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 |
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For the quarterly period ended October 2, 2004 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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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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06067 |
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(Address of principal executive offices) |
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(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
7,053,680 shares of Common Stock, $.01 par value, were outstanding as of November 2, 2004.
AXSYS TECHNOLOGIES, INC.
INDEX
2
AXSYS TECHNOLOGIES, INC.
(Dollars in thousands, except share data)
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October 2, 2004 |
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December 31, 2003 |
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(Unaudited) |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
4,259 |
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$ |
5,197 |
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Short term investments |
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— |
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6,983 |
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Accounts receivable – net |
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15,506 |
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10,197 |
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Inventories – net |
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30,137 |
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24,786 |
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Income taxes – deferred and current |
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2,203 |
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2,203 |
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Other current assets |
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1,002 |
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1,223 |
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TOTAL CURRENT ASSETS |
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53,107 |
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50,589 |
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PROPERTY, PLANT AND EQUIPMENT — net |
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12,758 |
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11,315 |
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INTANGIBLE ASSET – net |
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2,151 |
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— |
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EXCESS OF COST OVER NET ASSETS ACQUIRED |
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13,013 |
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3,600 |
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OTHER ASSETS |
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1,371 |
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1,341 |
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TOTAL ASSETS |
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$ |
82,400 |
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$ |
66,845 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
6,463 |
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$ |
4,240 |
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Accrued expenses and other liabilities |
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8,093 |
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7,955 |
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Deferred income |
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7,907 |
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4,546 |
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Current portion of long-term capital lease obligations |
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372 |
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423 |
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Current portion of long-term debt |
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1,000 |
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— |
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TOTAL CURRENT LIABILITIES |
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23,835 |
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17,164 |
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CAPITAL LEASES, less current portion |
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243 |
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568 |
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LONG-TERM DEBT, less current portion |
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3,583 |
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— |
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OTHER LONG-TERM LIABILITIES |
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4,820 |
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5,215 |
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SHAREHOLDERS’ EQUITY: |
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Common stock, authorized 45,000,000 shares, issued 7,186,734 shares at October 2, 2004 and December 31, 2003 |
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72 |
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72 |
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Capital in excess of par |
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39,591 |
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39,375 |
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Accumulated other comprehensive loss |
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(37 |
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(39 |
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Retained Earnings |
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11,240 |
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5,725 |
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Treasury stock, at cost, 139,550 shares at October 2, 2004 and 199,030 at December 31, 2003 |
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(947 |
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(1,235 |
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TOTAL SHAREHOLDERS’ EQUITY |
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49,919 |
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43,898 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
82,400 |
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$ |
66,845 |
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See accompanying notes to consolidated financial statements.
3
AXSYS TECHNOLOGIES, INC.
Consolidated Statements of Operations
(Amounts in thousands, except per share data - Unaudited)
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For the Three Months Ended |
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For the Nine Months Ended |
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October 2, |
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September 27, |
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October 2, |
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September 27, |
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Net sales |
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$ |
26,356 |
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$ |
21,203 |
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$ |
75,491 |
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$ |
63,269 |
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Cost of sales |
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18,407 |
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15,489 |
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52,940 |
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46,122 |
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Gross margin |
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7,949 |
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5,714 |
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22,551 |
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17,147 |
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Selling, general and administrative expenses |
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5,055 |
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3,906 |
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14,321 |
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11,968 |
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Research, development and engineering expenses |
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681 |
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574 |
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1,984 |
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1,628 |
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Reversal of restructuring accrual |
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— |
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— |
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(50 |
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