Sevcon Ends Year With Loss; Quarterly Revenue Up
Sevcon of Southborough reported a 10.6-percent increase in revenue for its fourth fiscal quarter, but ended its fiscal year in the red, reporting a net loss of nearly $1.1 million, citing fluctuating demand in most markets for its microprocessor-based controls for electric and hybrid vehicles.
Sevcon reported quarterly revenue of $8.9 million, up from $8 million in the same quarter in 2012. But for the year, which ended Sept. 30, revenue was down 9.3 percent, from $35.6 million to $32.2 million.
On the earnings side, the company reported net income for the quarter of $45,000, or 1 cent per share, cushioning the net loss. "The underlying demand patterns have improved over the past three quarters, with increased demand in the U.S and relative strength in Asia,” president and CEO Matt Boyle said.
Boyle said the key difference during the quarter was in Europe, where year-over-year sales were up significantly.
Sevcon blamed much of its net loss on a $605,000 restructuring charge in the second quarter. The net loss represented an earnings decline of more than $2.2 million; the company reported net profits of $1.2 million in fiscal 2012.
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