Axsys Technologies Inc.
175 Capital Boulevard
Suite 103
Rocky Hill, CT 06067
United States - Map
Phone: 860-257-0200
Fax: 860-594-5750
Web Site: http://www.axsys.com
DETAILS
Index Membership: N/A
Sector: Technology
Industry: Scientific & Technical Instruments
Full Time Employees: 765
BUSINESS SUMMARY
Axsys Technologies, Inc. engages in the design and manufacture of precision optical solutions for defense, aerospace, homeland security, and commercial applications primarily in the United States and Europe. The company is organized into two businesses, Optical Systems Group and Distributed Products Group. The Optical Systems Group designs, manufactures, and sells precise systems, subsystems, and components that are used in surveillance, long-range observation, tracking and targeting, and imaging applications. Its products include reflective optical products, infrared products, motion control products, and precision optical and mechanical structures. The Distributed Products Group distributes precision ball bearings, spherical plain bearings, and bushings to original equipment manufacturers (OEM), and maintenance, repair, and overhaul companies. The bearings and bushings are used in various industrial automation and commercial markets. In addition, the Distributed Products Group division designs, manufactures, and sells mechanical-bearing subassemblies for various customers. In addition, Axsys Technologies designs and manufactures stable, multi-sensor, multi-axis surveillance platforms for customers in federal and local government, and in the motion picture and electronic news gathering industries. It develops camera systems for applications, such as long range license plate identification and the observation of suspected criminals, as well as for animal photography. The company sells its products primarily to OEM customers in the aerospace, defense homeland security, graphic art, medical imaging, semiconductor capital equipment, and industrial automation markets. Axsys Technologies was incorporated in 1959 and is headquartered in Rocky Hill, Connecticut.
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Looking good today. This is one I bought on the big market dip.
http://stockcharts.com/h-sc/ui?s=AXYS&p=D&b=5&g=0&id=p88842404999
Nice big candle on 8X volume. Might take profits tommorrow near resistance.
I wonder over what period time frame a cup n handle pattern is valid? Is 7 years too long?
http://stockcharts.com/h-sc/ui?s=AXYS&p=M&b=5&g=0&id=p26007931875
Trying to breakout. Volume strong 1.5X still early.
Another great Q for AXYS .37 on 45.2M vs .31/42M consensus.
http://biz.yahoo.com/pz/071024/129602.html
Thanks Kslifka. It does pay for me to try to follow as many ER's as possible, even though very time consuming. AXYS's late July outstanding ER was how I discovered it to start with. I then watched in awe as it sold off steeply in August along with the rest of the market, where I took advantage of it and several other new "ER" discoveries.
AXYS - Axys Technologies
« on: September 17, 2007, 10:03:20 AM » Quote Modify Remove
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Axsys Technologies Inc.
175 Capital Boulevard
Suite 103
Rocky Hill, CT 06067
United States - Map
Phone: 860-257-0200
Fax: 860-594-5750
Web Site: http://www.axsys.com
DETAILS
Index Membership: N/A
Sector: Technology
Industry: Scientific & Technical Instruments
Full Time Employees: 765
BUSINESS SUMMARY
Axsys Technologies, Inc. engages in the design and manufacture of precision optical solutions for defense, aerospace, homeland security, and commercial applications primarily in the United States and Europe. The company is organized into two businesses, Optical Systems Group and Distributed Products Group. The Optical Systems Group designs, manufactures, and sells precise systems, subsystems, and components that are used in surveillance, long-range observation, tracking and targeting, and imaging applications. Its products include reflective optical products, infrared products, motion control products, and precision optical and mechanical structures. The Distributed Products Group distributes precision ball bearings, spherical plain bearings, and bushings to original equipment manufacturers (OEM), and maintenance, repair, and overhaul companies. The bearings and bushings are used in various industrial automation and commercial markets. In addition, the Distributed Products Group division designs, manufactures, and sells mechanical-bearing subassemblies for various customers. In addition, Axsys Technologies designs and manufactures stable, multi-sensor, multi-axis surveillance platforms for customers in federal and local government, and in the motion picture and electronic news gathering industries. It develops camera systems for applications, such as long range license plate identification and the observation of suspected criminals, as well as for animal photography. The company sells its products primarily to OEM customers in the aerospace, defense homeland security, graphic art, medical imaging, semiconductor capital equipment, and industrial automation markets. Axsys Technologies was incorporated in 1959 and is headquartered in Rocky Hill, Connecticut.
