SECURITIES AND EXCHANGE COMMISSION
FORM 10-Q
(Mark One)
|
ý |
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 |
|
|
|
|
|
For the quarterly period ended September 27, 2003 |
||
|
|
|
|
|
o |
|
TRANSITION
REPORT PURSUANT TO SECTION |
For the transition period from to
Commission file number 0-16182
AXSYS TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
11-1962029 |
|
(State or
other jurisdiction of |
|
(I.R.S. Employer |
|
|
|
|
|
175 Capital Boulevard, Suite 103 |
|
06067 |
|
(Address of principal executive offices) |
|
(Zip Code ) |
|
|
|
|
|
(860) 257-0200 |
|
|
|
(Registrant’s telephone number, including area code) |
|
|
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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act)
Yes o No ý
4,659,789 shares of Common Stock, $.01 par value, were outstanding as of November 5, 2003.
AXSYS TECHNOLOGIES, INC.
INDEX
2
PART
I – FINANCIAL INFORMATION
AXSYS TECHNOLOGIES,
INC.
Consolidated Balance Sheets
(Dollars in thousands, except share data)
|
|
|
September 27, |
|
December 31, |
|
||
|
|
|
(Unaudited) |
|
|
|
||
|
ASSETS |
|
|
|
|
|
||
|
CURRENT ASSETS: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
10,667 |
|
$ |
9,920 |
|
|
Accounts receivable – net |
|
12,815 |
|
10,068 |
|
||
|
Inventories – net |
|
24,060 |
|
22,080 |
|
||
|
Income taxes – deferred and current |
|
2,555 |
|
4,077 |
|
||
|
Other current assets |
|
619 |
|
1,046 |
|
||
|
TOTAL CURRENT ASSETS |
|
50,716 |
|
47,191 |
|
||
|
|
|
|
|
|
|
||
|
PROPERTY, PLANT AND EQUIPMENT – net |
|
11,591 |
|
11,263 |
|
||
|
|
|
|
|
|
|
||
|
EXCESS OF COST OVER NET ASSETS ACQUIRED |
|
3,600 |
|
3,600 |
|
||
|
|
|
|
|
|
|
||
|
OTHER ASSETS |
|
316 |
|
318 |
|
||
|
TOTAL ASSETS |
|
$ |
66,223 |
|
$ |
62,372 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
CURRENT LIABILITIES: |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
4,269 |
|
$ |
3,108 |
|
|
Accrued expenses and other liabilities |
|
8,377 |
|
9,285 |
|
||
|
Deferred income |
|
4,439 |
|
3,115 |
|
||
|
Current portion of capital lease obligation |
|
678 |
|
1,055 |
|
||
|
TOTAL CURRENT LIABILITIES |
|
17,763 |
|
16,563 |
|
||
|
|
|
|
|
|
|
||
|
CAPITAL LEASES, less current portion |
|
730 |
|
1,191 |
|
||
|
|
|
|
|
|
|
||
|
OTHER LONG-TERM LIABILITIES |
|
5,057 |
|
5,525 |
|
||
|
|
|
|
|
|
|
||
|
COMMITMENTS AND CONTINGENCIES (Note 10) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Common stock, authorized 30,000,000 shares, issued 4,792,674 shares at September 27, 2003 and December 31, 2002 |
|
47 |
|
47 |
|
||
|
Capital in excess of par |
|
39,584 |
|
39,587 |
|
||
|
Retained Earnings |
|
4,287 |
|
752 |
|
||
|
Treasury stock, at cost, 133,856 shares at September 27, 2003 and 138,988 at December 31, 2002 |
|
(1,245 |
) |
(1,293 |
) |
||
|
TOTAL SHAREHOLDERS’ EQUITY |
|
42,673 |
|
39,093 |
|
||
|
|
|
|
|
|
|
||
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
66,223 |
|
$ |
62,372 |
|
See accompanying notes to consolidated financial statements.
3
AXSYS TECHNOLOGIES,
INC.
Consolidated Statements of
Operations
(Amounts in thousands, except per share data - Unaudited)
|
|
|
For the Three-Months Ended |
|
For the Nine-Months Ended |
|
||||||||
|
|
|
September 27, |
|
September 28, |
|
September 27, |
|
September 28, |
|
||||
|
|
|
|
|
(Restated) |
|
|
|
(Restated) |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net sales |
|
$ |
21,203 |
|
$ |
19,086 |
|
$ |
63,269 |
|
$ |
58,764 |
|
|
Cost of sales |
|
15,489 |
|
14,102 |
|
46,122 |
|
44,125 |
|
||||
|
Gross margin |
|
5,714 |
|
4,984 |
|
17,147 |
|
14,639 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Selling, general and administrative expenses |
|
3,906 |
|
3,906 |
|
11,968 |
|
12,406 |
|
||||
|
Research, development and engineering expenses |
|
574 |
|
486 |
|
1,628 |
|
1,551 |
|
||||
|
Restructuring and special charges |
|
— |
|
— |
|
— |
|
2,075 |
|
||||
|
Operating income (loss) |
|
1,234 |
|
592 |
|
3,551 |
|
(1,393 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest expense |
|
(39 |
) |
(52 |
) |
(137 |
) |
(157 |
) |
||||
|
Interest income |
|
21 |
|
49 |
|
77 |
|
||||||