x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware | 16-0837866 | |
(State or other jurisdiction of
incorporation or organization)
|
(I. R. S. Employer
Identification No.)
|
Class | Outstanding at April 30, 2014 | |
Common Stock, $.20 par value | 2,462,481 |
Page No.
|
||||
PART I. FINANCIAL INFORMATION
|
||||
Item 1.
|
Financial Statements (Unaudited):
|
|||
a) Consolidated Balance Sheets, March 31, 2014 and December 31, 2013
|
3
|
|||
b) Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013
|
4
|
|||
c) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2014 and 2013
|
5 | |||
d) Consolidated Statements of Cash Flows for the three months ended March 31, 2014 and 2013
|
6
|
|||
e) Notes to Consolidated Financial Statements
|
7
|
|||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
15
|
||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
18
|
||
Item 4.
|
Controls and Procedures
|
18
|
||
PART II. OTHER INFORMATION
|
||||
Item 1.
|
Legal Proceedings
|
19
|
||
Item 1A.
|
Risk Factors
|
19
|
||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
19
|
||
Item 3.
|
Defaults Upon Senior Securities
|
20
|
||
Item 4.
|
Mine Safety Disclosures
|
20
|
||
Item 5.
|
Other Information
|
20
|
||
Item 6.
|
Exhibits
|
20
|
||
Forward-Looking Statement
|
20
|
|||
Signatures |
21
|
- 2 - |
SERVOTRONICS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
($000s omitted except share and per share data)
|
||||||||
March 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
(Unaudited) | ||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 3,627 | $ | 4,502 | ||||
Accounts receivable, net
|
5,188 | 4,990 | ||||||
Inventories, net
|
12,504 | 11,929 | ||||||
Prepaid income taxes
|
328 | 310 | ||||||
Deferred income taxes
|
747 | 747 | ||||||
Other assets
|
558 | 311 | ||||||
Total current assets
|
22,952 | 22,789 | ||||||
Property, plant and equipment, net
|
7,113 | 6,860 | ||||||
Other non-current assets
|
359 | 354 | ||||||
Total Assets
|
$ | 30,424 | $ | 30,003 | ||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$ | 2,640 | $ | 2,641 | ||||
Accounts payable
|
1,462 | 1,216 | ||||||
Accrued employee compensation and benefit costs
|
1,650 | 1,612 | ||||||
Other accrued liabilities
|
651 | 297 | ||||||
Total current liabilities
|
6,403 | 5,766 | ||||||
Long-term debt
|
16 | 21 | ||||||
Deferred income taxes
|
482 | 482 | ||||||
Commitments and contingencies (See Note 8)
|
- | - | ||||||
Shareholders’ equity:
|
||||||||
Common stock, par value $.20; authorized 4,000,000 shares; issued 2,614,506 shares; outstanding 2,266,688 (2,285,883 - 2013) shares
|
523 | 523 | ||||||
Capital in excess of par value
|
14,045 | 14,024 | ||||||
Retained earnings
|
12,157 | 12,302 | ||||||
Accumulated other comprehensive loss
|
(26 | ) | (26 | ) | ||||
Employee stock ownership trust commitment
|
(1,065 | ) | (1,065 | ) | ||||
Treasury stock, at cost 152,025 (132,830 - 2013) shares
|
(2,111 | ) | (2,024 | ) | ||||
Total shareholders’ equity
|
23,523 | 23,734 | ||||||
Total Liabilities and Shareholders’ Equity
|
$ | 30,424 | $ | 30,003 |
- 3 - |
SERVOTRONICS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||
($000’s omitted except per share data)
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2014
|
2013
|
|||||||
Revenue
|
$ | 6,990 | $ | 7,342 | ||||
Costs, expenses and other income:
|
||||||||
Cost of goods sold, exclusive of depreciation and amortization
|
5,438 | 5,697 | ||||||
Selling, general and administrative
|
1,576 | 1,299 | ||||||
Interest expense
|
9 | 10 | ||||||
Depreciation and amortization
|
169 | 153 | ||||||
Other income, net
|
(1 | ) | (1 | ) | ||||
Total expenses
|
7,191 | 7,158 | ||||||
(Loss) income before income tax (benefit) provision
|
(201 | ) | 184 | |||||
Income tax (benefit) provision
|
(56 | ) | 7 | |||||
Net (loss) income
|
$ | (145 | ) | $ | 177 | |||
(Loss) income per share:
|
||||||||
Basic
|
||||||||
Net (loss) income per share
|
$ | (0.06 | ) | $ | 0.08 | |||
Diluted
|
||||||||
Net (loss) income per share
|
$ | (0.06 | ) | $ | 0.08 |
- 4 - |
SERVOTRONICS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||
