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News Article | May 15, 2017
Site: globenewswire.com

SOUTHBOROUGH, Mass., May 15, 2017 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) reported financial results for the second quarter of fiscal 2017 ended April 1, 2017.    “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. “During the second quarter, sales to on-road customers were up 21% compared with last year due to broad-based demand for two-wheel vehicles. Sales in the two-wheel sector increased by more than 200%, while four-wheel sales were lower by 14% due mainly to lower shipments to European OEMs and lower Engineering services revenue than in the second fiscal quarter of last year. In the second quarter, we successfully achieved three key milestones under on-road engineering contracts in addition to the four achieved in the first quarter, on our way to project completion, and we expect to reach three milestones in the third quarter. The seven key milestones from the first half year were across all projects. “Growth in On-Road, Other EVs and Chargers was partially offset by lower sales from the industrial side of the business, primarily aerial work platforms in Asia. We are seeing signs of improvement on that side of the business, however. Aerial work platforms and airport ground support were down by double digits, while fork-lift trucks and the mining sector were flat and up mid-single digits over last year, respectively. The Agricultural business has also been showing signs of a comeback as sales have increased significantly, albeit off of a very small base. “We remain very bullish about our revenue prospects this year. The industrial markets remain soft but are showing signs of improvement in some sectors. We expect to see further progress in our on-road business as a result of our strong project pipeline. We are excited by the confidence that an increasing number of on-road OEMs are placing in our solutions, and we look forward to meeting the many milestones we have before us in 2017. As we look even further out, our project pipeline and the market demand for electrification solutions provides us with significant opportunity for growth,” said Boyle. Revenues increased to $15.7 million in the second quarter of fiscal 2017 from $13.2 million in the second quarter of fiscal 2016.  Foreign currency fluctuations decreased reported sales in the second fiscal quarter by $1.3 million, or 10%. Sevcon has scheduled a conference call to review its results for the second quarter tomorrow, May 16, 2017, 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 www.sevcon.com. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328 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. Sevcon uses EBITDA and adjusted EBITDA, which are non-GAAP financial measures, in this news release.  The Company reports these metrics because they are key measures used by its management and Board of Directors to evaluate the ongoing performance of the business and to develop short and long-term operational plans. Accordingly, the Company believes that EBITDA and adjusted EBITDA provide useful information to investors and others in understanding and evaluating Sevcon’s operating results in the same manner as its management and Board of Directors. Statements in this release about the Company’s anticipated financial results and growth, as well as those about the development of its products and markets, including without limitation, statements about the benefits that may be obtained from certain customer contracts, are forward-looking statements that are based on management’s present expectations and involve risks and uncertainties that could cause actual results to differ materially from those projected. Important factors that could cause these statements not to be realized include that we may not be able to successfully integrate and manage the Bassi business, the Bassi acquisition may not further our business strategy or results as we expect, we may not be able to successfully complete the development of the controllers contracted by particular customers, the manufacturers for whom we are performing development work may decide not to commence production or purchase from us, and the markets for the particular vehicles may not develop as the manufacturers hope. Additional important factors are set forth under “Risk Factors” and elsewhere in the Forms 10-K and 10-Q we file with the SEC. 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 (UPS) 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, Canada, China and the Asia Pacific region, as well as through an international dealer network. Visit www.sevcon.com and www.bassi-srl.eu.


