ELMA, N.Y. , July 3, 2012 /PRNewswire/ -- Servotronics, Inc.'s (Company) Annual Meeting was held in Buffalo, New York on Tuesday, July 3, 2012. 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 2011 was a year of increased net income, product developments and aggressive pursuits of new marketing targets of opportunity. Servotronics, Inc. reported an approximate 23.4% increase in Net Income to $2,626,000 (or $1.31 per share Basic and $1.24 Diluted) on Revenues of $34,181,000 for the fiscal year ended December 31, 2011 as compared to a Net Income of $2,128,000 (or $1.08 Basic and $1.01 Diluted) on Revenues of $31,659,000, respectively for the fiscal year ended December 31, 2010. The Company primarily attributes the year to year increase in Net Income to increased sales at the Company's Advanced Technology Group (ATG) in combination with cost containment activities and a decrease in the effective tax rate associated with the applicability of the appropriate tax credits.
The Company's strong balance sheet and significant liquidity were clearly presented. On December 31, 2011, Servotronics' Working Capital was approximately $20,500,000, the Current Ratio and Quick Ratio were 6.9 to 1 and 3.1 to 1, respectively, and the long term Institutional Debt to equity ratio was .125 to 1. All of these 2011 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 June 1, 2012. This cash dividend on the Company's common stock for the fifth 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 description of certain major programs and projects that are using Servotronics' control products. Similarly, the substantial number of new products and new applications at the Company's CPG were also reviewed.