0001110550-11-000036.txt : 20111108 0001110550-11-000036.hdr.sgml : 20111108 20111108163317 ACCESSION NUMBER: 0001110550-11-000036 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111108 DATE AS OF CHANGE: 20111108 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07109 FILM NUMBER: 111188204 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 10-Q 1 novq.htm 10Q novq.htm
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.   20549
Form 10-Q
 
     
(Mark One)
  x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2011
 
or
 
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File No. 1-07109
SERVOTRONICS, INC.
(Exact name of registrant as specified in its charter)
           Delaware                                                                                                           16-0837866
(State or other jurisdiction of                                                                                                                       (I. R. S. Employer
 incorporation or organization)                                                                                                                       Identification No.)
 
1110 Maple Street
Elma, New York   14059
(Address of principal executive offices) (zip code)
(716) 655-5990
(Registrant’s telephone number, including area code)

 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  x    No o
 
Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes  x    No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer o Accelerated filer o Non-accelerated filer o Smaller reporting company x


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes  o    No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class                           Outstanding at October 31, 2011
   Common Stock, $.20 par value                                                                                                                 2,237,371


 
 
 
 

     INDEX  
       Page No.
  PART I. FINANCIAL INFORMATION  
   
 
  
Item 1.
  
Financial Statements (Unaudited):
  
       
 
a)
Consolidated Balance Sheets, September 30, 2011 and December 31, 2010
3
       
 
b)
Consolidated Statements of Income for the three and nine months ended
  
   
September 30, 2011 and 2010
4
       
 
c)
Consolidated Statements of Cash Flows for the nine months ended
  
   
September 30, 2011 and 2010
5
       
 
d)
Notes to Consolidated Financial Statements
6
       
Item 2.
  
Management’s Discussion and Analysis of Financial Condition
  
   
and Results of Operations
14
       
Item 3.
  
Quantitative and Qualitative Disclosures About Market Risk
18
       
Item 4.
  
Controls and Procedures
18
       
  PART II. OTHER INFORMATION  
       
Item 1.
  
Legal Proceedings
19
       
Item 1A.
  
Risk Factors
19
       
Item 2.
  
Unregistered Sales of Equity Securities and Use of Proceeds
19
       
Item 3.
  
Defaults Upon Senior Securities
19
       
Item 4.
  
Removed and Reserved
19
       
Item 5.
  
Other Information
19
       
Item 6.
  
Exhibits
20
       
   
Signatures
21

 
- 2 - 
 

SERVOTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($000’s omitted except share and per share data)
 
 
 
    September 30,     December 31,  
   
2011
    
2010
  
   
(Unaudited)
        
Assets
            
Current assets:
            
  Cash and cash equivalents
   $ 4,934     $ 4,447  
  Accounts receivable, net
     5,879       5,427  
  Inventories, net
     11,737       11,032  
  Prepaid income taxes
     -       226  
  Deferred income taxes
     567       567  
  Other assets
     469       352  
     Total current assets
     23,586       22,051  
Property, plant and equipment, net
     6,099       6,159  
Other non-current assets
     325       296  
Total Assets
   $ 30,010     $ 28,506  
Liabilities and Shareholders’ Equity
                
Current liabilities:
                
  Current portion of long-term debt
   $ 235     $ 323  
  Current portion of capital lease related party
     81       81  
  Accounts payable
     1,285       1,247  
  Accrued employee compensation and benefit costs
     1,514       1,332  
  Accrued income taxes
     7       -  
  Other accrued liabilities
     341       230  
     Total current liabilities
     3,463       3,213  
Long-term debt
     3,031       3,058  
Long-term portion of capital lease related party
     354       414  
Deferred income taxes
     509       509  
Shareholders’ equity:
                
  Common stock, par value $.20; authorized
                
    4,000,000 shares; issued 2,614,506 shares;
                
    outstanding 1,981,877 (1,981,877 – 2010) shares
     523       523  
  Capital in excess of par value
     13,647       13,491  
  Retained earnings
     12,652       11,467  
  Accumulated other comprehensive loss
     (78 )     (78 )
  Employee stock ownership trust commitment
     (1,367 )     (1,367 )
  Treasury stock, at cost 377,135 (377,135 – 2010) shares
     (2,724 )     (2,724 )
     Total shareholders’ equity
     22,653       21,312  
Total Liabilities and Shareholders’ Equity
   $ 30,010     $ 28,506  
                 



See notes to consolidated financial statements
- 3 -
 
 
 
SERVOTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
($000’s omitted except per share data)
(Unaudited)

 
    Three Months Ended     Nine Months Ended   
    September 30,     September 30,   
   
2011
    
2010
    
2011
    
2010
  
Revenue
   $ 8,808     $ 7,346     $ 25,496     $ 23,433  
Costs, expenses and other income:
                                
   Cost of goods sold, exclusive of
                                
      depreciation and amortization
     6,284       5,643       18,447       16,839  
   Selling, general and administrative
     1,204       1,225       3,757       3,682  
   Interest expense
     14       16       44       50  
   Depreciation and amortization
     163       159       498       483  
   Other income, net
     (150 )     (6 )     (164 )     (29 )
      7,515       7,037       22,582       21,025  
Income before income tax provision
     1,293       309       2,914       2,408  
Income tax provision
     389       104       876       802  
Net income
   $ 904     $ 205     $ 2,038     $ 1,606  
                                 
Income per share:
                                
Basic
                                
Net income per share
   $ 0.46     $ 0.1     $ 1.03     $ 0.82  
Diluted
                                
Net income per share
   $ 0.44     $ 0.1     $ 0.97     $ 0.75  

 

See notes to consolidated financial statements
- 4 -
 
 
 

SERVOTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
($000’s omitted)
(Unaudited)

 
    Nine Months Ended  
    September 30,  
   
2011
    
2010
  
Cash flows related to operating activities:
            
   Net income
   $ 2,038     $ 1,606  
   Adjustments to reconcile net income to net
                
          Cash generated in operating activities:
                
        Depreciation and amortization
     498       483  
Change in assets and liabilities:
                
        Accounts receivable
     (452 )     (460 )
        Inventories
     (705 )     366  
        Prepaid income taxes
     382       339  
        Other assets
     (117 )     (55 )
        Other non-current assets
     (29 )     (104 )
        Accounts payable
     38       (150 )
        Accrued employee compensation and benefit costs
     179       303  
        Accrued income taxes
     7       -  
        Other accrued liabilities
     111       (443 ) 
Net cash generated in operating activities
     1,950       1,885  
Cash flows related to investing activities:
                
   Capital expenditures - property, plant and equipment
     (435 )     (312 )
   Proceeds from Certificates of Deposit
     -       242  
Net cash used in investing activities
     (435 )     (70 )
Cash flows related to financing activities:
                
   Principal payments on long-term debt
     (115 )     (113 )
   Principal payments on capital lease related party
     (60 )     (59 )
   Cash dividend
     (336 )     (336 )
   Purchase of stock options
     (517 )     (573 )
Net cash used in financing activities
     (1,028 )     (1,081 )
Net increase in cash and cash equivalents
     487       734  
Cash and cash equivalents at beginning of period
     4,447       3,825  
Cash and cash equivalents at end of period
   $ 4,934     $ 4,559  


 
See notes to consolidated financial statements
- 5 -
 
 
 
SERVOTRONICS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 
 
1.
Basis of Presentation
 
 
The accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements.
 
 
The accompanying consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. Operating results for the three and nine months ending September 30, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011. The consolidated financial statements should be read in conjunction with the 2010 annual report and the notes thereto.
 
2.
Business Description and Summary of Significant Accounting Policies
 
 
Business Description
 
 
Servotronics, Inc. and its subsidiaries design, manufacture and market advanced technology products consisting primarily of control components and consumer products consisting of knives and various types of cutlery and other edged products.
 
 
Principles of Consolidation
 
 
The consolidated financial statements include the accounts of Servotronics, Inc. and its wholly-owned subsidiaries (the “Company”). All intercompany balances and transactions have been eliminated upon consolidation.
 
 
Cash and Cash Equivalents
 
 
The Company considers cash and cash equivalents to include all cash accounts and short-term investments purchased with an original maturity of three months or less. Cash equivalents consist primarily of short-term certificates of deposits.
 
 
Accounts Receivable
 
 
The Company grants credit to substantially all of its customers and carries its accounts receivable at original invoice amount less an allowance for doubtful accounts. On a periodic basis, the Company evaluates its accounts receivable and establishes an allowance for doubtful accounts based on history of past write-offs, collections, and current credit conditions. The allowance for doubtful accounts amounted to approximately $120,000 at September 30, 2011 and $117,000 at December 31, 2010.
 
 
Revenue Recognition
 
 
Revenues are recognized as services are rendered or as units are shipped and at the designated FOB point consistent with the transfer of title, risks and rewards of ownership. Such purchase orders generally include specific terms relative to quantity, item description, specifications, price, customer responsibility for in-process costs, delivery schedule, shipping point, payment and other standard terms and conditions of purchase.
 
 
Inventories
 
 
Inventories are stated at the lower of standard cost or net realizable value. Cost includes all costs incurred to bring each product to its present location and condition, which approximates actual cost (first-in, first-out). Market provisions in respect of net realizable value and inventory expected to be used in greater than one year are applied to the gross value of the inventory through a reserve of approximately $703,000 and $651,000 at September 30, 2011 and December 31, 2010, respectively. Pre-production and start-up costs are expensed as incurred.
 
