Bigger losses at its cutlery business led to a 73 percent drop in fourth-quarter profits at Servotronics Inc., the Elma knife and motion control equipment manufacturer said.
Servotronics said its profits fell to $125,000, or 6 cents per share, from $461,000, or 21 cents per share, a year ago, as earnings also weakened in its motion control equipment business.
The company's sales rose by 3 percent to $9.9 million from $9.6 million.
Losses at its cutlery business worsened to $418,000, compared with a loss of $248,000 a year ago, as sales fell by 11 percent to $1.8 million.
Operating profits from Servotronics' motion control equipment business fell by 23 percent to $543,000 from $709,000 a year ago, despite a 7 percent increase in revenue to $8 million from $7.5 million a year earlier.