0001144204-17-058344.txt : 20171113 0001144204-17-058344.hdr.sgml : 20171110 20171113161251 ACCESSION NUMBER: 0001144204-17-058344 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171113 DATE AS OF CHANGE: 20171113 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: 171195984 BUSINESS ADDRESS: STREET 1: 1110 MAPLE ST CITY: ELMA STATE: NY ZIP: 14059 BUSINESS PHONE: 7166335990 MAIL ADDRESS: STREET 1: P O BOX 300 CITY: ELMA STATE: NY ZIP: 14059-0300 10-Q 1 tv478987_10q.htm FORM 10-Q

 

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

Form 10-Q

 

(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2017

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 ¨

 

Indicate by check mark 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 ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act.

 

Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company x Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨     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, 2017
Common Stock, $.20 par value   2,511,076

 

 

 

 

 

 

INDEX

 

    Page No.
       
  PART I. FINANCIAL INFORMATION  
       
Item 1. Financial Statements (Unaudited):  
       
  a) Consolidated Balance Sheets, September 30, 2017 and December 31, 2016 (Audited) 3
       
  b) Consolidated Statements of Income for the three and nine months ended September 30, 2017 and 2016 4
       
  c) Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016 5
       
  d) Notes to Consolidated Financial Statements 6
       
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 16
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 20
     
Item 4. Controls and Procedures 20
     
  PART II. OTHER INFORMATION  
     
Item 1. Legal Proceedings 21
     
Item 1A. Risk Factors 21
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21
     
Item 3. Defaults Upon Senior Securities 21
     
Item 4. Mine Safety Disclosures 21
     
Item 5. Other Information 21
     
Item 6. Exhibits 22
     
Forward-Looking Statement 22
   
Signatures 23

 

- 2 -

 

 

SERVOTRONICS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

($000’s omitted except share and per share data)

 

   September 30,   December 31, 
   2017   2016 
   (Unaudited)     
Current assets:          
Cash and cash equivalents  $2,045   $3,515 
Accounts receivable, net   9,100    7,439 
Inventories, net   12,993    13,293 
Prepaid income taxes   363    182 
Other current assets   363    387 
Total current assets   24,864    24,816 
           
Property, plant and equipment, net   11,021    9,937 
           
Deferred income taxes   491    491 
           
Other non-current assets   385    376 
           
Total Assets  $36,761   $35,620 
           
Liabilities and Shareholders' Equity          
           
Current liabilities:          
Current portion of long-term debt  $548   $548 
Accounts payable   2,500    2,080 
Accrued employee compensation and benefits costs   2,414    1,945 
Other accrued liabilities   680    426 
Total current liabilities   6,142    4,999 
           
Long-term debt   2,567    2,976 
           
Post retirement obligation   528    528 
           
Shareholders' equity:          
Common stock, par value $0.20; authorized 4,000,000 shares; issued 2,614,506 shares; outstanding 2,290,527 (2,310,148 - 2016) shares   523    523 
Capital in excess of par value   14,168    14,160 
Retained earnings   15,194    14,768 
Accumulated other comprehensive loss   (20)   (20)
Employee stock ownership trust commitment   (763)   (763)
Treasury stock, at cost 183,983 (164,066 - 2016) shares   (1,578)   (1,551)
Total shareholders' equity   27,524    27,117 
           
Total Liabilities and Shareholders' Equity  $36,761   $35,620 

 

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, 
   2017   2016   2017   2016 
                 
Revenue  $11,325   $9,465   $30,044   $28,708 
                     
Cost, expenses and other (income):                    
Cost of goods sold, exclusive of depreciation and amortization   8,036    7,043    22,706    20,888 
Selling, general and administrative   2,080    1,658    5,523    4,815 
Depreciation and amortization   209    198    637    610 
Interest expense   18    18    56    54 
Other income, net   (6)   (9)   (11)   (19)
                     
Total expenses   10,337    8,908    28,911    26,348 
                     
Income before income tax provision   988    557    1,133    2,360 
                     
Income tax provision   317    191    331    732 
                     
Net income  $671   $366   $802   $1,628 
                     
Income per share:                    
Basic                    
Net Income per share  $0.30   $0.17   $0.35   $0.74 
                     
Diluted                    
Net income per share  $0.29   $0.16   $0.35   $0.71 

 

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, 
   2017   2016 
Cash flows related to operating activities:          
Net Income  $802   $1,628 
Adjustments to reconcile net income to net cash provided (used) by operating activities:          
Depreciation and amortization   637    610 
Loss on disposal of property   16    - 
Stock based compensation   176    386 
Increase in inventory reserve   43    14 
Increase (decrease) in allowance for doubtful accounts   72    (8)
           
Change in assets and liabilities:          
Accounts receivable   (1,733)   (501)
Inventories   257    (1,466)
Prepaid income taxes   (181)   63 
Other current assets   24    (75)
Other non-current assets   (9)   (6)
Accounts payable   (88)   598 
Accrued employee compensation and benefit costs   469    (16)
Other accrued liabilities   254    145 
           
Net cash provided by operating activities   739    1,372 
           
Cash flows related to investing activities:          
Capital expenditures - property, plant and equipment   (1,401)   (786)
Proceeds from sale of assets   180    - 
           
Net cash used in investing activities   (1,221)   (786)
           
Cash flows related to financing activities:          
Principal payments on long-term debt   (409)   (410)
Purchase of treasury shares   (203)   (197)
Cash dividend   (376)   (380)
           
Net cash used in financing activities   (988)   (987)
           
Net decrease in cash and cash equivalents   (1,470)   (401)
           
Cash and cash equivalents at beginning of period   3,515    3,268 
           
Cash and cash equivalents at end of period  $2,045   $2,867 

 

  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 ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The consolidated financial statements should be read in conjunction with the 2016 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.

 

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 $149,000 at September 30, 2017 and $77,000 at December 31, 2016. The Company does not accrue interest on past due receivables.

 

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 cost or net realizable value. Cost includes all costs incurred to bring each product to its present location and condition. Market provisions in respect of lower of cost or market adjustments 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 $1,556,000 and $1,513,000 at September 30, 2017 and December 31, 2016, respectively. Pre-production and start-up costs are expensed as incurred.

 

- 6 -

 

 

SERVOTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

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. These amounts are not included in the inventory reserve discussed above.

 

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 income 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 5-40 years
Machinery and equipment 5-20 years
Tooling 3-5 years

 

Income Taxes

 

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities, as well as operating loss and credit carryforwards. The Company and its subsidiaries file a consolidated federal income tax return, combined New York and Texas state income tax returns and separate Pennsylvania and Arkansas 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, 2017 or December 31, 2016, and did not recognize any interest and/or penalties in its consolidated statements of income during the nine months ended September 30, 2017 and 2016. The Company did not have any material uncertain tax positions or unrecognized tax benefits or obligations as of September 30, 2017 and December 31, 2016. The 2014 through 2016 federal and state tax returns remain subject to examination.

 

Supplemental Cash Flow Information

 

Income taxes paid during the nine months ended September 30, 2017 and 2016 amounted to approximately $165,000 and $644,000, respectively. Interest paid amounted to approximately $56,000 and $54,000, respectively, during the nine months ended September 30, 2017 and 2016. Equipment received but not placed in service and included in accounts payable at September 30, 2017 amounted to approximately $508,000.

 

- 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 annually or 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, 2017 and December 31, 2016.

 

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 consolidated 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.

 

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, the fair value approximates its carrying amount.

 

Recent Accounting Pronouncements

 

Effective January 1, 2017, the Company adopted new guidance issued by the Financial Accounting Standards Board (“FASB”) ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”. The ASU changes the measurement principle for certain inventory methods from the lower of cost or market to the lower of cost and net realizable value. Adoption of this new guidance had no impact on the Company’s consolidated results of operations and financial position.

 

- 8 -

 

 

SERVOTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Effective January 1, 2017, the Company adopted new guidance issued by the FASB ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. The guidance requires that all deferred tax assets and deferred tax liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. Adoption of this new guidance during the reporting period resulted in the reclassification of a deferred tax liability, of $661,000 from current to noncurrent at September 30, 2017 and December 31, 2016. The deferred tax liability, for both reporting periods offsets the deferred tax asset, as presented on the balance sheet at September 30, 2017 and December 31, 2016.

 

Effective January 1, 2017, the Company adopted new guidance issued by the FASB ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which amends the current stock compensation guidance. The amendments simplify the accounting for the taxes related to stock based compensation, including adjustments to how excess tax benefits and a Company’s payments for tax withholdings should be classified. Adoption of this new guidance has not had a material impact on the Company’s consolidated results of operations and financial position.

 

Effective January 1, 2017, the Company selected early adoption of the new guidance issued by the FASB ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. Adoption of this new guidance has not had a material impact on the Company’s consolidated results of operations and financial position.

 

In March 2017, the FASB issued ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which requires employers to present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. The other components of net periodic benefit cost will be presented separately from the line item(s) that includes the service cost and outside of any subtotal of operating income, if one is presented. This update is effective for annual periods beginning after December 15, 2017.

 

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The new revenue recognition standard outlines a comprehensive model for companies to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. In August 2015, the FASB affirmed its proposal to defer the effective date of the standard to annual reporting periods (and interim reporting periods within those years) beginning after December 15, 2017. Entities are permitted to apply the new revenue standard early, but not before the original effective date of annual periods beginning after December 15, 2016. The Company’s revenues are recognized as services are rendered or as units are shipped and at the designated FOB point. The Company does not believe the adoption will have a material impact on our consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” There are elements of the new standard that could impact almost all entities to some extent, although the lessees will likely see the most significant changes. Lessee will need to recognize virtually all of their leases on the balance sheet, by recording the right-of-use asset and a lease liability. Public business entities are required to adopt the new leasing standard for fiscal years, and interim period within those fiscal years, beginning December 15, 2018. For calendar year-end public companies, this means an adoption date of January 1, 2019. Early adoption is permitted. The Company does not believe the adoption will have a material impact on the financial statements and disclosures.

