03.12.2008

Tech Ops flat but stable

Tech Ops, the producer of Sevcon motor control systems for aerial lifts and fork trucks has reported full flat year revenues and lower profits. Revenues for the full year were $39.2 million almost identical to last year. Pre tax profits slipped 38 percent to $1.23 million.

Fourth quarter revenues dipped almost 18 percent to $8.4 million, while pre tax profits more than doubles to $490 due to a reversal of pension costs associated with the closure of the UK operation and currency factors.

Outlook

The company says that its business currently remains stable, “however, worldwide economic conditions have caused uncertainty regarding the longer term. Accordingly, the company has taken measures to conserve cash. Consistent with this, the Board determined to suspend the dividend for the first quarter of fiscal 2009.”