Sono Group NV (SEVCQ)

[bcapps66]

LOL!

[dingdong88]

Or tomorrow or the next day….

[bcapps66]

Hindsight is always 20/20 ;)

[WiseYoda]

Brutal! She’ll recover though. I regret not waiting till today to take position.

[WiseYoda]

Tell me about it!

[bcapps66]

UNF**KING real! Talk about your colossal meltdown...

[bcapps66]

Little excessive on profit taking :(

[scottyb]

and u were right

[Fredric]

Of course. But I'm hoping to see it shoot up at open first then correct. But the weekend is at hand so profit taking is expected.

[scottyb]

don’t you think it might correct

[Fredric]

Hoping to so see that plus 50$ at the open today.

[rynlrt]

Too bad there's no options available right now

[weedtrader420]

WOOHOOOOOO S E V $$$$$$$$$$

[weedtrader420]

WOOHOOOOOO SONO Solar cars WOOHOOOOOO $$$$$ Another big winner

[Fredric]

Yessir thank you kindly

We will all be just a little bit closer to our goals with this one here.

Money money MONEYYYYY

Gltu

#sev

[stokbrokin]

yes yes u r!!! congrats to u indeed heck in fact congrats all the way around!! this looks like its beasting!! gltua peace stok

[crudeoil24]

>>>>> 45.00 <<<<< AH.

SEV

[Fredric]

Nice grab. I got in late. At 27$ n some change but I'm still doing awight

[Fredric]

Looking very delicious around here lol

Chomp chomp

[stokbrokin]

wth?? finally got a win!! finally!! gltua peace stok

[crudeoil24]

SEV is a great $$$$$ opportunity.

[stokbrokin]

i got my ipos at $15 thru the hood!! gltua peace stok

[Fredric]

I'm in this bad boy. Solar cars!!! Im down with it

#sev

[makinezmoney]

$SEV: Already halted at the open at $22.84



WOW............. whatta POP



GO $SEV

[makinezmoney]

$SEV: Sono Group EV IPO today........... pricing at $15



This one is gonna be BIGGGGGGGGGGG







GO $SEV

[Enterprising Investor]

Rights offering was a non-event for my portfolio.

Or so I thought...

Since I only received a few shares of SEVAP at $21.50 in the rights offering, I, believe it or not, just stopped following the SEV.

Sold!

Thank you, BorgWarner, for helping me make a 200-percent return on what I thought was dead money.

[Enterprising Investor]

Sevcon Signs Definitive Agreement to be Acquired by BorgWarner (7/17/17)

SOUTHBOROUGH, Mass., July 17, 2017 (GLOBE NEWSWIRE) -- Sevcon, Inc. (“Sevcon” or the “Company”) (Nasdaq:SEV), a world leader in the design and manufacture of controls and battery chargers for zero emission electric and hybrid vehicles, today announced that it has entered into a definitive merger agreement with BorgWarner Inc. that provides for BorgWarner to acquire all of the outstanding shares of Sevcon’s common stock for $22.00 per share in cash and all of the outstanding shares of Sevcon’s Series A Convertible Preferred Stock for a price per share on an as-converted basis equal to the common stock, together with payment of any accrued and unpaid dividends.  The total transaction value, including the assumption of indebtedness, is expected to be approximately $200 million at the closing of the transaction.

The transaction price of $22.00 per share represents a 61% premium to the closing sale price of common stock of the Company on Friday, July 14, 2017 and a 64% premium to the 30-day volume weighted average price of common stock of the Company.

“The proposed merger with BorgWarner provides substantial value to our stockholders and the chance for Sevcon to maximize previous growth investments and capitalize on greater opportunities as a part of a much larger organization with significant market presence,” said Sevcon President and CEO Matt Boyle.

The Sevcon Board of Directors has unanimously approved the merger agreement and has recommended approval of the merger by Sevcon’s stockholders. The transaction is expected to close in the fourth calendar quarter of 2017 and is contingent on the approval of Sevcon’s stockholders, and is subject to the satisfaction or waiver of certain other closing conditions. The transaction is not subject to a financing condition.

Rothschild Inc. is acting as financial advisor to Sevcon, with Skadden, Arps, Slate, Meagher & Flom LLP and Locke Lord LLP acting as legal advisors. 

About Sevcon

Sevcon is a global supplier of control and power solutions for zero-emission, electric and hybrid vehicles. Its products control on- and off-road vehicle speed and movement, integrate specialized functions, optimize energy consumption and help reduce air pollution. Sevcon’s Bassi Division produces battery chargers for electric vehicles; power management and uninterrupted power source systems for industrial, medical and telecom applications; and electronic instrumentation for battery laboratories. The company supplies customers from its operations in the U.S., U.K., France, Germany, Italy, China and the Asia Pacific region, as well as through an international dealer network. Learn more about Sevcon at www.sevcon.com.