 

- 9 -

 

 

SERVOTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

3.Inventories

 

   September 30,   December 31, 
   2017   2016 
   ($000's omitted) 
Raw material and common parts, net of reserve  $7,930   $7,618 
Work-in-process   3,123    2,062 
Finished goods, net of reserve   1,940    3,613 
Total inventories  $12,993   $13,293 

 

4.Property, Plant and Equipment

 

   September 30,   December 31, 
   2017   2016 
   ($000's omitted) 
         
Land  $7   $21 
Buildings   10,144    10,422 
Machinery, equipment and tooling   16,285    15,826 
Construction in progress   1,544    77 
    27,980    26,346 
Less accumulated depreciation   (16,959)   (16,409)
   $11,021   $9,937 

 

As previously disclosed, the Company through a wholly-owned subsidiary, entered into a contract to sell unused commercial real property in Franklinville, New York for approximately $180,000. The sale transaction closed on March 9, 2017 and the wholly-owned subsidiary recognized a de minimis loss on the sale.

 

The Company has purchased and received two pieces of equipment in the amount of approximately $688,000. Both pieces of equipment will be paid using the Company’s new lease line of credit for equipment financing dated August 17, 2017. As of September 30, 2017 neither piece of equipment has been put into service.

 

Depreciation and amortization expense amounted to approximately $637,000 and $610,000 for the nine months ended September 30, 2017 and 2016, respectively. Depreciation and amortization expense amounted to approximately $209,000 and $198,000 for the three months ended September 30, 2017 and 2016, 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.

 

- 10 -

 

 

SERVOTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

As of September 30, 2017, there is approximately $1,544,000  ($77,000  – 2016) of construction in progress included in property, plant and equipment primarily related to capital projects at the Advanced Technology Group (“ATG”), including the equipment covered under the equipment financing agreement. See Note 7, Commitments and Contingencies, for more information on anticipated capital expenditures.

 

5.Long-Term Debt

 

   September 30,   December 31, 
   2017   2016 
   ($000's omitted) 
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.64% as of September 30, 2017), monthly principal payments of $21,833 through 2021 with a balloon payment of $786,000 due December 1, 2021  $1,901   $2,096 
           
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.64% as of September 30, 2017), monthly principal payments of $23,810 through December 1, 2021   1,214    1,428 
    3,115    3,524 
Less current portion   (548)   (548)
   $2,567   $2,976 

 

The Company renewed a $2,000,000 line of credit available until June 20, 2018. There was no balance outstanding at September 30, 2017 and December 31, 2016.

 

The term loans are secured by all personal property of the Company with the exception of certain equipment that was purchased from proceeds of government grants.

 

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, 2017 and December 31, 2016 the Company was in compliance with these covenants.

 

The Company established a lease line of credit for equipment financing in the amount of $1,000,000 available until June 28, 2018. This line is non-revolving and non-renewable. The lease term for equipment covered by the lease line of credit is sixty months. Monthly payments will be fixed for the term of each funding based upon the Lender’s lease pricing in effect at the time of such funding. There was no balance outstanding at September 30, 2017.

 

- 11 -

 

 

SERVOTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6.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   ESOT   stock   Loss   equity 
                                 
Balance at December 31, 2016   2,614,506   $523   $14,160   $14,768   $(763)  $(1,551)  $(20)  $27,117 
Net income                  802                   802 
Purchase of treasury shares             -              (203)        (203)
Cash dividend                  (376)                  (376)
Stock based compensation, net of tax benefit   -    -    8    -    -    176    -    184 
Balance at September 30, 2017   2,614,506   $523   $14,168   $15,194   $(763)  $(1,578)  $(20)  $27,524 

 

The Company’s Board of Directors authorized the purchase of up to 450,000 shares of its common stock in the open market or in privately negotiated transactions. As of September 30, 2017, the Company has purchased 349,330 shares and there remains 100,670 shares available to purchase under this program. There were 19,917 shares purchased by the Company during the nine month period ended September 30, 2017.

 

On April 11, 2016, the Company issued 51,000 shares of restricted stock to Executive Officers and certain key management of the Company under the Company’s 2012 Long-Term Incentive Plan. The restricted share awards have varying vesting periods between January 2017 and January 2018; however, these shares have voting rights and accrue dividends prior to vesting. The aggregate amount of expense to the Company, measured based on grant date fair value is expected to be approximately $370,000 and will be recognized over the requisite service period.

 

Included in the nine months ended September 30, 2017 and 2016 is approximately $176,000 and $386,000, respectively, of stock-based compensation expense related to the restrictive share awards.

 

On January 1, 2017, 39,750 shares of restricted stock vested of which 15,991 shares were withheld and repurchased by the Company for approximately $160,000 to satisfy statutory minimum withholding tax requirements for those participants who elected this option as permitted under the Company’s 2012 Long-Term Incentive Plan. Additionally, upon the death of Servotronics’ Chairman of the Board and Chief Executive Officer (CEO), 15,000 restricted shares awarded to the Chairman and CEO vested.

 

On May 16, 2017 the Company announced that its Board of Directors declared a $0.15 per share cash dividend. The dividend was subsequently paid on July 14, 2017 to shareholders of record on June 30, 2017 and was approximately $376,000 in the aggregate. These dividends do not represent that the Company will pay dividends on a regular or scheduled basis. The amount is a reduction to retained earnings on the accompanying consolidated balance sheet.

 

Earnings Per Share

 

Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. 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. The dilutive effect of unvested restrictive stock is determined using the treasury stock method.

 

- 12 -

 

 

SERVOTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2017   2016   2017   2016 
   ($000's omitted except per share data) 
Net Income  $671   $366   $802   $1,628 
Weighted average common shares outstanding (basic)   2,262    2,219    2,264    2,203 
Unvested restricted stock   29    92    29    92 
Weighted average common shares outstanding (diluted)   2,291    2,311    2,293    2,295 
Basic                    
Net income per share  $0.30   $0.17   $0.35   $0.74 
Diluted                    
Net income per share  $0.29   $0.16   $0.35   $0.71 

 

7.Commitments and Contingencies

 

Post retirement obligation. As previously disclosed in filings with the Securities and Exchange Commission (“SEC”), the Company, under an employment agreement, is expected to pay post employment health related benefits to the former Executive Officer of the Company. Approximately $528,000 has been accrued as of September 30, 2017 and is reflected as Post Retirement Obligation in the accompanying balance sheet.

 

Facility Expansion. As previously disclosed, the Company has commenced a multi-year investment plan designed to consolidate the operations of the Consumer Products Group (“CPG”). The five year plan included the construction of an approximate 28,000 square foot addition, capital improvements to the existing plant, the reconfiguration of its production process within the expanded facility, and the addition of new state of the art knife-making equipment. The Company broke ground in the second quarter of 2014 and began manufacturing in the newly constructed facility in the fourth quarter of 2015. The cost of the project was approximately $4,000,000 over a five year period of which $3,432,000 was completed as of September 30, 2017 and is included in property, plant and equipment.

               

The CPG was awarded certain incentives from the County of Cattaraugus Industrial Development Agency (CCIDA) in connection with the expansion of the Company’s facility in Franklinville, New York and other proposed capital expenditures. The incentives include certain real property tax and sales tax abatements in connection with the proposed project. The Company’s CPG entered into customary lease and leaseback arrangements with the CCIDA to facilitate the various tax incentives.

 

- 13 -

 

 

SERVOTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

The Company’s CPG was awarded a $300,000 grant from Cattaraugus County, New York. The grant was used towards new manufacturing equipment in connection with the proposed expansion project. As part of the terms of the Grant Contract with Cattaraugus County, the Company’s CPG has agreed to maintain certain employment levels for a period of five years from the date of the agreement, March 13, 2014. If the employment levels are not maintained, the Company will be required to repay the grant proceeds on a prorated basis. The Company has maintained the required employment levels as of September 30, 2017.

 

8.Litigation

 

Litigation. The Company has pending litigation relative to leases of certain equipment and real property with a former related party, Aero, Inc. Aero, Inc. is suing Servotronics, Inc. and its wholly owned subsidiary and has alleged damages in the amount of $3,000,000. The Company has filed a response to the Aero, Inc. lawsuit and has also filed a counter-claim in the amount of $3,191,000. The Company considers the risk of loss remote, and is unable to reasonably or accurately estimate the likelihood and amount of any liability or benefit that may be realized as a result of this litigation. Accordingly, no gain or loss has been recognized in the accompanying financials statements related to this litigation. 

 

There are no other legal proceedings currently pending by or against the Company other than litigation incidental to the business, which is not expected to have a material adverse effect on the business or earnings of the Company.

 

9.Related Party Transactions

 

The Company paid legal fees and disbursements of approximately $188,000 and $65,000 in the nine month period ended September 30, 2017 and 2016, respectively, for services provided by a law firm that is owned by a member of the Company’s Board of Directors. Legal fees paid for the three month period ended September 30, 2017 and 2016 amounted to approximately $44,000 and $41,000, respectively. As of September 30, 2017, the Company had accrued additional legal fees of approximately $39,000 with this firm.

 

10.Business Segments

 

The Company operates in two business segments, ATG and 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 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, 2017, the Company had identifiable assets of approximately $36,761,000 ($35,620,000 – December 31, 2016) of which approximately $25,477,000  ($24,037,000 – December 31, 2016) was for ATG and approximately $11,284,000 ($11,583,000 – December 31, 2016) was for CPG.

