-----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, HCsh/RLQq8M6WKluXL7+r8hBGPf7cv/aUi2W1syZnYXl2/fBhzfzBsI9l5Qr19YF 0aGUw3xlKCres/lPZfyQwQ== 0001110550-07-000040.txt : 20070814 0001110550-07-000040.hdr.sgml : 20070814 20070814154634 ACCESSION NUMBER: 0001110550-07-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070814 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070814 DATE AS OF CHANGE: 20070814 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: 071054837 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, 2007 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, 2007 Servotronics, Inc. issued a press release announcing its financial results for the period ended June 30, 2007. 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, 2007. 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 14, 2007 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, 2007. EX-99.1 2 exnnone.txt EXHIBIT 99.1 [SERVOTRONICS, INC. LETTERHEAD] AUGUST 14, 2007 SERVOTRONICS, INC. (AMEX- SVT) ANNOUNCES SIX MONTHS AND 2ND QUARTER RESULTS FOR THE PERIODS ENDED JUNE 30, 2007 Servotronics, Inc. (AMEX - SVT) reported an approximate 70.2% year to year increase in net income to $439,000 (or 23 cents per share basic, 21 cents per share diluted) on a 24.4% increase in revenues to $8,374,000 for the second quarter ended June 30, 2007. The comparable net income for the second quarter of 2006 was $258,000 (or 13 cents per share basic, 12 cents per share diluted) on revenues of $6,730,000. Year to year net income for the six month period ended June 30, 2007 increased approximately 21.1% to $643,000 (or 33 cents per share basic, 30 cents per share diluted) on a 22.5% increase in revenues to $14,904,000. The comparable net income for the six month period ended June 30, 2006 was $531,000 (or 26 cents per share basic, 25 cents per share diluted) on revenues of $12,166,000. The Company attributes the increased revenue and net income for the six and three month periods ended June 30, 2007 to increased shipments and demand for its products in conjunction with continuing cost containment activities. The Company's Consumer Products Group (CPG) recently received approximately $2,300,000 in purchase orders for government-related survival oriented cutlery products. These purchase orders require accelerated deliveries in 2007 and 2008. The Company's increased sales activities in foreign markets are continuing to result in prototype orders for new programs and application opportunities. In recognition of the Company's continued growth and expanded marketing activities, its Board of Directors has appointed the Company's current Executive Vice President, Nicholas D. Trbovich, Jr. as its Chief Operating Officer and Sam SanFilippo as Vice President of Marketing and Sales. Nick Trbovich, Jr., an employee of the Company for over 25 years, has held a succession of positions of increasing responsibilities leading to his current positions of Exec. Vice President and Director. Sam SanFilippo has over 25 years of marketing and engineering experience in the aerospace industry and has been a Director of Marketing and/or Sales of the Company's Advanced Technology Group (ATG) during the past 5 years. 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 June 30, 2007, the Company has purchased 194,357 shares under this authorization. The Company is composed of two groups - the ATG and the 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. 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 and international 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-----