Servotronics, Inc. Announces Third Quarter And Nine Month Results For The Periods Ended September 30, 2010
ELMA, N.Y., Nov. 11, 2010 /PRNewswire-FirstCall/ -- Servotronics, Inc. (NYSE Amex: SVT) reported net income of $1,606,000 (or $0.82 per share Basic, $0.75 per share Diluted) on revenues of $23,433,000. The comparable net income for the same nine month period of 2009 was $1,668,000 (or $0.86 per share Basic, $0.81 per share Diluted) on revenues of $24,868,000. Net income for the three month period ended September 30, 2010 was $205,000 (or $0.10 per share Basic and Diluted) on revenues of $7,346,000 for the three month period ended September 30, 2010 as compared to net income of $833,000 (or $0.43 per share Basic, $0.40 per share Diluted) on revenues of $8,224,000 for the comparable three month period ended September 30, 2009. The Company primarily attributes the decrease in revenues and net income to decreased shipments and product mix. Also reported was that the Net Cash generated from operating activities for the nine month period ended September 30, 2010 was $1,885,000 as compared to $260,000 for the comparable period ended September 30, 2009.
As the Company previously reported, certain major manufacturers of commercial aircraft have publicly announced that they have initiated plans to ramp-up production to support forecasted increases in aircraft deliveries in late 2010, 2011 and 2012. Aircraft component suppliers are being advised to increase their manufacturing capabilities to support this forecasted accelerated aircraft production. There is a growing consensus that the world-wide recession is in a recovery mode which has the potential to be self-sustainable – but no guarantee. Also, the Aerospace Industry Association expresses cautious optimism and confidence in the future of the domestic Aerospace Industry and notes the strong favorable domestic/foreign trade Aerospace Industry comparison.
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