$SVT
SERVOTRONICS INC /DE/

2022 Q1 Form 10-Q Financial Statement

#000141057822001646 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $11.17M $9.060M
YoY Change 23.27% -41.35%
Cost Of Revenue $8.530M $8.067M
YoY Change 5.74% -24.86%
Gross Profit $2.638M $993.0K
YoY Change 165.66% -78.93%
Gross Profit Margin 23.62% 10.96%
Selling, General & Admin $2.182M $1.973M
YoY Change 10.59% -13.01%
% of Gross Profit 82.71% 198.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $313.0K $356.0K
YoY Change -12.08% 0.56%
% of Gross Profit 11.87% 35.85%
Operating Expenses $2.182M $1.973M
YoY Change 10.59% -13.01%
Operating Profit $456.0K -$980.0K
YoY Change -146.53% -140.1%
Interest Expense $70.00K $61.00K
YoY Change 14.75% -245.24%
% of Operating Profit 15.35%
Other Income/Expense, Net -$44.00K $1.669M
YoY Change -102.64%
Pretax Income $412.0K $689.0K
YoY Change -40.2% -71.32%
Income Tax $87.00K $148.0K
% Of Pretax Income 21.12% 21.48%
Net Earnings $325.0K $541.0K
YoY Change -39.93% -71.5%
Net Earnings / Revenue 2.91% 5.97%
Basic Earnings Per Share $0.13 $0.23
Diluted Earnings Per Share $0.13 $0.22
COMMON SHARES
Basic Shares Outstanding 2.432M 2.404M
Diluted Shares Outstanding 2.435M 2.407M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.855M $6.838M
YoY Change 29.5% 294.12%
Cash & Equivalents $8.855M $6.838M
Short-Term Investments
Other Short-Term Assets $1.431M $1.146M
YoY Change 24.87% 75.77%
Inventory $20.19M $22.26M
Prepaid Expenses
Receivables $9.304M $7.698M
Other Receivables $0.00 $1.593M
Total Short-Term Assets $40.37M $39.53M
YoY Change 2.12% 1.68%
LONG-TERM ASSETS
Property, Plant & Equipment $10.35M $11.68M
YoY Change -11.36% -8.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $318.0K $464.0K
YoY Change -31.47% 3.34%
Total Long-Term Assets $11.56M $12.14M
YoY Change -4.78% -8.23%
TOTAL ASSETS
Total Short-Term Assets $40.37M $39.53M
Total Long-Term Assets $11.56M $12.14M
Total Assets $51.93M $51.67M
YoY Change 0.5% -0.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.332M $1.757M
YoY Change 32.73% -61.21%
Accrued Expenses $3.034M $3.047M
YoY Change -0.43% -9.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $266.0K $2.575M
YoY Change -89.67% 203.3%
Total Short-Term Liabilities $5.768M $7.379M
YoY Change -21.83% -15.74%
LONG-TERM LIABILITIES
Long-Term Debt $4.690M $7.515M
YoY Change -37.59% 31.59%
Other Long-Term Liabilities $5.732M $2.534M
YoY Change 126.2% 13.89%
Total Long-Term Liabilities $4.690M $10.05M
YoY Change -53.33% 26.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.768M $7.379M
Total Long-Term Liabilities $4.690M $10.05M
Total Liabilities $10.46M $17.43M
YoY Change -39.99% 4.4%
SHAREHOLDERS EQUITY
Retained Earnings $26.18M
YoY Change
Common Stock $15.03M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.326M
YoY Change
Treasury Stock Shares $122.8K
Shareholders Equity $35.74M $34.24M
YoY Change
Total Liabilities & Shareholders Equity $51.93M $51.67M
YoY Change 0.5% -0.84%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $325.0K $541.0K
YoY Change -39.93% -71.5%
Depreciation, Depletion And Amortization $313.0K $356.0K
YoY Change -12.08% 0.56%
Cash From Operating Activities -$544.0K $836.0K
YoY Change -165.07% -359.63%
INVESTING ACTIVITIES
Capital Expenditures $115.0K $14.00K
YoY Change 721.43% -103.39%
Acquisitions
YoY Change
Other Investing Activities $38.00K
YoY Change
Cash From Investing Activities -$77.00K -$14.00K
YoY Change 450.0% -96.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $81.00K
YoY Change
Debt Paid & Issued, Net $637.0K
YoY Change
Cash From Financing Activities -70.00K 81.00K
YoY Change -186.42% -81.63%
NET CHANGE
Cash From Operating Activities -544.0K 836.0K
Cash From Investing Activities -77.00K -14.00K
Cash From Financing Activities -70.00K 81.00K
Net Change In Cash -691.0K 903.0K
YoY Change -176.52% -407.14%
FREE CASH FLOW
Cash From Operating Activities -$544.0K $836.0K
Capital Expenditures $115.0K $14.00K
Free Cash Flow -$659.0K $822.0K
YoY Change -180.17% 803.3%

