UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

ý        QUARTERLY REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended April 2, 2005

 

o        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)

 

(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 Exchange Act)

                   Yes o  No ý

 

 

7,091,000 shares of Common Stock, $.01 par value, were outstanding as of April 27, 2005.

 

 

AXSYS TECHNOLOGIES, INC.

INDEX

 

 

 

 

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets — As of April 2, 2005 and December 31, 2004
Consolidated Statements of Operations — Three Months Ended April 2, 2005 and April 3, 2004
Consolidated Statements of Cash Flow — Three Months Ended April 2, 2005 and April 3, 2004
Consolidated Statements of Shareholders’ Equity — Three Months Ended April 2, 2005 and April 3, 2004
Notes to Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits and Reports on Form 8-K
Signatures

 

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PART I — FINANCIAL INFORMATION

 

AXSYS TECHNOLOGIES, INC.

Consolidated Balance Sheets

(Dollars in thousands)

 

		April 2, 2005 (Unaudited)			December 31, 2004
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	7,265		$	6,000
Accounts receivable — net		15,316			15,715
Inventories — net		30,468			29,698
Deferred income taxes		3,224			3,553
Other current assets		1,151			1,020
TOTAL CURRENT ASSETS		57,424			55,986
PROPERTY, PLANT AND EQUIPMENT — net		13,142			13,337
INTANGIBLE ASSET - net		2,102			2,127
GOODWILL		13,013			13,013
OTHER ASSETS		1,395			1,352
TOTAL ASSETS		$	87,076		$	85,815
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	5,868		$	6,459
Accrued expenses and other liabilities		9,367			9,513
Deferred income		7,441			7,195
Current portion of long-term capital lease obligations		368			368
Current portion of long-term debt		1,000			1,000
TOTAL CURRENT LIABILITIES		24,044			24,535
CAPITAL LEASES, less current portion		54			150
LONG-TERM DEBT, less current portion		3,083			3,333
OTHER LONG-TERM LIABILITIES		4,550			4,704
SHAREHOLDERS’ EQUITY:
Common stock, authorized 30,000,000 shares, issued and outstanding 7,186,734 shares at April 2, 2005 and December 31, 2004		72			72
Capital in excess of par		39,955			39,612
Accumulated other comprehensive income (loss)		26			(97		)
Retained earnings		15,996			14,389
Treasury stock, at cost, 97,222 shares at April 2, 2005 and 130,216 at December 31, 2004		(704		)	(883		)
TOTAL SHAREHOLDERS’ EQUITY		55,345			53,093
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	87,076		$	85,815

 

See accompanying notes to consolidated financial statements.

 

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AXSYS TECHNOLOGIES, INC.

Consolidated Statements of Operations

(Dollars in thousands, except share and per share data  — Unaudited)