 
The purchase of suppliers’ minimum economic quantities of material such as steel, etc. may result in a purchase of quantities exceeding one year of customer requirements. Also, in order to maintain a reasonable and/or agreed to lead time, certain larger quantities of other product support items may have to be purchased and may result in over one year’s supply.
 
 
- 6 -
SERVOTRONICS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 
 
Shipping and Handling Costs
 
 
Shipping and handling costs are classified as a component of cost of goods sold.
 
 
Property, Plant and Equipment
 
 
Property, plant and equipment is carried at cost; expenditures for new facilities and equipment and expenditures which substantially increase the useful lives of existing plant and equipment are capitalized; expenditures for maintenance and repairs are expensed as incurred. Upon disposal of properties, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposition is included in income.
 
 
Depreciation is provided on the basis of estimated useful lives of depreciable properties, primarily by the straight-line method for financial statement purposes and by accelerated methods for tax purposes. Depreciation expense includes the amortization of capital lease assets. The estimated useful lives of depreciable properties are generally as follows:
 
 Buildings and improvements   5-39 years
 Machinery and equipment   5-15 years 
 Tooling   3-5 years
 
 
 
Income Taxes
 
 
The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of operating loss and credit carryforwards and temporary differences between the carrying amounts and the tax basis of assets and liabilities. The Company and its subsidiaries file a consolidated federal income tax return, a consolidated New York State income tax return and separate Pennsylvania, Arkansas and Texas state income tax returns.
 
 
The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company did not have any accrued interest or penalties included in its consolidated balance sheets at September 30, 2011 or December 31, 2010, and did not recognize any interest and/or penalties in its consolidated statements of income during the three and nine months ended September 30, 2011 and 2010.
 
 
Supplemental cash flow information
 
 
Income taxes paid during the three months ended September 30, 2011 and 2010 amounted to approximately $291,000 and $62,000, respectively, and amounted to $517,000 and $475,000 for the nine months ended September 30, 2011 and 2010, respectively. Interest paid during the three months ended September 30, 2011 and 2010 amounted to approximately $14,000 and $16,000, respectively, and amounted to $44,000 and $50,000 for the nine months ended September 30, 2011 and 2010, respectively. The Company reduced its tax liability by approximately $156,000 related to the surrender of unexercised stock options recorded as an increase to capital in excess of par value.
 
 
- 7 -
 
SERVOTRONICS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
 
Employee Stock Ownership Plan
 
 
Contributions to the employee stock ownership plan are determined annually by the Company according to plan formula.
 
 
Impairment of Long-Lived Assets
 
 
The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable based on undiscounted future operating cash flow analyses. If an impairment is determined to exist, any related impairment loss is calculated based on fair value. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. The Company has determined that no impairment of long lived assets existed at September 30, 2011 and December 31, 2010.
 
 
Use of Estimates
 
 
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 
 
Reclassifications
 
 
Certain balances as previously reported were reclassified to conform with classifications adopted in the current period.
 
 
Research and Development Costs
 
 
Research and development costs are expensed as incurred.
 
 
Concentration of Credit Risks
 
 
Financial instruments that potentially subject the Company to concentration of credit risks principally consist of cash accounts in financial institutions. Although the accounts exceed the federally insured deposit amount, management does not anticipate nonperformance by the financial institutions. Refer to Note 12, Business Segments, for disclosures related to customer concentrations.
 
 
Fair Value of Financial Instruments
 
 
The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are reasonable estimates of their fair value due to their short maturity. Based on variable interest rates and the borrowing rates currently available to the Company for loans similar to its long-term debt and capital lease, the fair value approximates its carrying amount.
 
 
Pending Accounting Pronouncements
 
In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income,” (ASU 2011-05) which improves the comparability, consistency, and transparency of financial reporting and increases the prominence of items reported in other comprehensive income. ASU is effective for fiscal years beginning on or after December 15, 2011 and early adoption is permitted. The Company is currently evaluating the impact of adopting the guidance.
 
- 8 -
 
SERVOTRONICS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
 
3.
Inventories

                 
    September 30,     December 31,  
     2011      2010  
    ($000’s omitted)  
Raw materials and common parts
   $ 5,427     $ 5,491  
Work-in-process
     4,250       3,358  
Finished goods
     2,060       2,183  
Total inventories, net of reserve
   $ 11,737     $ 11,032  

4.
Property, Plant and Equipment

                 
    September 30,     December 31,  
     2011      2010  
    ($000’s omitted)   
Land
   $ 25     $ 25  
Buildings
     7,138       7,060  
Machinery, equipment and tooling (including capital lease)
     12,799       12,444  
      19,962       19,529  
Less accumulated depreciation and amortization
     (13,863 )     (13,370 )
Total property, plant and equipment
   $ 6,099     $ 6,159  


 
Property, plant and equipment includes land and building in Elma, New York, under a $5,000,000 capital lease which can be purchased for a nominal amount at the end of the lease term. As of September 30, 2011 and December 31, 2010, accumulated amortization on the building amounted to approximately $2,390,000 and $2,293,000, respectively. Amortization expense amounted to $32,000 and $31,000 for the three month periods ended September 30, 2011 and 2010, respectively, and amounted to $97,000 and $98,000 for the nine month periods ended September 30, 2011 and 2010, respectively. The associated current and long-term liabilities are discussed in Note 5, Long-Term Debt, of the accompanying consolidated financial statements. Property, plant and equipment also includes machinery and equipment under a $588,000 capital lease with related party. As of September 30, 2011 and December 31, 2010, accumulated amortization on the machinery and equipment amounted to approximately $161,000 and $98,000, respectively. Amortization expense amounted to $21,000 for the three month periods ended September 30, 2011 and 2010, respectively, and amounted to $63,000 for the nine month periods ended September 30, 2011 and 2010, respectively. The associated current and long-term liabilities are discussed in Note 6, Capital Lease – Related Party, of the accompanying consolidated financial statements.
 
 
Depreciation expense amounted to $108,000 and $105,000 for the three month periods ended September 30, 2011 and 2010, respectively, and amounted to $332,000 and $316,000 for the nine month periods ended September 30, 2011 and 2010, respectively. The combined depreciation and amortization expense were $163,000 and $159,000 for the three month periods ended September 30, 2011 and 2010, respectively, and amounted to $498,000 and $483,000 for the nine month periods ended September 30, 2011 and 2010, respectively. The Company believes that it maintains property and casualty insurance in amounts adequate for the risk and nature of its assets and operations and which are generally customary in its industry.

- 9 -
 
 
 
SERVOTRONICS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 
5.
Long-Term Debt

    September 30,     December 31,  
     2011      2010  
     ($000’s omitted)  
Industrial Development Revenue Bonds; secured by an equivalent
            
letter of credit from a bank with interest payable monthly
            
at a floating rate (0.44% at September 30, 2011) (A)
   $ 3,130     $ 3,130  
Term loan payable to a financial institution;
                
interest at LIBOR plus 2%, (2.22% at September 30, 2011);
                
quarterly principal payments of $26,786 through the
                
fourth quarter of 2011
     26       107  
Secured term loan payable to a government agency;
                
monthly payments of $1,950 including interest
                
fixed at 3% payable through fourth quarter of 2015
     92       107  
Secured term loan payable to a government agency;
                
monthly principal payments of approximately $2,100 with
                
interest waived payable through second quarter of 2012
     18       37  
      3,266       3,381  
Less current portion
     (235 )     (323 )
    $ 3,031     $ 3,058  

 
 
(A)
The Industrial Development Revenue Bonds were issued by a government agency to finance the construction of the Company’s headquarters/advanced technology facility. Annual sinking fund payments of $170,000 commenced December 1, 2000 and continue through 2013, with a final payment of $2,620,000 due December 1, 2014. The Company has agreed to reimburse the issuer of the letter of credit if there are draws on that letter of credit. The Company pays the letter of credit bank an annual fee of 1% of the amount secured thereby and pays the remarketing agent for the bonds an annual fee of 1/4% of the principal amount outstanding. The Company’s interest under the facility capital lease has been pledged to secure its obligations to the government agency, the bank and the bondholders.
 
 
The Company also has an unsecured $1,000,000 line of credit on which there was no balance outstanding at September 30, 2011 and December 31, 2010.
 
 
Certain lenders require the Company to comply with debt covenants as described in the specific loan documents, including a debt service ratio. At September 30, 2011 and December 31, 2010, the Company was in compliance with its debt covenants.
 
6.
Capital Lease – Related Party
 
 
On November 3, 2009, the Company entered into a capital lease with a related party of the Company for certain equipment to be used in the expansion of the Company’s capabilities and product lines. See Note 10, Related Party Transactions, of the accompanying consolidated financial statements for information on the related party transaction. Monthly payments of $7,500, which include an imputed fixed interest rate of 2.00%, commenced November 3, 2009 and will continue through the fourth quarter of 2016. At September 30, 2011, the present value of the minimum lease payment is approximately $435,000 (after subtracting approximately $23,000 of imputed interest).