($000’s omitted)
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2014
|
2013
|
|||||||
Net (loss) income
|
$ | (145 | ) | $ | 177 | |||
Other comprehensive income:
|
||||||||
Retirement benefits adjustment
|
- | - | ||||||
Total comprehensive (loss) income
|
$ | (145 | ) | $ | 177 |
- 5 - |
SERVOTRONICS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
($000s omitted)
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2014
|
2013
|
|||||||
Cash flows related to operating activities:
|
||||||||
Net (loss) income
|
$ | (145 | ) | $ | 177 | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
169 | 153 | ||||||
Stock based compensation
|
90 | - | ||||||
Increase (decrease) in inventory reserve
|
41 | (8 | ) | |||||
Decrease in allowance for doubtful accounts
|
(10 | ) | (10 | ) | ||||
Change in assets and liabilities:
|
||||||||
Accounts receivable
|
(188 | ) | (711 | ) | ||||
Inventories
|
(616 | ) | 228 | |||||
Prepaid income taxes
|
(23 | ) | 7 | |||||
Other assets
|
(247 | ) | (256 | ) | ||||
Other non-current assets
|
(5 | ) | 2 | |||||
Accounts payable
|
246 | 49 | ||||||
Accrued employee compensation and benefit costs
|
38 | 158 | ||||||
Other accrued liabilities
|
354 | (140 | ) | |||||
Net cash used in operating activities
|
(296 | ) | (351 | ) | ||||
Cash flows related to investing activities:
|
||||||||
Capital expenditures - property, plant and equipment
|
(418 | ) | (478 | ) | ||||
Net cash used in investing activities
|
(418 | ) | (478 | ) | ||||
Cash flows related to financing activities:
|
||||||||
Principal payments on long-term debt
|
(5 | ) | (5 | ) | ||||
Proceeds from exercise of stock options
|
- | 70 | ||||||
Purchase of treasury shares
|
(156 | ) | (144 | ) | ||||
Net cash used in financing activities
|
(161 | ) | (79 | ) | ||||
Net decrease in cash and cash equivalents
|
(875 | ) | (908 | ) | ||||
Cash and cash equivalents at beginning of period
|
4,502 | 5,573 | ||||||
Cash and cash equivalents at end of period
|
$ | 3,627 | $ | 4,665 |
- 6 - |
1.
|
Basis of Presentation
|
2.
|
Business Description and Summary of Significant Accounting Policies
|
|
Business Description
|
|
Principles of Consolidation
|
|
Cash and Cash Equivalents
|
|
Accounts Receivable
|
|
Revenue Recognition
|
|
Inventories
|
- 7 - |
|
Shipping and Handling Costs
|
|
Property, Plant and Equipment
|
Buildings and improvements
|
5-40 years |
Machinery and equipment
|
5-20 years |
Tooling
|
3-5 years |
|
Income Taxes
|
|
Supplemental Cash Flow Information
|
- 8 - |
|
Employee Stock Ownership Plan
|
|
Impairment of Long-Lived Assets
|
|
Use of Estimates
|
|
Reclassifications
|
|
Research and Development Costs
|
|
Concentration of Credit Risks
|
|
Fair Value of Financial Instruments
|
3.
|
Inventories
|
March 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
($000’s omitted)
|
||||||||
Raw materials and common parts, net of reserve
|
$ | 6,939 | $ | 6,832 | ||||
Work-in-process
|
2,902 | 2,380 | ||||||
Finished goods, net of reserve
|
2,663 | 2,717 | ||||||
Total inventories
|
$ | 12,504 | $ | 11,929 |
- 9 - |
4.
|
Property, Plant and Equipment
|
March 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
($000’s omitted)
|
||||||||
Land
|
$ | 21 | $ | 21 | ||||
Buildings
|
7,851 | 7,851 | ||||||
Machinery, equipment and tooling
|
13,676 | 13,258 | ||||||
21,548 | 21,130 | |||||||
Less accumulated depreciation and amortization
|
(14,435 | ) | (14,270 | ) | ||||
Total property, plant and equipment
|
$ | 7,113 | $ | 6,860 |
5.
|
Long-Term Debt
|
March 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
($000s omitted)
|
||||||||
Industrial Development Revenue Bonds; secured by an equivalent letter of credit from a bank with interest payable monthly at a floating rate (0.31% at March 31, 2014)(A)
|
$ | 2,620 | $ | 2,620 | ||||
Secured term loan payable to a government agency; monthly payments of $1,950 including interest fixed at 3% payable through fourth quarter of 2015
|
36 | 42 | ||||||
2,656 | 2,662 | |||||||
Less current portion
|
(2,640 | ) | (2,641 | ) | ||||
$ | 16 | $ | 21 |
- 10 - |
6.
