the fourth quarter by approximately $150,000, after tax.

Sevcon Seeks Acquisitions

Sevcon, Inc. (NasdaqCM:SEV) considers acquisitions. Sevcon has filed a follow-on equity offering in the amount of $76.86 million, the proceeds of which will be used for general corporate purposes and growth, including but not limited to funding our ongoing research and development and product commercialization initiatives and acquisitions of other businesses.


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