- 10 -
 
 
 
SERVOTRONICS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



 
7.
Income Taxes
 
 
The Company did not have any material uncertain tax positions or unrecognized tax benefits or obligations as of September 30, 2011 and December 31, 2010.
 
 
The Company and/or its subsidiaries file income tax returns in the United States federal jurisdiction and in the states of New York, Pennsylvania, Arkansas and Texas. During the third quarter of 2009, the New York State Department of Taxation and Finance (NYS) commenced an examination of the Company’s New York State franchise tax returns for the years 2005 through 2007. In the third quarter of 2010, the examination was completed and resulted in no change to the Company’s originally filed returns. Also, during the third quarter of 2010, the Internal Revenue Service commenced an examination of the Company’s Federal Income tax returns for years 2008 and 2009. In the first quarter of 2011, the examination was completed and resulted in no material adjustments to the originally filed returns. The 2008 and 2010 federal and state tax returns remain open for potential examination by taxing authorities.
 
8.
Shareholders’ Equity
 
        ($000’s omitted except for share data)            
      Common stock                                       Accumulated          
      Number               Capital in                               Other       Total  
      of shares               excess of       Retained               Treasury       Comprehensive       Shareholders’  
      issued       Amount       Par Value        earnings       ESOP       stock       Loss       Equity  
Balance December 31, 2010
     2,614,506     $ 523     $ 13,491     $ 11,467     $ (1,367 )   $ (2,724 )   $ (78 )   $ 21,312  
   Net income
     -       -       -       2,038       -       -       -       2,038  
   Surrender of unexercised stock
                                                                
     options, net of tax benefit
     -       -       156       (517 )     -       -       -       (361 )
   Cash dividend
     -       -       -       (336 )     -       -       -       (336 )
Balance September 30, 2011
     2,614,506     $ 523     $ 13,647     $ 12,652     $ (1,367 )   $ (2,724 )   $ (78 )   $ 22,653  
                                                                 

 
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. On October 31, 2008, the Company announced that its Board of Directors authorized the purchase of an additional 200,000 shares of the Company’s common stock under the Company’s current purchase program. As of September 30, 2011, the Company has purchased 238,088 shares and there remain 211,912 shares available to purchase under this program. There were no shares purchased by the Company during the nine month periods ended September 30, 2011 and 2010.
 
 
Consistent with the Company’s current policy to reduce the number of outstanding Company shares thereby increasing the reported earnings per share, certain option holders elected on July 12, 2011 to surrender 112,000 unexercised options to the Company in exchange for a cash payment equal to the difference between the exercise price and the average of the high and the low market price of the Company’s common stock on the day of surrender less an administrative charge. Such transactions aggregated $517,000. A tax benefit, to the Company, of approximately $156,000 associated with these transactions reduced taxes payable and was credited directly to capital in excess of par value.
 
 
As previously reported, on April 4, 2011, the Company announced that its Board of Directors declared a $0.15 per share cash dividend. The dividend was paid on May 20, 2011 to shareholders of record on April 29, 2011 and was approximately $336,000 in the aggregate. This fourth consecutive annual dividend does not represent that the Company will pay dividends on a regular or scheduled basis.

- 11 -
 
 
 
SERVOTRONICS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



 
 
Earnings Per Share
 
 
Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period plus the number of shares of common stock that would be issued assuming all contingently issuable shares having a dilutive effect on the earnings per share that were outstanding for the period. Incremental shares from assumed conversions are calculated as the number of shares that would be issued, net of the number of shares that could be purchased in the marketplace with the cash received upon stock option exercise.
 
 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
   
2011
    
2010
    
2011
    
2010
  
 
 ($000’s omitted except per share data)      
Net income
   $ 904     $ 205     $ 2,038     $ 1,606  
Weighted average common shares
                                
   outstanding (basic)
     1,982       1,961       1,982       1,961  
Incremental shares from assumed
                                
   conversions of stock options
     89       167       117       168  
Weighted average common
                                
   shares outstanding (diluted)
     2,071       2,128       2,099       2,129  
Basic
                                
Net income per share
   $ 0.46     $ 0.10     $ 1.03     $ 0.82  
Diluted
                                
Net income per share
   $ 0.44     $ 0.10     $ 0.97     $ 0.75  

9.
Commitments
 
 
The Company leases certain equipment and real property pursuant to operating lease arrangements. Total rental expense in the three and nine month periods ended September 30, 2011 and 2010 and future minimum payments under such leases are not material to consolidated financial statements. The Company also leases certain real and personal property being accounted for under capital leases. See also Note 4, Property, Plant and Equipment, Note 5, Long-Term Debt and Note 6, Capital Lease – Related Party, of the accompanying consolidated financial statements for information on the capital leases.
 
10.
Related Party Transactions
 
 
During 2009 the Company formed a new wholly owned subsidiary that leased certain personal property from a related party through the execution of a capital lease. See Note 6, Capital Lease-Related Party, of the accompanying consolidated financial statements. The Company also entered into a real property operating lease agreement, with the same related party, which provides for annual rental of $60,000. In addition, in the event the Company is successful in obtaining certain tax and/or other incentives from the state the entity operates in, which includes the Company receiving a mortgage at below market rate having a term of ten or more years, the Company will be required to purchase the building at the appraised value of $506,000. If the Company does not receive such incentives, the Company may exercise the purchase option in its sole discretion. The Company did not exercise its purchase option, but, in 2010, the lessor and the Company extended the lease including purchase option through November 2011. Additionally, in the event that the Company purchases the building, there is an arrangement payable to the related party, providing a threshold in annual earnings is reached by the new subsidiary, which will result in a percentage payment which could be as low as zero dollars to a maximum total in the aggregate of $600,000 which is non-recurring. These transactions are disclosed as related party transactions because the wife of the Company’s President/COO is the sole shareholder of the company that is leasing/selling the assets. Purchases of inventory from the related party amounted to $0 and $27,000 during the first nine months of 2011 and 2010, respectively.
 
- 12 -
 
 
 
SERVOTRONICS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 
11.
Litigation
 
 
There are no legal proceedings which are material to the Company currently pending by or against the Company other than ordinary routine litigation incidental to the business which is not expected to materially adversely affect the business or earnings of the Company.
 
12.
Business Segments
 
 
The Company operates in two business segments, Advanced Technology Group (ATG) and Consumer Products Group (CPG). The Company’s reportable segments are strategic business units that offer different products and services. The segments are composed of separate corporations and are managed separately. Operations in ATG primarily involve the design, manufacture, and marketing of servo-control components (i.e., torque motors, control valves, actuators, etc.) for government, commercial and industrial applications. CPG’s operations involve the design, manufacture and marketing of a variety of cutlery and other edged products for use by consumers and government agencies. The Company derives its primary sales revenue from domestic customers, although a portion of finished products are for foreign end use.
 
 
As of September 30, 2011, the Company had identifiable assets of approximately $30,010,000 ($28,506,000 – December 31, 2010) of which approximately $15,520,000 ($15,342,000 – December 31, 2010) was for ATG and approximately $14,490,000 ($13,164,000 – December 31, 2010) was for CPG.
 
 
Information regarding the Company’s operations in these segments is summarized as follows ($000’s omitted):

 
    ATG     CPG     Consolidated  
    Nine Months Ended     Nine Months Ended     Nine Months Ended  
    September 30,     September 30,     September 30,  
   
2011
    
2010
    
2011
    
2010
    
2011
    
2010
  
Revenues from unaffiliated customers
   $ 15,817     $ 13,713     $ 9,679     $ 9,720     $ 25,496     $ 23,433  
Cost of goods sold, exclusive of
                                                
    depreciation and amortization
     (10,571 )     (9,135 )     (7,876 )     (7,704 )     (18,447 )     (16,839 )
Selling, general and administrative
     (2,201 )     (2,189 )     (1,556 )     (1,493 )     (3,757 )     (3,682 )
Interest expense
     (37 )     (42 )     (7 )     (8 )     (44 )     (50 )
Depreciation and amortization
     (319 )      (311 )      (179 )      (172 )      (498 )       (483 )
Other income, net
     153       16       11       13       164       29  
Net income (loss) before income
                                                
    tax provision
   $ 2,842     $ 2,052     $ 72     $ 356     $ 2,914     $ 2,408  
Capital expenditures
   $ 151     $ 203     $ 284     $ 109     $ 435     $ 312  
                                                 
                                                 
                                                 
                                                 
 
 
- 13 -
 
 
 
SERVOTRONICS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 
                                                 
      ATG       CPG       Consolidated  
      Three Months Ended       Three Months Ended       Three Months Ended  
       September 30,        September 30,,       September 30,  
      2011       2010       2011       2010       2011       2010  
Revenues from unaffiliated customers
   $ 5,409     $ 4,636     $ 3,399     $ 2,710     $ 8,808     $ 7,346  
Cost of good sold, exclusive of
                                                
    depreciation and amortization
     (3,522 )     (3,164 )     (2,762 )     (2,479 )     (6,284 )     (5,643 )
Selling, general and administrative
     (704 )     (731 )     (500 )     (494 )     (1,204 )     (1,225 )
Interest expense     (12 )      (14  )      (2 )      (2 )      (14  )      (16  )
Depreciation and amortization
     (105 )     (102 )     (58 )     (57 )     (163 )     (159 )
Other income, net
     145       1       5       5       150       6  
Income (loss) before income
                                                
    tax provision (benefit)
   $ 1,211     $ 626     $ 82     $ (317 )   $ 1,293     $ 309  
Capital expenditures
   $ 70     $ 126     $ 180     $ 80     $ 250     $ 206  

13.
Other Income
 
 
Components of other income include interest income on cash and cash equivalents, and other amounts not directly related to the sale of the Company’s products.
 
