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Servotronics, Inc. Announces Year End Income And Revenues

          Servotronics, Inc. Announces Year End Income And Revenues

PR Newswire

ELMA, N.Y., March 21, 2014

ELMA, N.Y., March 21, 2014 /PRNewswire/ --Servotronics, Inc. (NYSE MKT – SVT)
reported an approximate 205% increase in net income to $975,000 (or $0.43 per
share Basic and Diluted) for the fiscal year ended December 31, 2013 as
compared to net income of $320,000 (or $0.15 per share Basic and Diluted) for
the comparable period ended December 31, 2012.

The Company attributes the increase in net income primarily to the previously
reported strategic focus on core competencies that led to the 2012 sale of
certain underperforming assets and shutdown of certain operations at the
subsidiary level. Servotronics continues to strategically position itself
through the design and development of new products for new
applications/programs across a multitude of industries.

Revenue from continuing operations for the fiscal year ended December 31, 2013
was $30,310,000 compared to revenue from continuing operations of $30,510,000
for the comparable period ended December 31, 2012. The decrease in sales is
the result of decreased shipments related to orders from the U.S. Government
and its prime vendors partially off-set by an increase in shipments of
commercial products at both the ATG and CPG.

The Company 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

Certain paragraphs of this release contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, such as those pertaining to the Company's
expectation of new business and success in its entry into new product
programs. Forward-looking statements involve numerous risks and uncertainties.
The Company derives a material portion of its revenue from contracts with
agencies of the U.S. Government or their prime contractors. The Company's
business is performed under fixed price contracts and the following factors,
among others, could cause actual results and future events to differ
materially from those set forth or contemplated in the forward-looking
statements: uncertainties in today's global economy and global competition,
difficulty in predicting defense appropriations, the vitality and ability of
the commercial aviation industry to purchase new aircraft, the willingness and
ability of the Company's customers to fund long-term purchase programs, market
demand and acceptance both for the Company's products and its customers'
products which incorporate Company-made components and the ability of the
Company to successfully execute its strategic plans. The success of the
Company also depends upon the trends that affect the national and
international economy. Readers are cautioned not to place undue reliance on
forward-looking statements, which reflect management's analysis only as of the
date hereof. The Company assumes no obligation to update forward-looking
statements.

SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE MKT

SOURCE Servotronics, Inc.

Website: http://www.servotronics.com
Contact: Nancy Magnuson, +1-716-655-5990
 
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