 

- 14 -

 

 

SERVOTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

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, 
   2017   2016   2017   2016   2017   2016 
Revenues from unaffiliated customers  $23,968   $23,023   $6,076   $5,685   $30,044   $28,708 
Cost of goods sold, exclusive of depreciation and amortization   (17,407)   (16,060)   (5,299)   (4,828)   (22,706)   (20,888)
Selling, general and administrative   (4,133)   (3,477)   (1,390)   (1,338)   (5,523)   (4,815)
Depreciation and amortization   (443)   (412)   (194)   (198)   (637)   (610)
Interest expense   (32)   (32)   (24)   (22)   (56)   (54)
Other income, net   9    19    2    -    11    19 
Income (loss) before income tax provision (benefits)   1,962    3,061    (829)   (701)   1,133    2,360 
Income tax provision (benefits)   580    949    (249)   (217)   331    732 
Net income (loss)  $1,382   $2,112   $(580)  $(484)  $802   $1,628 
Capital expenditures  $1,777   $613   $124   $173   $1,901   $786 

 

   ($000's omitted) 
   ATG   CPG   Consolidated 
   Three Months Ended   Three Months Ended   Three Months Ended 
   September 30,   September 30,   September 30, 
   2017   2016   2017   2016   2017   2016 
Revenues from unaffiliated customers  $8,918   $7,658   $2,407   $1,807   $11,325   $9,465 
Cost of goods sold, exclusive of depreciation and amortization   (6,062)   (5,418)   (1,974)   (1,625)   (8,036)   (7,043)
Selling, general and administrative   (1,640)   (1,240)   (440)   (418)   (2,080)   (1,658)
Depreciation and amortization   (143)   (137)   (66)   (61)   (209)   (198)
Interest expense   (9)   (11)   (9)   (7)   (18)   (18)
Other income, net   5    9    1    -    6    9 
Income (loss) before income tax provision (benefits)   1,069    861    (81)   (304)   988    557 
Income tax provision (benefits)   341    289    (24)   (98)   317    191 
Net income (loss)  $728   $572   $(57)  $(206)  $671   $366 
Capital expenditures  $1,282   $70   $48   $15   $1,330   $85 

  

11.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 is immaterial in relationship to the consolidated financial statements.

 

12.Subsequent Events

 

None.

 

- 15 -

 

 

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview

 

During the three months ended September 30, 2017, approximately 13% of the Company’s revenues were derived from contracts with agencies of the U.S. Government or their prime contractors and their subcontractors. This compares to the approximately 10% for the same three months ended 2016. During the nine months ended September 30, 2017, approximately 11% of the Company’s revenues were derived from contracts with agencies of the U.S. Government or their prime contractors and their subcontractors. This compares to the approximately 9% for the same nine months ended 2016. The Company believes that government involvement in military operations overseas will continue to have an impact on the financial results in both the Advanced Technology and Consumer Products markets. While the Company is optimistic in relation to these potential opportunities, it recognizes that sales to the government are affected by defense budgets, the foreign policies of the U.S. and other nations, the level of military operations and other factors, and as such, it is difficult to predict the impact 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 and threats of terrorism, market demand and acceptance both for the Company’s products and its customers’ products which incorporate Company made components.

 

The ATG engages in 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. We believe our business remains particularly well positioned in the strong commercial aircraft market driven by the replacement of older aircraft with more fuel efficient alternatives and the increasing demand for air travel in emerging markets. 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 based on changes in the global economy and other factors.

 

In response to ongoing reductions in military spending, the CPG continues to diversify its revenue streams with a broader government focus and new commercial channels, including the addition of national retailers, international accounts, and a direct-to-consumer business line. The CPG is also actively growing its custom manufacturing business to provide a wide range of metal and plastic fabrication services to a variety of consumer and industrial companies. New product development is focused on the commercialization of products with applications that span government and civilian requirements to maximize demand or that open up new lines of business entirely.

 

See also Note 10, Business Segments, for information concerning business segment operating results.

 

- 16 -

 

 

Results of Operations

 

The following table compares the Company’s consolidated statements of income data for the nine and three months ended September 30, 2017 and 2016 ($000’s omitted):

 

   ($000's omitted except per share data)         
   Nine Months Ended September 30,         
                   2017 vs 2016 
   2017   2016   Dollar   % Increase 
   Dollars   % of Sales   Dollars   % of Sales   Change   (Decrease) 
Revenues:                              
Advanced Technology  $23,968    79.8%  $23,023    80.2%  $945    4.1%
Consumer Products   6,076    20.2%   5,685    19.8%   391    6.9%
    30,044    100.0%   28,708    100.0%   1,336    4.7%
Cost of goods sold, exclusive of depreciation and amortization   22,706    75.6%   20,888    72.8%   1,818    8.7%
Selling, general and administrative   5,523    18.4%   4,815    16.8%   708    14.7%
Depreciation and amortization   637    2.1%   610    2.1%   27    4.4%
Total costs and expenses   28,866    96.1%   26,313    91.7%   2,553    9.7%
Operating income, net   1,178    3.9%   2,395    8.3%   (1,217)   -50.8%
Interest expense   56    0.2%   54    0.2%   2    3.7%
Other income, net   (11)   -0.1%   (19)   -0.1%   8    -42.1%
Income tax provision (benefits)   331    1.1%   732    2.5%   (401)   -54.8%
Net income  $802    2.7%  $1,628    5.7%  $(826)   -50.7%

 

   ($000's omitted except per share data)         
   Three Months Ended September 30,         
                   2017 vs 2016 
   2017   2016   Dollar   % Increase 
   Dollars   % of Sales   Dollars   % of Sales   Change   (Decrease) 
Revenues:                              
Advanced Technology  $8,918    78.7%  $7,658    80.9%  $1,260    16.5%
Consumer Products   2,407    21.3%   1,807    19.1%   600    33.2%
    11,325    100.0%   9,465    100.0%   1,860    19.7%
Cost of goods sold, exclusive of depreciation and amortization   8,036    71.0%   7,043    74.4%   993    14.1%
Selling, general and administrative   2,080    18.4%   1,658    17.5%   422    25.5%
Depreciation and amortization   209    1.8%   198    2.1%   11    5.6%
Total costs and expenses   10,325    91.2%   8,899    94.0%   1,426    16.0%
Operating income, net   1,000    8.8%   566    6.0%   434    76.7%
Interest expense   18    0.2%   18    0.2%   -    0.0%
Other income, net   (6)   -0.1%   (9)   -0.1%   3    -33.3%
Income tax provision (benefits)   317    2.8%   191    2.0%   126    66.0%
Net income  $671    5.9%  $366    3.9%  $305    83.3%

 

Revenue

 

The Company’s consolidated revenues from operations increased approximately $1,336,000 or 4.7% for the nine month period ended September 30, 2017 when compared to the same period in 2016. During this period both ATG and CPG increased government shipments by approximately $941,000  and commercial shipments by $395,000.

 

- 17 -

 

 

The Company’s consolidated revenues from operations increased approximately $1,860,000 or 19.7% for the three month period ended September 30, 2017 when compared to the same period in 2016. During this period both ATG and CPG increased government shipments by approximately $601,000 and commercial shipments by $1,259,000.

 

Cost of Goods Sold

 

Cost of goods sold increased approximately $1,818,000 or 8.7% for the nine month period ended September 30, 2017 and increased approximately $993,000 or 14.1% for the three month period ended September 30, 2017 when compared to the same periods in 2016. Although the Company continues to experience labor inefficiencies due in part to the mix of product sold, new employee training and increased costs for employee benefits, the three month period shows improvement over the first half of 2017. The increase in cost of goods sold for the three month period ended September 30, 2017 when compared to the same period in 2016 is primarily due to the increase in revenue for that same period. The Company continues to pursue cost saving opportunities in material procurements and operating efficiencies including capital investments and technical developments in updated and new equipment/machinery as well as investing in the development and training of its labor force.

  

Selling, General and Administrative Expenses

 

Selling, general and administrative (SG&A) increased approximately $708,000 or 14.7% for the nine month period ended September 30, 2017 and increased approximately $422,000 or 25.5% for the three month period ended September 30, 2017 when compared to the same periods in 2016. The increase in the SG&A expense in both the nine month and three month period is primarily driven by the reserve of approximately $449,000 for the employment contract for Servotronics’ former Chairman of the Board and Chief Executive Officer. The death benefit equals 50% of base pay, payable to the Estate of Dr. Trbovich from the date of death through December 31, 2018. Approximately 15% of SG&A expense is attributable to professional and legal services for the nine month period ended September 30, 2017 increasing from 9% of SG&A expense for the same period ended September 30, 2016. Such expenses increased approximately $380,000 primarily due to ongoing legal proceedings slightly offset by decreases in staffing costs and computer supplies.

 

Depreciation and Amortization Expense

 

Depreciation and amortization remained relatively consistent for the nine and three month periods ended September 30, 2017 when compared to the same period in 2016. Depreciation expense fluctuates due to variable estimated useful lives of depreciable property (as identified in Note 2, Business Description and 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 and related depreciation and amortization expense will follow the Company’s requirements to support its manufacturing delivery commitments and to implement certain information technology improvements.

 

Interest Expense

 

Interest expense remained relatively consistent for the nine and three month periods ended September 30, 2017 when compared to the same period in 2016. See also Note 5, Long-Term Debt, for information on long-term debt.

 

- 18 -

 

 

Other Income

 

See Note 11, Other Income, for information on other income.

 

Income Taxes

 

The Company’s effective tax rate was approximately 29.2% and 31.0% for the nine month periods ended September 30, 2017 and 2016, respectively. The Company’s effective tax rate was approximately 32.1% and 34.2% for the three month periods ended September 30, 2017 and 2016, respectively.  The effective tax rate for the nine month period ended September 30, 2017 includes approximately $19,000 of tax benefit resulting from the vesting of restricted stock awards.  Without this tax benefit, the effective tax rate would be 30.9%.  The effective tax rate in both years reflects federal and state income taxes, permanent non-deductible expenditures and the federal tax credit for research and development expenditures.

 

Net Income

 

Net income for the nine month period ended September 30, 2017 decreased approximately $826,000 and increased approximately $305,000 for the three month period ended September 30, 2017, when compared to the same periods in 2016. The decrease of net income for the nine month period is the result of the increased costs in cost of goods sold and SG&A as discussed above. The increase for the three month period ended September 30, 2017 when compared to the same period in 2016 is primarily due to the increase in revenues.

