Servotronics, Inc (NYSEMKT:SVT) Files An 8-K Results of Operations and Financial Condition
Item 2.02Results of Operations and Financial Condition
On May 12, 2017 Servotronics, Inc. (the Company) issued a press
release announcing its financial results for the period ended
March 31, 2017. The press release is attached hereto as Exhibit
99.1 and is incorporated by reference herein.
The information set forth in Items 2.02 and 9.01 of this Form 8-K
shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, and is not
incorporated by reference into any filing of the Company, whether
made before or after the date hereof, regardless of any general
incorporation language in such filing.
Item 5.02Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On May 12, 2017, the Board of Directors of the Company approved
the 2016 bonus amounts for the Companys executive officers. In
accordance with Instruction 1 to Item 402(c)(2)(iii) and (iv) of
Regulation S-K, set forth below are the bonus amounts and total
compensation for each named executive officer in the Summary
Compensation Table on page 12 of the 2017 Proxy Statement, as
recalculated to include the value of the 2016 bonus amounts.
| Named Executive Officer | Year | Bonus | Total Compensation | |||||||
| Dr. Nicholas D. Trbovich | $ | 70,000 | $ | 796,882 | ||||||
| Kenneth D. Trbovich | $ | 60,000 | $ | 472,964 | ||||||
| Salvatore SanFilippo | $ | 35,000 | $ | 252,721 | ||||||
Item 5.07Submission of Matters to a Vote of Security
Holders
At the Annual Meeting of Shareholders held on May 12, 2017, the
shareholders of the Company (i) elected the six director
nominees; and (ii) ratified the appointment of Freed Maxick CPAs,
P.C. as the Companys independent registered public accounting
firm for the 2017 fiscal year.
The results of the voting for the six director nominees were as
follows:
| Name | For | Withhold Authority | Broker Non-Votes | |||||||||
| Mr. Jason T. Bear | 1,394,945.2429 | 100,671.0793 | 640,545.4335 | |||||||||
| Mr. Edward C. Cosgrove | 1,202,987.2429 | 292,629.0793 | 640,545.4335 | |||||||||
| Mr. Lucion P. Gygax | 1,453,422.2429 | 42,194.0793 | 640,545.4335 | |||||||||
| Mr. Christopher M. Marks | 1,483,391.2429 | 12,225.0793 | 640,545.4335 | |||||||||
| Mr. Kenneth D. Trbovich | 1,206,910.2429 | 288,706.0793 | 640,545.4335 | |||||||||
| Dr. Nicholas D. Trbovich | 1,206,910.2429 | 289,560.0793 | 640,545.4335 | |||||||||
The results of the voting for the ratification of Freed Maxick
CPAs, P.C. as the Companys independent registered public
accounting firm for the 2017 fiscal year were as follows:
| For | Against | Abstentions | ||||||||
| 2,093,398.803 | 6,216 | 5,485.2425 | ||||||||
Item 7.01Regulation FD Disclosure
On May 16, 2017 the Company issued a press release announcing
that its Board of Directors declared a $0.15 per share cash
dividend. The dividend will be paid on July 14, 2017 to
shareholders of record on June 30, 2017. This dividend does not
represent that the Company will pay dividends on a regular or
scheduled basis. The press release is attached hereto as Exhibit
99.2 and is incorporated by reference herein.
The information set forth in Items 7.01 and 9.01 of this Form 8-K
shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, and is not
incorporated by reference into any filing of the Company, whether
made before or after the date hereof, regardless of any general
incorporation language in such filing.
Item 9.01Financial Statements and Exhibits
| (d) | Exhibits: |
| 99.1 | Press Release dated May 12, 2017 |
| 99.2 | Press Release dated May 16, 2017 |
(s)
About Servotronics, Inc (NYSEMKT:SVT)
Servotronics, Inc. designs, manufactures and markets advanced technology products consisting primarily of control components and consumer products consisting of knives and various types of cutlery and other edged products. The Company’s segments include Advanced Technology Group (ATG) and Consumer Products Group (CPG). ATG’s operations involve the design, manufacture and marketing of servo-control components, which include torque motors, control valves and actuators, among others for government, commercial and industrial applications. CPG’s operations involve the design, manufacture and marketing of a range of cutlery products, such as steak, carving, bread, butcher and paring knives for household use and for use in restaurants, institutions and private industry, as well as equipment and gear, including fixed and folding knives for hunting, fishing and camping. The Company sells knives and tools to the United States Government, related agencies and allied foreign governments. Servotronics, Inc (NYSEMKT:SVT) Recent Trading Information
Servotronics, Inc (NYSEMKT:SVT) closed its last trading session down -0.21 at 10.00 with 1,440 shares trading hands.
