ELMA, N.Y. - Servotronics, Inc. (NYSE American: SVT), a provider of servo controls and other advanced components, announced today the death of its board member, Edward C. Cosgrove. Mr. Cosgrove, who passed away after a brief illness on July 4, had been a guiding force at the company since joining the Board of Directors in 2012.
Edward C. Cosgrove's career spanned several decades in public service and law before he turned his attention to the corporate sector. Notably, he served as a Special Agent with the Federal Bureau of Investigation and as the District Attorney of Erie County, NY. Subsequently, he practiced civil and criminal litigation and served as corporate legal counsel at the Cosgrove Law Firm.
The Chairman of the Board, Christopher Marks, expressed the company's sorrow, stating, "It is with great sadness that we announce the passing of Edward C. Cosgrove. We extend our deepest condolences to Mr. Cosgrove's family, and we are extremely grateful for Ed's long-standing service and unparalleled support of Servotronics. His steady presence, wise and thoughtful guidance, and ethical stewardship will be missed."
In response to Mr. Cosgrove's passing, the Servotronics Board has decided to reduce the number of its members from six to five, opting not to fill the vacancy left by Mr. Cosgrove at this time.
Servotronics, headquartered in Elma and with facilities also in Franklinville, New York, is known for its design, development, and manufacturing of various critical components used in commercial and government sectors, including aircraft, jet engines, missiles, and manufacturing equipment.
InvestingPro Insights
As the Servotronics community mourns the loss of Edward C. Cosgrove, a member of its Board of Directors, it's important to recognize the company's financial landscape and operational health during this time of transition. According to recent data from InvestingPro, Servotronics has demonstrated a notable revenue growth of 28.33% over the last twelve months as of Q1 2024. This growth is further underscored by a quarterly revenue increase of 15.3% in Q1 2024, indicating a positive trend in the company's earnings trajectory.
Despite facing challenges common in the aerospace industry, Servotronics manages its finances with a moderate level of debt, one of the InvestingPro Tips that suggests a balanced approach to leveraging and financial risk management. Additionally, the company's liquid assets surpass its short-term obligations, providing a cushion for operational needs and potential investments.
However, investors should be aware that Servotronics has not been profitable over the last twelve months, with a gross profit margin of 19.0% and an operating income margin of -2.66%. This is a critical factor to consider when evaluating the company's near-term financial health. Another InvestingPro Tip highlights that Servotronics does not pay a dividend, which could affect the investment strategy of income-focused shareholders.
For those interested in a deeper analysis, there are additional InvestingPro Tips available on the platform, providing more nuanced insights into Servotronics' financial performance and stock valuation. The comprehensive suite of tools and data on InvestingPro could offer valuable perspectives, especially during times of corporate change.
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