News Article | May 15, 2017
Site: globenewswire.com

SOUTHBOROUGH, Mass., May 15, 2017 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) reported financial results for the second quarter of fiscal 2017 ended April 1, 2017.    “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. “During the second quarter, sales to on-road customers were up 21% compared with last year due to broad-based demand for two-wheel vehicles. Sales in the two-wheel sector increased by more than 200%, while four-wheel sales were lower by 14% due mainly to lower shipments to European OEMs and lower Engineering services revenue than in the second fiscal quarter of last year. In the second quarter, we successfully achieved three key milestones under on-road engineering contracts in addition to the four achieved in the first quarter, on our way to project completion, and we expect to reach three milestones in the third quarter. The seven key milestones from the first half year were across all projects. “Growth in On-Road, Other EVs and Chargers was partially offset by lower sales from the industrial side of the business, primarily aerial work platforms in Asia. We are seeing signs of improvement on that side of the business, however. Aerial work platforms and airport ground support were down by double digits, while fork-lift trucks and the mining sector were flat and up mid-single digits over last year, respectively. The Agricultural business has also been showing signs of a comeback as sales have increased significantly, albeit off of a very small base. “We remain very bullish about our revenue prospects this year. The industrial markets remain soft but are showing signs of improvement in some sectors. We expect to see further progress in our on-road business as a result of our strong project pipeline. We are excited by the confidence that an increasing number of on-road OEMs are placing in our solutions, and we look forward to meeting the many milestones we have before us in 2017. As we look even further out, our project pipeline and the market demand for electrification solutions provides us with significant opportunity for growth,” said Boyle. Revenues increased to $15.7 million in the second quarter of fiscal 2017 from $13.2 million in the second quarter of fiscal 2016.  Foreign currency fluctuations decreased reported sales in the second fiscal quarter by $1.3 million, or 10%. Sevcon has scheduled a conference call to review its results for the second quarter tomorrow, May 16, 2017, 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 www.sevcon.com. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328 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. Sevcon uses EBITDA and adjusted EBITDA, which are non-GAAP financial measures, in this news release.  The Company reports these metrics because they are key measures used by its management and Board of Directors to evaluate the ongoing performance of the business and to develop short and long-term operational plans. Accordingly, the Company believes that EBITDA and adjusted EBITDA provide useful information to investors and others in understanding and evaluating Sevcon’s operating results in the same manner as its management and Board of Directors. Statements in this release about the Company’s anticipated financial results and growth, as well as those about the development of its products and markets, including without limitation, statements about the benefits that may be obtained from certain customer contracts, are forward-looking statements that are based on management’s present expectations and involve risks and uncertainties that could cause actual results to differ materially from those projected. Important factors that could cause these statements not to be realized include that we may not be able to successfully integrate and manage the Bassi business, the Bassi acquisition may not further our business strategy or results as we expect, we may not be able to successfully complete the development of the controllers contracted by particular customers, the manufacturers for whom we are performing development work may decide not to commence production or purchase from us, and the markets for the particular vehicles may not develop as the manufacturers hope. Additional important factors are set forth under “Risk Factors” and elsewhere in the Forms 10-K and 10-Q we file with the SEC. 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 (UPS) 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, Canada, China and the Asia Pacific region, as well as through an international dealer network. Visit www.sevcon.com and www.bassi-srl.eu.


News Article | May 15, 2017
Site: globenewswire.com

SOUTHBOROUGH, Mass., May 15, 2017 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) reported financial results for the second quarter of fiscal 2017 ended April 1, 2017.    “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. “During the second quarter, sales to on-road customers were up 21% compared with last year due to broad-based demand for two-wheel vehicles. Sales in the two-wheel sector increased by more than 200%, while four-wheel sales were lower by 14% due mainly to lower shipments to European OEMs and lower Engineering services revenue than in the second fiscal quarter of last year. In the second quarter, we successfully achieved three key milestones under on-road engineering contracts in addition to the four achieved in the first quarter, on our way to project completion, and we expect to reach three milestones in the third quarter. The seven key milestones from the first half year were across all projects. “Growth in On-Road, Other EVs and Chargers was partially offset by lower sales from the industrial side of the business, primarily aerial work platforms in Asia. We are seeing signs of improvement on that side of the business, however. Aerial work platforms and airport ground support were down by double digits, while fork-lift trucks and the mining sector were flat and up mid-single digits over last year, respectively. The Agricultural business has also been showing signs of a comeback as sales have increased significantly, albeit off of a very small base. “We remain very bullish about our revenue prospects this year. The industrial markets remain soft but are showing signs of improvement in some sectors. We expect to see further progress in our on-road business as a result of our strong project pipeline. We are excited by the confidence that an increasing number of on-road OEMs are placing in our solutions, and we look forward to meeting the many milestones we have before us in 2017. As we look even further out, our project pipeline and the market demand for electrification solutions provides us with significant opportunity for growth,” said Boyle. Revenues increased to $15.7 million in the second quarter of fiscal 2017 from $13.2 million in the second quarter of fiscal 2016.  Foreign currency fluctuations decreased reported sales in the second fiscal quarter by $1.3 million, or 10%. Sevcon has scheduled a conference call to review its results for the second quarter tomorrow, May 16, 2017, 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 www.sevcon.com. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328 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. Sevcon uses EBITDA and adjusted EBITDA, which are non-GAAP financial measures, in this news release.  The Company reports these metrics because they are key measures used by its management and Board of Directors to evaluate the ongoing performance of the business and to develop short and long-term operational plans. Accordingly, the Company believes that EBITDA and adjusted EBITDA provide useful information to investors and others in understanding and evaluating Sevcon’s operating results in the same manner as its management and Board of Directors. Statements in this release about the Company’s anticipated financial results and growth, as well as those about the development of its products and markets, including without limitation, statements about the benefits that may be obtained from certain customer contracts, are forward-looking statements that are based on management’s present expectations and involve risks and uncertainties that could cause actual results to differ materially from those projected. Important factors that could cause these statements not to be realized include that we may not be able to successfully integrate and manage the Bassi business, the Bassi acquisition may not further our business strategy or results as we expect, we may not be able to successfully complete the development of the controllers contracted by particular customers, the manufacturers for whom we are performing development work may decide not to commence production or purchase from us, and the markets for the particular vehicles may not develop as the manufacturers hope. Additional important factors are set forth under “Risk Factors” and elsewhere in the Forms 10-K and 10-Q we file with the SEC. 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 (UPS) 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, Canada, China and the Asia Pacific region, as well as through an international dealer network. Visit www.sevcon.com and www.bassi-srl.eu.


