$SVT
SERVOTRONICS INC /DE/

2023 Q2 Form 10-Q Financial Statement

#000141057823001160 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $10.65M $10.80M $10.43M
YoY Change -5.17% -3.28% -1.17%
Cost Of Revenue $9.092M $9.887M $9.817M
YoY Change -9.64% 15.91% 6.66%
Gross Profit $1.557M $915.0K $615.0K
YoY Change 33.3% -65.31% -54.48%
Gross Profit Margin 14.62% 8.47% 5.9%
Selling, General & Admin $3.269M $2.826M $2.231M
YoY Change 57.85% 29.51% -11.47%
% of Gross Profit 209.96% 308.85% 362.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $260.0K $306.0K $301.0K
YoY Change -15.86% -2.24% -7.38%
% of Gross Profit 16.7% 33.44% 48.94%
Operating Expenses $3.269M $2.826M $2.231M
YoY Change 57.85% 29.51% -11.47%
Operating Profit -$1.712M -$1.911M -$1.616M
YoY Change 89.59% -519.08% 38.24%
Interest Expense $89.00K $53.00K -$46.00K
YoY Change 20.27% -24.29% -16.36%
% of Operating Profit
Other Income/Expense, Net -$89.00K -$53.00K
YoY Change 20.27% 20.45%
Pretax Income -$1.801M -$1.964M -$1.652M
YoY Change 84.34% -576.7% 24.96%
Income Tax $1.479M -$417.0K -$336.0K
% Of Pretax Income
Net Earnings -$9.500M -$1.547M -$1.316M
YoY Change 1072.84% -576.0% 44.62%
Net Earnings / Revenue -89.21% -14.32% -12.62%
Basic Earnings Per Share -$3.86 -$0.63
Diluted Earnings Per Share -$3.86 -$0.63 -$0.55
COMMON SHARES
Basic Shares Outstanding 2.525M 2.525M 2.510M
Diluted Shares Outstanding 2.489M 2.484M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $716.0K $671.0K $4.004M
YoY Change -85.98% -92.42% -58.06%
Cash & Equivalents $716.0K $671.0K $4.004M
Short-Term Investments
Other Short-Term Assets $996.0K $1.619M $597.0K
YoY Change -14.73% 13.14% -7.73%
Inventory $15.10M $20.01M $19.04M
Prepaid Expenses
Receivables $11.14M $10.75M $9.469M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $32.44M $33.68M $33.25M
YoY Change -8.52% -16.57% -13.21%
LONG-TERM ASSETS
Property, Plant & Equipment $7.242M $10.79M $10.66M
YoY Change -30.06% 4.26% 0.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $172.0K $311.0K $314.0K
YoY Change -45.57% -2.2% -2.18%
Total Long-Term Assets $7.414M $12.17M $12.04M
YoY Change -35.84% 5.27% 2.24%
TOTAL ASSETS
Total Short-Term Assets $32.44M $33.68M $33.25M
Total Long-Term Assets $7.414M $12.17M $12.04M
Total Assets $39.86M $45.85M $45.29M
YoY Change -15.24% -11.71% -9.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.904M $4.085M $3.113M
YoY Change 6.88% 75.17% 369.53%
Accrued Expenses $2.227M $3.121M $2.506M
YoY Change -20.78% 2.87% -21.02%
Deferred Revenue
YoY Change
Short-Term Debt $3.697M $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $939.0K $501.0K
YoY Change -100.0% 253.01% 81.52%
Total Short-Term Liabilities $11.68M $8.232M $6.207M
YoY Change 97.3% 42.72% 46.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $4.016M $3.998M $3.975M
YoY Change -29.91% -30.25% -30.62%
Total Long-Term Liabilities $0.00 $0.00 $3.975M
YoY Change -100.0% -100.0% -16.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.68M $8.232M $6.207M
Total Long-Term Liabilities $0.00 $0.00 $3.975M
Total Liabilities $11.68M $8.232M $10.18M
YoY Change 85.37% -21.29% 13.16%
SHAREHOLDERS EQUITY
Retained Earnings $12.69M $22.19M $23.74M
YoY Change -49.97% -15.24% -8.19%
Common Stock $15.11M $15.10M $15.08M
YoY Change 0.53% 0.47% 0.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.172M $1.190M $1.214M
YoY Change -9.22% -10.26% -10.01%
Treasury Stock Shares $103.7K $104.5K
Shareholders Equity $24.16M $33.62M $35.11M
YoY Change
Total Liabilities & Shareholders Equity $39.86M $45.85M $45.29M
YoY Change -15.24% -11.71% -9.58%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$9.500M -$1.547M -$1.316M
YoY Change 1072.84% -576.0% 44.62%
Depreciation, Depletion And Amortization $260.0K $306.0K $301.0K
YoY Change -15.86% -2.24% -7.38%
Cash From Operating Activities -$2.875M -$2.834M $202.0K
YoY Change -424.49% 420.96% -111.56%
INVESTING ACTIVITIES
Capital Expenditures -$34.00K $437.0K $394.0K
YoY Change -89.14% 280.0% -297.99%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $34.00K -$437.0K -$394.0K
YoY Change -110.86% 467.53% -654.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.758M 438.0K -65.00K
YoY Change -163.84% -725.71% -89.24%
NET CHANGE
Cash From Operating Activities -2.875M -2.834M 202.0K
Cash From Investing Activities 34.00K -437.0K -394.0K
Cash From Financing Activities 2.758M 438.0K -65.00K
Net Change In Cash -83.00K -2.833M -257.0K
YoY Change -97.78% 309.99% -88.73%
FREE CASH FLOW
Cash From Operating Activities -$2.875M -$2.834M $202.0K
Capital Expenditures -$34.00K $437.0K $394.0K
Free Cash Flow -$2.841M -$3.271M -$192.0K
YoY Change -336.95% 396.36% -87.6%

