UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 12, 2013
Servotronics, Inc.
(Exact name of registrant as specified in its charter.)
Commission File Number: 001-07109
| Delaware | 16-0837866 |
| (State or other jurisdiction of incorporation) |
(IRS Employer Identification No.) |
1110 Maple Street
Elma, New York 14059-0300
(Address of principal executive offices, including zip code)
(716) 655-5990
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| £ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| £ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| £ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| £ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
On August 12, 2013 Servotronics, Inc. issued a press release announcing its financial results for the period ended June 30, 2013. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
The information set forth in Items 2.02 and 9.01 of this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of Servotronics, Inc., whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits
The following are filed as exhibits to this Current Report on Form 8-K:
| 99.1 | Servotronics, Inc. Press Release issued on August 12, 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: August 12, 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 August 12, 2013. |
Exhibit 99.1
[Servotronics, Inc. Letterhead]
1110 Maple Street ¨ P.O. Box 300 ¨ Elma, New York 14059-0300 ¨ 716-655-5990 ¨ FAX 716-655-6012
August 12, 2013
SERVOTRONICS, INC. ANNOUNCES
SECOND QUARTER AND SIX MONTH RESULTS
FOR THE PERIODS ENDED JUNE 30, 2013
Elma, NY – Servotronics, Inc. (NYSE MKT – SVT) reported an 80% increase in net income to $504,000 (or $0.22 per share Basic and Diluted) for the second quarter ended June 30, 2013 as compared to net income of $280,000 (or $0.13 per share Basic and Diluted) for the comparable period ended June 30, 2012. Net income for the six month period ended June 30, 2013 was $681,000 (or $0.30 per share Basic and Diluted) as compared to net income for the six month period ended June 30, 2012 of $349,000 (or $0.17 per share Basic, $0.16 per share Diluted), which represents an approximate 95% increase in net income.
The Company attributes the increase in net income primarily to the previously reported strategic focus on core competencies that led to the 2012 sale of certain underperforming assets and shutdown of certain operations at the subsidiary level. Servotronics continues to strategically position itself through the design and development of new products for new applications/programs across a multitude of industries.
Revenue from continuing operations for the second quarter ended June 30, 2013 was $8,067,000 compared to revenue from continuing operations of $7,719,000 for the comparable period ended June 30, 2012. The increase in revenue is primarily attributable to increased commercial sales at both the Advanced Technology Group (ATG) and Consumer Products Group (CPG). Comparable revenue from continuing operations for the same six month periods ended June 30, 2013 and June 30, 2012 was $15,409,000 and $15,786,000 respectively.
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 knives, 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, market demand and acceptance both for the Company's products and its customers' products which incorporate Company-made components and the ability of the Company to successfully execute its strategic plans. 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 MKT