Facts In Submission

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CY2022Q1 us-gaap Basis Of Accounting
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.           Basis of Presentation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 36pt;">The accompanying unaudited condensed consolidated financial statements (“consolidated financial statements”) have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 36pt;">The accompanying consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The consolidated financial statements should be read in conjunction with the 2021 annual report and the notes thereto.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 18pt;"><i style="font-style:italic;">COVID-19 Impacts on Our Business</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 0pt 36pt;">On March 11, 2020, the World Health Organization declared the outbreak of the coronavirus a global pandemic. COVID-19 resulted in the disruption of our operations due to the push-out of orders by our customers, elevated safety standards to keep our employees safe, and supply chain challenges.  We continue to maintain the health and safety of our employees while meeting the needs of our customers and securing the financial well-being of the Company.  All of our operations and production activities have remained operational.  See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for more information related to COVID-19.</p>
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
196000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
131000
CY2022Q1 svt Weighted Average Warranty Period
WeightedAverageWarrantyPeriod
P27M
CY2022Q1 svt Warranty Reserve
WarrantyReserve
511000
CY2022Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1910000
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1742000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 36pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 36pt;">The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 36pt;">Concentration of Credit Risks</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 36pt;">Financial instruments that potentially subject the Company to concentration of credit risks principally consist of cash accounts in financial institutions. Although the accounts exceed the federally insured deposit amount, management does not anticipate nonperformance by the financial institutions.</p>
CY2022Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
113000
CY2022Q1 us-gaap Interest Paid
InterestPaid
31000
CY2021Q1 us-gaap Interest Paid
InterestPaid
33000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
15771000
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
15952000
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
4181000
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
3432000
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2144000
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2490000
CY2022Q1 us-gaap Inventory Gross
InventoryGross
22096000
CY2021Q4 us-gaap Inventory Gross
InventoryGross
21874000
CY2022Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1910000
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1742000
CY2022Q1 us-gaap Inventory Net
InventoryNet
20186000
CY2021Q4 us-gaap Inventory Net
InventoryNet
20132000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
32530000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
32473000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22181000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21916000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10349000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10557000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
313000
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
356000
CY2022Q1 us-gaap Depreciation
Depreciation
305000
CY2021Q1 us-gaap Depreciation
Depreciation
339000
CY2022Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
8000
CY2021Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
17000
CY2022Q1 us-gaap Construction In Progress Gross
ConstructionInProgressGross
529000
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
414000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
4956000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
5026000
CY2022Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
266000
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
276000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4690000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4750000
CY2022Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0165
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
206000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
4481000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
182000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
77000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
10000
CY2022Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
225000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
296000
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
246000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
246000
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
192000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
192000
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
83000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
83000
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
11000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
11000
CY2022Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
757000
CY2021Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
828000
CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
51000
CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
52000
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
706000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
776000
CY2022Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
266000
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
276000
CY2022Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
440000
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
500000
CY2022Q1 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
5868000
CY2021Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
5865000
CY2022Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
69000
CY2021Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
46000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
35366000
CY2022Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
22000
CY2022Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
25000
CY2022Q1 us-gaap Legal Fees
LegalFees
21000
CY2021Q1 us-gaap Legal Fees
LegalFees
19000
CY2022Q1 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
10000
CY2021Q1 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
20000
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
325000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
35738000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
33737000
CY2021Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
15000
CY2021Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
31000
CY2021Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
81000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
541000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
34243000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
6576
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
7.60
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
3288
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
7.60
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3288
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
7.60
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
325000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
541000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2432000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2404000
CY2022Q1 svt Incremental Common Shares Attributable To Unvested Restricted Stock
IncrementalCommonSharesAttributableToUnvestedRestrictedStock
3000
CY2021Q1 svt Incremental Common Shares Attributable To Unvested Restricted Stock
IncrementalCommonSharesAttributableToUnvestedRestrictedStock
3000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2435000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2407000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2022Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
5000000

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