14.
Subsequent Events
 
 
On November 8, 2011, the Company announced that its Board of Directors declared a $0.15 per share cash dividend. The dividend will be paid on December 16, 2011 to shareholders of record on November 28, 2011 and will be approximately $336,000 in the aggregate. This dividend does not represent that the Company will pay dividends on a regular or scheduled basis.

 
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
Management Discussion
 
 
During the three months ended September 30, 2011 and 2010 approximately 42% and 39%, respectively, and 40% and 43% for the nine months ended September 30, 2011 and 2010, respectively, of the Company’s revenues were derived from contracts with agencies of the U.S. Government or their prime contractors and their subcontractors. The Company believes that government involvement in military operations overseas will continue to have an impact on the sales revenues for both the ATG’s and CPG’s operations. The Company is optimistic relative to these continuing opportunities and recognizes that sales to the government are affected by defense budgets, U.S. foreign/domestic policies, policies of other nations, the level of military operations and other factors. Therefore, it is difficult to predict the specific impact of these factors on future financial results.
 
 
The Company’s commercial business is affected by such factors as uncertainties in today’s global economy, global competition, the vitality and ability of the commercial aviation industry to purchase new aircraft, the effects of terrorism and the threat of terrorism, market demand and acceptance both for the Company’s products and its customers’ products which incorporate Company made components.
 
 
- 14 -
 
 
 
 
 
The ATG continues its aggressive business development efforts in its primary markets and is broadening its activities to include new domestic and foreign markets that are consistent with its core competencies. There are substantial uncertainties in the current global economy that are compounded with certain airliner delivery ramp-ups and other delivery stretch outs which in turn affect the Company’s sales revenues from period to period in 2011 and beyond. Although the ATG backlog continues to be strong, actual scheduled shipments may be delayed/changed as a function of the Company’s customers’ final delivery determinations that are based on changes in the global economy and other factors.
 
 
The Company’s CPG develops new commercial products and products for government and military applications. Included in the significant uncertainties in the near and long term are the effects of the U. S. and world stimulus plans and the difficulty to accurately project the net effect of the vagaries inherent in the government procurement process and programs. The ATG and CPG continue to respond to U.S. government procurement requests for quotes. New product development activities are ongoing along with the acquisition and development of new product lines/products.
 
 
Results of Operations
 
 
The following tables compare the Company’s consolidated statements of income data for the nine and three months ended September 30, 2011 and 2010 ($000’s omitted).
 
 
    Nine Months Ended September 30,        
                            2011 vs. 2010  
   
2011
    
2010
    
Dollar
    
% Increase
  
   
Dollars
    
% of Sales
    
Dollars
    
% of Sales
    
Change
    
(Decrease)
  
Revenue:
                                    
   Advanced Technology
   $ 15,817       62.0 %   $ 13,713       58.5 %   $ 2,104       15.3 %
   Consumer Products
     9,679       38.0 %     9,720       41.5 %     (41 )     (0.4 %)
      25,496       100.0 %     23,433       100.0 %     2,063       8.8 %
Cost of goods sold, exclusive of
                                                
   depreciation and amortization
     18,447       72.4 %     16,839       71.9 %     1,608       9.5 %
Selling, general and administrative
     3,757       14.7 %     3,682       15.7 %     75       2.0 %
Depreciation and amortization
     498       2.0 %     483       2.1 %     15       3.1 %
Total costs and expenses
     22,702       89.1 %     21,004       89.7 %     1,698       8.1 %
Operating income, net
     2,794       10.9 %     2,429       10.3 %     365       15.0 %
Interest expense
     44       0.2 %     50       0.2 %     (6 )     (12.0 %)
Other income, net
     (164 )     (0.6 %)     (29 )     (0.1 %)     (135 )     465.5 %
Income tax provision
     876       3.4 %     802       3.4 %     74       9.2 %
Net income
   $ 2,038       7.9 %   $ 1,606       6.8 %   $ 432       26.9 %
                                                 
                                                 
                                                 
                                                 
 


- 15 -
 
 
 
 
 
    Three Months Ended September 30,        
                                    2011 vs. 2010  
      2011      2010    
Dollar
    
% Increase
  
   
Dollars
    
% of Sales
    
Dollars
    
% of Sales
    
Change
    
(Decrease)
  
Revenue:
                                                
   Advanced Technology
   $ 5,409       61.4 %   $ 4,636       63.1 %   $ 773       16.7 %
   Consumer Products
     3,399       38.6 %     2,710       36.9 %     689       25.4 %
      8,808       100.0 %     7,346       100.0 %     1,462       19.9 %
Cost of goods sold, exclusive of
                                                
   depreciation and amortization
     6,284       71.3 %     5,643       76.8 %     641       11.4 %
Selling, general and administrative
     1,204       13.7 %     1,225       16.7 %     (21 )     (1.7 %)
Depreciation and amortization
     163       1.9 %     159       2.2 %     4       2.5 %
Total costs and expenses
     7,651       86.9 %     7,027       95.7 %     624       8.9 %
Operating income, net
     1,157       13.1 %     319       4.3 %     838       262.7 %
Interest expense
     14       0.2 %     16       0.2 %     (2 )     (12.5 %)
Other income, net
     (150 )     (1.7 %)     (6 )     (0.1 %)     (144 )     2400.0 %
Income tax provision
     389       4.4 %     104       1.4 %     285       274.0 %
Net income
   $ 904       10.2 %   $ 205       2.8 %   $ 699       341.0 %
                                                 

 
Revenue
 
 
The Company’s consolidated revenues increased approximately $1,462,000 or 19.9% for the three month period ended September 30, 2011 and $2,063,000 or 8.8% for the nine month period ended September 30, 2011 when compared to the same three and nine month periods in 2010. The increase is due to increased commercial shipments across various product lines at the Advanced Technology Group (ATG) for the three and nine month periods ended September 30, 2011 and increased shipments under government contracts for the three month period ended September 30, 2011 at the Consumer Products Group (CPG). Procurements and timing of shipments under Government contracts at the CPG may, at times, significantly impact operating results from period to period.
 
 
Cost of Goods Sold
 
 
Cost of goods sold as a percentage of sales decreased from 76.8% to 71.3% for the three month period ended September 30, 2011 mainly due to the growth in ATG sales allowing revenues to exceed break-even point by a greater margin. Cost of goods sold as a percentage of revenues increased from 71.9% to 72.4% for the nine month period ended September 30, 2011 when compared to the same period in 2010 mainly due to an approximate $79,000 increase in reserve for slow-moving inventory at CPG and the write off start up costs associated with new product lines/products and development efforts in the amount of approximately $464,000 compared to $531,000 for the nine month periods ended September 30, 2011 and 2010.  Variations in cost of goods sold as a percentage of sales is also largely dependent upon the mix of product sold within the operating groups as well as the relative percentage of each operating group’s sales to total consolidated sales.
 
 
The Company continues to aggressively pursue cost saving opportunities in material procurements and other operating efficiencies through capital investments in updated and new equipment/machinery as well as investing in the development and training of its labor force.


- 16 -
 
 
 

 
Selling, General and Administrative Expenses
 
 
Selling, general and administrative (SG&A) expenses as a percentage of revenue decreased from 16.7% to 13.7% for the three month period ended September 30, 2011 and 15.7% to 14.7% for the nine month period ended September 30, 2011 as compared to the same periods in 2010 mainly due to increased shipments and revenues combined with cost containment. Selling, general and administrative expenses are attributable to marketing of products (i.e., costs of internal and external sales efforts, catalog production, and the promotion of new and existing products in current and new markets). Also included in SG&A expenses are the labor and related costs for general and administrative support, accounting, professional, legal and information technology costs. Selling, general and administrative expenses remained relatively consistent for the three month period ended September 30, 2011 and increased $75,000 for the nine month period ended September 30, 2011, respectively, when compared to the same periods in 2010 mainly due to increased salaries and wages at both the ATG and CPG partially offset by decreases in professional and consulting expenses.
 
 
Interest Expense
 
 
Interest expense decreased for the three and nine month periods ended September 30, 2011 compared to the same periods in 2010 due to the decrease in average outstanding debt and interest rates. See also Note 5, Long-Term Debt, of the accompanying consolidated financial statements for information on long-term debt.
 
 
Depreciation and Amortization Expense
 
 
Depreciation and amortization expense increased for the three and nine month periods ended September 30, 2011 compared to the same periods in 2010. Depreciation expense fluctuates due to variable estimated useful lives of depreciable property (as identified in Note 2, Summary of Significant Accounting Policies, of the accompanying consolidated financial statements) as well as the amount and nature of capital expenditures in current and previous periods. It is anticipated that the Company’s future capital expenditures will, at a minimum, follow the Company’s requirements to support its manufacturing delivery commitments and to meet certain information technology related capital expenditure requirements.
 