About BorgWarner

BorgWarner Inc. (NYSE:BWA) is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. With manufacturing and technical facilities in 62 locations in 17 countries, the company employs approximately 27,000 worldwide. For more information, please visit borgwarner.com.

https://globenewswire.com/news-release/2017/07/17/1047327/0/en/Sevcon-Signs-Definitive-Agreement-to-be-Acquired-by-BorgWarner.html

[Enterprising Investor]

BorgWarner Enters Into Agreement to Acquire Sevcon (7/17/17)

AUBURN HILLS, Mich., July 17, 2017 /PRNewswire/ -- BorgWarner announced today that it has entered into a definitive agreement to acquire Sevcon, Inc., a global player in electrification technologies. Sevcon complements BorgWarner's power electronics capabilities utilized to provide electrified propulsion solutions.

"This acquisition supports our existing strategy to supply leading technology for all types of propulsion systems; combustion, hybrid and electric," said James Verrier, President and CEO of BorgWarner. "We look forward to welcoming Sevcon's talented employees to BorgWarner."

The completion of the transaction is subject to certain terms and conditions, including the approval of Sevcon's stockholders and receipt of required competition law approval.  The expected enterprise value of the transaction at closing is approximately $200 million. The transaction is expected to close in the fourth quarter of 2017 subject to the satisfaction of closing conditions. 

About BorgWarner

BorgWarner Inc. (NYSE: BWA) is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. With manufacturing and technical facilities in 62 locations in 17 countries, the company employs approximately 27,000 worldwide. For more information, please visit borgwarner.com.

About Sevcon

Sevcon is a global supplier of control and power solutions for zero-emission, electric and hybrid vehicles. Its products control on- and off-road vehicle speed and movement, integrate specialized functions, optimize energy consumption and help reduce air pollution. Sevcon's Bassi Division produces battery chargers for electric vehicles; power management and uninterrupted power source systems for industrial, medical and telecom applications; and electronic instrumentation for battery laboratories. The company supplies customers from its operations in the U.S., U.K., France, Germany, Italy, China and the Asia Pacific region, as well as through an international dealer network. Learn more about Sevcon at www.sevcon.com.

http://www.prnewswire.com/news-releases/borgwarner-enters-into-agreement-to-acquire-sevcon-300488941.html

[TaperT2]

Very Interesting , may take small possession here

[seeksup]

SEV Accelerates Sales and Secures Major Contract

http://www.insidermedia.com/insider/north-east/132799-sevcon-accelerates-sales-and-secures-major-contract/

[Enterprising Investor]

Gateshead-based green technology firm Sevcon returns to profit (12/10/14)

By Coreena Ford

Green technology firm Sevcon is back in the black after a strong year saw the firm make profits of $1m (£640,000) compared to a loss in the previous year.

Revenues rose 18% to $37.9m (£24.2m) in the year ended September 30 2014 at the electric vehicle component maker, latest figures reveal.

And the publication of the results came on the same day the Gateshead-based company announced a major new contract.

Sevcon issued a note on the NASDAQ detailing a deal with a Tier-1 automotive supplier based in South East Asia to design, manufacture and supply an advanced motor controller for a new line of hybrid electric, four-door passenger vehicles – a deal potentially worth up to $50m (£32.2m) by 2020.

Profit was posted at $1m (£640,000), compared with an operating loss of $948,000 (£605,000) the previous year, and Sevcon president and chief executive officer Matt Boyle said the customers are now embracing the firm’s solutions.

He said. “We concluded fiscal 2014 with our seventh quarter of increased sales and it was a successful year from a bottom-line perspective.

“Since the first quarter of fiscal 2013, we have seen consistent improvement in underlying market demand, order visibility, shipments and revenue in most of our markets, although Western Europe continues to lag.

“Customers are embracing Sevcon’s modular, easily adaptable powertrain solutions that only our engineering expertise and application knowledge can provide.

These highly flexible products allow us to address ever more applications, assisting us to scale up cost effectively.

“Following last month’s announcement of our Chinese joint venture’s first success, signing this contract with a respected Tier-1 supplier in the Far East is another milestone for our growing on-road electric vehicle business in the Asia Pacific region.

“It is also an example of how our electrification focus is enabling us to capitalize on the global automotive industry’s transition from internal combustion to hybrid electric drivetrain technology.

