-----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, Bk+pEK4Uojh0P+CPRabj/D1ZhRFDdd0esj0WD3PE7u6Ce0+oFIs2jnyh36hpMoS8 rAhNx7M72XVTOSUscGoG8A== 0001110550-06-000013.txt : 20060403 0001110550-06-000013.hdr.sgml : 20060403 20060403131132 ACCESSION NUMBER: 0001110550-06-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060331 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060403 DATE AS OF CHANGE: 20060403 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: 06732314 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 UNITED STATES 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): March 31, 2006 SERVOTRONICS, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 1-07109 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) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act - -- (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 - -- CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the - -- Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the - -- Exchange Act (17 CFR 240.13e-4(c)) Page 1 of 3 Pages ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On March 31, 2006 Servotronics, Inc. issued a press release announcing its financial results for the period ended December 31, 2005. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. The information set forth in Items 2.02 and 9.01 of this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of Servotronics, Inc., whether made before or after the date hereof, regardless of any general incorporation language in such filing. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits. 99.1 Servotronics, Inc. Press Release issued on March 31, 2006. 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: April 3, 2006 SERVOTRONICS, INC. By: /s/ Cari L. Jaroslawsky -------------------------------- Cari L. Jaroslawsky Chief Financial Officer Page 2 of 3 Pages Exhibit Index Exhibit No. Description - ----------- ----------- 99.1 Servotronics, Inc. Press Release issued on March 31, 2006. Page 3 of 3 Pages EX-99.1 2 exhibitnnone.txt Exhibit 99.1 March 31, 2006 SERVOTRONICS, INC. (AMEX- SVT) ANNOUNCES INCREASED YEAR END INCOME AND REVENUES Elma, NY -- Servotronics, Inc. (Amex - SVT) reported an approximate 85.7% year-to-year increase in net income to $1,363,000 (or $0.66 per share basic, $0.64 per share diluted) on an approximate 4.6% increase in revenues to $23,126,000 for the fiscal year ended December 31, 2005. The net income and revenues for the fiscal year ended December 31, 2004 were $734,000 (or $0.36 per share basic, $0.35 per share diluted) and $22,113,000 respectively. The reported increase in net income includes approximately $500,000 of after-tax net proceeds from a non-recurring insurance payment which was partially offset by an after-tax charge of approximately $230,000 for the maintenance and funding of frozen pension/retirement plans to facilitate settlements. The Company's cash flow and working capital continues strong. The current ratio is better than 5.4 to 1 and working capital is in excess of $13,000,000. Under the Company's previously announced share purchase program, the Board of Directors authorized the purchase of up to 250,000 of the Company's shares. The timing and actual number of shares purchased depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. To date, the Company has purchased or committed to purchase 77,757 shares. The Company exhibited at the Paris Air Show in June 2005 and at the Asian Aerospace Show in Singapore in February 2006. The Company's Advanced Technology Group (ATG) is continuing to grow its revenues through new programs, new product applications and expansion of current programs. During 2005 the Company entered into a multi-year agreement to provide various proprietary products to one of its significant global customers. This long term agreement is for a minimum of three (3) years with provisions for extension. The estimated value of this multi-year agreement is $3,000,000 per year and increasing. Other proprietary Company products are also under multi-year agreements with other customers. New product applications are in various stages of development and/or qualification testing. The applications include the Joint Strike Fighter, jet engines, aircraft environmental controls, medical equipment, semi-conductor manufacturing equipment and other military, commercial and industrial applications. The Consumer Products Group (CPG) completed a significant government contract for a combination knife and bayonet system in 2005. New products continue to be developed and orders received for both the military and commercial applications. The CPG's products for the government, sporting, recreational and collectible markets are being aggressively expanded. The Company is composed of two groups - the Advanced Technology Group and the Consumer Products Group. The Advanced Technology Group primarily 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, agricultural, and pocket knives for both commercial and government applications. -----END PRIVACY-ENHANCED MESSAGE-----