______________________________________________________
Looking good today. This is one I bought on the big market dip.
http://stockcharts.com/h-sc/ui?s=AXYS&p=D&b=5&g=0&id=p88842404999
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Re: AXYS - Axys Technologies
« Reply #1 on: September 17, 2007, 04:06:15 PM » Quote Modify Remove
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Nice big candle on 8X volume. Might take profits tommorrow near resistance.
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Re: AXYS - Axys Technologies
« Reply #2 on: September 17, 2007, 04:28:49 PM » Quote Modify Remove
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I wonder over what period time frame a cup n handle pattern is valid? Is 7 years too long?
http://stockcharts.com/h-sc/ui?s=AXYS&p=M&b=5&g=0&id=p26007931875
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Re: AXYS - Axys Technologies
« Reply #3 on: September 24, 2007, 11:44:42 AM » Quote Modify Remove
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Trying to breakout. Volume strong 1.5X still early.
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Re: AXYS - Axys Technologies
« Reply #4 on: September 24, 2007, 04:48:31 PM » Quote Modify Remove
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Quote from: BigSully1 on September 24, 2007, 11:44:42 AM
Trying to breakout. Volume strong 1.5X still early.
I think it can be called a breakout. 4X volume at new high.
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Re: AXYS - Axys Technologies
« Reply #5 on: September 27, 2007, 01:05:58 AM » Quote Modify Remove
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Quote from: BigSully1 on September 17, 2007, 04:28:49 PM
I wonder over what period time frame a cup n handle pattern is valid? Is 7 years too long?
http://stockcharts.com/h-sc/ui?s=AXYS&p=M&b=5&g=0&id=p26007931875
Why is it so hard to get a simple answer from anyone? I know some of you guys are very proficient in T/A, Jeez.
Only 9% away from all time high now, set in 2000.. I'm still holding, and why not?
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Re: AXYS - Axys Technologies
« Reply #6 on: October 24, 2007, 05:04:15 PM » Quote Modify Remove
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Another great Q for AXYS .37 on 45.2M vs .31/42M consensus.
http://biz.yahoo.com/pz/071024/129602.html
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Re: Your Stocks
« Reply #11 on: October 24, 2007, 10:44:05 PM » Quote Modify Remove
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Here's one that I do own and would really like David to take a look, he might even be very interested. . Axsys Technologies - AXYS. I started a thread on it awhile back , but it doesn't seem to generate any interest there. I had a question about a cup n handle that never got answered there, maybe someone here can answer it.
http://www.3stocksonfire.org/trading/index.php?topic=10317.0
I think this latest ER (after the close today) should be more than enough to propel the stock past the late 2000 and alltime high. (It's already very close anyway.)
Axsys Technologies Announces 34 Percent Revenue Growth and 54 Percent Net Income Growth in Third Quarter
Wednesday October 24, 4:10 pm ET
Company Increases 2007 Guidance and Establishes 2008 Guidance
ROCKY HILL, Conn., Oct. 24, 2007 (PRIME NEWSWIRE) -- Axsys Technologies, Inc. (NasdaqGS:AXYS - News), a global leader in the design and development of high-performance surveillance cameras, imaging systems and related motion control technologies, today announced financial results for the quarter ended September 29, 2007.
ADVERTISEMENT
During the third quarter, Axsys generated revenues of $45.2 million, compared to $33.6 million in the third quarter of 2006. Net income was $4.1 million or $0.37 per diluted share on a consolidated basis, up from $2.7 million or $0.25 per diluted share in the third quarter of 2006.