 

Liquidity and Capital Resources

 

The Company’s primary liquidity and capital requirements relate to working capital needs; primarily inventory, accounts receivable and accounts payable as well as capital expenditures for property, plant and equipment and principal and interest payments on debt. At September 30, 2017, the Company had working capital of approximately $18,722,000 of which approximately $2,045,000 was comprised of cash and cash equivalents.

 

The Company generated approximately $739,000 in cash from operations during the nine months ended September 30, 2017. The primary generations of cash for the Company’s operating activities for the nine month period ended September 30, 2017 includes net income, managing inventory and accrued payroll costs partially offset by using cash primarily due to the timing of the collections of accounts receivable due to revenue increases. The Company’s primary use of cash in its financing and investing activities in the nine months ended September 30, 2017 included approximately $409,000 of current principal payments on long-term debt, approximately $203,000 for the purchase of treasury shares, as well as the payment of the dividend of approximately $376,000. The Company also expended approximately $1,901,000 for capital expenditures during the nine months ended September 30, 2017.

 

As discussed, approximately $688,000  of the capital expenditures will be financed through the lease line of credit. The capital expenditure uses are partially offset by cash generated in the amount of $180,000 for the sale of commercial real property.

 

The Company renewed a $2,000,000 line of credit available until June 20, 2018. There was no balance outstanding at September 30, 2017 and December 31, 2016.

 

The Company established an equipment lease line of credit in the amount of $1,000,000 available until June 28, 2018. The lease term for equipment covered by the lease line of credit is sixty months. There was no balance outstanding at September 30, 2017.

 

- 19 -

 

 

The Company believes its cash generating capability and financial condition, together with available credit facilities will be adequate to meet our operating, investing and financing needs.

 

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 President, who was designated the Company’s Principal Executive Officer (“PEO”) 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, 2017. Based upon that evaluation, the PEO 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 PEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

 

Changes in Internal Controls

 

During the nine month period ended September 30, 2017, 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.

 

- 20 -

 

 

PART II

OTHER INFORMATION

 

Item 1.Legal Proceedings

 

Except as set forth in Note 8, Litigation, there are no other legal proceedings which are material to the Company currently pending by or against the Company other than litigation incidental to the business, which is not expected to have a material adverse effect on the business or earnings of the Company.

 

Item 1A.Risk Factors

 

Not applicable.

 

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

 

(c) Company Purchases of Company’s Equity Securities

 

2017 Periods  Total Number of
Shares Purchased		   Weighted Average
Price $ Paid Per Share		   Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs (1)		   Maximum Number of
Shares that may yet be
Purchased under the
Plans or Programs (1)		 
January - March   15,991(2)  $9.97    -    104,596 
April - June   -    -    -    104,596 
July   -    -    -    104,596 
August   -    -    -    104,596 
September   3,926    9.05    3,926    100,670 
Total   19,917   $9.79    3,926    100,670 

 

(1)     The Company’s Board of Directors authorized the purchase of up to 450,000 shares of its common stock in the open market or in privately negotiated transactions. As of September 30, 2017, the Company has purchased 349,330 shares and there remains 100,670 shares available to purchase under this program.

 

(2)     Includes 15,991 shares withheld/purchased by the Company in January 2017 to satisfy statutory minimum withholding tax requirements for those participants who elected this option as permitted under the Company’s 2012 Long-Term Incentive Plan.

 

Item 3.Defaults Upon Senior Securities

 

Not applicable.

 

Item 4.Mine Safety Disclosures

 

Not applicable.

 

Item 5.

Other Information

 

Not applicable

 

- 21 -

 

 

Item 6.Exhibits

 

31.1Certification of Principal 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)

 

31.2Certification 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)

 

32.1Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith)

 

32.2Certification 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)

 

101The following materials from Servotronics, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of cash flows and (v) the notes to the consolidated financial statements.

 

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, the timing and amount of payment obligation relating to the arbitration award and the Company’s ability to pay these obligations. 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.

.

- 22 -

 

 

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 13, 2017

 

  SERVOTRONICS, INC.
     
  By: /s/ Kenneth D. Trbovich, Principal Executive Officer
    Kenneth D. Trbovich
    Principal Executive Officer
     
  By: /s/ Lisa F. Bencel, Chief Financial Officer
    Lisa F. Bencel
    Chief Financial Officer

 

- 23 -

 

 EX-31.1 2 tv478987_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATION

 

I, Kenneth 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 13, 2017

 

  /s/ Kenneth D. Trbovich, Principal Executive Officer
  Kenneth D. Trbovich
  Principal Executive Officer

 

 

 

 EX-31.2 3 tv478987_ex31-2.htm EXHIBIT 31.2

 

Exhibit 31.2

 

CERTIFICATION

 

I, Lisa F. Bencel, 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 13, 2017

 

  /s/ Lisa F. Bencel, Chief Financial Officer
  Lisa F. Bencel
  Chief Financial Officer

 

 

 

 EX-32.1 4 tv478987_ex32-1.htm EXHIBIT 32.1

 

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, 2017, 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.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 material respects, the financial condition and results of operations of the Company.

 

Date: November 13, 2017 /s/ Kenneth D. Trbovich, Principal Executive Officer
  Kenneth D. Trbovich
  Principal Executive Officer

 

 

 

 EX-32.2 5 tv478987_ex32-2.htm EXHIBIT 32.2

 

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, 2017, 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.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 material respects, the financial condition and results of operations of the Company.

 

Date: November 13, 2017 /s/ Lisa F. Bencel, Chief Financial Officer
  Lisa F. Bencel
  Chief Financial Officer

 

 

 

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The 2014 through 2016 federal and state tax returns remain subject to examination.</div> </div> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px 0pt 0pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>Supplemental Cash Flow Information</b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="color: windowtext;">Income taxes paid during the nine months ended September 30, 2017 and 2016 amounted to approximately $165,000 and $644,000, respectively. Interest paid amounted to approximately $</font>56,000 and $54,000<font style="color: windowtext;">, respectively, during the nine months ended September 30, 2017 and 2016. Equipment received but not placed in service and included in accounts payable at September 30, 2017 amounted to approximately $508,000.</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px 0pt 0pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>Employee Stock Ownership Plan</b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Contributions to the employee stock ownership plan are determined annually by the Company according to plan formula.</p> <div> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px 0pt 0pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>Impairment of Long-Lived Assets</b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <div style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The Company reviews long-lived assets for impairment annually or 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, 2017 and December 31, 2016.</div> </div> <div> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px 0pt 0pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>Use of Estimates</b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <div style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. 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The ASU changes the measurement principle for certain inventory methods from the lower of cost or market to the lower of cost and net realizable value. 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The guidance requires that all deferred tax assets and deferred tax liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. Adoption of this new guidance during the reporting period resulted in the reclassification of a deferred tax liability, of $661,000 from current to noncurrent at September 30, 2017 and December 31, 2016. The deferred tax liability, for both reporting periods offsets the deferred tax asset, as presented on the balance sheet at September 30, 2017 and December 31, 2016.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Effective January 1, 2017, the Company adopted new guidance issued by the FASB ASU 2016-09, &#8220;Compensation &#8211; Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,&#8221; which amends the current stock compensation guidance. The amendments simplify the accounting for the taxes related to stock based compensation, including adjustments to how excess tax benefits and a Company&#8217;s payments for tax withholdings should be classified. 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Only the service cost component will be eligible for capitalization in assets. The other components of net periodic benefit cost will be presented separately from the line item(s) that includes the service cost and outside of any subtotal of operating income, if one is presented. This update is effective for annual periods beginning after December 15, 2017.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." 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Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2017
Oct. 31, 2017
Document and Entity Information [Abstract]    
Entity Registrant Name SERVOTRONICS INC /DE/  
Entity Central Index Key 0000089140  
Trading Symbol SVT  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   2,511,076
Document Type 10-Q  
Document Period End Date Sep. 30, 2017  
Amendment Flag false  
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q3  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 2,045 $ 3,515
Accounts receivable, net 9,100 7,439
Inventories, net 12,993 13,293
Prepaid income taxes 363 182
Other current assets 363 387
Total current assets 24,864 24,816
Property, plant and equipment, net 11,021 9,937
Deferred income taxes 491 491
Other non-current assets 385 376
Total Assets 36,761 35,620
Current liabilities:    
Current portion of long-term debt 548 548
Accounts payable 2,500 2,080
Accrued employee compensation and benefits costs 2,414 1,945
Other accrued liabilities 680 426
Total current liabilities 6,142 4,999
Long-term debt 2,567 2,976
Post retirement obligation 528 528
Shareholders' equity:    
Common stock, par value $0.20; authorized 4,000,000 shares; issued 2,614,506 shares; outstanding 2,290,527 (2,310,148 - 2016) shares 523 523
Capital in excess of par value 14,168 14,160
Retained earnings 15,194 14,768
Accumulated other comprehensive loss (20) (20)
Employee stock ownership trust commitment (763) (763)
Treasury stock, at cost 183,983 (164,066 - 2016) shares (1,578) (1,551)
Total shareholders' equity 27,524 27,117
Total Liabilities and Shareholders' Equity $ 36,761 $ 35,620
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares
Sep. 30, 2017
Dec. 31, 2016
Statement Of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.20 $ 0.20
Common stock, shares authorized 4,000,000 4,000,000
Common stock, shares issued 2,614,506 2,614,506
Common stock, shares outstanding 2,290,527 2,310,148
Treasury stock, shares 183,983 164,066
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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenue $ 11,325 $ 9,465 $ 30,044 $ 28,708
Cost, expenses and other (income):        
Cost of goods sold, exclusive of depreciation and amortization 8,036 7,043 22,706 20,888
Selling, general and administrative 2,080 1,658 5,523 4,815
Depreciation and amortization 209 198 637 610
Interest expense 18 18 56 54
Other income, net (6) (9) (11) (19)
Total expenses 10,337 8,908 28,911 26,348
Income before income tax provision 988 557 1,133 2,360
Income tax provision 317 191 331 732
Net income $ 671 $ 366 $ 802 $ 1,628
Basic        
Net Income per share (in dollars per share) $ 0.30 $ 0.17 $ 0.35 $ 0.74
Diluted        
Net income per share (in dollars per share) $ 0.29 $ 0.16 $ 0.35 $ 0.71
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows related to operating activities:    
Net Income $ 802 $ 1,628
Adjustments to reconcile net income to net cash provided (used) by operating activities:    
Depreciation and amortization 637 610
Loss on disposal of property 16  
Stock based compensation 176 386
Increase in inventory reserve 43 14
Increase (decrease) in allowance for doubtful accounts 72 (8)
Change in assets and liabilities:    
Accounts receivable (1,733) (501)
Inventories 257 (1,466)
Prepaid income taxes (181) 63
Other current assets 24 (75)
Other non-current assets (9) (6)
Accounts payable (88) 598
Accrued employee compensation and benefit costs 469 (16)
Other accrued liabilities 254 145
Net cash provided by operating activities 739 1,372
Cash flows related to investing activities:    
Capital expenditures - property, plant and equipment (1,401) (786)
Proceeds from sale of assets 180  
Net cash used in investing activities (1,221) (786)
Cash flows related to financing activities:    
Principal payments on long-term debt (409) (410)
Purchase of treasury shares (203) (197)
Cash dividend (376) (380)
Net cash used in financing activities (988) (987)
Net decrease in cash and cash equivalents (1,470) (401)
Cash and cash equivalents at beginning of period 3,515 3,268
Cash and cash equivalents at end of period $ 2,045 $ 2,867
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Basis of Presentation
 9 Months Ended
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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 ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The consolidated financial statements should be read in conjunction with the 2016 annual report and the notes thereto.
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Business Description and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Business Description and 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.

