Servotronics Inc

NYSE American:SVTUnited States

Nov 8, 2024

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• -- Earnings Flash (SVT) SERVOTRONICS Reports Q3 Revenue $12.4M, from 8:45AM ET on Friday Nov 08, 2024 by MT Newswires

  8:45AM ET on Friday Nov 08, 2024 by MT Newswires
  Companies Mentioned: SVT
  08:45 AM EST, 11/08/2024 (MT Newswires) -- ...

• -- Earnings Flash (SVT) SERVOTRONICS Reports Q3 Loss $-0.20 Per Share, from 8:45AM ET on Friday Nov 08, 2024 by MT Newswires

  8:45AM ET on Friday Nov 08, 2024 by MT Newswires
  Companies Mentioned: SVT
  08:45 AM EST, 11/08/2024 (MT Newswires) -- ...

• Servotronics Announces Third Quarter 2024 Financial Results, from 8:45AM ET on Friday Nov 08, 2024 by PR Newswire

  8:45AM ET on Friday Nov 08, 2024 by PR Newswire
  Companies Mentioned: SVT

  Strong revenue growth despite industry-wide challenges --

  Servotronics, Inc. (NYSE American - SVT), a designer and manufacturer of servo-control components and other advanced technology products, today reported financial results for the third quarter and nine months ended September 30, 2024.

• Press Release: Servotronics Announces Third Quarter 2024 Financial Results, from 8:45AM ET on Friday Nov 08, 2024 by Dow Jones

  8:45AM ET on Friday Nov 08, 2024 by Dow Jones
  Companies Mentioned: SVT

• Servotronics Announces Third Quarter 2024 Financial Results, from 8:45AM ET on Friday Nov 08, 2024 by Dow Jones

  8:45AM ET on Friday Nov 08, 2024 by Dow Jones
  Companies Mentioned: SVT
  Accounts payable 2,954 2,061 Accrued employee compensation and benefits costs 927 1,003 Accrued warranty 413 542 Other accrued liabilities 1,046 1,909 Liabilities related to discontinued operation 27 213 ----------- ---------- Total Current Liabilities 8,633 7,928 ----------- ---------- Post-retirement obligation 4,210 4,165 Other long-term liabilities 427 - ----------- ---------- Total Liabilities 13,270 12,093 ----------- ---------- Shareholders' Equity: Common stock, par value $0.20; authorized 4,000,000 shares; issued 2,629,052 shares; outstanding 2,527,484 (2,514,775 - 2023) shares 525 525 Capital in excess of par value 14,796 14,617 Retained earnings 12,631 12,954 Accumulated other comprehensive loss (2,331) (2,389) Employee stock ownership trust commitment (56) (56) Treasury stock, at cost 74,816 (87,525 - 2023) shares (1,172) (1,157) ----------- ---------- Total shareholders' equity 24,393 24,494 ----------- ---------- Total Liabilities and Shareholders' Equity $ 37,663 $ 36,587 =========== ========== SERVOTRONICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS ($000's omitted except per share data) Three Months Ended Nine Months Ended September 30, September 30, ---------------- ------------------ 2024 2023 2024 2023 ------- ------- ------- --------- Revenue $12,430 $11,582 $35,149 $ 31,291 Costs of goods sold, inclusive of depreciation and amortization 10,162 9,083 28,083 26,252 ------ ------ ------ -------- Gross profit 2,268 2,499 7,066 5,039 Operating expenses Selling, general and administrative 1,979 2,219 6,394 7,663 Legal settlement (Note 9) 570 - 570 - ------ ------ ------ -------- Total operating expenses 2,549 2,219 6,964 7,663 Operating (loss) income (281) 280 102 (2,624) Other expense Interest & other expense, net 172 98 353 239 ------ ------ ------ -------- Total other expense 172 98 353 239 ------ ------ ------ -------- (Loss) income from continuing operations before income taxes (453) 182 (251) (2,863) Income tax expense - - - (1,063) ------ ------ ------ -------- (Loss) income from continuing operations, net of tax (453) 182 (251) (3,926) Loss from discontinued operation before income taxes (43) (386) (72) (7,326) Income taxes - - - - ------ ------ ------ -------- Loss from discontinued operation, net of tax (Note 2) (43) (386) (72) (7,326) ------ ------ ------ -------- Net loss $ (496) $ (204) $ (323) $(11,252) ====== ====== ====== ======== Basic and diluted (loss) earnings per share: Continuing operations $(0.18) $ 0.07 $(0.10) $ (1.59) Discontinued operation (0.02) (0.16) (0.03) (2.97) ------ ------ ------ -------- Basic and diluted loss per share $(0.20) $(0.09) $(0.13) $ (4.56) ====== ====== ====== ======== SERVOTRONICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS ($000's omitted) Nine Months Ended September 30, --------------------- 2024 2023 ----------- -------- Cash flows related to operating activities: Loss from continuing operations $ (251) $(3,926) Adjustments to reconcile loss from continuing operations to net cash provided (used) by operating activities: Depreciation and amortization 768 790 Stock based compensation 185 111 Allowance for credit losses (90) 8 Inventory reserve 108 34 Warranty reserve (129) (37) Deferred income taxes - 1,077 Changes in assets and liabilities providing (using) cash: Accounts receivable (443) (3,852) Inventories (1,318) (796) Prepaid and other current assets 697 (251) Accounts payable 893 1,118 Accrued employee compensation and benefit costs (18) 229 Other accrued liabilities (863) 528 Post-retirement obligations 45 59 Other long-term liabilities 427 - ------- ------- Net cash provided (used) by operating activities from continuing operations 11 (4,908) ------- ------- Cash flows related to investing activities: Purchase of property, plant and equipment, net of disposals (933) (606) ------- ------- Net cash used by investing activities from continuing operations (933) (606) ------- ------- Cash flows related to financing activities: Proceeds from line of credit, net of payments 1,066 2,164 Purchase of treasury shares (21) - Payments on finance lease obligations - (501) ------- ------- Net cash provided by financing activities from continuing operations 1,045 1,663 ------- ------- Discontinued Operation Cash used by operating activities (172) (1,753) Cash provided by investing activities - 2,100 ------- ------- Net cash (used) provided by discontinued operation (172) 347 ------- ------- Net decrease in cash and restricted cash (49) (3,504) ------- ------- Cash and restricted cash at beginning of period 245 3,812 ------- ------- Cash and restricted cash at end of period $ 196 $ 308 ======= =======