Previously, the company announced its intention to sell the Distributed Products Group, and consequently this business has been reclassified as a discontinued operation in the third quarter and prior periods. The discontinued operations contributed income of $0.4 million, or $0.03 diluted earnings per share in the third quarter, compared to $0.2 million, or $0.02 per share in the third quarter of 2006.
Third Quarter Financial Highlights from Continuing Operations
Period comparisons reference fiscal third quarter 2006.
* Sales increased 34% to a record $45.2 million;
* Gross margin improved to 32.4% from 31.5%;
* Operating margin improved to 13.5% from 11.7%;
* Income increased 52% to $3.8 million;
* Diluted earnings per share increased to $0.34 from $0.23;
* Backlog increased to a record $138 million, representing a 38%
increase compared to the end of the third quarter of 2006, and a
9% increase over the previous quarter.
The company continued to experience strong demand for surveillance cameras, lenses, and stabilized gimbal systems. Cineflex Camera Systems, purchased in April 2007, generated revenues of $6.5 million during the third quarter.
``Axsys' impressive growth is an indication of our company's increasingly enviable market position,'' said Stephen W. Bershad, Chairman and CEO of Axsys Technologies. ``The sales from our newly acquired stabilized camera systems business exceeded expectations, and the rest of our Optical Systems Group achieved 15% revenue growth during the quarter. Importantly, our order backlog also continued a strong upward trend with the addition of $57 million in new bookings during the quarter. With this added visibility, we are comfortable increasing our 2007 financial guidance.''
Fiscal 2007 Earnings Guidance Revision
Axsys increased its full-year 2007 guidance for continuing operations as follows:
* Sales are expected to be in the range of $168 million to $171
million, up from the $159 million to $163 million range previously
provided.
* Income is expected to be in the range of $13.7 million to $13.9
million, up from the previous guidance of $12.5 million to $12.8
million.
* Diluted earnings per share are expected to be in the range of $1.24
to $1.26, up from the previous guidance of $1.13 to $1.16.
Mr. Bershad continued, ``We are witnessing an increased demand for our products that we believe will be sustained in the coming year. Our escalating booking and shipment rates, clear indicators of this trend, instill optimism about 2008.''
Fiscal 2008 Earnings Guidance
The company announced guidance for continuing operations for full-year 2008:
* Sales are expected to be in the range of $193 million to $197
million.
* Diluted earnings per share are expected to be between $1.57 and
$1.60.
Conference Call
Management will conduct a conference call reviewing the financial results on Thursday, October 25, 2007 at 11:00 a.m. Eastern Time. Shareholders, institutional investors and equity research analysts are invited to participate in the call by dialing 1-866-872-5036 and providing the operator with the conference ID# 19290080 to enter the call.
The conference call will be webcast live via the Investor Relations section of the Company's web site at http://www.axsys.com. A replay of the webcast will be available shortly after the conclusion of the call for a period of approximately 90 days.
About Axsys
Axsys Technologies, Inc. is a global leader in the design and development of high-performance surveillance cameras, imaging systems and related motion control technologies, serving the aerospace, defense, and high performance commercial markets. For more information, visit http://www.axsys.com.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. 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 and Form 10-Q on file with the Securities and Exchange Commission, including without limitation: changes in the U.S. federal government spending priorities; the Company's ability to compete in the industries in which it operates, including the introduction of competing products or technologies by other companies and/or pricing pressures from competitors and/or customers; the potential for the Company's backlog to be reduced or cancelled; the Company's ability to implement its acquisition strategy and integrate its acquired companies successfully, including the recent acquisition of Cineflex; the Company's ability to successfully complete the planned sale of the Distributed Products business; the Company's ability to manage costs under the Company's fixed-price contracts effectively; and changes in general economic and business conditions. These statements reflect the Company's current beliefs and are based upon information currently available to the Company. Be advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time, and we specifically disclaim any obligation to update these statements.
AXSYS TECHNOLOGIES, INC.