 

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 $149,000 at September 30, 2017 and $77,000 at December 31, 2016. The Company does not accrue interest on past due receivables.

 

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 cost or net realizable value. Cost includes all costs incurred to bring each product to its present location and condition. Market provisions in respect of lower of cost or market adjustments 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 $1,556,000 and $1,513,000 at September 30, 2017 and December 31, 2016, 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. These amounts are not included in the inventory reserve discussed above.

 

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 income 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 5-40 years
Machinery and equipment 5-20 years
Tooling 3-5 years

 

Income Taxes

 

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities, as well as operating loss and credit carryforwards. The Company and its subsidiaries file a consolidated federal income tax return, combined New York and Texas state income tax returns and separate Pennsylvania and Arkansas 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, 2017 or December 31, 2016, and did not recognize any interest and/or penalties in its consolidated statements of income during the nine months ended September 30, 2017 and 2016. The Company did not have any material uncertain tax positions or unrecognized tax benefits or obligations as of September 30, 2017 and December 31, 2016. The 2014 through 2016 federal and state tax returns remain subject to examination.

 

Supplemental Cash Flow Information

 

Income taxes paid during the nine months ended September 30, 2017 and 2016 amounted to approximately $165,000 and $644,000, respectively. Interest paid amounted to approximately $56,000 and $54,000, respectively, during the nine months ended September 30, 2017 and 2016. Equipment received but not placed in service and included in accounts payable at September 30, 2017 amounted to approximately $508,000.

 

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 annually or 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, 2017 and December 31, 2016.

 

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 consolidated 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.

 

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, the fair value approximates its carrying amount.

 

Recent Accounting Pronouncements

 

Effective January 1, 2017, the Company adopted new guidance issued by the Financial Accounting Standards Board (“FASB”) ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”. The ASU changes the measurement principle for certain inventory methods from the lower of cost or market to the lower of cost and net realizable value. Adoption of this new guidance had no impact on the Company’s consolidated results of operations and financial position.

 

Effective January 1, 2017, the Company adopted new guidance issued by the FASB ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. The guidance requires that all deferred tax assets and deferred tax liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. Adoption of this new guidance during the reporting period resulted in the reclassification of a deferred tax liability, of $661,000 from current to noncurrent at September 30, 2017 and December 31, 2016. The deferred tax liability, for both reporting periods offsets the deferred tax asset, as presented on the balance sheet at September 30, 2017 and December 31, 2016.

 

Effective January 1, 2017, the Company adopted new guidance issued by the FASB ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which amends the current stock compensation guidance. The amendments simplify the accounting for the taxes related to stock based compensation, including adjustments to how excess tax benefits and a Company’s payments for tax withholdings should be classified. Adoption of this new guidance has not had a material impact on the Company’s consolidated results of operations and financial position.

 

Effective January 1, 2017, the Company selected early adoption of the new guidance issued by the FASB ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. Adoption of this new guidance has not had a material impact on the Company’s consolidated results of operations and financial position.

 

In March 2017, the FASB issued ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which requires employers to present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. The other components of net periodic benefit cost will be presented separately from the line item(s) that includes the service cost and outside of any subtotal of operating income, if one is presented. This update is effective for annual periods beginning after December 15, 2017.

 

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The new revenue recognition standard outlines a comprehensive model for companies to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. In August 2015, the FASB affirmed its proposal to defer the effective date of the standard to annual reporting periods (and interim reporting periods within those years) beginning after December 15, 2017. Entities are permitted to apply the new revenue standard early, but not before the original effective date of annual periods beginning after December 15, 2016. The Company’s revenues are recognized as services are rendered or as units are shipped and at the designated FOB point. The Company does not believe the adoption will have a material impact on our consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” There are elements of the new standard that could impact almost all entities to some extent, although the lessees will likely see the most significant changes. Lessee will need to recognize virtually all of their leases on the balance sheet, by recording the right-of-use asset and a lease liability. Public business entities are required to adopt the new leasing standard for fiscal years, and interim period within those fiscal years, beginning December 15, 2018. For calendar year-end public companies, this means an adoption date of January 1, 2019. Early adoption is permitted. The Company does not believe the adoption will have a material impact on the financial statements and disclosures.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventories
 9 Months Ended
Sep. 30, 2017
Inventory Disclosure [Abstract]  
Inventories
3. Inventories

 

    September 30,     December 31,  
    2017     2016  
    ($000's omitted)  
Raw material and common parts, net of reserve   $ 7,930     $ 7,618  
Work-in-process     3,123       2,062  
Finished goods, net of reserve     1,940       3,613  
Total inventories   $ 12,993     $ 13,293
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
4. Property, Plant and Equipment

 

    September 30,     December 31,  
    2017     2016  
    ($000's ommitted)  
             
Land   $ 7     $ 21  
Buildings     10,144       10,422  
Machinery, equipment and tooling     16,285       15,826  
Construction in progress     1,544       77  
      27,980       26,346  
Less accumulated depreciation     (16,959 )     (16,409 )
    $ 11,021     $ 9,937  

 

As previously disclosed, the Company through a wholly-owned subsidiary, entered into a contract to sell unused commercial real property in Franklinville, New York for approximately $180,000. The sale transaction closed on March 9, 2017 and the wholly-owned subsidiary recognized a de minimis loss on the sale.

  

The Company has purchased and received two pieces of equipment in the amount of approximately $688,000. Both pieces of equipment will be paid using the Company’s new lease line of credit for equipment financing dated August 17, 2017. As of September 30, 2017 neither piece of equipment has been put into service.

 

Depreciation and amortization expense amounted to approximately $637,000 and $610,000 for the nine months ended September 30, 2017 and 2016, respectively. Depreciation and amortization expense amounted to approximately $209,000 and $198,000 for the three months ended September 30, 2017 and 2016, 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.

 

As of September 30, 2017, there is approximately $1,544,000  ($77,000  – 2016) of construction in progress included in property, plant and equipment primarily related to capital projects at the Advanced Technology Group (“ATG”), including the equipment covered under the equipment financing agreement. See Note 7, Commitments and Contingencies, for more information on anticipated capital expenditures.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Long-Term Debt
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Long-Term Debt
5. Long-Term Debt

 

    September 30,     December 31,  
    2017     2016  
    ($000's omitted)  
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.64% as of September 30, 2017), monthly prinicipal payments of $21,833 through 2021 with a balloon payment of $786,000 due December 1, 2021   $ 1,901     $ 2,096  
                 
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.64% as of September 30, 2017), monthly prinicipal payments of $23,810 through December 1, 2021     1,214       1,428  
      3,115       3,524  
Less current portion     (548 )     (548 )
    $ 2,567     $ 2,976  

 

The Company renewed a $2,000,000 line of credit available until June 20, 2018. There was no balance outstanding at September 30, 2017 and December 31, 2016.

 

The term loans are secured by all personal property of the Company with the exception of certain equipment that was purchased from proceeds of government grants.

 

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, 2017 and December 31, 2016 the Company was in compliance with these covenants.

 

The Company established a lease line of credit for equipment financing in the amount of $1,000,000 available until June 28, 2018. This line is non-revolving and non-renewable. The lease term for equipment covered by the lease line of credit is sixty months. Monthly payments will be fixed for the term of each funding based upon the Lender’s lease pricing in effect at the time of such funding. There was no balance outstanding at September 30, 2017.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity
 9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Shareholders' Equity
6. 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     ESOT     stock     Loss     equity  
                                                 
Balance at December 31, 2016     2,614,506     $ 523     $ 14,160     $ 14,768     $ (763 )   $ (1,551 )   $ (20 )   $ 27,117  
Net income                             802                               802  
Purchase of treasury shares                     -                       (203 )             (203 )
Cash dividend                             (376 )                             (376 )
Stock based compensation, net of tax benefit     -       -       8       -       -       176       -       184  
Balance at September  30, 2017     2,614,506     $ 523     $ 14,168     $ 15,194     $ (763 )   $ (1,578 )   $ (20 )   $ 27,524  

 

The Company’s Board of Directors authorized the purchase of up to 450,000 shares of its common stock in the open market or in privately negotiated transactions. As of September 30, 2017, the Company has purchased 349,330 shares and there remains 100,670 shares available to purchase under this program. There were 19,917 shares purchased by the Company during the nine month period ended September 30, 2017.

