Axsys Technologies Announces Second Quarter Results.ROCKY HILL Rocky Hill, town (1990 pop. 16,554), Hartford co., central Conn., a suburb of Hartford, on the Connecticut River; settled c.1650, inc. 1843. Chemical coatings and synthetic textiles are made there. Rocky Hill was an important river port from 1700 to 1820. , Conn. -- Axsys Technologies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AXYS): --Second Quarter Sales Increased 18.6% Over 2003 --Operating Income Increased 57.7% Over 2003 --Backlog up 32.8% Over The Prior Year and 18.5% Over Year End Axsys Technologies, Inc. (NASDAQ: AXYS), a global leader in the design, manufacture and distribution of precision opto-mechanical components and assemblies for the aerospace, defense and high performance commercial markets, today announced results for the second quarter of 2004. Sales totaled $25.7 million in the quarter ended July July: see month. 3, 2004, compared to $21.7 million in the second quarter of 2003, an increase of $4.0 million, or 18.6 percent. In the second quarter of 2004, Axsys reported net income of $1.97 million, or $0.28 per share, compared to net income of $1.44 million, or $0.21 per share, in the quarter ended June June: see month. 28, 2003. These per share values reflect the impact of the 3 for 2 stock split in June of 2004. The income tax provision for the second quarter of 2004 reflects a combined federal and state effective tax rate of 10.0 percent, which represents 6.0 percent for federal taxes and 4.0 percent for state taxes. The federal tax provision for the quarter reflects a reduced tax rate due to the utilization of $0.6 million of the previously established federal tax valuation allowance. The combined federal and state effective tax rate in the second quarter of 2003 was 4.5%. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income in the second quarter of 2004 was $2.2 million compared to $1.5 million in the second quarter of 2003. Sales within the Aerospace and Defense Group during the quarter totaled $15.5 million, an increase of 23.1 percent from the second quarter of 2003. Sales within the Commercial Products Group of $3.8 million were comparable to the second quarter of 2003. The Distributed Products Group's sales totaled $6.4 million, representing a 21.4 percent increase from the second quarter of 2003. Gross margin in the second quarter of 2004 was 30.4 percent, which compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the 27.6 percent gross margin reported for the same period in 2003. Gross margins improved across all three business segments over the prior year, due largely to an increase in volume combined with a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. mix of higher margin products, including those products sold through our newly acquired business unit, Axsys Technologies IR Systems, formerly Telic telic (tel´ik), adj (teleologic), assigning purpose to functions as if they were provided by a creative planner. Optics optics, scientific study of light. Physical optics is concerned with the genesis, nature, and properties of light; physiological optics with the part light plays in vision; and geometrical optics with the reflection and refraction of light as encountered in the study , Inc. 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 W. 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). , Chairman and Chief Executive Officer of Axsys, commented: "Our financial performance this quarter is a continuation of the strong results we reported last quarter and validates our strategic focus on precision optical assemblies. Our 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. , which grew 7.6 percent from the previous quarter, reached a new record of $81.7 million and reflects the increasing demand for our unique capabilities and products." Axsys' management invites you to listen to our conference call or our live audio webcast on August 3, 2004, at 10 a.m. ET regarding second quarter of 2004 financial results. The domestic dial-in number is (800) 670-3547, the international dial-in number is (212) 341-7080 and the access number is 21200372. This call is being webcast by CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network and can be accessed at Axsys Technologies' Web site at www.axsys.com. A replay of the conference call will begin at 1:00 p.m. ET on August 3, 2004 and will be available until August 9, 2004, at 12:00 p.m. ET. The replay can be accessed by dialing (800) 633-8284 or, outside the U.S., (402) 977-9140, with an access number of 21200372. The webcast replay will be available until September Until September is a 1984 romantic drama set in France. It stars Karen Allen as an American tourist in Paris who falls in love with a married Frenchman (Thierry Lhermitte). External links 3, 2004. Axsys Technologies Inc. is a vertically integrated supplier of precision optical and motion control components and assemblies for high-technology applications, serving the aerospace, defense, semiconductor, graphic arts graphic arts: see aquatint; drawing; drypoint; engraving; etching; illustration; linoleum block printing; lithography; mezzotint; niello; pastel; poster; silk-screen printing; silhouette; silverpoint; sketch; stencil; woodcut and wood engraving. and health imaging markets. For more information, contact Axsys Technologies Inc., at www.axsys.com. This press release contains 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. within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . One can identify these forward-looking statements by the use of the words such as "expect," "anticipate," "plan," "may," "will," "estimate" or other similar expressions. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially. Important factors, which could cause actual results to differ materially, are described in Axsys' reports 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. and 10-Q on file with the Securities and Exchange Commission, including without limitation: the introduction of competing products or technologies by other companies and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. pricing pressures from competitors and/or customers, a reversal or slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. of the modest economic recovery presently being experienced in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Axsys' inability to achieve synergies in connection with the acquisition of Telic Optics, Inc., the incurrence In`cur´rence n. 1. The act of incurring, bringing on, or subjecting one's self to (something troublesome or burdensome); as, the incurrence of guilt, debt, responsibility, etc. s> Noun 1. of unexpected costs in connection with the acquisition and other contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. and risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the integration of Telic's operations and business.
