14 Aug 14. Preferred Systems Solutions (PSS), a Tysons Corner-based provider of Information Technology, Enterprise Resource Planning (ERP), Program Management, and Financial Consulting services, announced its acquisition of Global Services & Solutions, Inc. Global Services & Solutions (GSS) provides acquisition and program support, engineering and technical expertise, and consulting services for major weapons systems acquisition programs. The acquisition of GSS strengthens PSS’s position as a contractor of choice within the Department of Defense. PSS currently provides services to government and commercial clients that include the U.S. Army, U.S. Navy, the Defense Logistics Agency, U.S. Transportation Command, and the United States Departments of Homeland Security and State, among other customers. (Source: Yahoo!/BUSINESS WIRE)
14 Aug 14. XENONICS HOLDINGS, INC. (XNNH) announced financial results for the third quarter and first nine months of fiscal 2014. Revenue for the three months ended June 30, 2014 decreased to $257,000. This compares to revenue of $373,000 for the third quarter of fiscal 2013. The net loss for this year’s third quarter was $446,000, or $0.02 per basic and diluted share. This compares to a net loss for the third quarter of fiscal 2013 of $480,000, or $0.02 per basic and diluted share. For the nine months ended June 30, 2014, revenue decreased to $337,000 compared to $1,492,000 for last year’s first nine months. The net loss for the first nine months of fiscal 2014 was $1,625,000, or $0.07 per basic and diluted share. This compares to a net loss for the first nine months of fiscal 2013 of $1,267,000, or $0.05 per basic and diluted share. “We expect to receive significant orders from military and international customers in the weeks and months ahead. We currently are arranging additional financing to support our operations, and hope to complete this process soon,” said Chairman Alan Magerman. (Source: Yahoo!/BUSINESS WIRE)
14 Aug 14. Servotronics, Inc. (NYSE MKT: SVT) second quarter 2014 performance showed a significant improvement in both sales and net income over the first quarter 2014. Quarter to quarter sales grew over 14%, from $6,990,000 to $7,995,000 with a turnaround in net income to $447,000 (or $0.20 per share Basic and Diluted) for the second quarter ended June 30, 2014. Net income for the comparable period ended June 30, 2013 was $504,000 (or $0.22 per share Basic and Diluted) on revenues of $8,067,000. Net income for the six month period ended June 30, 2014 was $302,000 (or $0.13 per share Basic and Diluted) on revenues of $14,985,000 as compared to net income for the comparable period ended June 30, 2013 of $681,000 (or $0.30 per share Basic and Diluted) on revenues of $15,409,000. As part of a previously reported re-alignment plan, the Company is moving forward with a multi-m dollar investment plan designed to upgrade and streamline the manufacturing process at the Consumer Products Group to be more competitive and profitable. The project includes the construction of an approximate 28,000 square foot addition, capital improvements to the existing plant, the reconfiguration of its production process within the expanded facility, and the addition of new state of the art knife-making equipment. Recent grant awards totaling more than $700,000 for economic development assistance from New York State and Cattaraugus County are making this project possible. The Company broke ground May of 2014 and expects to invest approximately $4,000,000 over a five year period. The Company is composed of two groups – the ATG and the CPG. The ATG primarily designs, develops and manufactures servo controls and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, pocket knives, machetes and combat knives, survival, sporting, agricultural knives and other edged products f