-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HQzlk8DrAt+sbluz+WuXynqLBrLXcSgP1g6pggHz6Nhii8t22XC+Fd39xr/9oz1j 4LystnjKJuQhuT/50XBS3Q== 0001110550-03-000153.txt : 20030814 0001110550-03-000153.hdr.sgml : 20030814 20030814152624 ACCESSION NUMBER: 0001110550-03-000153 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030813 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SERVOTRONICS INC /DE/ CENTRAL INDEX KEY: 0000089140 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] IRS NUMBER: 160837866 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07109 FILM NUMBER: 03847120 BUSINESS ADDRESS: STREET 1: 1110 MAPLE ST CITY: ELMA STATE: NY ZIP: 14059 BUSINESS PHONE: 7166335990 MAIL ADDRESS: STREET 1: P O BOX 300 STREET 2: ELMA STATE: NY ZIP: 14059-0300 8-K 1 eightk.txt EIGHTK SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported) August 13, 2003 SERVOTRONICS, INC. -------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Delaware 1-7109 16-0837866 - ------------------------ ---------------------------- ----------------- (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 1110 Maple Street, Elma, New York 14059-0300 -------------------------------------------- (Address of Principal Executive Offices including zip code) 716-655-5990 ------------ (Registrant's telephone number including area code) ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. Exhibit 99.1 Servotronics, Inc. Press Release issued on August 13, 2003. ITEM 12. Results of Operations and Financial Condition On August 13, 2003, Servotronics, Inc. issued a press release announcing its financial results for the period ended June 30, 2003. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 14, 2003 SERVOTRONICS, INC By: /s/Lee D. Burns, Treasurer & CFO -------------------------------- Lee D. Burns Treasurer & CFO Exhibit Index Exhibit No. Description - ----------- ----------- 99.1 Servotronics, Inc. Press Release issued on August 13, 2003. EX-99.1 3 exninetynineone.txt EXHIBIT NINETY NINE ONE [GRAPHIC OMITTED] Exhibit 99.1 1110 Maple Street P.O. Box 300 Elma, New York 14059-0300 716-655-5990 FAX 716-687-6012 August 13, 2003 SERVOTRONICS, INC. (AMEX- SVT) ANNOUNCES SECOND QUARTER RESULTS Elma, NY -- Servotronics, Inc. (Amex - SVT) reported second quarter revenues of $3,945,000 and a net loss of $22,000 (or $(0.01) per share - Basic and Diluted) as compared to revenues of $4,300,000 and a net income of $133,000 (or $0.07 per share - Basic and Diluted) for the comparable period ended June 30, 2002. The six month period ended June 30, 2003 provided for revenues of $7,774,000 and a net loss of $93,000 (or $(0.05) per share - Basic and Diluted) as compared to revenues of $8,134,000 and a net income of $239,000 (or $0.13 per share - Basic and $0.12 per share - Diluted) for the same period in 2002. The Company's positive cash flow from operations, liquidity ratios and backlogs continue to be strong. The real and perceived threats of further terrorist attacks have added to the challenges of an already troubled commercial aerospace industry that has yet to rebound from the events of September 11, 2001. Increased government shipments are continuing to partially offset the reduction and stretch-outs in the depressed commercial aerospace industry. As previously reported, the Company's Consumer Products Group, as the result of an intensive 2 year competition, was selected as the designer and manufacturer of the U.S. Marine Corps' new combination combat knife and bayonet. Production shipments of this approximately 4 million dollar procurement of bayonet systems have commenced during the third quarter of this year and are scheduled through 2004 and into 2005. During the first and second quarters of 2003, the Company has been incurring significant front-end costs associated with prototype, preproduction and start-up activities for new programs and applications. These costs are expensed as they occur and, as such, are not matched to their future revenues and benefits as provided for under previous accounting standards. Such 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 Sarbanes-Oxley Act have been and are significant expense factors. The Company is composed of two groups - the Advanced Technology Group and the Consumer Products Group. The 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.). This group 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' 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. -----END PRIVACY-ENHANCED MESSAGE-----