Axsys Technologies, Inc. Announces First Quarter EPS of $0.06.ENGLEWOOD Englewood (ĕng`gəlw  d).1 City (1990 pop. 29,387), Arapahoe co., N central Colo., on the South Platte River, a residential and industrial suburb of Denver; inc. 1903. CLIFFS, N.J.--(BUSINESS WIRE)--May 3, 1999-- Axsys Technologies, Inc. (Nasdaq: AXYS), a leading maker of micro-positioning and precision optical products, today announced sales of $25,135,000 for the first quarter ended March 31, 1999, compared with 1998 first quarter sales of $31,898,000. Sales of the company's Precision Systems Group were $14,030,000, compared with $19,407,000 in 1998, while sales of its Industrial Components Group were $11,105,000, compared with $12,491,000 in 1998. Axsys' Chairman Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Bershad Bershad (Ukrainian: Бершадь, translit., Bershad’), is a small city in the Vinnytsia Oblast (province) of western Ukraine. It is the administrative center of the Bershadsky Raion (district). stated, "As we previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). , first quarter sales were impacted by soft market conditions in the electronics capital equipment and digital imaging markets. In addition, we experienced lower sales to the space market as we await AWAIT, crim. law. Seems to signify what is now understood by lying in wait, or way-laying. the release of orders on the next major satellite programs. However, based upon current business indications, including a first quarter book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can of 1.12:1 and a 6.4% increase in backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. over the end of 1998, we expect to see improved sales revenue beginning in the second quarter and continuing through the second half of 1999." Axsys reported net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the first quarter of 1999, before a special charge, of $251,000, or $0.06 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with $1,563,000, or $0.37 per diluted share for the first quarter of 1998. During the first quarter, Axsys recorded a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta special charge of $1,000,000 for expenses related to an ongoing process of exploring the potential sale of the company. After the effect of the special charge, Axsys reported a net loss from continuing operations for the first quarter of 1999 of $336,000, or $0.08 per diluted share. Axsys Technologies, Inc. supplies micro-positioning and precision optical products for a variety of markets, including defense, space, digital imaging and electronics capital equipment. The company also produces interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. devices and distributes precision ball bearings ball bearings n → roulement m à billes for industrial, commercial and consumer applications. More information is available at www.axsys.com. This news release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The company's business is subject to a variety of risks and uncertainties. As a result, actual future results and developments may be materially different from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in any forward-looking statement. Disclosure regarding factors affecting the company's future results and developments is contained in the company's public filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December December: see month. 31, 1998. -0-
AXSYS TECHNOLOGIES, INC.
Consolidated Balance Sheets
(Unaudited - dollars in thousands)
March 31, December 31,
1999 1998
----------------- -----------------
ASSETS
CURRENT ASSETS:
Cash $ 134 $ 69
Accounts receivable - net 16,281 16,877
Inventories - net 28,871 27,028
Other current assets 2,732 2,838
---------------- -------------
TOTAL CURRENT ASSETS 48,018 46,812
NET PROPERTY, PLANT AND
EQUIPMENT 15,509 15,080
EXCESS OF COST OVER NET
ASSETS ACQUIRED - net 12,109 12,216
OTHER ASSETS 2,387 2,103
---------------- -------------
TOTAL ASSETS $ 78,023 $ 76,211
================ =============
LIABILITIES AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 8,765 $ 7,867
Accrued expenses and
other liabilities 6,329 7,050
Current portion of long-term
debt and capital lease
obligations 1,286 1,179
---------------- -------------
TOTAL CURRENT LIABILITIES 16,380 16,096
LONG-TERM DEBT & CAPITAL LEASES,
less current portion 7,534 5,612
OTHER LONG-TERM LIABILITIES 2,287 2,375
SHAREHOLDERS' EQUITY:
COMMON STOCK, $.01 PAR VALUE:
authorized 30,000,000 shares, issued
4,122,767 shares at March 31, 1999
and December 31,1998 41 41
CAPITAL IN EXCESS OF PAR 40,761 40,761
RETAINED EARNINGS 12,630 12,966
TREASURY STOCK, at cost, 115,632
shares at March 31, 1999 and
117,750 at December 31, 1998 (1,610) (1,640)
---------------- -------------
TOTAL SHAREHOLDERS' EQUITY 51,822 52,128
---------------- -------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 78,023 $ 76,211
================ =============
AXSYS TECHNOLOGIES, INC.
Consolidated Statements of Operations
(Unaudited - dollars in thousands, except per share data)
Quarter Ended March
1999 1998
Net sales $ 25,135 $ 31,898
-------- --------
Cost of sales 18,288 21,930
Selling, general and
administrative expenses 5,095 6,013
Research and development 1,026 957
Amortization of
intangible assets 107 107
--------- -------
Operating income 619 2,891
Interest expense 190 258
Special charge 1,000 --
Other expense 1 7
-------- --------
(Loss)/income from
continuing operations
before taxes (572) 2,626
(Benefit)/provision
for income taxes (236) 1,063
-------- --------
(Loss)/income from
continuing operations (336) 1,563
Loss from discontinued
operations,
net of taxes -- (26)
-------- --------
Net (loss)/income $ (336) $ 1,537
--------- ---------
Basic (loss)/earnings
per share:
Continuing operations $ (0.08) $ 0.37
Discontinued operations -- (0.01)
Basic (loss)/earnings
per share $ (0.08) $ 0.36
--------- ---------
Weighted average common
shares outstanding 4,106,247 4,215,976
----------- -----------
Diluted (loss)/earnings
per share:
Continuing operations $ (0.08) $ 0.37
Discontinued operations -- (0.01)
------ ------
Diluted (loss)/earnings
per share $ (0.08) $ 0.36
------ ------
Weighted average common
shares outstanding 4,122,893 4,262,698
------------- ----------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion