0001188112-13-000742.txt : 20130321 0001188112-13-000742.hdr.sgml : 20130321 20130321165116 ACCESSION NUMBER: 0001188112-13-000742 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130321 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130321 DATE AS OF CHANGE: 20130321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SERVOTRONICS INC /DE/ CENTRAL INDEX KEY: 0000089140 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] IRS NUMBER: 160837866 STATE OF INCORPORATION: DE FISCAL YEAR END: 0101 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07109 FILM NUMBER: 13708168 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 8-K 1 t75921_8k.htm FORM 8-K t75921_8k.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

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

Date of Report (Date of earliest event reported):  March 21, 2013

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

Commission File Number: 001-07109

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

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

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

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

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

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

 
 
Item 2.02.    Results of Operations and Financial Condition

On March 21, 2013 Servotronics, Inc. issued a press release announcing its financial results for the period ended December 31, 2012. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

The information set forth in Items 2.02 and 9.01 of this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of Servotronics, Inc., whether made before or after the date hereof, regardless of any general incorporation language in such filing.
 
 
Item 9.01.    Financial Statements and Exhibits
 
 
The following are filed as exhibits to this Current Report on Form 8-K:
     
  99.1
Servotronics, Inc. Press Release issued on March 21, 2013.
     
 
Signature(s)

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

Date:           March 21, 2013
 
 
Servotronics, Inc.
 
       
       
 
By:
/s/  Cari L. Jaroslawsky, Chief Financial Officer  
   
Cari L. Jaroslawsky
 
   
Chief Financial Officer
 
       
 
 
 

 
 
Exhibit Index
 
 
Exhibit No.
Description
   
99.1
Servotronics, Inc. Press Release issued on March 21, 2013.
 
EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

 Exhibit 99.1
 
  [Servotronics, Inc. Letterhead]  
 
1110 Maple Street    u    P.O. Box 300    u    Elma, New York 14059-0300    u    716-655-5990    u    FAX 716-655-6012

 
March 21, 2013  SERVOTRONICS, INC. ANNOUNCES
YEAR END INCOME AND REVENUES
 
 
    Elma, NY – Servotronics, Inc. (NYSE MKT– SVT) reported net income from continuing operations of $1,647,000 (or $.77 per share Basic and Diluted) on Revenues of $30,510,000 for the fiscal year ended December 31, 2012 as compared to net income from continuing operations of $3,659,000 (or $1.83 Basic and $1.73 Diluted) on Revenues of $32,899,000 for the year ended December 31, 2011.The Company primarily attributes the decrease in net income from continuing operations to a decrease in revenues and shipments for government applications at the Company’s Consumer Products Group.
 
    Government procurements are expected to continue to be volatile and result in significant variances in period to period product delivery requirements. The Company continues to expand its capabilities by adding product lines and resources to the Company’s core competencies, inventory of skills and product offerings. The Company’s many product developments are expected to benefit from continuing cost improvements through manufacturing enhancement and consolidation as the Company converts each challenge into an opportunity.
 
    For the years ended December 31, 2012 and December 31, 2011, the Company reported net losses relative to discontinued operations of $1,327,000 and $1,033,000, respectively.  The Company completed the previously reported sale of substantially all of the assets of Queen Cutlery Company, a wholly owned subsidiary of Servotronics, Inc. The sale took place on September 18, 2012.  Also completed in the third and fourth quarter of 2012 was the cessation of operations and shutdown of Aero Metal Products, Inc., a wholly owned subsidiary of the Company that primarily produced scissors and shears. Servotronics believes it is strategically positioning itself by continuing to design and develop new products for new applications/programs across a multiple of industries while discontinuing those products with unacceptable margins.
 
    The Company is composed of two groups – the ATG and the CPG. The ATG primarily designs, develops and manufactures servo controls and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, pocket knives, machetes and combat, survival, sporting, agricultural knives and other edged products for both commercial and government applications.

FORWARD-LOOKING STATEMENTS
 
    Certain paragraphs of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as those pertaining to the Company's expectation of new business and success in its entry into new product programs. Forward-looking statements involve numerous risks and uncertainties. The Company derives a material portion of its revenue from contracts with agencies of the U.S. Government or their prime contractors. The Company's business is performed under fixed price contracts and the following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: uncertainties in today's global economy and global competition, difficulty in predicting defense appropriations, the vitality and ability of the commercial aviation industry to purchase new aircraft, the willingness and ability of the Company's customers to fund long-term purchase programs, and market demand and acceptance both for the Company's products and its customers' products which incorporate Company-made components. The success of the Company also depends upon the trends that affect the national and international economy. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company assumes no obligation to update forward-looking statements.
 

SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE Amex