0001110550-11-000038.txt : 20111108 0001110550-11-000038.hdr.sgml : 20111108 20111108164525 ACCESSION NUMBER: 0001110550-11-000038 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07109 FILM NUMBER: 111188311 BUSINESS ADDRESS: STREET 1: 1110 MAPLE ST CITY: ELMA STATE: NY ZIP: 14059 BUSINESS PHONE: 7166335990 MAIL ADDRESS: STREET 1: P O BOX 300 STREET 2: ELMA STATE: NY ZIP: 14059-0300 8-K 1 eightk.htm 8-K eightk.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 8, 2011

Servotronics, Inc.
(Exact name of registrant as specified in its charter.)

Commission File Number: 001-07109

                                                                                    
 
Delaware   16-0837866
(State or other jurisdiction   (IRS Employer
of incorporation)   Identification No.)
 
                                                                                               
                                                                                    

1110 Maple Street
Elma, New York 14059-0300
(Address of principal executive offices, including zip code)

(716) 655-5990
(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
 

 

Item 2.02.                    Results of Operations and Financial Condition

On November 8, 2011 Servotronics, Inc. issued a press release announcing its financial results for the period ended September 30, 2011. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.


Item 7.01.                    Regulation FD Disclosure

On November 8, 2011, Servotronics, Inc. (the “Company”) issued a press release announcing 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. This dividend does not represent that the Company will pay dividends on a regular or scheduled basis. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.


The information set forth in Items 2.02, 7.01 and 9.01 of this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of Servotronics, Inc., whether made before or after the date hereof, regardless of any general incorporation language in such filing.


Item 9.01.                    Financial Statements and Exhibits

The following are filed as exhibits to this Current Report on Form 8-K:

 
99.1
Press Release dated November 8, 2011 entitled “Servotronics, Inc. (NYSE Amex– SVT) Reports 2011 Third Quarter and Nine Month Financial Results and Declares a Second $0.15 Per Common Share Dividend In 2011”.

Signature(s)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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

 
 

 

Exhibit Index

Exhibit No.                                Description

99.1                                     Servotronics, Inc. Press Release issued on November 8, 2011.

EX-99.1 2 exnnone.htm PRESS RELEASE exnnone.htm
Exhibit 99.1

 
[Servotronics, Inc. Letterhead]
 
1110 Maple Street  ♦  P.O. Box 300    Elma, New York 14059-0300    716-655-5990    FAX 716-655-6012
 
 
November 8, 2011
 
SERVOTRONICS, INC. (NYSE Amex– SVT)
 
REPORTS 2011 THIRD QUARTER
 
AND NINE MONTH FINANCIAL RESULTS
 
AND DECLARES A SECOND $0.15 PER COMMON SHARE DIVIDEND IN 2011

Elma, NY – Servotronics, Inc. (NYSE Amex – SVT) reported an approximate 341% increase in net income for the three month period ended September 30, 2011 to $904,000 (or $0.46 per share Basic, $0.44 per share Diluted) on an approximate 20% increase in revenues of $8,808,000 as compared to net income of $205,000 (or $.10 per share Basic and Diluted) on revenues of $7,346,000 for the comparable three month period ended September 30, 2010. Net income for the nine month period ended September 30, 2011 was increased approximately 27% to $2,038,000 (or $1.03 per share Basic, $0.97 per share Diluted) on an approximate 9% increase in revenues of $25,496,000. The comparable net income for the same nine month period of 2010 was $1,606,000 (or $0.82 per share Basic, $0.75 per share Diluted) on revenues of $23,433,000. The Company primarily attributes the increase in revenues and net income to increased shipments and product mix. Also reported was that the Company’s 9/30/11 working capital continues strong at $20,123,000 as compared to $18,480,000 for the comparable period ended September 30, 2010. The Company’s continuing strong financial position was specifically noted in the face of challenging global economic uncertainties. Also, there continues to be a consensus among economic/political commentators that U.S. tax rates will be higher in 2012.

In anticipation that new higher tax rates may be specifically imposed upon qualified dividends in 2012, the Company’s Board of Directors declared a $0.15 per share dividend to be paid on December 16, 2011 to shareholders of record on November 28, 2011. This second dividend payment in 2011 was determined by the Company’s Board of Directors in time for the shareholders to use the proceeds for end-of-year financial obligations and prior to any dividend income tax increases that may occur in 2012. Shareholders should not assume that dividends will be declared at comparable time periods or at all in the year 2012 unless the Company gives notice of such expectations/dividends.

The Company is composed of two groups – the Advanced Technology (ATG) and the Consumer Products Group (CPG). The ATG primarily designs, develops and manufactures servo controls and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, machetes and combat, survival, sporting, agricultural, pocket knives and other edged products for both commercial and government applications.
FORWARD-LOOKING STATEMENTS
 
Certain paragraphs of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as those pertaining to the Company's expectation of new business and success in its entry into new product programs. Forward-looking statements involve numerous risks and uncertainties. The Company derives a material portion of its revenue from contracts with agencies of the U.S. Government or their prime contractors. The Company's business is performed under fixed price contracts and the following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: uncertainties in today's global economy and global competition, difficulty in predicting defense appropriations, the vitality and ability of the commercial aviation industry to purchase new aircraft, the willingness and ability of the Company's customers to fund long-term purchase programs, and market demand and acceptance both for the Company's products and its customers' products which incorporate Company-made components. The success of the Company also depends upon the trends that affect the national and international economy. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company assumes no obligation to update forward-looking statements.