“One of the first variants of the new generation of products that we plan to roll out over the next several years, this controller is designed to provide the advanced motor control functionality required for hybrid electric passenger car applications, while also complying with the latest EV(electric vehicle) safety requirements.”

Looking forward, Mr Boyle believes Sevcon’s core technology platforms can be applied and sold across multiple, higher growth markets as the world switches to electrification.

He added: “Tactically, we are using our technological excellence and strong presence in traditional off-road markets to enter new higher growth sectors and territories.

“Our key strategic challenge is scaling the business to achieve our potential. As system electrification becomes more widespread we anticipate growing both organically and through acquisitions. As a result, capital structure and capital allocation are key strategic priorities for Sevcon.

“We are actively executing against these priorities, as evidenced by the oversubscribed rights offering we successfully completed this past September, which will help fuel our growth. We look forward to reporting continued growth and improved profitability in fiscal 2015.”

http://www.thejournal.co.uk/business/business-news/gateshead-based-green-technology-firm-sevcon-8261977

[Enterprising Investor]

Sevcon Selected to Provide Motor Controllers for New Hybrid Electric 4-Door Sedan (12/09/14)

Contract With a Far East Based Tier-1 Automotive Supplier Valued at Up to $50 Million Starting 2016 Through 2020

SOUTHBOROUGH, Mass., Dec. 9, 2014 (GLOBE NEWSWIRE) -- Sevcon, Inc. (SEV) today reported that it has entered into an agreement with a Tier-1 automotive supplier based in South East Asia, to supply motor controllers for a new line of hybrid electric passenger cars.

Under the contract, which could produce up to $50 million of revenue through 2020, Sevcon, who has been working with the supplier for some time, will design, manufacture and supply an advanced motor controller for a new line of hybrid electric 4-door sedans. Sevcon expects initial prototypes for fleet test vehicles to be available in June 2015. Thereafter, Sevcon will supply controllers as ordered by the customer, with production shipments expected to begin in the first quarter of 2016.

"Following last month's announcement of our Chinese joint venture's first success, signing this contract with a respected Tier-1 supplier in the Far East is another milestone for our growing on-road electric vehicle business in the Asia Pacific region," said Sevcon President and CEO Matt Boyle. "It is also an example of how our electrification focus is enabling us to capitalize on the global automotive industry's transition from internal combustion to hybrid electric drivetrain technology. One of the first variants of the new generation of products that we plan to roll out over the next several years, this controller is designed to provide the advanced motor control functionality required for hybrid electric passenger car applications, while also complying with the latest EV safety requirements."

About Sevcon, Inc.

Sevcon is a world leader in the design and manufacture of 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, China 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.

https://globenewswire.com/news-release/2014/12/09/689945/10111725/en/Sevcon-Selected-to-Provide-Motor-Controllers-for-New-Hybrid-Electric-4-Door-Sedan.html

[Enterprising Investor]

Sevcon Reports Financial Results for Fourth Quarter and Year-End Fiscal 2014 (12/09/14)

SOUTHBOROUGH, Mass., Dec. 9, 2014 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) reported financial results for the fourth quarter and fiscal year ended September 30, 2014.

Fourth-Quarter Fiscal 2014 Results Summary

• Revenues increased 13 percent to $10.0 million, from $8.9 million in the fourth quarter of fiscal 2013, reflecting continued improvement in the Company's markets and startup of volume production with new customers. Foreign currency fluctuations increased reported sales by $180,000, or 2 percent, mainly due to a weaker U.S. dollar compared to the British Pound than in the fourth quarter of fiscal 2013.

• The Company recorded an operating loss of $94,000 compared to operating income of $407,000 in the fourth quarter last year. In the fourth quarter of fiscal 2014 the Company incurred the cost of two non-recurring items amounting to $699,000: a $481,000 charge for the establishment of its Chinese joint venture and a $218,000 charge to recognize a write-off arising from a bankrupt customer in France. Excluding these one-time charges, fourth-quarter fiscal 2014 operating income would have been $605,000, a 49% increase over the prior year period.

• The Company's income tax provision was $21,000 in the fourth quarter compared to $307,000 in the same quarter last year when the Company recorded a tax charge of $444,000 to write down the value of deferred tax assets in its U.K. controls subsidiary due to a reduction in the U.K. corporate tax rate.

• Net income attributable to common stockholders was $37,000, or $0.01 per diluted share this year, compared with net income of $45,000, or $0.01 per diluted share, a year earlier. Excluding the after-tax impact of the two non-recurring items recorded in the fourth quarter of 2014 and the deferred tax write-down in the prior-year quarter, net income would have been $543,000 in the fourth quarter of 2014 compared with $489,000 in the same period last year.