 

On April 11, 2016, the Company issued 51,000 shares of restricted stock to Executive Officers and certain key management of the Company under the Company’s 2012 Long-Term Incentive Plan. The restricted share awards have varying vesting periods between January 2017 and January 2018; however, these shares have voting rights and accrue dividends prior to vesting. The aggregate amount of expense to the Company, measured based on grant date fair value is expected to be approximately $370,000 and will be recognized over the requisite service period.

 

Included in the nine months ended September 30, 2017 and 2016 is approximately $176,000 and $386,000, respectively, of stock-based compensation expense related to the restrictive share awards.

 

On January 1, 2017, 39,750 shares of restricted stock vested of which 15,991 shares were withheld and repurchased by the Company for approximately $160,000 to satisfy statutory minimum withholding tax requirements for those participants who elected this option as permitted under the Company’s 2012 Long-Term Incentive Plan. Additionally, upon the death of Servotronics’ Chairman of the Board and Chief Executive Officer (CEO), 15,000 restricted shares awarded to the Chairman and CEO vested.

 

On May 16, 2017 the Company announced that its Board of Directors declared a $0.15 per share cash dividend. The dividend was subsequently paid on July 14, 2017 to shareholders of record on June 30, 2017 and was approximately $376,000 in the aggregate. These dividends do not represent that the Company will pay dividends on a regular or scheduled basis. The amount is a reduction to retained earnings on the accompanying consolidated balance sheet.

 

Earnings Per Share

 

Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. 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. The dilutive effect of unvested restrictive stock is determined using the treasury stock method.

  

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2017     2016     2017     2016  
    ($000's omitted except per share data)  
Net Income   $ 671     $ 366     $ 802     $ 1,628  
Weighted average common shares outstanding (basic)     2,262       2,219       2,264       2,203  
Unvested restricted stock     29       92       29       92  
Weighted average common shares outstanding (diluted)     2,291       2,311       2,293       2,295  
Basic                                
Net income per share   $ 0.30     $ 0.17     $ 0.35     $ 0.74  
Diluted                                
Net income per share   $ 0.29     $ 0.16     $ 0.35     $ 0.71  
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
7. Commitments and Contingencies

 

Post retirement obligation. As previously disclosed in filings with the Securities and Exchange Commission (“SEC”), the Company, under an employment agreement, is expected to pay post employment health related benefits to the former Executive Officer of the Company. Approximately $528,000 has been accrued as of September 30, 2017 and is reflected as Post Retirement Obligation in the accompanying balance sheet.

 

Facility Expansion. As previously disclosed, the Company has commenced a multi-year investment plan designed to consolidate the operations of the Consumer Products Group (“CPG”). The five year plan included the construction of an approximate 28,000 square foot addition, capital improvements to the existing plant, the reconfiguration of its production process within the expanded facility, and the addition of new state of the art knife-making equipment. The Company broke ground in the second quarter of 2014 and began manufacturing in the newly constructed facility in the fourth quarter of 2015. The cost of the project was approximately $4,000,000 over a five year period of which $3,432,000 was completed as of September 30, 2017 and is included in property, plant and equipment.

 

The CPG was awarded certain incentives from the County of Cattaraugus Industrial Development Agency (CCIDA) in connection with the expansion of the Company’s facility in Franklinville, New York and other proposed capital expenditures. The incentives include certain real property tax and sales tax abatements in connection with the proposed project. The Company’s CPG entered into customary lease and leaseback arrangements with the CCIDA to facilitate the various tax incentives.

 

The Company’s CPG was awarded a $300,000 grant from Cattaraugus County, New York. The grant was used towards new manufacturing equipment in connection with the proposed expansion project. As part of the terms of the Grant Contract with Cattaraugus County, the Company’s CPG has agreed to maintain certain employment levels for a period of five years from the date of the agreement, March 13, 2014. If the employment levels are not maintained, the Company will be required to repay the grant proceeds on a prorated basis. The Company has maintained the required employment levels as of September 30, 2017.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Litigation
 9 Months Ended
Sep. 30, 2017
Litigation [Abstract]  
Litigation
8. Litigation

 

Litigation. The Company has pending litigation relative to leases of certain equipment and real property with a former related party, Aero, Inc. Aero, Inc. is suing Servotronics, Inc. and its wholly owned subsidiary and has alleged damages in the amount of $3,000,000. The Company has filed a response to the Aero, Inc. lawsuit and has also filed a counter-claim in the amount of $3,191,000. The Company considers the risk of loss remote, and is unable to reasonably or accurately estimate the likelihood and amount of any liability or benefit that may be realized as a result of this litigation. Accordingly, no gain or loss has been recognized in the accompanying financials statements related to this litigation. 

 

There are no other legal proceedings currently pending by or against the Company other than litigation incidental to the business, which is not expected to have a material adverse effect on the business or earnings of the Company.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions
 9 Months Ended
Sep. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions
9. Related Party Transactions

 

The Company paid legal fees and disbursements of approximately $188,000 and $65,000 in the nine month period ended September 30, 2017 and 2016, respectively, for services provided by a law firm that is owned by a member of the Company’s Board of Directors. Legal fees paid for the three month period ended September 30, 2017 and 2016 amounted to approximately $44,000 and $41,000, respectively. As of September 30, 2017, the Company had accrued additional legal fees of approximately $39,000 with this firm.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Business Segments
 9 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Business Segments
10. Business Segments

 

The Company operates in two business segments, ATG and 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 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, 2017, the Company had identifiable assets of approximately $36,761,000 ($35,620,000 – December 31, 2016) of which approximately $25,477,000  ($24,037,000 – December 31, 2016) was for ATG and approximately $11,284,000 ($11,583,000 – December 31, 2016) 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,  
    2017     2016     2017     2016     2017     2016  
Revenues from unaffiliated customers   $ 23,968     $ 23,023     $ 6,076     $ 5,685     $ 30,044     $ 28,708  
Cost of goods sold, exclusive of depreciation and amortization     (17,407 )     (16,060 )     (5,299 )     (4,828 )     (22,706 )     (20,888 )
Selling, general and administrative     (4,133 )     (3,477 )     (1,390 )     (1,338 )     (5,523 )     (4,815 )
Depreciation and amortization     (443 )     (412 )     (194 )     (198 )     (637 )     (610 )
Interest expense     (32 )     (32 )     (24 )     (22 )     (56 )     (54 )
Other income, net     9       19       2       -       11       19  
Income (loss) before income tax provision (benefits)     1,962       3,061       (829 )     (701 )     1,133       2,360  
Income tax provision (benefits)     580       949       (249 )     (217 )     331       732  
Net income (loss)   $ 1,382     $ 2,112     $ (580 )   $ (484 )   $ 802     $ 1,628  
Capital expenditures   $ 1,777     $ 613     $ 124     $ 173     $ 1,901     $ 786  

 

    ($000's omitted)  
    ATG     CPG     Consolidated  
    Three Months Ended     Three Months Ended     Three Months Ended  
    September 30,     September 30,     September 30,  
    2017     2016     2017     2016     2017     2016  
Revenues from unaffiliated customers   $ 8,918     $ 7,658     $ 2,407     $ 1,807     $ 11,325     $ 9,465  
Cost of goods sold, exclusive of depreciation and amortization     (6,062 )     (5,418 )     (1,974 )     (1,625 )     (8,036 )     (7,043 )
Selling, general and administrative     (1,640 )     (1,240 )     (440 )     (418 )     (2,080 )     (1,658 )
Depreciation and amortization     (143 )     (137 )     (66 )     (61 )     (209 )     (198 )
Interest expense     (9 )     (11 )     (9 )     (7 )     (18 )     (18 )
Other income, net     5       9       1       -       6       9  
Income (loss) before income tax provision (benefits)     1,069       861       (81 )     (304 )     988       557  
Income tax provision (benefits)     341       289       (24 )     (98 )     317       191  
Net income (loss)   $ 728     $ 572     $ (57 )   $ (206 )   $ 671     $ 366  
Capital expenditures   $ 1,282     $ 70     $ 48     $ 15     $ 1,330     $ 85  
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Other Income
 9 Months Ended
Sep. 30, 2017
Other Income and Expenses [Abstract]  
Other Income
11. 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 is immaterial in relationship to the consolidated financial statements.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
 9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events
12. Subsequent Events

 

None.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Business Description and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Principles of Consolidation

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

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.
Accounts Receivable

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 $149,000 at September 30, 2017 and $77,000 at December 31, 2016. The Company does not accrue interest on past due receivables.
Revenue Recognition

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

 

Inventories are stated at the lower of cost or net realizable value. Cost includes all costs incurred to bring each product to its present location and condition. Market provisions in respect of lower of cost or market adjustments 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 $1,556,000 and $1,513,000 at September 30, 2017 and December 31, 2016, 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. These amounts are not included in the inventory reserve discussed above.
Shipping and Handling Costs

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

 

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 income 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 5-40 years
Machinery and equipment 5-20 years
Tooling 3-5 years
Income Taxes

Income Taxes

 

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities, as well as operating loss and credit carryforwards. The Company and its subsidiaries file a consolidated federal income tax return, combined New York and Texas state income tax returns and separate Pennsylvania and Arkansas 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, 2017 or December 31, 2016, and did not recognize any interest and/or penalties in its consolidated statements of income during the nine months ended September 30, 2017 and 2016. The Company did not have any material uncertain tax positions or unrecognized tax benefits or obligations as of September 30, 2017 and December 31, 2016. The 2014 through 2016 federal and state tax returns remain subject to examination.
Supplemental Cash Flow Information

Supplemental Cash Flow Information

 

Income taxes paid during the nine months ended September 30, 2017 and 2016 amounted to approximately $165,000 and $644,000, respectively. Interest paid amounted to approximately $56,000 and $54,000, respectively, during the nine months ended September 30, 2017 and 2016. Equipment received but not placed in service and included in accounts payable at September 30, 2017 amounted to approximately $508,000.
Employee Stock Ownership Plan

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

Impairment of Long-Lived Assets

 

The Company reviews long-lived assets for impairment annually or 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, 2017 and December 31, 2016.
Use of Estimates

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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications

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

 

Research and development costs are expensed as incurred.
Concentration of Credit Risks

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.
Fair Value of Financial Instruments

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, the fair value approximates its carrying amount.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

Effective January 1, 2017, the Company adopted new guidance issued by the Financial Accounting Standards Board (“FASB”) ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”. The ASU changes the measurement principle for certain inventory methods from the lower of cost or market to the lower of cost and net realizable value. Adoption of this new guidance had no impact on the Company’s consolidated results of operations and financial position.