 
Other Income
 
 
Components of other income include interest income on cash and cash equivalents, and other amounts not directly related to the sale of the Company’s products. Other income has increased for the three and nine month periods ended September 30, 2011 when compared to the same three and nine month periods in 2010.
 
 
Income Taxes
 
 
The Company’s effective tax rate was approximately 30.1% and 33.3% for the three and nine month periods ended September 30, 2011 and 2010, respectively. The effective tax rate reflects the annual effective rate for federal and state income taxes, permanent non-deductible expenditures and the tax benefit for manufacturing deductions allowable under the American Jobs Creation Act of 2004 and decreased due to benefits relating to R&D tax credits. See also Note 7, Income Taxes, of the accompanying consolidated financial statements for information concerning income tax.
 
 
- 17 -
 
 
Net Income
 
 
Net income increased for the three month period ended September 30, 2011 $699,000 or 341.0% and increased $432,000 or 26.9% for the nine month period when compared to the same periods ended September 30, 2010. The increase in net income is primarily the result of increases in revenues and shipments combined with continued cost containment activities and negotiated pricing to maintain product margins.
 
 
Liquidity and Capital Resources
 
 
The Company’s primary liquidity and capital requirements relate to working capital needs; primarily inventory, accounts receivable, capital expenditures for property, plant and equipment and principal and interest payments on debt. At September 30, 2011, the Company had working capital of approximately $20,123,000 ($18,838,000 – December 31, 2010) of which approximately $4,934,000 ($4,447,000– December 31, 2010) was comprised of cash and cash equivalents.
 
 
The Company generated approximately $1,950,000 in cash from operations during the nine months ended September 30, 2011 as compared to generating $1,885,000 during the nine months ended September 30, 2010. Cash was generated primarily through net income and timing differences on prepaid income taxes and accrual items. The primary use of cash for the Company’s operating activities for the nine months ended September 30, 2011 include working capital requirements, mainly accounts receivable, inventory and prepayments on insurances and payments for property taxes. Cash generated and used in operations is consistent with sales volume, customer expectations and competitive pressures. The Company’s primary use of cash in its financing and investing activities in the first nine months of 2011 included current principal payments on long-term debt, as well as approximately $336,000 for a cash dividend paid on May 20, 2011 to shareholders of record on April 29, 2011. The Company expended approximately $435,000 for capital expenditures. The Company also expended $517,000 to purchase outstanding stock options.
 
 
At September 30, 2011, there are no material commitments for capital expenditures. The Company also has an unsecured $1,000,000 line of credit on which there is no balance outstanding at September 30, 2011. If needed, this can be used to fund cash flow requirements. The Company believes that it has adequate internal and external resources available to fund expected working capital and capital expenditure requirements through fiscal 2011 as supported by the level of cash/cash equivalents on hand, cash flow from operations and bank line of credit.
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
 
 
The Company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.
 
Item 4.
Controls and Procedures
 
 
Disclosure Controls and Procedures
 
 
The Company carried out an evaluation under the supervision and with the participation of its management, including the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of September 30, 2011. Based upon that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures are effective to ensure that the information required to be disclosed by the Company in SEC reports under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to the Company’s management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.
 
 
Changes in Internal Controls
 
 
During the three and nine month periods ended September 30, 2011, there were no changes in internal controls over financial reporting that have materially affected, or are reasonably likely to affect, the Company’s internal controls over financial reporting.


- 18 -
 
 
 
PART II
 
OTHER INFORMATION
 
Item 1.
Legal Proceedings
 
 
There are no legal proceedings which are material to the Company currently pending by or against the Company other than ordinary routine litigation incidental to the business which is not expected to materially adversely affect the business or earnings of the Company.
 
Item 1A.
Risk Factors
 
 
The Company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 
(c)   Company Purchases of Company’s Equity Securities
 
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. On October 31, 2008, the Company announced that its Board of Directors authorized the purchase of an additional 200,000 shares of the Company’s common stock under the Company’s current purchase program. As of September 30, 2011, the Company has purchased 238,088 shares during prior periods and there remain 211,912 shares available to purchase under this program. There were no shares purchased by the Company during the three or nine month periods ended September 30, 2011 and 2010.
 
Item 3.
Defaults Upon Senior Securities
 
 
None.
 
Item 4.
Removed and Reserved
 
Item 5.
Other Information
 
 
None.

- 19 -
 
 
 
Item 6.
Exhibits
 
 
10
Material Contracts (*Indicates management contract or compensatory plan or arrangement)
 
 
10.1*
Amendment to employment contract for Dr. Nicholas D. Trbovich, Chief Executive Officer dated August 12, 2011
 
 
10.2*
Amendment to employment contract for Nicholas D. Trbovich, Jr., President/COO dated August 12, 2011
 
 
31.1
Certification of Chief Financial Officer pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
 
 
31.2
Certification of Chief Executive Officer pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
 
 
32.1
Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
 
 
32.2
Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
 
 
101
The following materials from Servotronics, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, formatted in XBRL (eXtensible Business Reporting Language):  (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of cash flows and (iv) the notes to the consolidated financial statements, tagged as block of text.**

**  Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
 
FORWARD-LOOKING STATEMENTS
 
In addition to historical information, certain sections of this Form 10-Q 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 capital resources and profitability. Forward-looking statements involve numerous risks and uncertainties. The Company derives a material portion of its revenues 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 discussed herein, 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, and difficulty in predicting defense appropriations, the vitality of the commercial aviation industry and its ability 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 of the economy, including interest rates, income tax laws, governmental regulation, legislation, population changes and those risk factors discussed elsewhere in this Form 10-Q. 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.

- 20 -
 
 
 


SIGNATURES
 
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, thereunto duly authorized.

Date: November 8, 2011
 
 
 
  SERVOTRONICS, INC.  
       
 
By:
/s/ Cari L. Jaroslawsky, Chief Financial Officer  
    Cari L. Jaroslawsky  
    Chief Financial Officer   
       

     
       
 
By:
/s/ Dr. Nicholas D. Trbovich, Chief Executive Officer  
    Dr. Nicholas D. Trbovich  
    Chief Executive Officer  
       

 

 

- 21 -
 EX-10.1 2 exhibittenone.htm EMPLOYMENT AGREEMENT exhibittenone.htm
Exhibit 10.1




As of August 12, 2011

Dr. Nicholas D. Trbovich (Nicholas D. Trbovich, Sr.)
28 Tanglewood Drive, West
Orchard Park, NY 14127

Dear Dr. Nicholas D. Trbovich (Nicholas D. Trbovich, Sr.):

You and Servotronics, Inc. (the “Company”) are parties to an Employment Agreement, dated July 1, 2005 and ratified on June 30, 2006 pursuant to which you are employed by the Company. This letter confirms such Amended Employment Agreement and subsequent ratification and subsequent Amendments dated August 4, 2006, July 6, 2007, July 9, 2008, December 31, 2008, July 2, 2009 and as of July 22, 2010 any and all other relevant amendments (the “Amended Agreement”).

This letter will also confirm your agreement and that of the Company (pursuant to a resolution of the Board of Directors passed at a meeting held on August 12, 2011) to amend Paragraph 3 of the Amended Agreement to delete “$529,300.00” and insert in its place “$545,170.00” (effective May 1, 2011) subject to your acceptance which will be indicated by your signature below.

If the foregoing meets with your approval and you are willing to become bound hereby, please sign and return to the undersigned the enclosed copy of this letter.

Very truly yours,

SERVOTRONICS, INC.



Bernadine E. Kucinski,
Assistant Corporate Secretary


ACCEPTED AND AGREED
 
     
 
Dr. Nicholas D. Trbovich
      
Dr. Nicholas D. Trbovich
 
 As of August 12, 2011  
(Nicholas D. Trbovich, Sr.)   Date  
       
       
 
 
 EX-10.2 3 exhibittentwo.htm EMPLOYMENT AGREEMENT exhibittentwo.htm
Exhibit 10.2





As of August 12, 2011

Nicholas D. Trbovich, Jr.
28 Tanglewood Drive, West
Orchard Park, NY 14127

Dear Mr. Nicholas D. Trbovich, Jr.:

You and Servotronics, Inc. (the “Company”) are parties to an Amended Employment Agreement, dated July 1, 2005 and ratified on June 30, 2006 pursuant to which you are employed by the Company.  This letter confirms such Amended Employment Agreement and subsequent ratification and subsequent Amendments dated August 4, 2006, July 6, 2007, July 9, 2008, December 31, 2008, July 2, 2009, and as of July 22, 2010 and any and all other relevant amendments (the “Amended Agreement”).

This letter will also confirm your agreement and that of the Company (pursuant to a resolution of the Board of Directors passed at a meeting held on August 12, 2011) to amend Paragraph 3 of the Amended Agreement to delete “$314,730.00” and insert in its place “$324,170.00” (effective May 1, 2011) subject to your acceptance which will be indicated by your signature below.

If the foregoing meets with your approval and you are willing to become bound hereby, will you please sign and return to the undersigned the enclosed copy of this letter.

Very truly yours,

SERVOTRONICS, INC.



Bernadine E. Kucinski,
Assistant Corporate Secretary.


ACCEPTED AND AGREED
 
     
 /s/ Nicholas D. Trbovich, Jr.      
Nicholas D. Trbovich, Jr.
 