Full-Year Fiscal 2014 Results Summary

• Revenues increased by 18 percent to $37.9 million from $32.2 million for fiscal 2013. Foreign currency fluctuations increased reported sales by $1.1 million, or 3 percent, mainly due to a weaker U.S. dollar compared to the British Pound in the prior year period.

• Operating income was $1.0 million, compared with an operating loss of $948,000 in fiscal 2013, which included a second quarter restructuring charge of $605,000. Excluding the impact of the two non-recurring items in 2014 noted above, and the restructuring charge in 2013, operating income would have been $1.7 million in 2014, compared to an operating loss of $0.3 million in 2013, an increase of $2 million on a like-for-like basis.

• There was an income tax charge of $85,000 in fiscal 2014, compared with an income tax benefit of $392,000 in fiscal 2013, after recording the tax charge of $444,000 described above.

• Net Income attributable to common stockholders was $909,000, or $0.19 per diluted share, compared with a net loss of $1.1 million, or $(0.32) per share, for fiscal 2013. Excluding the after-tax impact of the two non-recurring items recorded in the fourth quarter of 2014 and in 2013 the after-tax impact of the restructuring charge and the deferred tax write-down in the prior-year fourth quarter, net income would have been $1.4 million in 2014, compared with a net loss of $164,000 in 2013.

Management Comments

"Sevcon concluded fiscal 2014 on a strong note," said President and CEO Matt Boyle. "Sales were up 13 percent from the fourth quarter of fiscal 2013. This was our seventh consecutive quarter of top-line growth as sales increased 3 percent from the third quarter. Since the first quarter of fiscal 2013, we have seen consistent improvement in underlying market demand, order visibility, shipments and revenue in most of our markets, although Western Europe continues to lag. Customers are embracing Sevcon's modular, easily adaptable powertrain solutions that only our engineering expertise and application knowledge can provide. These highly flexible products allow us to address ever more applications, assisting us to scale up cost effectively."

"For full year fiscal 2014, sales increased 18 percent from the prior year," Boyle said. "In our traditional off-road, industrial market segment, fiscal 2014 sales were up 22 percent. Sales for on-road applications increased 4.5 percent driven by China, but were offset by lower sales in Europe."

Boyle continued. "We concluded fiscal 2014 with our seventh quarter of increased sales and it was a successful year from a bottom-line perspective. Leveraging our revenue growth we delivered a $1.6 million improvement in net income on a like-for-like basis resulting in earnings of $0.19 per diluted share. In addition, we established our Chinese Joint Venture in 2014 which recorded a substantial order in its first quarter of trading."

"Looking forward, we believe that our core technology platforms can be applied and sold across multiple, higher growth markets as the world transitions to electrification. Tactically, we are using our technological excellence and strong presence in traditional off-road markets to enter new higher growth sectors and territories. Our key strategic challenge is scaling the business to achieve our potential. As system electrification becomes more widespread we anticipate growing both organically and through acquisitions. As a result, capital structure and capital allocation are key strategic priorities for Sevcon. We are actively executing against these priorities, as evidenced by the oversubscribed rights offering we successfully completed this past September, which will help fuel our growth. We look forward to reporting continued growth and improved profitability in fiscal 2015," Boyle concluded.

Fourth-Quarter Fiscal 2014 Conference Call Details

Sevcon has scheduled a conference call to review its results for the fourth quarter and fiscal 2014 tomorrow, December 10, 2014 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 http://ir.sevcon.com. The live call also can be accessed by dialing [phone] or [phone] 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.

[tables deleted]

About Sevcon, Inc.

Sevcon is a world leader in the design and manufacture of 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, China 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.

http://www.nasdaq.com/press-release/sevcon-reports-financial-results-for-fourth-quarter-and-yearend-fiscal-2014-20141209-01122

[hweb2]

Great post CrocHntr! Thanks for the info. Does sound like XL Hybrids will see strong growth in the coming years...and SEV will benefit.

[CrocHntr]

We know the Chinese Joint Venture is worth $2.2m first year (and hopefully leads to some huge growth in the future), but I'm also excited about some of the domestic opportunities in the on-road sector. In Q3, sales in the 4-wheel on-road sector were up 54% and were primarily attributed to a company called XL Hybrids, a U.S. based manufacturer of hybrid powertrain conversion systems for commercial vans and trucks.