News Article | May 15, 2017
Site: globenewswire.com

SOUTHBOROUGH, Mass., May 15, 2017 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) reported financial results for the second quarter of fiscal 2017 ended April 1, 2017.    “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. “During the second quarter, sales to on-road customers were up 21% compared with last year due to broad-based demand for two-wheel vehicles. Sales in the two-wheel sector increased by more than 200%, while four-wheel sales were lower by 14% due mainly to lower shipments to European OEMs and lower Engineering services revenue than in the second fiscal quarter of last year. In the second quarter, we successfully achieved three key milestones under on-road engineering contracts in addition to the four achieved in the first quarter, on our way to project completion, and we expect to reach three milestones in the third quarter. The seven key milestones from the first half year were across all projects. “Growth in On-Road, Other EVs and Chargers was partially offset by lower sales from the industrial side of the business, primarily aerial work platforms in Asia. We are seeing signs of improvement on that side of the business, however. Aerial work platforms and airport ground support were down by double digits, while fork-lift trucks and the mining sector were flat and up mid-single digits over last year, respectively. The Agricultural business has also been showing signs of a comeback as sales have increased significantly, albeit off of a very small base. “We remain very bullish about our revenue prospects this year. The industrial markets remain soft but are showing signs of improvement in some sectors. We expect to see further progress in our on-road business as a result of our strong project pipeline. We are excited by the confidence that an increasing number of on-road OEMs are placing in our solutions, and we look forward to meeting the many milestones we have before us in 2017. As we look even further out, our project pipeline and the market demand for electrification solutions provides us with significant opportunity for growth,” said Boyle. Revenues increased to $15.7 million in the second quarter of fiscal 2017 from $13.2 million in the second quarter of fiscal 2016.  Foreign currency fluctuations decreased reported sales in the second fiscal quarter by $1.3 million, or 10%. Sevcon has scheduled a conference call to review its results for the second quarter tomorrow, May 16, 2017, 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 www.sevcon.com. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328 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. Sevcon uses EBITDA and adjusted EBITDA, which are non-GAAP financial measures, in this news release.  The Company reports these metrics because they are key measures used by its management and Board of Directors to evaluate the ongoing performance of the business and to develop short and long-term operational plans. Accordingly, the Company believes that EBITDA and adjusted EBITDA provide useful information to investors and others in understanding and evaluating Sevcon’s operating results in the same manner as its management and Board of Directors. Statements in this release about the Company’s anticipated financial results and growth, as well as those about the development of its products and markets, including without limitation, statements about the benefits that may be obtained from certain customer contracts, are forward-looking statements that are based on management’s present expectations and involve risks and uncertainties that could cause actual results to differ materially from those projected. Important factors that could cause these statements not to be realized include that we may not be able to successfully integrate and manage the Bassi business, the Bassi acquisition may not further our business strategy or results as we expect, we may not be able to successfully complete the development of the controllers contracted by particular customers, the manufacturers for whom we are performing development work may decide not to commence production or purchase from us, and the markets for the particular vehicles may not develop as the manufacturers hope. Additional important factors are set forth under “Risk Factors” and elsewhere in the Forms 10-K and 10-Q we file with the SEC. 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 (UPS) 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, Canada, China and the Asia Pacific region, as well as through an international dealer network. Visit www.sevcon.com and www.bassi-srl.eu.


