Servotronics' net income rose 190 percent in 2004 over the previous year, despite a drop in its fourth-quarter profits.
The Elma-based maker of servovalves and cutlery reported full-year profits of $734,000, or diluted earnings per share of 35 cents. Its 2004 revenues rose 26 percent to $22.1 million.
Servotronics' sales of a combat knife and bayonet system to the U.S. Marine Corps helped drive up its profits.
Servotronics officials also credit productivity improvement and cost-containment efforts with the better financial results.
The company does not break out its fourth-quarter data in its full-year report. But comparative data from past quarters shows Servotronics' fourth-quarter net income fell about 7.6 percent from a year ago to $207,000, and its net revenues rose about 8.7 percent to $5.8 million over the same period.
Lee Burns, the company's treasurer and chief financial officer, declined to discuss Servotronics' fourth-quarter numbers.
A surge in revenues from Servotronics' consumer products group -- which includes the knife and bayonet system -- bolstered the company's full-year profits in 2004. Revenues in that segment rose 48 percent from a year ago, to $10.8 million.
Servotronics' advanced technology group segment -- which makes products for aircraft, jet engines and missiles -- still led the way, with $11.4 million in revenues. That total was up 10 percent from 2003.
Servotronics said its consumer products group will complete a "significant government contract" for its combat knife and bayonet system this year. The company said a commercial version of the product is "resulting in favorable market response and sales."
The U.S. government's overseas military involvements continue to affect Servotronics' results. The company said sales of products for government applications increased about $2.7 million in 2004 over 2003.
Servotronics employs 226 people, 212 of them full time.