I looked a little more into XL Hybrids, and they seem to be growing by leaps and bounds. They provide a conversion product that can be used with existing gas powered vans/trucks that increases mileage by approximately 25%. An install takes about 6 hours per vehicle, and they have some large existing customers (FedEx, Coca Cola, etc). In early October, XL received a California Air Resources Board "Executive Order" approval allowing aftermarket conversions of gasoline-powered 2012-2014 model year General Motors 2500 and 3500 vans, Chevrolet Express and GMC Savana vans into hybrid electric vehicles (which is a big deal for California). Here's an article that discusses the potential: XL Hybrids

Since Sevcon provides controls to XL Hybrids, I'm assuming this could be a boon for them as well.

Also, there was a good Seeking Alpha article on Sevcon found here:
Sevcon Overlooked Play

[Enterprising Investor]

Sevcon Raises $10 Million in Oversubscribed Rights Offering (9/17/14)

Sevcon, Inc. a world leader in the design and manufacture of controls for zero emission electric and hybrid vehicles, today announced the closure and distribution of shares following its successful rights issue for Series A Convertible Preferred Stock. Stockholders of record will receive their entitlement of shares by close of business today.

Sevcon President and CEO Matt Boyle said, "We are delighted by the response of our shareholders to the rights issue and especially grateful to our larger shareholders, Gabelli Funds and Wells Fargo, for their substantial oversubscription. We also thank our employees, who subscribed for a significant number of shares. Our plans for deploying the capital raised in the offering are being worked through, and we look forward to updating stockholders on our progress in the coming months. It was extremely important for us to raise these funds in order to facilitate the continuing growth of the business, both organically and inorganically."

Subscribers may obtain further information by contacting the Information Agent for the rights offering at [phone].

About Sevcon, Inc.

Sevcon is a world leader in the design and manufacture of 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. Sevcon supplies customers throughout the world from its operations in the USA, the UK, 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.

http://www.marketwatch.com/story/sevcon-raises-10-million-in-oversubscribed-rights-offering-2014-09-17

[hweb2]

Gabelli stake in SEV continues to increase. They sold a little common, but participated in the rights offering with a chunk of their shares...so now own preferred stock too. Looks like they own about 45% of the company's common plus preferred stock! Why don't they just buy the company?


http://www.sec.gov/Archives/edgar/data/807249/000080724914000236/sev_35.htm

[Enterprising Investor]

Sevcon Raises $10 Million in Oversubscribed Rights Offering

SOUTHBOROUGH, Mass., Sept. 9, 2014 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) a world leader in the design and manufacture of controls for zero emission electric and hybrid vehicles, today announced that its $10 million rights offering for shares of new Series A Convertible Preferred Stock was substantially oversubscribed when it closed on September 8, 2014. Final allocations of the oversubscription shares will be made by the end of this week. Sevcon will issue 465,000 shares, and will return the excess subscriptions to subscribers as soon as practicable thereafter.

The purpose of the rights offering was to raise equity capital in a cost-effective manner that provided all of Sevcon's existing shareholders the opportunity to participate. The net proceeds will be used for general corporate purposes and growth, including funding Sevcon's ongoing research and development and product commercialization initiatives as well as acquisitions of other businesses.

The preferred stock carries a 4 percent cumulative annual dividend, and will be convertible at any time at the holder's option into shares of Sevcon's common stock at an initial conversion price of $8.00 per share, representing a conversion ratio of three shares of common stock for each share of preferred stock, subject to adjustment.

Subscribers may obtain further information by contacting the Information Agent for the rights offering at [phone].

About Sevcon, Inc.

Sevcon is a world leader in the design and manufacture of 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. Sevcon supplies customers throughout the world from its operations in the USA, the UK, 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.

http://globenewswire.com/news-release/2014/09/09/664844/10097903/en/Sevcon-Raises-10-Million-in-Oversubscribed-Rights-Offering.html

[Enterprising Investor]

GAMCO Investors, Inc owns 1,306,254 beneficial shares (8/05/14)

Controls 36.54 percent.

http://www.sec.gov/Archives/edgar/data/807249/000080724914000210/sev_34.htm

[Enterprising Investor]

Sevcon Reports Financial Results for Third Quarter Fiscal 2014 (8/05/14)

Sevcon, Inc. reported financial results for the third quarter of fiscal 2014 ended June 28, 2014.

Third-Quarter Fiscal 2014 Results Summary

• 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. Foreign currency fluctuations increased reported sales in the third fiscal quarter by $474,000, or 5%, mainly due to a weaker U.S. Dollar compared to both the British Pound and the Euro than in the prior year period.

