ELMA, N.Y., July 1, 2011 /PRNewswire/ -- Servotronics, Inc.'s (Company) Annual Meeting was held in Buffalo, New York on Friday, July 1, 2011. The Company's current activities were reviewed and presented. 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 control 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, machetes and combat, survival, sporting, agricultural, and pocket knives for both commercial and government applications.
The year 2010 was a year of increased net income, product developments and aggressive pursuits of new marketing targets of opportunity. Servotronics, Inc.'s ("Company") net income increased 11.8% to $2,128,000 (or $1.08 per share Basic and $1.01 Diluted) on revenues of $31,659,000 for the year ended 12/31/10 as compared to a net income of $1,903,000 on revenues of $33,008,000 for the same twelve-month period a year earlier. It was a year of new products and innovative enhancements for new and existing programs by the ATG and CPG.
The Company's strong balance sheet and significant liquidity were clearly presented. On 12/31/10, Servotronics' Working Capital was approximately $18,800,000, the Current Ratio and Quick Ratio were 6.9 to 1 and 3.4 to 1 respectively and the long term Institutional Debt to equity ratio was .17 to 1. All of these 2010 business performance ratios clearly show continued strength and enhancement from an already strong foundation.
Also noted was that the Company declared a $0.15 cash dividend per share to shareholders of record on 4/29/11. This cash dividend on the Company's common stock for the fourth consecutive year does not represent that the Company will pay dividends on a regular or scheduled basis. However, our Board of Directors will continue to consider the distribution of cash dividends based on the relevant facts and circumstances at the time of determination.The Company has expanded its presence in both the domestic and foreign markets. Specifically referenced and noted was a partial description of the numerous major programs and projects that have used, are using and expected to use Servotronics' control products. Similarly, the substantial number of new products and new applications at the Company's CPG were noted.