 As of August 12, 2011  
    Date  
       
       
 


 EX-31.1 4 exthirtyoneone.htm CERTIFICATION OF CFO exthirtyoneone.htm
Exhibit 31.1
CERTIFICATION
 
I, Cari L. Jaroslawsky, certify that:

1.  
I have reviewed this quarterly report on Form 10-Q of Servotronics, Inc.;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
     
       
Date:   November 8, 2011
By:
/s/ Cari L. Jaroslawsky, Chief Financial Officer  
    Cari L. Jaroslawsky   
    Chief Financial Officer   
       

EX-31.2 5 exthirtyonetwo.htm CERTIFICATION OF CEO exthirtyonetwo.htm
Exhibit 31.2
CERTIFICATION
 
I, Dr. Nicholas D. Trbovich, certify that:

1.  
I have reviewed this quarterly report on Form 10-Q of Servotronics, Inc.;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
     
       
Date:   November 8, 2011
By:
/s/ Dr. Nicholas D. Trbovich, Chief Executive Officer  
    Dr. Nicholas D. Trbovich   
    Chief Executive Officer  
       



 
 EX-32.1 6 exthirtytwoone.htm CERTIFICATION OF CFO exthirtytwoone.htm
Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the quarterly report of Servotronics, Inc. (the “Company”), on Form 10-Q for the period ended September 30, 2011, I hereby certify solely for the purpose of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
 
 
1.
Other than the completion of a review of the interim financial statements contained within this report by an independent accountant using professional review standards and procedures, the quarterly report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Act of 1934, and
 
 
2.
The information contained in the quarterly report fairly represents, in all materials respects, the financial condition and results of operations of the Company.
 
 
     
       
Date:   November 8, 2011
By:
/s/ Cari L. Jaroslawsky, Chief Financial Officer  
    Cari L. Jaroslawsky   
    Chief Financial Officer   
       


EX-32.2 7 exthirtytwotwo.htm CERTIFICATION OF CEO exthirtytwotwo.htm
Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the quarterly report of Servotronics, Inc. (the “Company”), on Form 10-Q for the period ended September 30, 2011, I hereby certify solely for the purpose of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
 
 
1.
Other than the completion of a review of the interim financial statements contained within this report by an independent accountant using professional review standards and procedures, the quarterly report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Act of 1934, and
 
 
2.
The information contained in the quarterly report fairly represents, in all materials respects, the financial condition and results of operations of the Company.
 

 
     
       
Date:   November 8, 2011
By:
/s/ Dr. Nicholas D. Trbovich, Chief Executive Officer  
    Dr. Nicholas D. Trbovich   
    Chief Executive Officer  
       


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Consolidated Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2011
Dec. 31, 2010
Statement of Financial Position [Abstract]  
Common stock, par value$ 0.20$ 0.20
Common stock, authorized shares4,000,0004,000,000
Common stock, issued shares2,614,5062,614,506
Common stock, shares outstanding1,981,8771,981,877
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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Income Statement [Abstract]    
Revenue$ 8,808$ 7,346$ 25,496$ 23,433
Costs, expenses and other income:    
Cost of goods sold, exclusive of depreciation and amortization6,2845,64318,44716,839
Selling, general and administrative1,2041,2253,7573,682
Interest expense14164450
Depreciation and amortization163159498483
Other income, net(150)(6)(164)(29)
Total Costs7,5157,03722,58221,025
Income before income tax provision1,2933092,9142,408
Income tax provision389104876802
Net income$ 904$ 205$ 2,038$ 1,606
Basic    
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Diluted    
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Document and Entity Information
9 Months Ended
Sep. 30, 2011
Oct. 31, 2011
Document And Entity Information  
Entity Registrant NameSERVOTRONICS INC /DE/ 
Entity Central Index Key0000089140 
Document Type10-Q 
Document Period End DateSep. 30, 2011
Amendment Flagfalse 
Current Fiscal Year End Date--12-31 
Is Entity a Well-known Seasoned Issuer?No 
Is Entity a Voluntary Filer?No 
Is Entity's Reporting Status Current?Yes 
Entity Filer CategorySmaller Reporting Company 
Entity Common Stock, Shares Outstanding 2,237,371
Document Fiscal Period FocusQ3 
Document Fiscal Year Focus2011 
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Income Taxes
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Income Taxes

  

7. Income Taxes   

The Company did not have any material uncertain tax positions or unrecognized tax benefits or obligations as of September 30, 2011 and December 31, 2010. 

The Company and/or its subsidiaries file income tax returns in the United States federal jurisdiction and in the states of New York, Pennsylvania, Arkansas and Texas. During the third quarter of 2009, the New York State Department of Taxation and Finance (NYS) commenced an examination of the Company’s New York State franchise tax returns for the years 2005 through 2007. In the third quarter of 2010, the examination was completed and resulted in no change to the Company’s originally filed returns. Also, during the third quarter of 2010, the Internal Revenue Service commenced an examination of the Company’s Federal Income tax returns for years 2008 and 2009. In the first quarter of 2011, the examination was completed and resulted in no material adjustments to the originally filed returns. The 2008 and 2010 federal and state tax returns remain open for potential examination by taxing authorities. 

 

 

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Business Segments
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Business Segments

12. Business Segments   

The Company operates in two business segments, Advanced Technology Group (ATG) and Consumer Products Group (CPG). The Company’s reportable segments are strategic business units that offer different products and services. The segments are composed of separate corporations and are managed separately. Operations in ATG primarily involve the design, manufacture, and marketing of servo-control components (i.e., torque motors, control valves, actuators, etc.) for government, commercial and industrial applications. CPG’s operations involve the design, manufacture and marketing of a variety of cutlery and other edged products for use by consumers and government agencies. The Company derives its primary sales revenue from domestic customers, although a portion of finished products are for foreign end use. 

As of September 30, 2011, the Company had identifiable assets of approximately $30,010,000 ($28,506,000 – December 31, 2010) of which approximately $15,520,000 ($15,342,000 – December 31, 2010) was for ATG and approximately $14,490,000 ($13,164,000 – December 31, 2010) was for CPG.

Information regarding the Company’s operations in these segments is summarized as follows ($000’s omitted): 

  ATG   CPG   Consolidated
  Nine Months Ended   Nine Months Ended   Nine Months Ended
  September 30,   September 30,   September 30,
        2011     2010       2011     2010       2011     2010
Revenues from unaffiliated customers $15,817 $13,713   $9,679 $9,720   $25,496 $23,433
Cost of good sold, exclusive of depreciation                
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Selling, general and administrative (2,201) (2,189)   (1,556) (1,493)   (3,757) (3,682)
Interest expense (37) (42)   (7) (8)   (44) (50)
Depreciation and amortization (319) (311)   (179) (172)   (498) (483)
Other income, net 153 16   11 13   164 29
Income before income                
    tax provision $2,842 $2,052   $72 $356   $2,914 $2,408
Capital expenditures $151 $203   $284 $109   $435 $312
                 

 

  ATG   CPG   Consolidated
  Three Months Ended   Three Months Ended   Three Months Ended
  September 30,   September 30,   September 30,
      2011     2010       2011     2010       2011     2010
Revenues from unaffiliated customers $5,409 $4,636   $3,399 $2,710   $8,808 $7,346
Cost good sold, exclusive of depreciation                
    and amortization (3,522) (3,164)   (2,762) (2,479)   (6,284) (5,643)
Selling, general and administrative (704) (731)   (500) (494)   (1,204) (1,225)
Interest expense (12) (14)   (2) (2)   (14) (16)
Depreciation and amortization (105) (102)   (58) (57)   (163) (159)
Other income, net 145 1   5 5   150 6
Income (loss) before income                
    tax provision (benefit) $1,211 $626   $82 ($317)   $1,293 $309
Capital expenditures $70 $126   $180 $80   $250 $206

 XML 20 R8.htm IDEA: XBRL DOCUMENT v2.3.0.15
Inventories
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Inventories

3. Inventories   

 

    September 30,    December 31, 
    2011    2010 
    ($000’s omitted) 
Raw materials and common parts  $5,427   $5,491 
Work-in-process   4,250    3,358 
Finished goods   2,060    2,183 
Total inventories, net of reserve  $11,737   $11,032 

 

 XML 21 R14.htm IDEA: XBRL DOCUMENT v2.3.0.15
Commitments
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Commitments

 

 

9. Commitments   

The Company leases certain equipment and real property pursuant to operating lease arrangements. Total rental expense in the three and nine month periods ended September 30, 2011 and 2010 and future minimum payments under such leases are not material to consolidated financial statements. The Company also leases certain real and personal property being accounted for under capital leases. See also Note 4, Property, Plant and Equipment, Note 5, Long-Term Debt and Note 6, Capital Lease – Related Party, of the accompanying consolidated financial statements for information on the capital leases.

 

 XML 22 R19.htm IDEA: XBRL DOCUMENT v2.3.0.15
Subsequent Events
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Subsequent Events

 

14. Subsequent Events 

On November 8, 2011, the Company announced that its Board of Directors declared a $0.15 per share cash dividend. The dividend will be paid on December 16, 2011 to shareholders of record on November 28, 2011 and will be approximately $336,000 in the aggregate. This dividend does not represent that the Company will pay dividends on a regular or scheduled basis.

. 