• Operating income was $213,000, compared with $293,000 in the third quarter last year. In the third quarter of 2014 movements in foreign currency rates reduced operating income by $94,000 compared to the prior year.

• There was an income tax benefit of $34,000 in the third quarter of fiscal 2014, compared with a charge of $47,000 in the year-earlier quarter.

• 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.

Nine Month Fiscal 2014 Result Summary

• 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. This was mainly due to the exchange rate impact on non-U.S. Dollar denominated cost of sales and operating expenses of a weaker U.S. Dollar compared to the British Pound and the Euro in the first nine months of 2014, than in the prior year period. Excluding the impact of foreign currency, operating income was $1.6 million, an increase of $3.0 million compared with the prior year period.

• There was an income tax charge of $64,000 in the first nine months of fiscal 2014, compared with an income tax benefit of $699,000 in 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.

Management Comments

"Our financial results continued to improve in the third quarter of fiscal 2014," said President and CEO Matt Boyle. "Sales were up 11% from the third quarter of fiscal 2013, as our business generally tracked global economic trends. We recorded double-digit sales growth year-over-year in both Asia and the United States. Our growth in Asia was driven primarily by aerial work platform and on-road vehicle demand in Japan and China, respectively. The stronger sales in the United States largely reflected increased shipments in the on-road sector for hybrid commercial vehicles. We also shipped significant product volumes for four-wheel recreational vehicle applications into U.S. markets. Sales were down slightly in Europe, year-over-year. This decline was mainly as a consequence of lower aftermarket sales, reflecting our shift this past year to a third-party distribution model in that region."

"Having recorded our sixth consecutive quarter of revenue growth and our fourth straight quarter of growth year-over-year, we are entering the fourth quarter of fiscal 2014 with strong momentum," Boyle said. "Our technology and applications expertise positions us well to capitalize on the worldwide trend toward electrification of drivetrains and ancillary systems, not only for motor vehicles but in commercial and industrial traction and power applications. Looking ahead to the fourth quarter of fiscal 2014, we believe that underlying market conditions will continue supporting our growth. On the bottom line, the commencement of shipments by our new joint venture company in China will result in us recognizing our share of the related initial business establishment costs, which we expect will reduce Sevcon's net income for the fourth quarter by approximately $150,000, after tax."

"Our key strategic challenge is scaling the business to capture these opportunities on a timely basis, whether organically or through acquisitions, which requires us to strengthen our balance sheet," said Boyle. "As a consequence, capital structure and capital allocation are key strategic priorities for Sevcon at both the board and management levels. We are actively executing against these priorities, as evidenced by our previously announced rights offering of Series A Convertible Preferred Stock, which is currently underway. Put simply, we believe that Sevcon's future is brighter than ever, and we look forward to reporting further progress in the quarters ahead."

Third-Quarter Fiscal 2014 Conference Call Details

Sevcon has scheduled a conference call to review its results for the third quarter of fiscal 2014 tomorrow, August 6, 2014 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 http://ir.sevcon.com . The live call also can be accessed by dialing [phone] or [phone] 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.

http://www.marketwatch.com/story/sevcon-reports-financial-results-for-third-quarter-fiscal-2014-2014-08-05?reflink=MW_news_stmp

[Enterprising Investor]

Prospectus (8/01/14)

http://www.sec.gov/Archives/edgar/data/825411/000114036114030431/form424b1.htm

[CrocHntr]

You got me. The article even references that "Sevcon has announced plans...". Not sure who they announced them to. Certainly not to this shareholder :)

[hweb2]

Wow great find CrocHntr! Very encouraging news. Why would they not put this out in a Press Release!?

[CrocHntr]

Sevcon Plans to Double Workforce

It's no wonder Sevcon's stock doesn't move much when they can't seem to get news out to investors. I don't even see this news on their website at all:

Electric vehicle firm to double North-East workforce
9:58am Wednesday 30th July 2014 in Business News
http://www.thenorthernecho.co.uk/business/news/11374758.Electric_vehicle_firm_to_double_North_East_workforce/

ELECTRIC vehicle firm Sevcon has announced plans to double its North East engineering team to 80 and recruit additional worldwide sales staff - as it seeks £6m from shareholders to support its growth.

The innovative Gateshead-based business, which is listed on the Nasdaq in the United States, has launched a rights issue saying some of the additional funds may be used for potential overseas acquisitions.

Matt Boyle, president and chief executive of the electric vehicle control manufacturer, says the global on and off- road hybrid and electric vehicle market is set to move into a new gear.

The rights issue follows a strong recent showing with revenues and profits rising sharply in the last few months.

