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                                                                    Exhibit 99.1

          1110 Maple Street * P.O. Box 300 * Elma, New York 14059-0300
                        716-655-5990 * FAX 716-687-6012

March 30, 2003           SERVOTRONICS, INC. (AMEX- SVT)
                           ANNOUNCES YEAR END RESULTS


         Elma,  NY --  Servotronics,  Inc.  (Amex - SVT)  reported a net loss of
$229,000 (or $(0.12) per share - Basic and  Diluted) on revenues of  $15,607,000
for the year ended  December  31, 2002 as compared to net income of $700,000 (or
$0.37 per share Basic and Diluted) on revenues of $17,934,000 for the comparable
period ended December 31, 2001. The Company's positive cash flow from operations
increased  approximately  48% to  $924,000 in 2002 from  $626,000  in 2001.  The
current ratio improved to 6.36 to 1 from 4.88 to 1 and working capital  remained
strong at over $10,000,000.

         As  previously  reported,  the decrease in revenues was  principally  a
result of the adverse effects of the aftermath of the September 11th terrorist's
attacks and the  subsequent  reductions  and  stretch-outs  in the purchasing of
commercial  aircraft  and  other  related  market  products.  Revenue  was  also
adversely affected by the post-9/11  reprioritization of government procurements
and the general decline of the economy.

         The Company is composed of two groups - the Advanced  Technology  Group
(ATG) and the Consumer  Products Group (CPG).  In 2002 both groups  aggressively
pursued  new  markets/applications  and  expanded  their  product  capabilities.
Consistent  with the  changes  in  accounting  standards,  the  front-end  costs
associated  with these  prototype,  pre-production  and start-up  activities are
expensed as they occur and, as such,  are not matched to their  future  revenues
and benefits as provided under previous accounting standards.  In the aggregate,
the decreased  revenues,  the increased  costs  associated  with expanded sales,
marketing,  engineering  and M & A activities in combination  with the increased
costs of  professional  fees and  corporate  governance  as  required by the new
Sarbanes-Oxley Act and increased  insurance costs are substantial  factors which
contributed to the year's reported net loss. One example,  among others,  of the
Company's  substantial  investment in a new program which was primarily expensed
in 2002 and whose benefits are not anticipated to begin until the latter half of
2003  and  thereafter  is the  Company's  proprietary  U.S.  Marine  Corps'  new
combination  bayonet and combat knife. A CPG's submission of a uniquely designed
and  functionally  tested bayonet  system was selected by the U.S.  Marine Corps
over 42 competitive proposals. This over one year global competition resulted in
the Company  receiving an exclusive  award from the U.S.  Marine Corps for up to
120,000 of the CPG's proprietary designed bayonet systems. Initial quantities of
the CPG's  bayonet  are  currently  being  used in the Middle  East.  Production
quantities are  anticipated  to be released for delivery over a 24-month  period
commencing  in the 3rd  quarter  of 2003.  The  Company's  CPG is the  exclusive
supplier  of the  subject  bayonets.  The  anticipated  value of the  production
releases is approximately $3,700,000.

         Servotronics is currently  providing  products for a significant number
of  aerospace  programs  such as the  F/A-18  E/F  Super  Hornet  and  other jet
fighters;  the Bell/Boeing MV-22 Osprey Tiltrotor,  Joint Service Aircraft,  the
Blackhawk,  Apache, A-10 and other helicopters,  the Standard Missile,  numerous
business and regional jet aircraft,  Raytheon's Hawker Horizon Aircraft, Embraer
TwinTurbo Fan aircraft,  the Airbus 300 series and Boeing 700 series  commercial
aircraft, DeHavilland DHC8-40 and various other programs.

         Servotronics'   Advanced   Technology   Group  designs,   develops  and
manufactures  servo  control and other  components  for various  commercial  and
government applications (i.e., aircraft, jet engines, missiles, satellite launch
vehicles,  etc.). Its Consumer Products Group designs and manufactures  cutlery,
bayonets,  machetes  and combat,  survival,  sporting,  agriculture,  and pocket
knives for both commercial and government applications.

                           FORWARD-LOOKING STATEMENTS
     Certain  paragraphs  of this  release  contain  forward-looking  statements
within the meaning of Section 27A of the  Securities Act of 1933 and Section 21E
of the  Securities  Exchange  Act of  1934,  such  as  those  pertaining  to the
Company's  expectation of new business and success in its entry into new product
programs.  Forward-looking  statements involve numerous risks and uncertainties.
The  Company  derives a material  portion of its  revenue  from  contracts  with
agencies  of the U.S.  Government  or their  prime  contractors.  The  Company's
business is performed  under fixed price  contracts and the  following  factors,
among others,  could cause actual results and future events to differ materially
from  those  set  forth  or  contemplated  in  the  forward-looking  statements:
uncertainties  in today's global economy and global  competition,  difficulty in
predicting  defense  appropriations,  the vitality and ability of the commercial
aviation  industry to purchase new aircraft,  the willingness and ability of the
Company's  customers to fund long-term purchase programs,  and market demand and
acceptance  both for the Company's  products and its  customers'  products which
incorporate  Company-made  components.  The success of the Company  also depends
upon the trends that affect the national  economy.  Readers are cautioned not to
place undue reliance on forward-looking  statements,  which reflect management's
analysis only as of the date hereof. The Company assumes no obligation to update
forward-looking statements.
       SERVOTRONICS, INC. (SVT) IS LISTED ON THE AMERICAN STOCK EXCHANGE.