Facts In Submission

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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9546000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1171000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8855000
CY2023Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
13000
CY2023Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
41000
CY2023Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The consolidated financial statements should be read in conjunction with the 2022 annual report and the notes thereto.</p>
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
671000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4004000
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
500000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1171000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4004000
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
500000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
125000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
135000
CY2023Q1 svt Weighted Average Warranty Period
WeightedAverageWarrantyPeriod
P27M
CY2023Q1 svt Warranty Reserve
WarrantyReserve
594000
CY2022Q4 svt Warranty Reserve
WarrantyReserve
581000
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1083000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1258000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-1547000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
33619000
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
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2022Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
113000
CY2023Q1 us-gaap Interest Paid
InterestPaid
5000
CY2022Q1 us-gaap Interest Paid
InterestPaid
31000
CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q1 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2023Q1 us-gaap Reclassifications
Reclassifications
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 18pt;"><b style="font-weight:bold;">Reclassifications</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 36pt;">Certain balances as previously reported were reclassified with classifications adopted in the current period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 36pt;">Effective January1, 2023 the ATG research and development and certain insurance expenditures of approximately $395,000 are reflected in selling, general and administrative operating expenses.  Accordingly, approximately $319,000 was reclassified for the same period in 2022. There was no impact to the condensed consolidated statement of operations due to the reclassification. </p>
CY2022Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
25000
CY2023Q1 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>
CY2023Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
15239000
CY2022Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
14534000
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
3490000
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
3258000
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2361000
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2510000
CY2023Q1 us-gaap Inventory Gross
InventoryGross
21090000
CY2022Q4 us-gaap Inventory Gross
InventoryGross
20302000
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1083000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1258000
CY2023Q1 us-gaap Inventory Net
InventoryNet
20007000
CY2022Q4 us-gaap Inventory Net
InventoryNet
19044000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
34132000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
33694000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
23342000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
23038000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10790000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10656000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
306000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
313000
CY2023Q1 us-gaap Depreciation
Depreciation
298000
CY2022Q1 us-gaap Depreciation
Depreciation
305000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
8000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
939000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
501000
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
939000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
501000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
33619000
CY2023Q1 svt Working Capital
WorkingCapital
24278000
CY2023Q1 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
4085000
CY2022Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
4062000
CY2023Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
65000
CY2022Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
69000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
35112000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
325000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
35738000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
55000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
27010
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
11.09
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
725
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.77
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
4978
CY2023Q1 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
11.03
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
22757
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
11.09
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-1547000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
325000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2460000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2432000
CY2023Q1 svt Incremental Common Shares Attributable To Unvested Restricted Stock
IncrementalCommonSharesAttributableToUnvestedRestrictedStock
24000
CY2022Q1 svt Incremental Common Shares Attributable To Unvested Restricted Stock
IncrementalCommonSharesAttributableToUnvestedRestrictedStock
3000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2484000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2435000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.63
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.63
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
CY2023Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
5000000
CY2023Q1 us-gaap Insured Event Gain Loss
InsuredEventGainLoss
3000000
CY2023Q1 svt Retention Amount Payable
RetentionAmountPayable
250000
CY2023Q1 svt Additional Insurance Coverage Policy Amount
AdditionalInsuranceCoveragePolicyAmount
3000000
CY2023Q1 svt Retention Payable At Additional Insurance Coverage
RetentionPayableAtAdditionalInsuranceCoverage
1000000
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2

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