AXSYS TECHNOLOGIES, INC.
Consolidated Balance Sheets
(Unaudited, in thousands)
July 3, December 31,
2004 2003
-------- ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $3,432 $5,197
Short-term investments -- 6,983
Accounts receivable - net 13,404 10,197
Inventories - net 28,384 24,786
Income taxes - deferred and current 2,203 2,203
Other current assets 1,119 1,223
-------- --------
TOTAL CURRENT ASSETS 48,542 50,589
PROPERTY, PLANT AND EQUIPMENT - net 12,282 11,315
INTANGIBLE ASSET - net 2,176 --
EXCESS OF COST OVER NET ASSETS ACQUIRED 13,013 3,600
OTHER ASSETS 1,371 1,341
-------- --------
TOTAL ASSETS $77,384 $66,845
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $5,571 $4,240
Accrued expenses and other liabilities 7,944 7,955
Deferred income 5,741 4,546
Current portion of capital lease obligation 372 423
Current portion of long-term debt 1,000 --
-------- --------
TOTAL CURRENT LIABILITIES 20,628 17,164
CAPITAL LEASES, less current portion 337 568
LONG-TERM DEBT, less current portion 3,833 --
OTHER LONG-TERM LIABILITIES 4,955 5,215
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock 72 72
Capital in excess of par 39,365 39,375
Accumulated other comprehensive loss (11) (39)
Retained earnings 9,313 5,725
Treasury stock (1,108) (1,235)
-------- --------
TOTAL SHAREHOLDERS' EQUITY 47,631 43,898
-------- --------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $77,384 $66,845
======== ========
AXSYS TECHNOLOGIES, INC.
Consolidated Statements of Operations
(Unaudited, in thousands)
For the Three For the Six
Months Ended Months Ended
----------------- -----------------
July 3, June 28, July 3, June 28,
2004 2003 2004 2003
-------- -------- -------- --------
Net sales $25,729 $21,693 $49,135 $42,066
Cost of sales 17,908 15,707 34,533 30,633
-------- -------- -------- --------
Gross margin 7,821 5,986 14,602 11,433
Selling, general and administrative
expenses 4,868 3,959 9,266 8,062
Research, development and
engineering expenses 726 583 1,303 1,054
Write off of restructuring accrual (50) -- (50) --
-------- -------- -------- --------
Operating income 2,277 1,444 4,083 2,317
Interest expense (76) (47) (108) (98)
Interest income 9 26 34 56
Other (expense) income, net (15) 81 (22) 144
-------- -------- -------- --------
Income before income taxes 2,195 1,504 3,987 2,419
Provision for income taxes 220 68 399 109
-------- -------- -------- --------
Net income $1,975 $1,436 $3,588 $2,310
======== ======== ======== ========
BASIC INCOME PER SHARE (1):
Total $0.28 $0.21 $0.51 $0.33
Weighted average basic common
shares outstanding 7,000 6,985 6,994 6,984
DILUTED INCOME PER SHARE (1):
Total $0.27 $0.20 $0.50 $0.33
Weighted average dilutive common
shares outstanding 7,292 7,022 7,235 7,008
(1) Earnings per share and shares outstanding for the three months and
six months ended June 28, 2003 have been restated to reflect the 3:2
stock split on June 30, 2004.
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