 

Effective January 1, 2017, the Company adopted new guidance issued by the FASB ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. The guidance requires that all deferred tax assets and deferred tax liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. Adoption of this new guidance during the reporting period resulted in the reclassification of a deferred tax liability, of $661,000 from current to noncurrent at September 30, 2017 and December 31, 2016. The deferred tax liability, for both reporting periods offsets the deferred tax asset, as presented on the balance sheet at September 30, 2017 and December 31, 2016.

 

Effective January 1, 2017, the Company adopted new guidance issued by the FASB ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which amends the current stock compensation guidance. The amendments simplify the accounting for the taxes related to stock based compensation, including adjustments to how excess tax benefits and a Company’s payments for tax withholdings should be classified. Adoption of this new guidance has not had a material impact on the Company’s consolidated results of operations and financial position.

 

Effective January 1, 2017, the Company selected early adoption of the new guidance issued by the FASB ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. Adoption of this new guidance has not had a material impact on the Company’s consolidated results of operations and financial position.

 

In March 2017, the FASB issued ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which requires employers to present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. The other components of net periodic benefit cost will be presented separately from the line item(s) that includes the service cost and outside of any subtotal of operating income, if one is presented. This update is effective for annual periods beginning after December 15, 2017.

 

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The new revenue recognition standard outlines a comprehensive model for companies to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. In August 2015, the FASB affirmed its proposal to defer the effective date of the standard to annual reporting periods (and interim reporting periods within those years) beginning after December 15, 2017. Entities are permitted to apply the new revenue standard early, but not before the original effective date of annual periods beginning after December 15, 2016. The Company’s revenues are recognized as services are rendered or as units are shipped and at the designated FOB point. The Company does not believe the adoption will have a material impact on our consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” There are elements of the new standard that could impact almost all entities to some extent, although the lessees will likely see the most significant changes. Lessee will need to recognize virtually all of their leases on the balance sheet, by recording the right-of-use asset and a lease liability. Public business entities are required to adopt the new leasing standard for fiscal years, and interim period within those fiscal years, beginning December 15, 2018. For calendar year-end public companies, this means an adoption date of January 1, 2019. Early adoption is permitted. The Company does not believe the adoption will have a material impact on the financial statements and disclosures.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Business Description and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Schedule of property, plant and equipment estimated useful life
Buildings and improvements 5-40 years
Machinery and equipment 5-20 years
Tooling 3-5 years
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventories (Table)
 9 Months Ended
Sep. 30, 2017
Inventory Disclosure [Abstract]  
Schedule of inventories
    September 30,     December 31,  
    2017     2016  
    ($000's omitted)  
Raw material and common parts, net of reserve   $ 7,930     $ 7,618  
Work-in-process     3,123       2,062  
Finished goods, net of reserve     1,940       3,613  
Total inventories   $ 12,993     $ 13,293  
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property, Plant and Equipment (Tables)
 9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Schedule of property, plant and equipment
    September 30,     December 31,  
    2017     2016  
    ($000's ommitted)  
             
Land   $ 7     $ 21  
Buildings     10,144       10,422  
Machinery, equipment and tooling     16,285       15,826  
Construction in progress     1,544       77  
      27,980       26,346  
Less accumulated depreciation     (16,959 )     (16,409 )
    $ 11,021     $ 9,937  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Schedule of long-term debt
    September 30,     December 31,  
    2017     2016  
    ($000's omitted)  
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.64% as of September 30, 2017), monthly prinicipal payments of $21,833 through 2021 with a balloon payment of $786,000 due December 1, 2021   $ 1,901     $ 2,096  
                 
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.64% as of September 30, 2017), monthly prinicipal payments of $23,810 through December 1, 2021     1,214       1,428  
      3,115       3,524  
Less current portion     (548 )     (548 )
    $ 2,567     $ 2,976  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Schedule of stockholders 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     ESOT     stock     Loss     equity  
                                                 
Balance at December 31, 2016     2,614,506     $ 523     $ 14,160     $ 14,768     $ (763 )   $ (1,551 )   $ (20 )   $ 27,117  
Net income                             802                               802  
Purchase of treasury shares                     -                       (203 )             (203 )
Cash dividend                             (376 )                             (376 )
Stock based compensation, net of tax benefit     -       -       8       -       -       176       -       184  
Balance at September  30, 2017     2,614,506     $ 523     $ 14,168     $ 15,194     $ (763 )   $ (1,578 )   $ (20 )   $ 27,524  
Schedule of earnings per share
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2017     2016     2017     2016  
    ($000's omitted except per share data)  
Net Income   $ 671     $ 366     $ 802     $ 1,628  
Weighted average common shares outstanding (basic)     2,262       2,219       2,264       2,203  
Unvested restricted stock     29       92       29       92  
Weighted average common shares outstanding (diluted)     2,291       2,311       2,293       2,295  
Basic                                
Net income per share   $ 0.30     $ 0.17     $ 0.35     $ 0.74  
Diluted                                
Net income per share   $ 0.29     $ 0.16     $ 0.35     $ 0.71  

 
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Business Segments (Tables)
 9 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Schedule of information regarding operations in business segment
    ($000's omitted)  
    ATG     CPG     Consolidated  
    Nine Months Ended     Nine Months Ended     Nine Months Ended  
    September 30,     September 30,     September 30,  
    2017     2016     2017     2016     2017     2016  
Revenues from unaffiliated customers   $ 23,968     $ 23,023     $ 6,076     $ 5,685     $ 30,044     $ 28,708  
Cost of goods sold, exclusive of depreciation and amortization     (17,407 )     (16,060 )     (5,299 )     (4,828 )     (22,706 )     (20,888 )
Selling, general and administrative     (4,133 )     (3,477 )     (1,390 )     (1,338 )     (5,523 )     (4,815 )
Depreciation and amortization     (443 )     (412 )     (194 )     (198 )     (637 )     (610 )
Interest expense     (32 )     (32 )     (24 )     (22 )     (56 )     (54 )
Other income, net     9       19       2       -       11       19  
Income (loss) before income tax provision (benefits)     1,962       3,061       (829 )     (701 )     1,133       2,360  
Income tax provision (benefits)     580       949       (249 )     (217 )     331       732  
Net income (loss)   $ 1,382     $ 2,112     $ (580 )   $ (484 )   $ 802     $ 1,628  
Capital expenditures   $ 1,777     $ 613     $ 124     $ 173     $ 1,901     $ 786  

 