Consolidated Statements of Operations
(Dollars in thousands, except share and per share data - Unaudited)
For the Three Months Ended For the Nine Months Ended
-------------------------- --------------------------
September 29, September 30, September 29, September 30,
2007 2006 2007 2006
------------ ------------ ------------ ------------
Sales $ 45,218 $ 33,640 $ 123,712 $ 96,170
Cost of sales 30,560 23,054 83,910 65,534
------------ ------------ ------------ ------------
Gross profit 14,658 10,586 39,802 30,636
Selling,
general and
administrative
expenses 7,131 5,399 18,720 16,266
Research,
development
and
engineering
expenses 1,436 1,261 4,383 3,380
------------ ------------ ------------ ------------
Operating
income 6,091 3,926 16,699 10,990
Interest
expense (191) (10) (463) (72)
Interest
income 55 70 174 221
Other income
(expense), net 17 (7) (235) 25
------------ ------------ ------------ ------------
5,972 3,979 16,175 11,164
Income from
continuing
operations
before income
taxes
Provision for
income taxes 2,216 1,510 6,135 4,235
------------ ------------ ------------ ------------
Income from
continuing
operations 3,756 2,469 10,040 6,929
Income from
discontinued
operations,
net of tax 383 225 929 768
------------ ------------ ------------ ------------
Net income $ 4,139 $ 2,694 $ 10,969 $ 7,697
============ ============ ============ ============
BASIC EARNINGS
PER SHARE:
Continuing
operations $ 0.35 $ 0.23 $ 0.94 $ 0.65
Discontinued
operations 0.04 0.02 0.09 0.07
------------ ------------ ------------ ------------
Total $ 0.39 $ 0.25 $ 1.03 $ 0.72
============ ============ ============ ============
Weighted-
average basic
common shares
outstanding 10,722,393 10,630,136 10,688,869 10,625,153
DILUTED
EARNINGS
PER SHARE:
Continuing
operations $ 0.34 $ 0.23 $ 0.91 $ 0.64
Discontinued
operations 0.03 0.02 0.08 0.07
------------ ------------ ------------ ------------
Total $ 0.37 $ 0.25 $ 0.99 $ 0.71
============ ============ ============ ============
Weighted-
average
diluted
common
shares
outstanding 11,140,374 10,883,385 11,031,234 10,877,734
AXSYS TECHNOLOGIES, INC.
Consolidated Balance Sheets
(Dollars in thousands)
September 29, December 31,
2007 2006
(Unaudited) (Audited)
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 5,176 $ 6,044
Accounts receivable - net 20,270 17,298
Inventories - net 48,718 35,853
Assets held-for-sale 14,416 15,764
Income taxes - deferred 3,556 2,405
Prepaid expenses 941 829
Other current assets 379 368
------------ ------------
TOTAL CURRENT ASSETS 93,456 78,561
PROPERTY, PLANT AND EQUIPMENT - net 16,230 22,393
INTANGIBLE ASSETS - net 12,588 9,507
GOODWILL 82,649 60,791
OTHER ASSETS 1,574 1,093
------------ ------------
TOTAL ASSETS $ 206,497 $ 172,345
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Line of credit $ 10,000 $ --
Accounts payable 11,307 7,550
Accrued expenses and other current
liabilities 20,978 18,218
Liabilities held-for-sale 2,648 3,430
Deferred income 10,064 6,088
------------ ------------
TOTAL CURRENT LIABILITIES 54,997 35,286
OTHER LONG-TERM LIABILITIES 8,243 5,871
SHAREHOLDERS' EQUITY:
Common stock 107 106
Capital in excess of par 101,143 99,111
Retained earnings 42,007 31,977
Treasury stock -- (6)
------------ ------------
TOTAL SHAREHOLDERS' EQUITY 143,257 131,188
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 206,497 $ 172,345
============ ============
Contact:
Axsys Technologies, Inc.
