Last $6.38 USD
Change Today -0.11 / -1.69%
Volume 2.7K
SVT On Other Exchanges
Symbol
Exchange
NYSE Amex
As of 6:40 PM 12/22/14 All times are local (Market data is delayed by at least 15 minutes).

servotronics inc (SVT) Snapshot

Open
$6.48
Previous Close
$6.49
Day High
$6.49
Day Low
$6.22
52 Week High
03/18/14 - $9.00
52 Week Low
10/21/14 - $5.54
Market Cap
15.7M
Average Volume 10 Days
2.9K
EPS TTM
$-0.30
Shares Outstanding
2.5M
EX-Date
06/20/13
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for SERVOTRONICS INC (SVT)

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servotronics inc (SVT) Details

Servotronics, Inc., together with its subsidiaries, designs, manufactures, and markets advanced technology and consumer products in the United States. The company operates in two segments, Advanced Technology Group (ATG) and Consumer Products Group (CPG). The ATG segment provides various servo-control components that convert an electrical current into a mechanical force or movement, and other related products. This segment’s servo-control components include torque motors, electromagnetic actuators, hydraulic valves, pneumatic valves, and related devices, which are principally sold to the commercial aerospace, missile, aircraft, and government related industries, as well as medical and industrial markets. It also offers metallic seals in various cross-sectional configurations that are used to fit between two metal surfaces to produce a secure and leak-proof joint, as well as to close tolerances from standard and special alloy steels. This segment markets its products through its professional staff to the United States Government, government prime contractors, government subcontractors, commercial manufacturers, and end users. The CPG segment provides various cutlery products, including steak, carving, bread, butcher, and paring knives for household use and for use in restaurants, institutions, and private industry; fixed and folding knives for use in hunting, fishing, and camping; and machetes, bayonets, axes, strap cutters, and other tools primarily for military use. It also produces and markets other cutlery items, such as various specialty tools, putty knives, linoleum sheet cutters, field knives, scalpels, and micro-spatulas. This segment markets its products through its sales resources and independent manufacturers’ representatives to hardware, supermarket, variety, department, discount, gift, drug stores; outdoors and sporting retailers; and various branches of the United States Government. Servotronics, Inc. was founded in 1959 and is based in Elma, New York.

231 Employees
Last Reported Date: 03/24/14
Founded in 1959

servotronics inc (SVT) Top Compensated Officers

Founder, Chairman and Chief Executive Officer...
Total Annual Compensation: $643.1K
President, Director, Chief Executive Officer ...
Total Annual Compensation: $274.9K
Chief Financial Officer and Treasurer
Total Annual Compensation: $233.5K
Senior Vice President
Total Annual Compensation: $160.6K
Compensation as of Fiscal Year 2013.

servotronics inc (SVT) Key Developments

Servotronics, Inc. Enters into Loan Agreement with Bank of America, N.A

On December 1, 2014, Servotronics Inc. entered into a loan agreement with Bank of America, N.A. The loan agreement provides for a $2,620,000 seven-year term loan and $2,000,000 line of credit. The line of credit is available until June 24, 2015, unless subsequently renewed, and replaces the company's existing $2,000,000 line of credit on which there was $1,000,000 outstanding at November 30, 2014. Borrowings under the credit facilities will bear interest, at the company's option, at the bank's prime rate or LIBOR plus 1.4%. Principal installments are payable on the term loan and the OKC term loan through December 1, 2021 with a balloon payment at maturity of the term loan. The term loan and line of credit are secured by all of the company's equipment, receivables and inventory.

Servotronics Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Servotronics Inc. reported earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net loss of $3,301,000 or $1.46 per basic share compared to net income of $358,000 or $0.16 per basic share in the same period of 2013. Excluding non-recurring items, the company achieved adjusted net income for the third quarter of 2014 of $324,000 or $0.14 adjusted per basic share. Revenues for the quarter increased 3.9% to $8,031,000 compared to $7,727,000 last year with Advanced Technology Group sales up 16.7%. Quarterly sales growth was led by its Advanced Technology Group while it experienced some expected decreases in revenue and production at its Consumer Products Group as the operations are being transitioned to the expanded facility. Net loss for the nine-months ended September 30, 2014 was $2,999,000 or $1.32 per basic share compared to net income of $1,039,000 or $0.46 per basic share in the same period of 2013. Excluding non-recurring items, the company achieved adjusted net income for the nine-months ended September 30, 2014 of $610,000 or $0.27 adjusted per basic share. Revenues for the period decreased 0.5% to $23,016,000 compared to $23,136,000 in the same period in 2013 with ATG sales up 7.7%.

Servotronics Inc. Reports Earnings Results for the Second Quarter and Six Month Ended June 30, 2014; to Invest Approximately $4,000,000 over a Five Year Period at the Consumer Products Group

Servotronics Inc. reported earnings results for the second quarter and six months ended June 30, 2014. The company's second quarter 2014 performance showed a significant improvement in both sales and net income over the first quarter 2014. Quarter to quarter sales grew over 14%, from $6,990,000 to $7,995,000 with a turnaround in net income to $447,000 or $0.20 per share Basic and Diluted for the second quarter ended June 30, 2014. Net income for the comparable period ended June 30, 2013 was $504,000 or $0.22 per share Basic and Diluted on revenues of $8,067,000. Net income for the six month period ended June 30, 2014 was $302,000 or $0.13 per share Basic and Diluted on revenues of $14,985,000 as compared to net income for the comparable period ended June 30, 2013 of $681,000 or $0.30 per share Basic and Diluted on revenues of $15,409,000. 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 n 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 broke ground May of 2014 and expects to invest approximately $4,000,000 over a five year period.

 

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