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Servotronics' fourth-quarter profits fall 73 percent

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.

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