David A. Almeida, Chief Financial Officer
(860) 257-0200
Geoffrey Ling, Director of Investor Relations
(860) 594-5773
[email protected] kslifka
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Re: AXYS - Axys Technologies
« Reply #7 on: October 25, 2007, 11:11:03 PM » Quote
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Aplaud BigSully
Nice call. I really wish I had seen the earnings call on my screener Wednesday after the bell.
After reviewing todays earnings and conference call...AXYS has a great future. I can't believe even at todays price that AXYS is only a $408 million market cap company.
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Re: AXYS - Axys Technologies
« Reply #8 on: October 26, 2007, 02:56:59 PM » Quote Modify Remove
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Thanks Kslifka. It does pay for me to try to follow as many ER's as possible, even though very time consuming. AXYS's late July outstanding ER was how I discovered it to start with. I then watched in awe as it sold off steeply in August along with the rest of the market, where I took advantage of it and several other new "ER" discoveries.
As you made the pick in the Members Corner and then made it a Public Pick.
I am going to merge the two threads and move it's location to the
Public 3SOF Boards > Stock Picking Board.
So now all members can view the entire merged thread.
I will leave you Friday's closing chart while I am in this thread.......
I think a cup and handle is valid no matter the time frame. Actually, I think the longer it is, the more explosive the breakout expected. I'm not really sure, I've more or less dismissed TA other than important moving averages, trend lines, support/ resistance levels, and MACD. So I guess I still do believe in TA?
So basically, I think cup and handle is a name for breaking an old high, and if it breaks an old high, then that is good. And I think volume is very important. You obviously want high volume on green days and low volume on red days.
Thanks much and applaud bjc. I had about given up on ever getting an answer.
Axsys Technologies Receives $21.9 Million Order to Supply Infrared Lenses for CROWS Program
Tuesday January 15, 9:58 am ET
ROCKY HILL, Conn., Jan. 15, 2008 (PRIME NEWSWIRE) -- Axsys Technologies, Inc. (NasdaqGS:AXYS - News) today announced that it has received a $21.9 million order from BAE Systems to produce dual-field-of-view infrared imaging lenses as part of the U.S. Army's Common Remotely Operated Weapon Station (CROWS) program.
ADVERTISEMENT
The contract allows for additional quantities to be ordered at BAE's option over the coming five years. If all options are maximally exercised, the contract value could total $87M.
``This contract award is a very significant win for Axsys and is another sign of our increasing prominence in the infrared industry,'' said Stephen W. Bershad, Chairman and CEO of Axsys Technologies. ``In addition, it is further evidence of the expanding demand for high-performance infrared optical systems in the military marketplace.''
This was latest contract awarded to AXYS. AXYS held up very well through the downturn, especially for a microcap and I never could find any reason to sell any of it at all. ER Feb 20.
-------------------------------------------
Axsys Technologies Receives $21.9 Million Order to Supply Infrared Lenses for CROWS Program
Tuesday January 15, 9:58 am ET
ROCKY HILL, Conn., Jan. 15, 2008 (PRIME NEWSWIRE) -- Axsys Technologies, Inc. (NasdaqGS:AXYS - News) today announced that it has received a $21.9 million order from BAE Systems to produce dual-field-of-view infrared imaging lenses as part of the U.S. Army's Common Remotely Operated Weapon Station (CROWS) program.
ADVERTISEMENT
The contract allows for additional quantities to be ordered at BAE's option over the coming five years. If all options are maximally exercised, the contract value could total $87M.
``This contract award is a very significant win for Axsys and is another sign of our increasing prominence in the infrared industry,'' said Stephen W. Bershad, Chairman and CEO of Axsys Technologies. ``In addition, it is further evidence of the expanding demand for high-performance infrared optical systems in the military marketplace.''
looks ready to "pop". Needs some volume.
ER was last night. Beat on top and bottom again, increased guidance again. New High.
new high.
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Another big beat, top and bottom (.45 vs .40, and 56.4M vs 49.75) and yet another guidance raise. Lovin it.
