SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 29, 2002
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 0-16182
AXSYS TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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11-1962029 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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175 Capital Boulevard, Suite 103 |
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Rocky Hill, Connecticut |
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06067 |
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(Address of principal executive offices) |
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(Zip Code) |
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(860) 257-0200 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:
Yes ý No o
4,703,121 shares of Common Stock, $.01 par value, were outstanding as of August 7, 2002.
AXSYS TECHNOLOGIES, INC.
INDEX
2
PART I – FINANCIAL INFORMATION
AXSYS TECHNOLOGIES, INC.
(Dollars in thousands, except share data )
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June 29, |
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December 31, |
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(Unaudited) |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
9,977 |
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$ |
9,906 |
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Accounts receivable – net |
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11,646 |
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10,861 |
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Inventories – net |
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22,619 |
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22,610 |
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Income tax receivable |
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1,400 |
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3,633 |
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Deferred tax asset |
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4,060 |
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2,411 |
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Other current assets |
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830 |
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779 |
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TOTAL CURRENT ASSETS |
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50,532 |
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50,200 |
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PROPERTY, PLANT AND EQUIPMENT – net |
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12,316 |
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13,417 |
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EXCESS OF COST OVER NET ASSETS ACQUIRED – net |
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3,600 |
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3,065 |
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OTHER ASSETS |
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595 |
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599 |
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TOTAL ASSETS |
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$ |
67,043 |
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$ |
67,281 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
6,484 |
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$ |
4,853 |
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Accrued expenses and other liabilities |
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8,813 |
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9,121 |
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Current portion of capital lease obligation |
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865 |
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847 |
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TOTAL CURRENT LIABILITIES |
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16,162 |
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14,821 |
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CAPITAL LEASES, less current portion |
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1,105 |
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1,392 |
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OTHER LONG-TERM LIABILITIES |
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4,690 |
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4,628 |
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SHAREHOLDERS’ EQUITY: |
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Common stock, authorized 30,000,000 shares, issued 4,792,674 shares at June 29, 2002 and December 31, 2001 |
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47 |
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47 |
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Capital in excess of par |
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39,604 |
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39,621 |
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Retained Earnings |
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6,420 |
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7,813 |
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Treasury stock, at cost 91,692 shares at June 29, 2002 and 96,876 at December 31, 2001 |
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(985 |
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(1,041 |
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TOTAL SHAREHOLDERS’ EQUITY |
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45,086 |
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46,440 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
67,043 |
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$ |
67,281 |
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See accompanying notes to consolidated financial statements
3
AXSYS TECHNOLOGIES, INC.
Consolidated Statements of Operations
(Dollars in thousands, except share data - Unaudited)
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For the Three - Months Ended |
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For the Six - Months Ended |
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June 29, 2002 |
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June 30, 2001 |
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June 29, 2002 |
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June 30, 2001 |
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Net sales |
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$ |
20,650 |
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$ |
23,404 |
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$ |
40,507 |
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$ |
47,606 |
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Cost of goods sold |
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16,345 |
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25,627 |
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32,313 |
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44,230 |
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Gross margin |
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4,305 |
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(2,223 |
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8,194 |
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3,376 |
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Selling, general and administrative expenses |
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5,051 |
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5,792 |
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9,806 |
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11,274 |
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Research and development expenses |
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286 |
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841 |
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717 |
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1,619 |
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Restructuring and special charges |
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794 |
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1,360 |
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2,361 |
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1,360 |
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Amortization of intangible assets |
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— |
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— |
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— |
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(1 |
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Operating Loss |
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(1,826 |
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(10,216 |
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(4,690 |
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(10,876 |
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Interest (expense) income – net |
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(14 |
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22 |
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(15 |
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109 |
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Other (expense) income |
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(178 |
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14 |
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(116 |
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34 |
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Loss before tax and cumulative effect of change in accounting principle |
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(2,018 |
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(10,180 |
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(4,821 |
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(10,733 |
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Benefit from income taxes |
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875 |
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3,754 |
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2,893 |
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3,971 |
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