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28 February, 2024 18:08 IST
Sevcon second-quarter loss widens on a YOY basis
Source: IRIS | 22 May, 2017, 01.28PM

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Sevcon, Inc. (SEV) saw its loss widen to $2.18 million, or $0.43 a share for the quarter ended Apr. 01, 2017. In the previous year period, the company reported a loss of $1.57 million, or $0.43 a share.

Revenue during the quarter grew 18.90 percent to $15.67 million from $13.18 million in the previous year period. Gross margin for the quarter contracted 723 basis points over the previous year period to 24.04 percent. Operating margin for the quarter stood at negative 14.81 percent as compared to a negative 12.68 percent for the previous year period.

Operating loss for the quarter was $2.32 million, compared with an operating loss of $1.67 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at negative $2 million compared with $0.02 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 12.76 percent for the quarter compared to 0.13 percent in the last year period.

"Second-quarter revenues increased 19% year over year, reflecting a record performance by Bassi as well as an extra month of sales for that business compared with the prior year, and strong growth in the two-wheel on-road sector," said Sevcon Chief Executive Officer Matt Boyle. "Bassi reported $7.0 million in sales for the quarter compared with $4.0 million in the prior year ($5.3 million in the second quarter of 2016 when the pre-acquisition month is included). Bassi continues to perform above our expectations and we expect that momentum to continue in the third quarter.


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