 

 

 XML 23 R15.htm IDEA: XBRL DOCUMENT v2.3.0.15
Related Party Transactions
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Related Party Transactions

 

10. Related Party Transactions  

During 2009 the Company formed a new wholly owned subsidiary that leased certain personal property from a related party through the execution of a capital lease. See Note 6, Capital Lease-Related Party, of the accompanying consolidated financial statements. The Company also entered into a real property operating lease agreement, with the same related party, which provides for annual rental of $60,000. In addition, in the event the Company is successful in obtaining certain tax and/or other incentives from the state the entity operates in, which includes the Company receiving a mortgage at below market rate having a term of ten or more years, the Company will be required to purchase the building at the appraised value of $506,000. If the Company does not receive such incentives, the Company may exercise the purchase option in its sole discretion. The Company did not exercise its purchase option, but, in 2010, the lessor and the Company extended the lease including purchase option through November 2011. Additionally, in the event that the Company purchases the building, there is an arrangement payable to the related party, providing a threshold in annual earnings is reached by the new subsidiary, which will result in a percentage payment which could be as low as zero dollars to a maximum total in the aggregate of $600,000 which is non-recurring. These transactions are disclosed as related party transactions because the wife of the Company’s President/COO is the sole shareholder of the company that is leasing/selling the assets. Purchases of inventory from the related party amounted to $0 and $27,000 during the first nine months of 2011 and 2010, respectively.

 

 XML 24 R13.htm IDEA: XBRL DOCUMENT v2.3.0.15
Shareholders Equity
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Shareholders Equity

 

8. Shareholders’ Equity   

    ($000’s omitted except for share data)    
    Common Stock         Accumulated  
    Number   Capital in       Other Total
    of shares   excess of Retained   Treasury Comprehensive Shareholders’
    issued Amount par value earnings ESOP stock Loss Equity
  Balance December 31, 2010 2,614,506 $523 $13,491 $11,467   ($1,367) ($2,724) ($78) $21,312  
     Net income - - - 2,038   - - - 2,038  
     Surrender of unexercised stock          
     options, net of tax benefit  - -        156 (517)    - -  - (361)  
     Cash dividend - - - (336)   - - - (336)  
  Balance September 30, 2011  2,614,506  $523   $13,647 $12,652    ($1,367)  ($2,724)  ($78)  $22,653

 

 

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. On October 31, 2008, the Company announced that its Board of Directors authorized the purchase of an additional 200,000 shares of the Company’s common stock under the Company’s current purchase program. As of September 30, 2011, the Company has purchased 238,088 shares and there remain 211,912 shares available to purchase under this program. There were no shares purchased by the Company during the nine month periods ended September 30, 2011 and 2010. 

Consistent with the Company’s current policy to reduce the number of outstanding Company shares thereby increasing the reported earnings per share, certain option holders elected on July 12, 2011 to surrender 112,000 unexercised options to the Company in exchange for a cash payment equal to the difference between the exercise price and the average of the high and the low market price of the Company’s common stock on the day of surrender less an administrative charge. Such transactions aggregated $517,000. A tax benefit, to the Company, of approximately $156,000 associated with these transactions reduced taxes payable and was credited directly to capital in excess of par value. 

As previously reported, on April 4, 2011, the Company announced that its Board of Directors declared a $0.15 per share cash dividend. The dividend was paid on May 20, 2011 to shareholders of record on April 29, 2011 and was approximately $336,000 in the aggregate. This fourth consecutive annual dividend does not represent that the Company will pay dividends on a regular or scheduled basis.  

Earnings Per Share 

Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period plus the number of shares of common stock that would be issued assuming all contingently issuable shares having a dilutive effect on the earnings per share that were outstanding for the period. Incremental shares from assumed conversions are calculated as the number of shares that would be issued, net of the number of shares that could be purchased in the marketplace with the cash received upon stock option exercise.

 

 

 

    Three Months Ended   Nine Months Ended  
    September 30,      September 30,  
    2011     2010      2011      2010  
    ($000’s omitted except per share data)  
Net income   $ 904     $ 205     $ 2,038     $ 1,606  
Weighted average common shares                                
    outstanding (basic)     1,982       1,961       1,982       1,961  
Incremental shares from assumed                                
    conversions of stock options     89       167       117       168  
Weighted average common                                
    shares outstanding (diluted)     2,071       2,128       2,099       2,129  
Basic                                
Net income per share   $ 0.46     $ 0.10     $ 1.03     $ 0.82  
Diluted                                
Net income per share   $ 0.44     $ 0.10     $ 0.97     $ 0.75  

 

 

 XML 25 R6.htm IDEA: XBRL DOCUMENT v2.3.0.15
Basis of Presentation
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Basis of Presentation

1. Basis of Presentation   

The accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. 

The accompanying consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. Operating results for the three and nine months ending September 30, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011. The consolidated financial statements should be read in conjunction with the 2010 annual report and the notes thereto.

 XML 26 R9.htm IDEA: XBRL DOCUMENT v2.3.0.15
Property, Plant and Equipment
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Property, Plant and Equipment

 

4. Property, Plant and Equipment   

    September 30,    December 31,  
    2011    2010  
    ($000’s omitted)  
Land  $25   $25 
Buildings   7,138    7,060 
Machinery, equipment and tooling (including capital lease)  12,799    12,444 
    19,962    19,529 
Less accumulated depreciation and amortization   (13,863)   (13,370)
Total property, plant and equipment  $6,099   $6,159 

 

  

Property, plant and equipment includes land and building in Elma, New York, under a $5,000,000 capital lease which can be purchased for a nominal amount at the end of the lease term. As of September 30, 2011 and December 31, 2010, accumulated amortization on the building amounted to approximately $2,390,000 and $2,293,000, respectively. Amortization expense amounted to $32,000 and $31,000 for the three month periods ended September 30, 2011 and 2010, respectively, and amounted to $97,000 and $98,000 for the nine month periods ended September 30, 2011 and 2010, respectively. The associated current and long-term liabilities are discussed in Note 5, Long-Term Debt, of the accompanying consolidated financial statements. Property, plant and equipment also includes machinery and equipment under a $588,000 capital lease with related party. As of September 30, 2011 and December 31, 2010, accumulated amortization on the machinery and equipment amounted to approximately $161,000 and $98,000, respectively. Amortization expense amounted to $21,000 for the three month periods ended September 30, 2011 and 2010, respectively, and amounted to $63,000 for the nine month periods ended September 30, 2011 and 2010, respectively. The associated current and long-term liabilities are discussed in Note 6, Capital Lease – Related Party, of the accompanying consolidated financial statements.

Depreciation expense amounted to $108,000 and $105,000 for the three month periods ended September 30, 2011 and 2010, respectively, and amounted to $332,000 and $316,000 for the nine month periods ended September 30, 2011 and 2010, respectively. The combined depreciation and amortization expense were $163,000 and $159,000 for the three month periods ended September 30, 2011 and 2010, respectively, and amounted to $498,000 and $483,000 for the nine month periods ended September 30, 2011 and 2010, respectively. The Company believes that it maintains property and casualty insurance in amounts adequate for the risk and nature of its assets and operations and which are generally customary in its industry.

 

 XML 27 R10.htm IDEA: XBRL DOCUMENT v2.3.0.15
Long-Term Debt
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Long-Term Debt

5. Long-Term Debt

    September 30,     December 31,  
    2011     2010  
    ($000’s omitted)  
    Industrial Development Revenue Bonds; secured by an equivalent            
letter of credit from a bank with interest payable monthly            
at a floating rate (0.44% at September 30, 2011) (A)   $ 3,130     $ 3,130  
                 
    Term loan payable to a financial institution;                
interest at LIBOR plus 2%, (2.22% at September 30, 2011);                
quarterly principal payments of $26,786 through the                
fourth quarter of 2011     26       107  
                 
    Secured term loan payable to a government agency;                
monthly payments of $1,950 including interest                
fixed at 3% payable through fourth quarter of 2015     92       107  
                 
    Secured term loan payable to a government agency;                
monthly principal payments of approximately $2,100 with                
interest waived payable through second quarter of 2012     18       37  
      3,266       3,381  
Less current portion     (235)       (323)  
    $ 3,031     $ 3,058  
                 

 

 

(A) The Industrial Development Revenue Bonds were issued by a government agency to finance the construction of the Company’s headquarters/advanced technology facility. Annual sinking fund payments of $170,000 commenced December 1, 2000 and continue through 2013, with a final payment of $2,620,000 due December 1, 2014. The Company has agreed to reimburse the issuer of the letter of credit if there are draws on that letter of credit. The Company pays the letter of credit bank an annual fee of 1% of the amount secured thereby and pays the remarketing agent for the bonds an annual fee of 1/4% of the principal amount outstanding. The Company’s interest under the facility capital lease has been pledged to secure its obligations to the government agency, the bank and the bondholders. 

The Company also has an unsecured $1,000,000 line of credit on which there was no balance outstanding at September 30, 2011 and December 31, 2010. 

Certain lenders require the Company to comply with debt covenants as described in the specific loan documents, including a debt service ratio. At September 30, 2011 and December 31, 2010, the Company was in compliance with its debt covenants.

 

 

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Other Income
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Other Income

 

 

13. Other Income 

Components of other income include interest income on cash and cash equivalents, and other amounts not directly related to the sale of the Company’s products.

