Servotronics, the Elma-based maker of knives and aircraft motion controls, said profits soared 80 percent in the second quarter, but the increase was almost entirely due to business sales and shutdowns in its cutlery business that hurt profits a year ago.
The company reported net income of $504,000, or 22 cents per share, up from $280,000, or 13 cents per share, a year ago. Profits for the first six months rose 95 percent to $681,000, or 30 cents per share, from $349,000, or 16 cents per share, in the first half of 2012.
Servotronics has been refocusing on its core businesses, while designing and developing new products for new uses across a range of industries. The company sold its Queen City Cutlery Co. subsidiary and shut down its Aro Metal Products business last year after both combined for heavy losses.
Revenues from continuing operations rose 4.5 percent to $8.07 million, primarily from higher commercial sales in both its servo controls business for aircraft, missiles and manufacturing equipment and its consumer products business that makes cutlery, bayonets, pocket knives, machetes and other edged products.