Sevcon’s research and product development is conducted from its Team Valley headquarters, where it employs a team of 40 skilled hardware and software engineers.

Mr Boyle said: “Realistically we are looking at doubling the size of the Gateshead engineering team to 80 staff to meet our projected demand and we also want to increase our global sales team from .

“A number of significant new opportunities are currently presenting themselves and we are scaling the business to meet these growth projections.”

Sevcon recruits staff from across the globe but has concerns, like many of its North East peers, that the region’s schools are not encouraging enough youngsters to study the STEM subjects and pursue engineering careers.

Last year, in a bid to secure a pipeline of skilled staff it established its own student bursary scheme, which is currently paying the tuition fees of four students at two of the Tyneside universities, Newcastle University and Northumbria University.

Almost all of Sevcon’s sales are overseas and the company has highlighted Asia, and specifically China, for major growth opportunities.

Earlier this year it signed a joint-venture with a Chinese automotive supplier Risenbo Technology. Operating as Sevcon New Energy Technology, the new company will sell Sevcon products to tier one automotive suppliers in China.

Mr Boyle added: “The Chinese are far ahead of the rest of the world in adoption of low carbon vehicles. Last month the Chinese government said it would remove six million older polluting vehicles from the road this year, and replace them with lower polluting gas or pure electric cars.

“The desire of Far East governments to reduce the number and type of polluters isn’t limited to passenger cars, but includes buses and trucks, although rather than producing pure electric vehicles they are trying to promote hybrid technologies as well.”

“The far east in general and China especially, have reached an inflection point in the electric vehicle market.”

Further details of the rights issue were announced on the Nasdaq recently, with the company’s market statement saying: “The net proceeds will be used for general corporate purposes and growth, including funding Sevcon's ongoing research and development and product commercialization initiatives and acquisitions of other businesses.”

Mr Boyle said: “We believe that when we identify a possible acquisition, it would be desirable to have the resources at hand to complete any transaction quickly."

Revenues for the Gateshead-based company for the six months to 31 March , this year, were £10.7m compared with £8.6m in the first six months of 2013.

Profits came in at £534,000 compared to an operating loss of £940,000 in the first six months of last year.

[Hegotgame]

SEV News...Press Release: Sevcon, Inc. Announces Terms of Rights Offering to Its Stockholders

Sevcon, Inc. Announces Terms of Rights Offering to Its Stockholders
SOUTHBOROUGH, Mass., July 29, 2014 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV), a world leader in the design and manufacture of microprocessor-based controls for zero emission electric and hybrid vehicles, today announced the terms for its pending rights offering for shares of convertible preferred stock.
The rights offering, for which Sevcon has filed a registration statement with the Securities and Exchange Commission, is intended to raise $10 million before expenses in a cost-effective manner that gives all of Sevcon's existing stockholders the opportunity to participate. The net proceeds will be used for general corporate purposes and growth, including funding Sevcon's ongoing research and development and product commercialization initiatives and acquisitions of other businesses.
The preferred stock carries a 4% cumulative annual dividend and will be convertible at any time at the holder's option into shares of Sevcon's common stock at an initial conversion price of $8.00 per share, representing a conversion ratio of three shares of common stock for each share of preferred stock, subject to adjustment. Sevcon will be able to require conversion at any time after five years if the closing sale price of the common stock has exceeded $15.50 for 20 out of 30 consecutive trading days.
Common stockholders will receive one transferable subscription right for each share of common stock owned at 5:00 p.m., Eastern Daylight Time, on July 25, 2014. Each subscription right will be exercisable for 0.13022 shares of preferred stock at a subscription price of $21.50 per whole share. This is equivalent to $7.17 per share of common stock on an as-converted basis, a 7.3% discount from the closing sale price of $7.73 per share on July 28, 2014. No fractional shares will be issued, but the number of shares of preferred stock issuable upon exercise of one right shall be rounded up if and to the extent necessary so that each holder may subscribe for at least one whole share. The subscription rights, which will be listed for trading on Nasdaq under the symbol SEVRR, will expire if they are not exercised by 5:00 p.m., Eastern Daylight Time, on September 8, 2014, unless Sevcon extends the rights offering period.
Sevcon has received standby commitments from Meson Capital LP, whose managing partner is Ryan J. Morris, a director of Sevcon, and Walter M. Schenker, another director, to purchase shares of preferred stock not subscribed for by other stockholders up to an aggregate amount of $1.15 million, less any amount they invest to purchase shares upon exercise of subscription rights. A majority of the other directors and officers have indicated their intention to participate as well.
The registration statement relating to the rights offering has been filed with the SEC but has not yet become effective. The securities may not be sold, nor may offers to buy be accepted, before the registration statement is declared effective. At that time, a copy of the prospectus forming a part of the registration statement may be obtained free of charge at the website maintained by the SEC at www.sec.gov or by contacting the Information Agent for the rights offering at [phone]. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful before the registration or qualification under the securities laws of any such jurisdiction.
About Sevcon, Inc.
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. Sevcon supplies customers throughout the world from its operations in the USA, the UK, 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.
Forward-Looking Statements
Statements in this release about the rights offering and our plans are forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those we anticipate. Among other things, the rights offering may not be successful so Sevcon may not raise the additional capital it desires for funding its business initiatives. Even if the offering is successful, global demand for electric vehicles incorporating our products may not grow as much as we expect, we may not be able to attract and retain the level of high quality engineering staff that we need to develop the new and improved products we need to be successful, and companies we acquire may be more costly to acquire and integrate, or may not generate as much revenue and earnings, as we anticipate. 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.
CONTACT: David Calusdian
Sharon Merrill Associates
1 [phone]
[e-mail]