    ($000's omitted)  
    ATG     CPG     Consolidated  
    Three Months Ended     Three Months Ended     Three Months Ended  
    September 30,     September 30,     September 30,  
    2017     2016     2017     2016     2017     2016  
Revenues from unaffiliated customers   $ 8,918     $ 7,658     $ 2,407     $ 1,807     $ 11,325     $ 9,465  
Cost of goods sold, exclusive of depreciation and amortization     (6,062 )     (5,418 )     (1,974 )     (1,625 )     (8,036 )     (7,043 )
Selling, general and administrative     (1,640 )     (1,240 )     (440 )     (418 )     (2,080 )     (1,658 )
Depreciation and amortization     (143 )     (137 )     (66 )     (61 )     (209 )     (198 )
Interest expense     (9 )     (11 )     (9 )     (7 )     (18 )     (18 )
Other income, net     5       9       1       -       6       9  
Income (loss) before income tax provision (benefits)     1,069       861       (81 )     (304 )     988       557  
Income tax provision (benefits)     341       289       (24 )     (98 )     317       191  
Net income (loss)   $ 728     $ 572     $ (57 )   $ (206 )   $ 671     $ 366  
Capital expenditures   $ 1,282     $ 70     $ 48     $ 15     $ 1,330     $ 85  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Business Description and Summary of Significant Accounting Policies - Estimated useful lives of depreciable properties (Details)
 9 Months Ended
Sep. 30, 2017
Buildings and improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable properties 5 years
Buildings and improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable properties 40 years
Machinery and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable properties 5 years
Machinery and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable properties 20 years
Tooling | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable properties 3 years
Tooling | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable properties 5 years
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Business Description and Summary of Significant Accounting Policies (Detail Textuals) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Accounting Policies [Abstract]      
Allowance for doubtful accounts $ 149,000   $ 77,000
Inventory reserve 1,556,000   1,513,000
Income taxes paid 165,000 $ 644,000  
Interest paid 56,000 $ 54,000  
Equipment received but not placed in service 508,000    
Reclassification of deferred tax liability from current to noncurrent $ 661,000   $ 661,000
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventories - Summary of inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Inventory Disclosure [Abstract]    
Raw material and common parts, net of reserve $ 7,930 $ 7,618
Work-in-process 3,123 2,062
Finished goods, net of reserve 1,940 3,613
Total inventories $ 12,993 $ 13,293
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property, Plant and Equipment - Summary of property, plant and equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross $ 27,980 $ 26,346
Less accumulated depreciation (16,959) (16,409)
Total property, plant and equipment 11,021 9,937
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross 7 21
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross 10,144 10,422
Machinery, equipment and tooling    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross 16,285 15,826
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross $ 1,544 $ 77
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property, Plant and Equipment (Detail Textuals)
 1 Months Ended 3 Months Ended 9 Months Ended
Mar. 09, 2017
USD ($)
Aug. 17, 2017
USD ($)
Piece
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Dec. 31, 2016
USD ($)
Property, Plant and Equipment [Line Items]              
Sell unused commercial real property in Franklinville, New York $ 180,000            
Pieces of equipment | Piece   2          
Amount paid to purchased equipment   $ 688,000          
Depreciation and amortization expense     $ 209,000 $ 198,000 $ 637,000 $ 610,000  
Advanced Technology Group ("ATG")              
Property, Plant and Equipment [Line Items]              
Construction in progress     $ 1,544,000   $ 1,544,000   $ 77,000
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Long-Term Debt - Summary of long term debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Debt Instrument [Line Items]    
Long-term debt $ 3,115 $ 3,524
Less current portion (548) (548)
Long-term debt, Noncurrent 2,567 2,976
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.64% as of September 30, 2017), monthly principal payments of $21,833 through 2021 with a balloon payment of $786,000 due December 1, 2021    
Debt Instrument [Line Items]    
Long-term debt 1,901 2,096
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.64% as of September 30, 2017), monthly principal payments of $23,810 through December 1, 2021    
Debt Instrument [Line Items]    
Long-term debt $ 1,214 $ 1,428
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Long-Term Debt - Summary of long term debt (Parentheticals) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
USD ($)
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.64% as of September 30, 2017), monthly principal payments of $21,833 through 2021 with a balloon payment of $786,000 due December 1, 2021  
Debt Instrument [Line Items]  
Description of rate basis Libor
Percentage of floating interest rate payable 1.40%
Percentage of fixed interest rate payable 2.64%
Frequency of principal payments Monthly
Monthly principal payments $ 21,833
Balloon payment due December 1, 2021 $ 786,000
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.64% as of September 30, 2017), monthly principal payments of $23,810 through December 1, 2021  
Debt Instrument [Line Items]  
Description of rate basis Libor
Percentage of floating interest rate payable 1.40%
Percentage of fixed interest rate payable 2.64%
Frequency of principal payments Monthly
Monthly principal payments $ 23,810
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Long-Term Debt (Detail Textuals)
Sep. 30, 2017
USD ($)
Debt Disclosure [Abstract]  
Line of credit $ 2,000,000
Lease line of credit $ 1,000,000
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity - Summary of common shareholders' equity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Opening Balance     $ 27,117  
Net Income $ 671 $ 366 802 $ 1,628
Purchase of treasury shares     (203)  
Cash dividend     (376)  
Stock based compensation, net of tax benefit     184  
Closing Balance $ 27,524   $ 27,524  
Closing Balance (shares) 2,614,506   2,614,506  
ESOT        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Opening Balance     $ (763)  
Closing Balance $ (763)   (763)  
Common Stock        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Opening Balance     $ 523  
Opening Balance (shares)     2,614,506  
Closing Balance $ 523   $ 523  
Closing Balance (shares) 2,614,506   2,614,506  
Capital in excess of par value        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Opening Balance     $ 14,160  
Stock based compensation, net of tax benefit     8  
Closing Balance $ 14,168   14,168  
Retained earnings        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Opening Balance     14,768  
Net Income     802  
Cash dividend     (376)  
Closing Balance 15,194   15,194  
Treasury stock        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Opening Balance     (1,551)  
Purchase of treasury shares     (203)  
Stock based compensation, net of tax benefit     176  
Closing Balance (1,578)   (1,578)  
Accumulated other comprehensive loss        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Opening Balance     (20)  
Closing Balance $ (20)   $ (20)  
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity - Calculation of earning per share (Details 1) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Equity [Abstract]        
Net Income $ 671 $ 366 $ 802 $ 1,628
Weighted average common shares outstanding (basic) (in shares) 2,262 2,219 2,264 2,203
Unvested restricted stock (in shares) 29 92 29 92
Weighted average common shares outstanding (diluted) (in shares) 2,291 2,311 2,293 2,295
Basic        
Net income per share (in dollars per share) $ 0.30 $ 0.17 $ 0.35 $ 0.74
Diluted        
Net income per share (in dollars per share) $ 0.29 $ 0.16 $ 0.35 $ 0.71
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity (Detail Textuals)
 9 Months Ended
Sep. 30, 2017
shares
Equity, Class of Treasury Stock [Line Items]  
Shares purchased during period 19,917
Share Repurchase Program  
Equity, Class of Treasury Stock [Line Items]  
Number of common shares authorized to be purchased 450,000
Shares purchased during period 349,330
Remaining number of shares authorized to be purchased 100,670
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity (Detail Textuals 1) - USD ($)
 9 Months Ended
Jan. 01, 2017
Apr. 11, 2016
Sep. 30, 2017
Sep. 30, 2016
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]        
Number of restricted stock shares vested 39,750      
Number of shares withheld and repurchased 15,991      
Value of shares withheld and repurchased $ 160,000      
2012 Long-Term Incentive Plan | Restricted stock | Executive Officers        
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]        
Number of restricted stock issued   51,000    
Compensation expense not yet recognized   $ 370,000    
Expense recognized for issuance of restricted shares     $ 176,000 $ 386,000
2012 Long-Term Incentive Plan | Restricted stock | Chairman of the Board and Chief Executive Officer        
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]        
Number of shares vested 15,000      
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity (Detail Textuals 2)
$ / shares in Units, $ in Thousands
 1 Months Ended
May 16, 2017
USD ($)
$ / shares
Equity [Abstract]  
Dividends declaration date May 16, 2017
Common stock dividend per share | $ / shares $ 0.15
Dividends payable date Jul. 14, 2017
Dividends payable record date Jun. 30, 2017
Dividend payable | $ $ 376
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Detail Textuals)
 9 Months Ended
Sep. 30, 2017
USD ($)
ft²
Loss Contingencies [Line Items]  
Accrued arbitration award liability $ 528,000
Term of project 5 years
Area of additional construction facility for capital improvements | ft² 28,000
Cost of the project $ 4,000,000
Completed cost of the project 3,432,000
CPG  
Loss Contingencies [Line Items]  
Amount of grant received from Cattaraugus County, New York $ 300,000
Term of maintaining employment level 5 years
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Litigation (Detail Textuals) - Aero, Inc.
 9 Months Ended
Sep. 30, 2017
USD ($)
Litigation [Line Items]  
Amount of alleged damages $ 3,000,000
Amount of counter claim $ 3,191,000
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Detail Textuals) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Related Party Transactions [Abstract]        
Legal fees and disbursements $ 44,000 $ 41,000 $ 188,000 $ 65,000
Accrued additional legal fees $ 39,000   $ 39,000  
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
Business Segments - Summary of company's operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Segment Reporting Information [Line Items]        
Revenues from unaffiliated customers $ 11,325 $ 9,465 $ 30,044 $ 28,708
Cost of goods sold, exclusive of depreciation and amortization (8,036) (7,043) (22,706) (20,888)
Selling, general and administrative (2,080) (1,658) (5,523) (4,815)
Depreciation and amortization (209) (198) (637) (610)
Interest expense (18) (18) (56) (54)
Other income, net 6 9 11 19
Income (loss) before income tax provision (benefits) 988 557 1,133 2,360
Income tax provision (benefits) 317 191 331 732
Net income (loss) 671 366 802 1,628
Capital expenditures     1,401 786
Operating Segments        
Segment Reporting Information [Line Items]        
Revenues from unaffiliated customers 11,325 9,465 30,044 28,708
Cost of goods sold, exclusive of depreciation and amortization (8,036) (7,043) (22,706) (20,888)
Selling, general and administrative (2,080) (1,658) (5,523) (4,815)
Depreciation and amortization (209) (198) (637) (610)
Interest expense (18) (18) (56) (54)
Other income, net 6 9 11 19
Income (loss) before income tax provision (benefits) 988 557 1,133 2,360
Income tax provision (benefits) 317 191 331 732
Net income (loss) 671 366 802 1,628
Capital expenditures 1,330 85 1,901 786
Operating Segments | Advanced Technology Group ("ATG")        
Segment Reporting Information [Line Items]        
Revenues from unaffiliated customers 8,918 7,658 23,968 23,023
Cost of goods sold, exclusive of depreciation and amortization (6,062) (5,418) (17,407) (16,060)
Selling, general and administrative (1,640) (1,240) (4,133) (3,477)
Depreciation and amortization (143) (137) (443) (412)
Interest expense (9) (11) (32) (32)
Other income, net 5 9 9 19
Income (loss) before income tax provision (benefits) 1,069 861 1,962 3,061
Income tax provision (benefits) 341 289 580 949
Net income (loss) 728 572 1,382 2,112
Capital expenditures 1,282 70 1,777 613
Operating Segments | CPG        
Segment Reporting Information [Line Items]        
Revenues from unaffiliated customers 2,407 1,807 6,076 5,685
Cost of goods sold, exclusive of depreciation and amortization (1,974) (1,625) (5,299) (4,828)
Selling, general and administrative (440) (418) (1,390) (1,338)
Depreciation and amortization (66) (61) (194) (198)
Interest expense (9) (7) (24) (22)
Other income, net 1 0 2 0
Income (loss) before income tax provision (benefits) (81) (304) (829) (701)
Income tax provision (benefits) (24) (98) (249) (217)
Net income (loss) (57) (206) (580) (484)
Capital expenditures $ 48 $ 15 $ 124 $ 173
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
Business Segments (Detail Textuals)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
USD ($)
Segment
Dec. 31, 2016
USD ($)
Segment Reporting Information [Line Items]    
Total identifiable assets $ 36,761 $ 35,620
Number of operating segments | Segment 2  
Operating Segments | Advanced Technology Group ("ATG")    
Segment Reporting Information [Line Items]    
Total identifiable assets $ 25,477 24,037
Operating Segments | CPG    
Segment Reporting Information [Line Items]    
Total identifiable assets $ 11,284 $ 11,583
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