ELMA, N.Y., March 31, 2011 /PRNewswire/ -- Servotronics, Inc. (NYSE Amex: SVT) reported an increase in Net Income of approximately 11.8% to $2,128,000 (or $1.08 per share Basic and $1.01 Diluted) on revenues of $31,659,000 for the fiscal year ended December 31, 2010 as compared to Net Income and revenues for the fiscal year ended December 31, 2009 of $1,903,000 (or $0.98 per share Basic and $0.92 Diluted) and $33,008,000 respectively. The Company primarily attributes the year to year increase in Net Income to increased sales, profit margins and cost containment at the Company's Advanced Technology Group (ATG) in combination with increased profit margins and more favorable product mix at the Company's Consumer Products Group (CPG). The CPG's decrease in net sales was primarily the result of decreased government shipments by the CPG resulting from the completion of a significant contract.
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 their customers' forecasted increases in aircraft deliveries in 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 there is no guarantee. The domestic aerospace industry remains strong and its year to year domestic/foreign trade comparison continues positive. The total resulting effects of the Japanese earthquakes and the potential nuclear/radiation from the extensive damage of certain Japanese nuclear power plants on the world's economy are not yet fully quantified or determined.