 

 XML 30 R11.htm IDEA: XBRL DOCUMENT v2.3.0.15
Capital Lease- Related Party
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Capital Lease- Related Party

6. Capital Lease - Related Party

On November 3, 2009, the Company entered into a capital lease with a related party of the Company for certain equipment to be used in the expansion of the Company’s capabilities and product lines. See Note 10, Related Party Transactions, of the accompanying consolidated financial statements for information on the related party transaction. Monthly payments of $7,500, which include an imputed fixed interest rate of 2.00%, commenced November 3, 2009 and will continue through the fourth quarter of 2016. At September 30, 2011, the present value of the minimum lease payment is approximately $435,000 (after subtracting approximately $23,000 of imputed interest).

 

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Consolidated Statements of Cash Flow (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows related to operating activities:  
Net income$ 2,038$ 1,606
Depreciation and amortization498483
Change in assets and liabilities:  
Accounts receivable(452)(460)
Inventories(705)366
Prepaid income taxes382339
Other assets(117)(55)
Other non-current assets(29)(104)
Accounts payable38(150)
Accrued employee compensation and benefit costs179303
Accrued income taxes7 
Other accrued liabilities111(443)
Net cash generated in operating activities1,9501,885
Cash flows related to investing activities:  
Capital expenditures - property, plant and equipment(435)(312)
Proceeds from Certificates of Deposit 242
Net cash (used) generated in investing activities(435)(70)
Cash flows related to financing activities:  
Principal payments on long-term debt(115)(113)
Principal payments on capital lease related party(60)(59)
Cash dividend(336)(336)
Purchase of stock options(517)(573)
Net cash used in financing activities(1,028)(1,081)
Net increase in cash and cash equivalents487734
Cash and cash equivalents at beginning of period4,4473,825
Cash and cash equivalents at end of period$ 4,934$ 4,559

 XML 33 R7.htm IDEA: XBRL DOCUMENT v2.3.0.15
Business Description Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Business Description Summary of Significant Accounting Policies

2. Business Description and Summary of Significant Accounting Policies    

Business Description 

Servotronics, Inc. and its subsidiaries design, manufacture and market advanced technology products consisting primarily of control components and consumer products consisting of knives and various types of cutlery and other edged products. 

Principles of Consolidation 

The consolidated financial statements include the accounts of Servotronics, Inc. and its wholly-owned subsidiaries (the “Company”). All intercompany balances and transactions have been eliminated upon consolidation. 

Cash and Cash Equivalents 

The Company considers cash and cash equivalents to include all cash accounts and short-term investments purchased with an original maturity of three months or less. Cash equivalents consist primarily of short-term certificates of deposits. 

Accounts Receivable 

The Company grants credit to substantially all of its customers and carries its accounts receivable at original invoice amount less an allowance for doubtful accounts. On a periodic basis, the Company evaluates its accounts receivable and establishes an allowance for doubtful accounts based on history of past write-offs, collections, and current credit conditions. The allowance for doubtful accounts amounted to approximately $120,000 at September 30, 2011 and $117,000 at December 31, 2010. 

Revenue Recognition 

Revenues are recognized as services are rendered or as units are shipped and at the designated FOB point consistent with the transfer of title, risks and rewards of ownership. Such purchase orders generally include specific terms relative to quantity, item description, specifications, price, customer responsibility for in-process costs, delivery schedule, shipping point, payment and other standard terms and conditions of purchase. 

Inventories 

Inventories are stated at the lower of standard cost or net realizable value. Cost includes all costs incurred to bring each product to its present location and condition, which approximates actual cost (first-in, first-out). Market provisions in respect of net realizable value and inventory expected to be used in greater than one year are applied to the gross value of the inventory through a reserve of approximately $703,000 and $651,000 at September 30, 2011 and December 31, 2010, respectively. Pre-production and start-up costs are expensed as incurred. 

The purchase of suppliers’ minimum economic quantities of material such as steel, etc. may result in a purchase of quantities exceeding one year of customer requirements. Also, in order to maintain a reasonable and/or agreed to lead time, certain larger quantities of other product support items may have to be purchased and may result in over one year’s supply.  

Shipping and Handling Costs 

Shipping and handling costs are classified as a component of cost of goods sold. 

Property, Plant and Equipment 

Property, plant and equipment is carried at cost; expenditures for new facilities and equipment and expenditures which substantially increase the useful lives of existing plant and equipment are capitalized; expenditures for maintenance and repairs are expensed as incurred. Upon disposal of properties, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposition is included in income. 

Depreciation is provided on the basis of estimated useful lives of depreciable properties, primarily by the straight-line method for financial statement purposes and by accelerated methods for tax purposes. Depreciation expense includes the amortization of capital lease assets. The estimated useful lives of depreciable properties are generally as follows:  

Buildings and improvements 5-39 years   
Machinery and equipment 5-15 years    
Tooling 3-5 years   
      

Income Taxes 

The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of operating loss and credit carryforwards and temporary differences between the carrying amounts and the tax basis of assets and liabilities. The Company and its subsidiaries file a consolidated federal income tax return, a consolidated New York State income tax return and separate Pennsylvania, Arkansas and Texas state income tax returns. 

The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company did not have any accrued interest or penalties included in its consolidated balance sheets at September 30, 2011 or December 31, 2010, and did not recognize any interest and/or penalties in its consolidated statements of income during the three and nine months ended September 30, 2011 and 2010.  

Supplemental cash flow information 

Income taxes paid during the three months ended September 30, 2011 and 2010 amounted to approximately $291,000 and $62,000, respectively, and amounted to $517,000 and $475,000 for the nine months ended September 30, 2011 and 2010, respectively. Interest paid during the three months ended September 30, 2011 and 2010 amounted to approximately $14,000 and $16,000, respectively, and amounted to $44,000 and $50,000 for the nine months ended September 30, 2011 and 2010, respectively. The Company reduced its tax liability by approximately $156,000 related to the surrender of unexercised stock options recorded as an increase to capital in excess of par value. 

Employee Stock Ownership Plan 

Contributions to the employee stock ownership plan are determined annually by the Company according to plan formula. 

Impairment of Long-Lived Assets 

The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable based on undiscounted future operating cash flow analyses. If an impairment is determined to exist, any related impairment loss is calculated based on fair value. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. The Company has determined that no impairment of long lived assets existed at September 30, 2011 and December 31, 2010. 

Use of Estimates 

The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 

Reclassifications 

Certain balances as previously reported were reclassified to conform with classifications adopted in the current period. 

Research and Development Costs 

Research and development costs are expensed as incurred. 

Concentration of Credit Risks 

Financial instruments that potentially subject the Company to concentration of credit risks principally consist of cash accounts in financial institutions. Although the accounts exceed the federally insured deposit amount, management does not anticipate nonperformance by the financial institutions. Refer to Note 12, Business Segments, for disclosures related to customer concentrations. 

Fair Value of Financial Instruments 

The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are reasonable estimates of their fair value due to their short maturity. Based on variable interest rates and the borrowing rates currently available to the Company for loans similar to its long-term debt and capital lease, the fair value approximates its carrying amount.  

Pending Accounting Pronouncements 

In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income,” (ASU 2011-05) which improves the comparability, consistency, and transparency of financial reporting and increases the prominence of items reported in other comprehensive income. ASU is effective for fiscal years beginning on or after December 15, 2011 and early adoption is permitted. The Company is currently evaluating the impact of adopting the guidance. 

 XML 34 R16.htm IDEA: XBRL DOCUMENT v2.3.0.15
Litigation
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Litigation

 

11. Litigation  

There are no legal proceedings which are material to the Company currently pending by or against the Company other than ordinary routine litigation incidental to the business which is not expected to materially adversely affect the business or earnings of the Company.

 

 

 XML 35 R2.htm IDEA: XBRL DOCUMENT v2.3.0.15
Consolidated Balance Sheets (USD $)
In Thousands
Sep. 30, 2011
Dec. 31, 2010
Current assets:  
Cash and cash equivalents$ 4,934$ 4,447
Accounts receivable, net5,8795,427
Inventories, net11,73711,032
Prepaid income taxes 226
Deferred income taxes567567
Other assets469352
Total current assets23,58622,051
Property, plant and equipment, net6,0996,159
Other non-current assets325296
Total Assets30,01028,506
Current liabilities:  
Current portion of long-term debt235323
Current portion of capital lease related party8181
Accounts payable1,2851,247
Accrued employee compensation and benefit costs1,5141,332
Accrued Income Taxes7 
Other accrued liabilities341230
Total current liabilities3,4633,213
Long-term debt3,0313,058
Long-term portion of capital lease related party354414
Deferred income taxes509509
Shareholders' equity:  
Common stock, parvalue $.20; authorized 4,000,000 shares; issued 2,614,506 shares; outstanding 1,981,877 (1,981,877 - 2010) shares523523
Capital in excess of par value13,64713,491
Retained earnings12,65211,467
Accumulated other comprehensive loss(78)(78)
Employee stock ownership trust commitment(1,367)(1,367)
Treasury stock, at cost 377,135 (377,135 - 2010) shares(2,724)(2,724)
Total shareholders' equity22,65321,312
Total Liabilities and Shareholders' Equity$ 30,010$ 28,506
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