0001571049-14-001778.txt : 20140513 0001571049-14-001778.hdr.sgml : 20140513 20140513154627 ACCESSION NUMBER: 0001571049-14-001778 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140508 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Submission of Matters to a Vote of Security Holders ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140513 DATE AS OF CHANGE: 20140513 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: 14837174 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 t79303_8k.htm FORM 8-K

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):  May 8, 2014
 
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:
 
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 May 13, 2014 Servotronics, Inc. issued a press release announcing its financial results for the period ended March 31, 2014. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
 
Item 5.07.          Submission of Matters to a Vote of Security Holders
 
At the Annual Meeting of Shareholders held on May 8, 2014, the shareholders of Servotronics, Inc. (the “Company”) (i) elected the five director nominees; and (ii) ratified the appointment of Freed Maxick CPAs, P.C. as the Company’s independent registered public accounting firm for the 2014 fiscal year.
 
The results of the voting for the five director nominees were as follows:
                   
Name
 
For
   
Withhold Authority
   
Broker Non-Votes
 
Dr. William H. Duerig
    1,545,756.50       87,414.34       196,133  
Mr. Donald W. Hedges
    1,545,189.49       87,981.35       196,133  
Mr. Edward C. Cosgrove
    1,390,554.18       242,616.66       196,133  
Mr. Kenneth D. Trbovich
    1,381,908.18       251,262.66       196,133  
Dr. Nicholas D. Trbovich
    1,387,930.83       245,240.01       196,133  
 
The results of the voting for the ratification of Freed Maxick CPAs, P.C. as the Company’s independent registered public accounting firm for the 2014 fiscal year were as follows:
 
For
 
Against
 
Abstentions
1,770,892.79
 
44,154.94
 
14,256.11
 
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 May 13, 2014.
 
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:   May 13, 2014    
  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 May 13, 2014.
 
 

 

 
EX-99.1 2 ex99-1.htm EXHIBIT 99.1


                                       [Servotronics, Inc. Letterhead]  Exhibit 99.1
 
1110 Maple Street    P.O. Box 300  ♦  Elma, New York 14059-0300  ♦  716-655-5990  ♦  FAX 716-655-6012
   
  May 13, 2014 SERVOTRONICS, INC. ANNOUNCES
  1ST QUARTER RESULTS
  FOR THE PERIOD ENDED MARCH 31, 2014
 
Elma, NY – Servotronics, Inc. (NYSE MKT – SVT) reported a net loss of $145,000 (or $(0.06) per share Basic and Diluted) on sales of $6,990,000 for the first quarter ended March 31, 2014 as compared to net income of $177,000 (or $0.08 per share Basic and Diluted) on sales of $7,342,000 for the comparable period ended March 31, 2013. The Company attributes the decrease in net income primarily to the decrease in sales and profits at the Company’s Consumer Products Group as well as increased administrative expenses at the Advanced Technology Group.  As part of a previously reported re-alignment plan, the Company is moving forward with a multi-million dollar investment plan designed to upgrade and streamline the manufacturing process at the Consumer Products Group to be more competitive and profitable. The project includes 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. Recent grant awards totaling more than $700,000 for economic development assistance from New York State and Cattaraugus County are making this project possible.
 
The Company is composed of two groups – the Advanced Technology Group (ATG) and the Consumer Products Group (CPG). The ATG primarily designs, develops and manufactures servo controls and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, 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, 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