|
Income Taxes
|
7.
|
Shareholders’ Equity
|
($000’s omitted except for share data)
|
||||||||||||||||||||||||||||||||
Common stock
|
||||||||||||||||||||||||||||||||
Number of shares issued
|
Amount
|
Capital in excess of par value
|
Retained earnings
|
ESOT
|
Treasury Stock
|
Accumulated Other Comprehensive Loss
|
Total Shareholders Equity
|
|||||||||||||||||||||||||
Balance December 31, 2013
|
2,614,506 | $ | 523 | $ | 14,024 | $ | 12,302 | $ | (1,065 | ) | $ | (2,024 | ) | $ | (26 | ) | $ | 23,734 | ||||||||||||||
Net loss
|
- | - | - | (145 | ) | - | - | - | (145 | ) | ||||||||||||||||||||||
Purchase of treasury shares
|
- | - | - | - | - | (156 | ) | - | (156 | ) | ||||||||||||||||||||||
Stock based compensation
|
- | - | 21 | - | - | 69 | - | 90 | ||||||||||||||||||||||||
Balance March 31, 2014
|
2,614,506 | $ | 523 | $ | 14,045 | $ | 12,157 | $ | (1,065 | ) | $ | (2,111 | ) | $ | (26 | ) | $ | 23,523 |
- 11 - |
|
Earnings Per Share
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2014
|
2013
|
|||||||
($000’s omitted
except per share data)
|
||||||||
Net (loss) income
|
$ | (145 | ) | $ | 177 | |||
Weighted average common shares outstanding (basic)
|
2,267 | 2,155 | ||||||
Incremental shares from assumed conversions of stock options
|
- | 1 | ||||||
Weighted average common shares outstanding (diluted)
|
2,267 | 2,156 | ||||||
Basic
|
||||||||
Net (loss) income per share
|
$ | (0.06 | ) | $ | 0.08 | |||
Diluted
|
||||||||
Net (loss) income per share
|
$ | (0.06 | ) | $ | 0.08 |
8.
|
Commitments and Contingencies
|
- 12 - |
9.
|
Litigation
|
- 13 - |
10.
|
Business Segments
|
ATG
|
CPG
|
Consolidated
|
||||||||||||||||||||||
Three Months Ended
|
Three Months Ended
|
Three Months Ended
|
||||||||||||||||||||||
March 31,
|
March 31,
|
March 31,
|
||||||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||||||||
Revenues from unaffiliated customers
|
$ | 5,305 | $ | 5,383 | $ | 1,685 | $ | 1,959 | $ | 6,990 | $ | 7,342 | ||||||||||||
Cost of goods sold, exclusive of depreciation and amortization
|
(3,840 | ) | (3,986 | ) | (1,598 | ) | (1,711 | ) | (5,438 | ) | (5,697 | ) | ||||||||||||
Selling, general and administrative
|
(1,140 | ) | (889 | ) | (436 | ) | (410 | ) | (1,576 | ) | (1,299 | ) | ||||||||||||
Interest expense
|
(9 | ) | (10 | ) | - | - | (9 | ) | (10 | ) | ||||||||||||||
Depreciation and amortization
|
(122 | ) | (108 | ) | (47 | ) | (45 | ) | (169 | ) | (153 | ) | ||||||||||||
Other income, net
|
- | - | 1 | 1 | 1 | 1 | ||||||||||||||||||
(Loss) income before income tax provision
|
194 | 390 | (395 | ) | (206 | ) | (201 | ) | 184 | |||||||||||||||
Income tax (benefit) provision
|
54 | 60 | (110 | ) | (53 | ) | (56 | ) | 7 | |||||||||||||||
Net (loss) income
|
$ | 140 | $ | 330 | $ | (285 | ) | $ | (153 | ) | $ | (145 | ) | $ | 177 | |||||||||
Capital expenditures
|
$ | 372 | $ | 384 | $ | 46 | $ | 94 | $ | 418 | $ | 478 |
11.
|
Other Income
|
12.