Matt Boyle
President and CEO
1 [phone]
[e-mail]
(END) Dow Jones Newswires

[MasterBidder]

be interesting to see the pricing - might just have to get in on this if the price is right

[Enterprising Investor]

Sevcon, Inc. Announces Record Date for Rights Offering to Its Stockholders (7/15/14)

SOUTHBOROUGH, Mass., July 15, 2014 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) a world leader in the design and manufacture of microprocessor-based controls for zero emission electric and hybrid vehicles, today announced that the record date for its previously announced rights offering will be July 25, 2014. The rights offering, for which Sevcon has filed a registration statement with the Securities and Exchange Commission, is intended to raise $10 million before expenses in a cost-effective manner that gives all of Sevcon's existing stockholders the opportunity to participate. The net proceeds will be used for general corporate purposes and growth, including funding Sevcon's ongoing research and development and product commercialization initiatives and acquisitions of other businesses. The subscription price and the subscription period have not yet been determined and will be included in the final prospectus that will be filed with the SEC.

http://www.globenewswire.com/news-release/2014/07/15/650889/10089440/en/Sevcon-Inc-Announces-Record-Date-for-Rights-Offering-to-Its-Stockholders.html

[MasterBidder]

I like this one... In w/ 10k shares today starting a position.... The more I read the more I like... Best case for me is a little dip before we stArt trading above resistance imvho shoulda listened in low .40s when first heard about this one

[hweb2]

I think a rights offering would be a great way to raise a little money, if they need it. Earnings last quarter could have been better. But there may have been a negative effect from that brutal winter that affected so many companies. They're also investing in that JV in China. Those costs will continue, but we should start to see revenues from the JV in the current quarter. Won't be much at first, but I think those revenues will only continue to grow.

I'm expecting a sequential rebound in earnings. Should be a hefty % increase vs. last year. In a few quarters, I think we can look forward to substantially higher earnings. Increasing revenues, a small share count & significant margin leverage will have a VERY positive effect on EPS.

From the last earnings PR:

"Although we are investing in Sevcon's future growth, our business continues to benefit from having a low-cost, flexible manufacturing model. As a result, we believe that Sevcon is positioned to deliver significant margin leverage on incremental sales as conditions in our markets improve."

[CrocHntr]

Agreed. There's a lot of focus on electric vehicles of late, and Sevcon seems poised to capitalize on the sector.

I like that their net sales have grown consistently since Q1 2013:

Q1 2013: $6,640
Q2 2013: $8,017
Q3 2013: $8,675
Q4 2013: $8,871
Q1 2014: $9,170

None of this really factors in the potential of their control technology for hybrid electric vehicles and other on-road initiatives in China (and elsewhere) going forward. Seeing the Phoenix Motorcars article just reinforces that Sevcon's control technology is being used actively in the EV market even in the US.

Perhaps the mention of financing has folks spooked? (even though it would be to fund growth in the EV sector)

"Our key strategic challenge is scaling the business to capture this opportunity on a timely basis, which we may accomplish organically or through acquisitions of other businesses, or both. Meeting this challenge means that we will need a stronger balance sheet to fuel accelerated growth. We are considering raising equity capital by means of a rights offering or other approach, and we are developing a capital allocation and investment strategy that will help us to achieve our goals," concluded Boyle.

I guess it's not a low P/E stock either, but it seems like the opportunity for growth in a hot sector (not to mention low float) make it attractive. Hopefully the share price turns around soon from here.