-----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, HVfI11K8DiK6CvdMDgqcApEzMU/JsX9js5RtD4PogP8ciomEruIgAX3fLmztKI29 s35FhfM8/R37dtt1g2UJew== 0001110550-07-000050.txt : 20071115 0001110550-07-000050.hdr.sgml : 20071115 20071115100201 ACCESSION NUMBER: 0001110550-07-000050 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071112 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071115 DATE AS OF CHANGE: 20071115 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: 071247972 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 noveightk.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, 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 November 14, 2007 Servotronics, Inc. issued a press release announcing its financial results for the period ended September 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 November 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: November 15, 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 November 14, 2007. EX-99.1 2 exnnone.txt EXHIBIT 99.1 [SERVOTRONICS, INC. LETTERHEAD] NOVEMBER 14, 2007 SERVOTRONICS, INC. (AMEX- SVT REPORTS RECORD NINE MONTH AND 3rd QUARTER RESULTS FOR THE PERIODS ENDED SEPTEMBER 30, 2007 Servotronics, Inc. (AMEX - SVT) reported an approximate 110% year to year increase in net income to a record $476,000 (or 25 cents per share basic, 22 cents per share diluted) on an approximate 50% increase in revenues to a record $8,464,000 for the third quarter ended September 30, 2007. The comparable net income for the third quarter of 2006 was $227,000 (or 12 cents per share basic, 11 cents per share diluted) on revenues of $5,646,000. Year to year net income for the nine month period ended September 30, 2007 increased approximately 48% to a record $1,119,000 (or 58 cents per share basic, 53 cents per share diluted) on an approximate 31% increase in revenues to a record $23,368,000. The comparable net income for the nine month period ended September 30, 2006 was $758,000 (or 38 cents per share basic, 35 cents per share diluted) on revenues of $17,811,000. The Company attributes the increased revenue and net income for the nine and three month periods ended September 30, 2007 to increased shipments and demand for its products in conjunction with continuing cost containment activities and the onset of certain production programs whose development costs were appropriately expensed in prior periods. 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. The ATG continues its aggressive business development efforts in its primary markets and is broadening its focus to include new - both domestic and foreign - markets that are consistent with its core competencies. Based on the success of these efforts and in conjunction with the onset of certain production programs, the ATG expects this upward trend in sales to continue into 2008. The CPG continues to have a strong backlog for government-related survival oriented cutlery products that require 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 the third quarter of 2007, the CPG acquired a significant amount of tooling and assets of Camillus Cutlery through a secured creditor's auction with the intent to reconnect with the previous customers of Camillus Cutlery and expand the CPG's current product lines. 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 September 30, 2007, the Company has purchased 194,357 shares under this authorization. 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-----