Delaware | 16-0837866 |
(State or other jurisdiction
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(IRS Employer
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of incorporation)
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Identification No.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01
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Entry into a Material Definitive Agreement.
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Item 2.01
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Completion of Acquisition or Disposition of Assets.
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Item 9.01
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Financial Statements and Exhibits.
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Page
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Pro Forma Consolidated Financial Statements (Unaudited)
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F- 1
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Pro Forma Consolidated Balance Sheet (Unaudited) - As of June 30, 2012
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F- 2
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Pro Forma Consolidated Statement of Income (Unaudited) - for the Six Months Ended June 30, 2012
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F- 3
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Pro Forma Consolidated Statement of Income (Unaudited) - for the Year Ended December 31, 2011
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F-4
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Pro Forma Consolidated Statement of Income (Unaudited) - for the Year Ended December 31, 2010
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F-5
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2.1
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Asset Purchase Agreement as of September 18, 2012 by and between Daniels Family Cutlery Corporation and Queen Cutlery Company
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2.2
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Agreement for the Sale of Real Estate dated September 18, 2012 by and between Daniels Family Cutlery Corporation and Queen Cutlery Company
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99.1
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Press release dated September 20, 2012
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SERVOTRONICS, INC. | |||
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By:
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/s/ Cari L. Jaroslawsky, Chief Financial Officer | |
Cari L. Jaroslawsky | |||
Chief Financial Officer |
As Reported
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Pro Forma Adjustments
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Proforma
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||||||||||
Assets
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||||||||||||
Current Assets:
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||||||||||||
Cash and cash equivalents
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$ | 4,266 | $ | 650 | $ | 4,916 | ||||||
Accounts receivable, net
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6,162 | - | 6,162 | |||||||||
Inventories, net
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11,684 | - | 11,684 | |||||||||
Prepaid income taxes
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447 | - | 447 | |||||||||
Deferred income taxes
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754 | - | 754 | |||||||||
Other assets
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808 | - | 808 | |||||||||
Assets held for sale
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650 | (650 | ) | - | ||||||||
Total current assets
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24,771 | - | 24,771 | |||||||||
Property, plant and equipment, net
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5,881 | - | 5,881 | |||||||||
Other non-current assets
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353 | - | 353 | |||||||||
$ | 31,005 | $ | - | $ | 31,005 | |||||||
Total Assets
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||||||||||||
Liabilities and Shareholders' Equity
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||||||||||||
Current Liabilities:
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||||||||||||
Current portion of long-term debt
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$ | 191 | $ | - | $ | 191 | ||||||
Current portion of capital lease related party
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81 | - | 81 | |||||||||
Accounts payable
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1,439 | - | 1,439 | |||||||||
Accrued employee compensation and benefit costs
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1,515 | - | 1,515 | |||||||||
Dividends payable
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358 | - | 358 | |||||||||
Other accured liabilities
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191 | - | 191 | |||||||||
Total current liabilities
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3,775 | - | 3,775 | |||||||||
Long-term debt
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2,845 | - | 2,845 | |||||||||
Long-term portion of capital lease related party
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292 | - | 292 | |||||||||
Deferred income taxes
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496 | - | 496 | |||||||||
Shareholders' equity:
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||||||||||||
Common Stock, par value $.20; authorized
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||||||||||||
4,000,000 shares; issued 2,614,506 shares;
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||||||||||||
outstanding 2,148,992 shares
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523 | - | 523 | |||||||||
Capital in excess of par value
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13,926 | - | 13,926 | |||||||||
Retained earnings
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12,158 | - | 12,158 | |||||||||
Accumulated other comprehensive loss
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(67 | ) | - | (67 | ) | |||||||
Employee stock ownership trust commitment
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(1,266 | ) | - | (1,266 | ) | |||||||
Treasury stock, at cost 230,400 shares
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(1,677 | ) | - | (1,677 | ) | |||||||
Total shareholders' equity
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23,597 | - | 23,597 | |||||||||
Total Liabilities and Shareholders' Equity
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$ | 31,005 | $ | - | $ | 31,005 |
As Reported
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Pro Forma Adjustments
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Proforma
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||||||||||
Revenue
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$ | 16,007 | $ | - | $ | 16,007 | ||||||
Cost, expenses and other income
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||||||||||||
