-----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, Lz9uXqnY1KUy+rOuLSft8UEdrTkwqTu7UeUT9ezSiQuEaCG3ZgamH8MxH/6NjtKE nKLDjTLG42UtHA6E0Quygg== 0001110550-06-000046.txt : 20060815 0001110550-06-000046.hdr.sgml : 20060815 20060815123258 ACCESSION NUMBER: 0001110550-06-000046 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060814 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060815 DATE AS OF CHANGE: 20060815 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: 061034037 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 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): August 14, 2006 Servotronics, Inc. (Exact name of registrant as specified in its charter.) Commission File Number: 001-07109 Delaware 16-0837866 (State or other jurisdiction (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) (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: [ ] 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)) ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On August 14, 2006 Servotronics, Inc. issued a press release announcing its financial results for the period ended June 30, 2006. 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 The following are filed as exhibits to this Current Report on Form 8-K: 99.1 Servotronics, Inc. Press Release issued on August 14, 2006. Signature(s) 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 15, 2006 Servotronics, Inc. By: /s/ Cari L. Jaroslawsky ------------------------------------------- Cari L. Jaroslawsky Chief Financial Officer Exhibit Index EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 Servotronics, Inc. Press Release issued on August 14, 2006. EX-99.1 2 exnnone.txt [Servotronics, Inc. Letterhead] Exhibit 99.1 August 14, 2006 SERVOTRONICS, INC. (AMEX- SVT) ANNOUNCES SECOND QUARTER AND SIX MONTH RESULTS FOR THE PERIODS ENDED JUNE 30, 2006 Elma, NY -- Servotronics, Inc. (Amex - SVT) reported an approximate 32.2% year to year increase in net income to $258,000 (or $0.13 per share - Basic and $.012 per share - Diluted) on an 11.8% increase in revenues to $6,860,000 for the second quarter ended June 30, 2006. The comparable net income for the second quarter of 2005 was $195,000 (or $0.09 per share Basic and Diluted) on revenues of $6,136,000. Year to year net income for the six month period ended June 30, 2006 increased approximately 61.4% to $531,000 (or $0.26 per share - Basic and $0.25 per share - Diluted) on a 6.1% increase in revenues to $12,538,000. The comparable net income for the six month period ended June 30, 2005 was $329,000 (or $0.16 per share - Basic and $0.15 per share - Diluted) on revenues of $11,819,000. On Wednesday, August 9, 2006, Servotronics received Raytheon Missile Systems' prestigious 2006 Supplier Excellence 4-Star Award in recognition of Servotronics' "exemplary performance and contribution to the success of Raytheon and our customers" (as cited on the Award). Servotronics is one of only three suppliers in 2006 to receive this 4-Star Award recognition out of a total of over 1,900 suppliers to Raytheon Missile Systems. Servotronics' 100% on-time delivery performance and 100% quality were specifically noted and were the highest quality and on-time delivery ratings among the three 4-Star Award winners. This elite Award also required a high business assessment score in such areas as leadership, management, organization, technical expertise, engineering, product development, production capabilities and other operational characteristics. Servotronics supplies proprietary control products to Raytheon Missile Systems for the Standard Missile program. These products are being supplied under a Long Term Agreement which extends to 2010. Over 100,000 units have been supplied for this Program with more forecasted. The estimated going-forward value of this Long Term Agreement is over $2,000,000 per year for the Company. In January of 2006, the Company's Board of Directors authorized the purchase by the Company of up to 250,000 shares of its common stock in the open market or in privately negotiated transactions. As of July 31, 2006, the Company has purchased 105,041 shares under this program. The Company is composed of two groups - the Advanced Technology Group (ATG) and the Consumer Products Group (CPG). The ATG 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.). The CPG designs and manufactures cutlery, bayonets, machetes and combat, survival, sporting, agricultural, 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-----