Axsys Technologies Announces 59 Percent Growth in Revenues and 87 Percent Growth in Income From Continuing Operations in First Quarter
Wednesday April 23, 4:10 pm ET
Company Increases 2008 Guidance
ROCKY HILL, Conn., April 23, 2008 (PRIME NEWSWIRE) -- Axsys Technologies, Inc. (NasdaqGS:AXYS - News), a global leader in the design and development of high-performance surveillance cameras, imaging systems and related motion control technologies, today announced financial results for the first quarter ended March 29, 2008.
During the first quarter, Axsys generated revenues of $56.4 million, compared to $35.5 million in the first quarter of 2007. Net income was $5.1 million or $0.45 per diluted share, up from $3.0 million or $0.27 per diluted share in the first quarter of 2007. The results for the first quarter of 2007 include net income of $249 thousand or $0.02 per diluted share from the discontinued AST Bearings business, which was sold in November 2007.
First Quarter Financial Highlights from Continuing Operations
Period comparisons vs. the first quarter of 2007.
* Sales increased 59% to a record $56.4 million;
* Gross margin improved to 34.0% from 31.1%;
* Operating margin improved to 14.2% from 13.0%;
* Income increased 87% to $5.1 million;
* Diluted earnings per share increased to $0.45 from $0.25;
* Backlog increased to a record $158 million, representing a 13%
increase compared to the end of the fourth quarter of 2007.
Compared to the same period in the prior year, the increase in sales was due to both strong organic growth across the company and the acquisition of the gyrostabilized gimbal business in April 2007. Margins were favorably impacted by the faster growth rate in the higher margin Surveillance Systems Group. Backlog growth was mainly attributable to the large infrared lens orders that we received for the Common Remotely Operated Weapon Station (CROWS) and Thermal Weapons Sight (TWS) programs.
Segment Sales
(Millions) Three Months Ended:
-------------------
Mar 29, Mar 31,
2008 2007
-------------------
Surveillance Systems Group $ 17.9 $ 9.2
Imaging Systems Group 38.5 26.3
ADVERTISEMENT
Compared to the first quarter of 2007, the Surveillance Systems Group's sales grew 95%. Cineflex generated $4.3 million of sales in the first quarter of 2007 and, consequently, pro forma sales growth, including the first quarter 2007 results for Cineflex, was 32%.
The Imaging Systems Group's sales grew 46% year over year. All business areas within the Imaging Systems segment grew during the quarter, with the infrared lens business performing particularly well.
``Both of our business segments achieved impressive results in the first quarter,'' said Stephen W. Bershad, Chairman and CEO of Axsys Technologies. ``The Surveillance Systems Group met our high expectations, while increased throughput at our Imaging Systems Group produced better than expected results. The strong performance by both reporting segments has led the management team to increase its financial guidance for fiscal 2008.''
Fiscal 2008 Earnings Guidance Increase
Axsys is increasing its full-year 2008 guidance as follows:
* Sales are expected to be in the range of $224 million to
$228 million, up from the $208 million to $212 million range
previously provided.
* Diluted earnings per share are expected to be in the range of
$1.88 to $1.92, up from the previous guidance of $1.70 to $1.75.
``Our excellent first quarter results combined with a record backlog provide additional evidence of our enviable market position,'' continued Mr. Bershad. ``To support continued growth, we plan to expand the manufacturing footprint of our infrared camera and lens businesses by leasing a new facility in the southern New Hampshire area. We expect this new facility to be operational during the second half of the year. With this additional capacity, we believe that we will be well-positioned for growth in the coming years.''
Conference Call
Management will conduct a conference call to review the Company's financial results on Thursday, April 24, 2008 at 10:00 a.m. Eastern Time. Shareholders, institutional investors and equity research analysts are invited to participate in the call by dialing 1-888-713-4209 and providing the operator with the conference ID# 70467556 to enter the call.
The conference call will be webcast live via the Investor Relations section of the Company's web site at http://www.axsys.com. A replay of the webcast will be available shortly after the conclusion of the call for a period of approximately 90 days.
Analyst upgrade. Estimates and target increased again.
Some silly sellers yesterday ::)