Servotronics, Inc. (SVT) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Shareholders of Servotronics, Inc. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Christopher Marks, Chair of the Board of Directors. Mr. Marks, the floor is yours.

Good morning. Will the meeting please come to order. My name is Chris Marks, and I'm the Chair of the Board of Servotronics and a candidate for election as Director. Welcome to the 2024 Annual Meeting of the Shareholders. I'd like to begin the meeting by identifying the other Board nominees standing for election at this meeting. These nominees are Brent Baird, Edward Cosgrove, Bill Farrell, Karen Howard and Evan Wax. We also have the following officers of the company here with us: Harrison Kelly, Chief Operating Officer; Rob Fraass, Chief Financial Officer; Jim Takacs, Chief Technical Officer; and Bernie Kucinski, Corporate Secretary. Next, I'd like to introduce Bill Farrell, Chief Executive Officer of the company. I have asked Bill to lead us through the procedural matters and the items of business.

Thank you, Chris, and good morning. [ Michelle Di Marco ] from Computershare has been appointed as inspector of election of the meeting and any adjournment or postponement of this meeting. She has signed an oath to act as inspector of election, and this oath will be filed with the minutes of the meeting. The Board of Directors fixed April 5, 2024, as the record date for determining shareholders entitled to vote at this meeting. A copy of this list has been on file at the office of the company for the past 10 days. Ms. Kucinski, the Corporate Secretary of the company, will serve as Secretary of the meeting and record the proceedings. She received an affidavit, which states that on April 11, 2024, the notice of the meeting, together with the related proxy materials was mailed to all shareholders of record as of the close of business on the record date. This affidavit will be filed with the minutes of this meeting. Ms. Kucinski has advised us that a quorum is present at this meeting.

Thank you, Bill. Proper notice of the meeting having been given and a quorum being present, we will open the meeting for business. There are 3 business items to be acted upon at the meeting this morning, each of which are discussed in the proxy statement that was sent to you earlier. I declare the polls now open on each item. Any shareholder who hasn't yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions. Shareholders who have sent in proxies or voted via the Internet and do not want to change their vote, do not need to take any further action. The first matter is the proposal to elect Brent D. Baird, Edward C. Cosgrove, William F. Farrell, Karen L. Howard, Evan H. Wax and myself, Christopher Marks, to the Board of Directors. The second matter is the proposal to provide an advisory vote on the approval of the compensation of our named executive officers for 2023. The third matter is the proposal to ratify the appointment of the company's independent registered public accounting firm for 2024. [Voting]

I declare the polls for the 2024 Annual Meeting closed. I understand that the votes have been counted and the preliminary report of the Inspector of Election has been delivered to the company. Ms. Kucinski, will you please announce the results of the shareholders' vote.