News Article | May 15, 2017
Site: globenewswire.com

SOUTHBOROUGH, Mass., May 15, 2017 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) reported financial results for the second quarter of fiscal 2017 ended April 1, 2017.    “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. “During the second quarter, sales to on-road customers were up 21% compared with last year due to broad-based demand for two-wheel vehicles. Sales in the two-wheel sector increased by more than 200%, while four-wheel sales were lower by 14% due mainly to lower shipments to European OEMs and lower Engineering services revenue than in the second fiscal quarter of last year. In the second quarter, we successfully achieved three key milestones under on-road engineering contracts in addition to the four achieved in the first quarter, on our way to project completion, and we expect to reach three milestones in the third quarter. The seven key milestones from the first half year were across all projects. “Growth in On-Road, Other EVs and Chargers was partially offset by lower sales from the industrial side of the business, primarily aerial work platforms in Asia. We are seeing signs of improvement on that side of the business, however. Aerial work platforms and airport ground support were down by double digits, while fork-lift trucks and the mining sector were flat and up mid-single digits over last year, respectively. The Agricultural business has also been showing signs of a comeback as sales have increased significantly, albeit off of a very small base. “We remain very bullish about our revenue prospects this year. The industrial markets remain soft but are showing signs of improvement in some sectors. We expect to see further progress in our on-road business as a result of our strong project pipeline. We are excited by the confidence that an increasing number of on-road OEMs are placing in our solutions, and we look forward to meeting the many milestones we have before us in 2017. As we look even further out, our project pipeline and the market demand for electrification solutions provides us with significant opportunity for growth,” said Boyle. Revenues increased to $15.7 million in the second quarter of fiscal 2017 from $13.2 million in the second quarter of fiscal 2016.  Foreign currency fluctuations decreased reported sales in the second fiscal quarter by $1.3 million, or 10%. Sevcon has scheduled a conference call to review its results for the second quarter tomorrow, May 16, 2017, 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 www.sevcon.com. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328 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. Sevcon uses EBITDA and adjusted EBITDA, which are non-GAAP financial measures, in this news release.  The Company reports these metrics because they are key measures used by its management and Board of Directors to evaluate the ongoing performance of the business and to develop short and long-term operational plans. Accordingly, the Company believes that EBITDA and adjusted EBITDA provide useful information to investors and others in understanding and evaluating Sevcon’s operating results in the same manner as its management and Board of Directors. Statements in this release about the Company’s anticipated financial results and growth, as well as those about the development of its products and markets, including without limitation, statements about the benefits that may be obtained from certain customer contracts, are forward-looking statements that are based on management’s present expectations and involve risks and uncertainties that could cause actual results to differ materially from those projected. Important factors that could cause these statements not to be realized include that we may not be able to successfully integrate and manage the Bassi business, the Bassi acquisition may not further our business strategy or results as we expect, we may not be able to successfully complete the development of the controllers contracted by particular customers, the manufacturers for whom we are performing development work may decide not to commence production or purchase from us, and the markets for the particular vehicles may not develop as the manufacturers hope. Additional important factors are set forth under “Risk Factors” and elsewhere in the Forms 10-K and 10-Q we file with the SEC. 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 (UPS) 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, Canada, China and the Asia Pacific region, as well as through an international dealer network. Visit www.sevcon.com and www.bassi-srl.eu.


