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Servotronics, Inc. Announces First Quarter Results For The Period Ended March 31, 2019ELMA, N.Y., May 14, 2019 /PRNewswire/ -- Servotronics, Inc. (NYSE American: SVT) a designer and manufacturer of servo-control components and other advanced technology products announced today the results of its operations for the quarter ended March 31, 2019. Revenues for the quarter were $12,003,000, approximately a 13.7% increase from $10,559,000 for the same period in 2018. The increase in revenue is the result of increases in commercial and government shipments at the ATG. This is offset by a net decrease in CPG shipments with CPG government shipments increasing offset by a decrease in commercial shipments. Net income was $98,000 (or $0.04 per share Basic and $0.04 Diluted) for the first quarter ended March 31, 2019 compared to net income of $331,000 (or $0.14 per share Basic and $0.14 Diluted) for the comparable period ended March 31, 2018. "We continue to invest for the future while maintaining the same level of quality we have delivered for nearly 60 years," commented Kenneth D. Trbovich, CEO and Chairman of the Board. "We still have work to do, but I am optimistic about the remainder of the fiscal year as our high quality products, dedicated employees and long-standing customer and vendor relationships continue to serve as the core fundamentals that allow us to deliver positive results." The ompany is composed of two groups – the ATG and the 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, pocket knives, machetes and combat knives, survival, sporting, agricultural knives and other edged products for both commercial and government applications. FORWARD-LOOKING STATEMENTS
View original content:http://www.prnewswire.com/news-releases/servotronics-inc-announces-first-quarter-results-for-the-period-ended-march-31-2019-300849901.html SOURCE Servotronics, Inc. |