Cost of good sold exclusive of depreciation and amortization
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11,991 | - | 11,991 | |||||||||
Selling, general and administrative and administrative
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2,573 | - | 2,573 | |||||||||
Interest expense
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27 | - | 27 | |||||||||
Depreciation and amortization
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340 | - | 340 | |||||||||
Other income, net
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(10 | ) | - | (10 | ) | |||||||
Total Expenses
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14,921 | - | 14,921 | |||||||||
Income from continuing operations
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||||||||||||
before income tax provision
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1,086 | - | 1,086 | |||||||||
Income tax provision
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309 | - | 309 | |||||||||
Income from continuing operations
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777 | - | 777 | |||||||||
Discontinued Operations:
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Loss from operations of a discontinued
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||||||||||||
component, net of income tax benefit
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(160 | ) | 160 | - | ||||||||
Write-down of assets associated with a
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- | |||||||||||
discontinued component, net of income
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- | |||||||||||
tax benefit
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(268 | ) | 268 | - | ||||||||
Loss from discontinued operations
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(428 | ) | 428 | - | ||||||||
Net income
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$ | 349 | $ | 428 | $ | 777 | ||||||
Income (Loss) Per Share:
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Basic
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||||||||||||
Income per share from continuing operations
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0.37 | - | 0.37 | |||||||||
Loss per share from discontinued operations
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(0.20 | ) | 0.20 | - | ||||||||
Total net income per share
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$ | 0.17 | $ | 0.20 | $ | 0.37 | ||||||
Diluted
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Income per share from continuing operations
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0.36 | - | 0.36 | |||||||||
Loss per share from discontinued operations
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(0.20 | ) | 0.20 | - | ||||||||
Total net income per share
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$ | 0.16 | $ | 0.20 | $ | 0.36 |
As Reported
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Pro Forma Adjustments
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Proforma
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||||||||||
Revenue
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$ | 34,181 | $ | (989 | ) | $ | 33,192 | |||||
Cost, expenses and other income:
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Cost of good sold, exclusive of depreciation and amortization
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25,278 | (1,463 | ) | 23,815 | ||||||||
Selling, general and administrative and administrative
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5,019 | (102 | ) | 4,917 | ||||||||
Interest expense
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65 | - | 65 | |||||||||
Depreciation and amortization
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686 | (7 | ) | 679 | ||||||||
Other income, net
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(162 | ) | - | (162 | ) | |||||||
30,886 | (1,572 | ) | 29,314 | |||||||||
Income before income tax provision
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3,295 | 583 | 3,878 | |||||||||
Income tax provision
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669 | 198 | 867 | |||||||||
Net income
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$ | 2,626 | $ | 385 | $ | 3,011 | ||||||
Income Per Share:
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Basic
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||||||||||||
Net income per share
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$ | 1.31 | $ | 0.20 | $ | 1.51 | ||||||
Diluted
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Net income per share
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$ | 1.24 | $ | 0.19 | $ | 1.43 |
As Reported
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Pro Forma Adjustments
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Proforma
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||||||||||
Revenue
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$ | 31,659 | $ | (1,475 | ) | $ | 30,184 | |||||
Cost, expenses and other income:
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Cost of good sold, exclusive of depreciation and amortization
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22,900 | (1,474 | ) | 21,426 | ||||||||
Selling, general and administrative and administrative
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5,001 | (183 | ) | 4,818 | ||||||||
Interest expense
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74 | - | 74 | |||||||||
Depreciation and amortization
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664 | (9 | ) | 655 | ||||||||
Other income, net
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(28 | ) | - | (28 | ) | |||||||
28,611 | (1,666 | ) | 26,945 | |||||||||
Income before income tax provision
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3,048 | 191 | 3,239 | |||||||||
Income tax provision
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920 | 65 | 985 | |||||||||
Net income
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$ | 2,128 | $ | 126 | $ | 2,254 | ||||||
Income Per Share:
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||||||||||||
Basic
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||||||||||||
Net income per share
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$ | 1.08 | $ | 0.06 | $ | 1.14 | ||||||
Diluted
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Net income per share
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$ | 1.01 | $ | 0.06 | $ | 1.07 |
2.1
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Asset Purchase Agreement as of September 18, 2012 by and between Daniels Family Cutlery Corporation and Queen Cutlery Company
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2.2
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Agreement for the Sale of Real Estate dated September 18, 2012 by and between Daniels Family Cutlery Corporation and Queen Cutlery Company
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99.1
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Press release dated September 20, 2012
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