News Article | May 15, 2017
Site: globenewswire.com

SOUTHBOROUGH, Mass., May 15, 2017 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) reported financial results for the second quarter of fiscal 2017 ended April 1, 2017.    “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. “During the second quarter, sales to on-road customers were up 21% compared with last year due to broad-based demand for two-wheel vehicles. Sales in the two-wheel sector increased by more than 200%, while four-wheel sales were lower by 14% due mainly to lower shipments to European OEMs and lower Engineering services revenue than in the second fiscal quarter of last year. In the second quarter, we successfully achieved three key milestones under on-road engineering contracts in addition to the four achieved in the first quarter, on our way to project completion, and we expect to reach three milestones in the third quarter. The seven key milestones from the first half year were across all projects. “Growth in On-Road, Other EVs and Chargers was partially offset by lower sales from the industrial side of the business, primarily aerial work platforms in Asia. We are seeing signs of improvement on that side of the business, however. Aerial work platforms and airport ground support were down by double digits, while fork-lift trucks and the mining sector were flat and up mid-single digits over last year, respectively. The Agricultural business has also been showing signs of a comeback as sales have increased significantly, albeit off of a very small base. “We remain very bullish about our revenue prospects this year. The industrial markets remain soft but are showing signs of improvement in some sectors. We expect to see further progress in our on-road business as a result of our strong project pipeline. We are excited by the confidence that an increasing number of on-road OEMs are placing in our solutions, and we look forward to meeting the many milestones we have before us in 2017. As we look even further out, our project pipeline and the market demand for electrification solutions provides us with significant opportunity for growth,” said Boyle. Revenues increased to $15.7 million in the second quarter of fiscal 2017 from $13.2 million in the second quarter of fiscal 2016.  Foreign currency fluctuations decreased reported sales in the second fiscal quarter by $1.3 million, or 10%. Sevcon has scheduled a conference call to review its results for the second quarter tomorrow, May 16, 2017, 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 www.sevcon.com. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328 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. Sevcon uses EBITDA and adjusted EBITDA, which are non-GAAP financial measures, in this news release.  The Company reports these metrics because they are key measures used by its management and Board of Directors to evaluate the ongoing performance of the business and to develop short and long-term operational plans. Accordingly, the Company believes that EBITDA and adjusted EBITDA provide useful information to investors and others in understanding and evaluating Sevcon’s operating results in the same manner as its management and Board of Directors. Statements in this release about the Company’s anticipated financial results and growth, as well as those about the development of its products and markets, including without limitation, statements about the benefits that may be obtained from certain customer contracts, are forward-looking statements that are based on management’s present expectations and involve risks and uncertainties that could cause actual results to differ materially from those projected. Important factors that could cause these statements not to be realized include that we may not be able to successfully integrate and manage the Bassi business, the Bassi acquisition may not further our business strategy or results as we expect, we may not be able to successfully complete the development of the controllers contracted by particular customers, the manufacturers for whom we are performing development work may decide not to commence production or purchase from us, and the markets for the particular vehicles may not develop as the manufacturers hope. Additional important factors are set forth under “Risk Factors” and elsewhere in the Forms 10-K and 10-Q we file with the SEC. 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 (UPS) 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, Canada, China and the Asia Pacific region, as well as through an international dealer network. Visit www.sevcon.com and www.bassi-srl.eu.


News Article | May 3, 2017
Site: www.PR.com

Receive press releases from King Engineering Associates, Inc.: By Email Kunal Kain, Managing Member of Kain Capital, LLC, said, “Our investment represents our belief in King Engineering, its employees and its consistently high level of service. Our partnership has begun with all existing managers remaining in place and sixteen senior managers retaining an ownership stake in the company. We expect Kain's investment will help King grow, while maintaining the quality of service clients have come to expect.” Keith Appenzeller, CEO of King Engineering, added “For forty years, King Engineering has strived to provide clients with the best solutions to their engineering needs. In that time, we have built a full service firm with value recognized by our clients. We believe Kain’s investment provides our employees with an opportunity to grow our business and further improve service to our clients." Founded in 1977, King Engineering services both public and private sector clients throughout the southeastern United States. King provides full service engineering and construction management capabilities, including: civil, land development, water/wastewater, planning, transportation, ecological, surveying, landscape architecture, water resources, and construction management. Sarasota, FL, May 03, 2017 --( PR.com )-- King Engineering Associates, Inc. is pleased to announce that private equity funds affiliated with Kain Capital, LLC have acquired a majority interest in King Engineering Associates, Inc., a full service civil engineering firm based in Tampa, Florida with additional operations in Sarasota, Florida, Miami, Florida and Austin, Texas.Kunal Kain, Managing Member of Kain Capital, LLC, said, “Our investment represents our belief in King Engineering, its employees and its consistently high level of service. Our partnership has begun with all existing managers remaining in place and sixteen senior managers retaining an ownership stake in the company. We expect Kain's investment will help King grow, while maintaining the quality of service clients have come to expect.”Keith Appenzeller, CEO of King Engineering, added “For forty years, King Engineering has strived to provide clients with the best solutions to their engineering needs. In that time, we have built a full service firm with value recognized by our clients. We believe Kain’s investment provides our employees with an opportunity to grow our business and further improve service to our clients."Founded in 1977, King Engineering services both public and private sector clients throughout the southeastern United States. King provides full service engineering and construction management capabilities, including: civil, land development, water/wastewater, planning, transportation, ecological, surveying, landscape architecture, water resources, and construction management. Click here to view the list of recent Press Releases from King Engineering Associates, Inc.


