Axsys Technologies, Inc. Expects 1999 First Quarter EPS of $0.04 to $0.06.ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--April 19, 1999-- Axsys Technologies, Inc. (Nasdaq: AXYS), today announced that as a result of lower than anticipated sales volume, it expects to report earnings 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 , before a special charge, of $0.04 to $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 for the first quarter ended March 31, 1999. Axsys' Chairman Stephen Bershad stated, "The soft market conditions experienced during the second half of 1998, especially in the electronics capital equipment and digital imaging markets, continued in the first quarter of 1999. In addition, as expected, we experienced lower sales to major satellite programs. On a more positive note, first quarter bookings to the defense market were very strong and, as a result, our overall 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 for the quarter was 1.12:1. Backlog at the end of the first quarter was 6.4% higher than at the end of 1998." As previously announced, the Axsys Technologies' Board of Directors has directed its investment bankers Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. , Donaldson, Lufkin & Jenrette, to explore the potential sale of the company. This process is continuing and is expected to conclude in the current quarter. During the first quarter, Axsys will record a pre-tax special charge of approximately $1,000,000 for expenses related to the sale process. 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 bearing 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. that are subject to a variety of risks and uncertainties. As a result, actual results and developments may be materially different from those expressed or implied 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 year ended December 31, 1998. |
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