-----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, E3hNxDlWkK5Obv3Hpw+ZHowR18oh3afYGULvFM5XQcgTAkqe8k2PvLcANqruZ86K qCYU/sS/LmmnIIQChv6CkQ== 0001110550-06-000058.txt : 20061115 0001110550-06-000058.hdr.sgml : 20061115 20061115102635 ACCESSION NUMBER: 0001110550-06-000058 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061115 DATE AS OF CHANGE: 20061115 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: 061218353 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): November 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 November 14, 2006 Servotronics, Inc. issued a press release announcing its financial results for the period ended September 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 November 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: November 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 November 14, 2006. EX-99.1 2 exnnone.txt Exhibit 99.1 [Servotronics, Inc. Letterhead] November 14, 2006 SERVOTRONICS, INC. (AMEX- SVT) ANNOUNCES NINE MONTHS AND 3rd QUARTER RESULTS FOR THE PERIODS ENDED SEPTEMBER 30, 2006 Elma, NY -- Servotronics, Inc. (Amex - SVT) reported revenues of $17,811,000 and net income of $758,000 (or $0.38 per share - Basic and $0.35 per share Diluted) for the nine month period ended September 30, 2006 as compared to revenues of $17,398,000 and net income of $581,000 (or $0.28 per share - Basic and $0.27 per share Diluted) for the comparable period of 2005. The third quarter ended September 30, 2006 reported revenues of $5,646,000 and net income of $227,000 (or $0.12 per share - Basic and $0.11 per share Diluted) for the third quarter ended September 30, 2006 as compared to revenues of $5,741,000 and net income of $252,000 (or $0.12 per share - Basic and Diluted) for the same period in 2005. 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, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, machetes and combat, survival, sporting, agricultural, and pocket knives for both commercial and government applications. Revenue increases at the Company's ATG more than offset the decrease in nine month revenues at the Company's CPG, and mitigated, but did not fully offset the decrease in comparative third quarter revenues at the CPG that resulted primarily from the scheduled and previously reported completion of a significant government contract. Demand for the Company's ATG products is strong. ATG's expansion of its marketing efforts to foreign countries is meeting with continuing success. Control components for foreign aerospace, manufacturing and other applications have been developed and purchase orders received. The Company is also exhibiting at the MEDICA 2006 Show in Dusseldorf, Germany this month. The ATG has been successful in being selected as the exclusive supplier of various control components in multi-year agreements with certain major domestic customers. The CPG is developing new items for both military and commercial applications. The CPG is a qualified and approved supplier to the U. S. government for a number of different types of bayonets and other cutlery items. It also manufactures a wide range of cutlery for the sporting goods and commercial cutlery markets. 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 October 31, 2006, the Company has purchased 110,491 shares under this program. 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-----