News Article | May 2, 2017
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--Kain Capital LLC announced it has completed its acquisition of a majority stake in King Engineering Associates, Inc., marking a major milestone for the private equity fund and strengthening its position within the civil engineering space. Financial terms of the transaction were not disclosed. King Engineering is a full-service civil engineering firm with headquarters in Tampa, Fl., and operations across Miami, Sarasota, Fl., and Austin, Texas. " This acquisition greatly advances our strategy of focusing on strong businesses in the engineering space with opportunities for growth," said Kunal Kain, Managing Partner of Kain Capital. " Our partnership begins with all existing managers remaining in place, and sixteen senior managers retaining an ownership stake in the company." " For forty years, King has been providing clients with the best solutions to their engineering needs," said Keith Appenzeller, CEO of King Engineering. " With the increased reach and financial strength that come with the Kain Capital investment, the firm is poised to grow and further expand our client services." King Engineering services both public and private sector clients by leveraging its expertise in land development, water/wastewater, planning, transportation, ecological, surveying, landscape architecture and construction management. Stradling Yocca Carlson & Rauth, P.C. acted as legal counsel, and BDO USA, LLP acted as financial and tax advisor on behalf of Kain Capital and its affiliates. Kain Capital LLC is a growth-focused private equity fund. Kain Capital's investment approach to creating long-term value through deep, collaborative involvement with its business partners has been key to achieving stronger results. Further information is available at www.kaincap.com


LOS ANGELES--(BUSINESS WIRE)--Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, today announced that it has been awarded a design-build contract by the U.S. Air Force to design and construct facilities in support of the Royal Saudi Air Force through a Foreign Military Sales program. The project was competitively bid through an Air Force Civil Engineer Center multiple award task order contract and is funded by the Kingdom of Saudi Arabia. The contract value will be included as part of the Company’s reported first quarter 2017 backlog. The project entails the design and construction of multiple facilities and site improvements, including: Range Operations Facility, Laborers Quarters, Access Control Facility, Security Facility, Maintenance Workshop Facility, Storage Facilities, Crew Facilities, Mosque, Towers, Range Targets, C-130 Assault Strip and other supporting range infrastructure, as well as all utilities, parking lots and access roads within the complex. Construction is expected to begin in the spring of 2017, with completion by early 2019. The work will be managed by Tutor Perini’s subsidiary, Perini Management Services, Inc., which specializes in worldwide federal construction. Architect-Engineering services will be provided by Tetra Tech, Inc., of Pasadena, California. Tutor Perini Corporation is a leading civil and building construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large complex projects on time and within budget while adhering to strict quality control measures.


— The analysts forecast the ESO market in APAC to grow at a CAGR of 25.5% during the period 2016-2020. Engineering services in APAC remains a dynamic and fast-evolving area of the global outsourcing industry. In APAC, engineering services outsourcing (ESO) is a relatively new trend compared to IT and other business process outsourcing services. ESO helps companies to boost business flexibility, reduce R&D costs, and help to resolve engineering bottlenecks. The use of ESO services also boosts efficiency gains through product specialization and scale effects. Product engineering is a crucial step for OEMs and their respective component suppliers. For more information or any query mail at sales@wiseguyreports.com The report covers the present scenario and the growth prospects of the ESO market in APAC for 2016-2020. To calculate the market size, the report considers revenue generated from the contracts outsourced to APAC. The market is divided into the following segments based on end-user: • Automotive • Telecom • Consumer electronic appliances • Construction • Semiconductors • Pharma • OEM • Others The report, ESO Market in APAC Region 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. Market driver • Need to reduce time-to-market • For a full, detailed list, view our report Market challenge • Established captive and in-house centers • For a full, detailed list, view our report Market trend • Increased use of high-performance computing • For a full, detailed list, view our report Key questions answered in this report • What will the market size be in 2020 and what will the growth rate be? • What are the key market trends? • What is driving this market? • What are the challenges to market growth? • Who are the key vendors in this market space? • What are the market opportunities and threats faced by the key vendors? • What are the strengths and weaknesses of the key vendors? PART 06: Market landscape • Economic overview • Industry overview • Evolution of ESO solutions • Engineering services' product development life cycle • Types of ESO • Market size and forecast • Five forces analysis PART 07: Market segmentation by end-user • Segmentation of ESO market in APAC by end-user For more information or any query mail at sales@wiseguyreports.com ABOUT US: Wise Guy Reports is part of the Wise Guy Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe. Wise Guy Reports features an exhaustive list of market research reports from hundreds of publishers worldwide. We boast a database spanning virtually every market category and an even more comprehensive collection of market research reports under these categories and sub-categories. For more information, please visit https://www.wiseguyreports.com

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