24 March 2014
Servotronics, Inc. (NYSE SVT) said it has reported an approximate 205 percent increase in net income to USD975,000 for the fiscal year ended December 31, 2013 as compared to net income of USD320,000 for the comparable period ended December 31, 2012.
The company said it attributed the increase in net income primarily to its 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 fiscal year ended December 31, 2013 was USD30,310,000 compared to revenue from continuing operations of USD30,510,000 for the comparable period ended December 31, 2012. The decrease in sales is the result of decreased shipments related to orders from the US government and its prime vendors partially off-set by an increase in shipments of commercial products at both the ATG and CPG.
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.