|
Subsequent Events
|
- 14 - |
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview
|
- 15 - |
|
Results of Operations
|
Three Months Ended March 31,
|
||||||||||||||||||||||||
2014 vs. 2013
|
||||||||||||||||||||||||
2014
|
2013
|
Dollar |
% Increase
|
|||||||||||||||||||||
Dollars |
% of Sales
|
Dollars
|
% of Sales
|
Change |
(Decrease)
|
|||||||||||||||||||
Revenue:
|
||||||||||||||||||||||||
Advanced Technology
|
$ | 5,305 | 75.9 | % | $ | 5,383 | 73.3 | % | $ | (78 | ) | (1.4 | %) | |||||||||||
Consumer Products
|
1,685 | 24.1 | % | 1,959 | 26.7 | % | (274 | ) | (14.0 | %) | ||||||||||||||
6,990 | 100.0 | % | 7,342 | 100.0 | % | (352 | ) | (4.8 | %) | |||||||||||||||
Cost of goods sold, exclusive of depreciation and amortization
|
5,438 | 77.8 | % | 5,697 | 77.6 | % | (259 | ) | (4.5 | %) | ||||||||||||||
Selling, general and administrative
|
1,576 | 22.5 | % | 1,299 | 17.7 | % | 277 | 21.3 | % | |||||||||||||||
Depreciation and amortization
|
169 | 2.4 | % | 153 | 2.1 | % | 16 | 10.5 | % | |||||||||||||||
Total costs and expenses
|
7,183 | 102.7 | % | 7,149 | 97.4 | % | 34 | 0.5 | % | |||||||||||||||
Operating income, net
|
(193 | ) | (2.7 | %) | 193 | 2.6 | % | (386 | ) | (200.0 | %) | |||||||||||||
Interest expense
|
9 | 0.1 | % | 10 | 0.1 | % | (1 | ) | (10.0 | %) | ||||||||||||||
Other income, net
|
(1 | ) | 0.0 | % | (1 | ) | 0.0 | % | 0 | 0.0 | % | |||||||||||||
Income tax (benefit) provision
|
(56 | ) | (0.8 | %) | 7 | 0.1 | % | (63 | ) | (900.0 | %) | |||||||||||||
Net income (loss)
|
$ | (145 | ) | (2.0 | %) | $ | 177 | 2.4 | % | $ | (322 | ) | (181.9 | %) |
|
Revenue
|
|
Selling, General and Administrative Expenses
|
- 16 - |
|
Depreciation and Amortization Expense
|
|
Interest Expense
|
|
Other Income
|
|
Income Taxes
|
|
Net Income
|
|
Liquidity and Capital Resources
|
- 17 - |
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
|
Disclosure Controls and Procedures
|
|
Changes in Internal Controls
|
- 18 - |
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
2014 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
|
19,195(2)
|
$8.13
|
1,850
|
|
February
|
-
|
-
|
-
|
|
March
|
-
|
-
|
-
|
|
Total
|
19,195(2)
|
$8.13
|
1,850
|
124,867
|
- 19 - |
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
|
31.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
|
|
31.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
|
|
32.1
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
|
|
32.2
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
|
|
101
|
The following materials from Servotronics, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, 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.**
|
- 20 - |
SERVOTRONICS, INC.
|
|||
By: | /s/ Cari L. Jaroslawsky, Chief Financial Officer | ||
Cari L. Jaroslawsky
|
|||
Chief Financial Officer
|
|||
By: | /s/ Dr. Nicholas D. Trbovich, Chief Executive Officer | ||
Dr. Nicholas D. Trbovich | |||
Chief Executive Officer |
- 21 - |
|
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: May 13, 2014
|
||
/s/ Dr. Nicholas D. Trbovich, Chief Executive Officer
|
||
Dr. Nicholas D. Trbovich
|
||
Chief Executive Officer
|
|
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: May 13, 2014
|
||
/s/ Cari L. Jaroslawsky, Chief Financial Officer | ||
Cari L. Jaroslawsky
|
||
Chief Financial Officer
|
|
1.
|
Other than the completion of a review of the interim financial statements contained within this report by an independent accountant using professional review standards and procedures, the quarterly report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Act of 1934, and
|
|
2.
|
The information contained in the quarterly report fairly represents, in all material respects, the financial condition and results of operations of the Company.
|
Date: May 13, 2014 | /s/ Dr. Nicholas D. Trbovich, Chief Executive Officer | |
Dr. Nicholas D. Trbovich
|
||
Chief Executive Officer
|
|
1.
|
Other than the completion of a review of the interim financial statements contained within this report by an independent accountant using professional review standards and procedures, the quarterly report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Act of 1934, and
|
|
2.
|
The information contained in the quarterly report fairly represents, in all material respects, the financial condition and results of operations of the Company.
|
Date: May 13, 2014 | /s/Cari L. Jaroslawsky, Chief Financial Officer | |
Cari L. Jaroslawsky
|
||
Chief Financial Officer
|
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