This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Servotronics, Inc. (NYSE Amex- SVT) Reports 2011 Third Quarter And Nine Month Financial Results And Declares A Second $0.15 Per Common Share Dividend In 2011

ELMA, N.Y., Nov. 8, 2011 /PRNewswire/ -- Servotronics, Inc. (NYSE Amex – SVT) reported an approximate 341% increase in net income for the three month period ended September 30, 2011 to $904,000 (or $0.46 per share Basic, $0.44 per share Diluted) on an approximate 20% increase in revenues of $8,808,000 as compared to net income of $205,000 (or $.10 per share Basic and Diluted) on revenues of $7,346,000 for the comparable three month period ended September 30, 2010. Net income for the nine month period ended September 30, 2011 was increased approximately 27% to $2,038,000 (or $1.03 per share Basic, $0.97 per share Diluted) on an approximate 9% increase in revenues of $25,496,000. The comparable net income for the same nine month period of 2010 was $1,606,000 (or $0.82 per share Basic, $0.75 per share Diluted) on revenues of $23,433,000. The Company primarily attributes the increase in revenues and net income to increased shipments and product mix. Also reported was that the Company's 9/30/11 working capital continues strong at $20,123,000 as compared to $18,480,000 for the comparable period ended September 30, 2010. The Company's continuing strong financial position was specifically noted in the face of challenging global economic uncertainties. Also, there continues to be a consensus among economic/political commentators that U.S. tax rates will be higher in 2012.

In anticipation that new higher tax rates may be specifically imposed upon qualified dividends in 2012, the Company's Board of Directors declared a $0.15 per share dividend to be paid on December 16, 2011 to shareholders of record on November 28, 2011. This second dividend payment in 2011 was determined by the Company's Board of Directors in time for the shareholders to use the proceeds for end-of-year financial obligations and prior to any dividend income tax increases that may occur in 2012. Shareholders should not assume that dividends will be declared at comparable time periods or at all in the year 2012 unless the Company gives notice of such expectations/dividends.

The Company is composed of two groups – the Advanced Technology (ATG) and the Consumer Products Group (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, machetes and combat, survival, sporting, agricultural, pocket knives and other edged products for both commercial and government applications.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,888.35 +168.43 0.95%
S&P 500 2,102.63 +22.22 1.07%
NASDAQ 5,156.3060 +47.64 0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs