Servotronics, Inc. reported net income of $1.9 million, or $0.92 per diluted share, for the full year 2009. The company earned $3.05 million, or $1.45 per diluted share, in 2008.
Servotronics, Inc. said that revenues fell also over the same time frame, to $33.0 million reported in fiscal 2009 from $34.2 million in fiscal 2008. The company blamed the fall in net income and revenues on the economic recession and the resulting delay in shipments of commercial aircraft.
Servotronics, Inc. also cited the implementation costs associated with Section 404 of the Sarbanes-Oxley law, which will soon apply to companies the size of Servotronics, Inc.
Servotronics, Inc. is an industrial company that designs, manufactures and sells valves, motors, actuators, check valves, pressure regulators, metallic seals and other products for use in aircraft and ground vehicles in the commercial and military sectors.
The company has two segments – the Advanced Technology Group (ATG) and the Consumer Products Group (CPG). Servotronics, Inc. was founded in 1959, and is headquartered in Elma, N.Y.