-----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, H0hligQVPLD8O1/QmtnHZEHV4GOOScbIwmVyMlOuLR6yuLzHc4fb0Ay6/lm69gJU VI8LjT0S4jlX9YGRxR3YaQ== 0001110550-09-000036.txt : 20090813 0001110550-09-000036.hdr.sgml : 20090813 20090813123339 ACCESSION NUMBER: 0001110550-09-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090810 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090813 DATE AS OF CHANGE: 20090813 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: 0101 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07109 FILM NUMBER: 091009387 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.htm 8K eightk.htm
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 12, 2009

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 12, 2009 Servotronics, Inc. issued a press release announcing its financial results for the period ended June 30, 2009. 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 12, 2009.

 
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.
 

  Servotronics, Inc.  
       
Date:  August 13, 2009
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 12, 2009.

EX-99.1 2 exhibitninetynine.htm PRESS RELEASE exhibitninetynine.htm
Exhibit 99.1
[Servotronics, Inc. Letterhead]

1110 Maple Street  ¨  P.O. Box 300  ¨  Elma, New York 14059-0300  ¨  716-655-5990  ¨  FAX 716-655-6012
 
August 12, 2009      
SERVOTRONICS, INC. ANNOUNCES
SECOND QUARTER AND SIX MONTH RESULTS
FOR THE PERIODS ENDED JUNE 30, 2009
 

 
Elma, NY – Servotronics, Inc. (NYSE Amex – SVT) reported a 20.7% increase in net income to $710,000 (or $0.37 per share Basic and $0.34 Diluted) on a 17.8% increase in revenues to $9,106,000 for the three month period ended June 30, 2009 as compared to net income of $588,000 (or $0.30 per share Basic, $0.27 per share Diluted) on revenues of $7,732,000 for the comparable three month period ended June 30, 2008. Net income for the six month period ended June 30, 2009 was $835,000 (or $0.43 per share Basic, $0.41 per share Diluted) on revenues of $16,644,000. The comparable net income for the same six month period of 2008 was $1,441,000 (or $0.74 per share Basic, $0.67 per share Diluted) on revenues of $16,717,000. The Company primarily attributes the period to period differences in net income to decreased sales at the Advanced Technology Group (ATG) offset by increased sales at the Consumer Products Group (CPG) in combination with significant gross margin vagaries as a result of product mix in the relevant 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 Company’s selective development of products for new programs and applications is increasing the Company’s global presence in a variety of foreign & domestic markets. This development effort and consequently the related expenses usually occur significantly before the benefits of production procurements are received.  Therefore, (consistent with U.S. Generally Accepted Accounting Principles) the design and development costs are expensed as they occur and may contribute to the reported period to period operational variances.  Also and historically, the volatility of Government procurements will often result in period to period revenue fluctuations.  Although the current uncertainties in today’s World Economy contribute to the difficulty in forecasting a date certain for a sustainable economic turnaround, there are indications that a turnaround in the Aerospace Industry may become more apparent as the demand for more fuel efficient aircraft increases and as the current aging domestic fleets of airliners require replacements. Also, it is anticipated that the increasing globalization of the World’s Economies will result in increased requirements for airliners throughout the World.

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 NYSE AMEX
 
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