Shawshank, VA 5/15/12 (StreetBeat) -- Servotronics Inc. (NYSE: SVT) reported a sharp decline in net income in the first quarter, impacted by start-up costs for new products and expenses.
Profit in the quarter was $63,000, or 3 cents per share, compared to $418,000, or 21 cents per share, a year ago. Revenue edged up 1.3 percent to $8.37 million from $8.27 million.
Elma-based Servotronics stated it has strategically positioned itself by continuing to design and develop new products for new applications/programs across a multiple of industries.
The company is composed of two groups — the ATG and the CPG. The ATG primarily manufactures components for aircraft, jet engines, missiles and manufacturing equipment. The CPG designs and produces various cutlery, knives and other edged products for both commercial and government applications.
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