3SOF

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.
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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.''

chart update

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.
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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.

Investor's Business Daily
Maker Of Night-Vision Equipment Sets Sights On Military Contracts
Thursday March 6, 5:57 pm ET
Kevin Harlin


The Department of Homeland Security is promising more eyes to watch the borders at home. On battlefields abroad, the U.S. Army claims to own the night.
Axsys Technologies (NasdaqGS:AXYS - News) helps keep everything in focus.

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The Rocky Hill, Conn.-based company provides infrared cameras and motion-control systems used in military weapons and in security cameras.

Axsys has spent several years restructuring to refocus on its core military and security markets. It has sold off a ball bearings business and picked up a gimbals company, which analysts say opens more markets.

Night-vision and thermal imaging units are finding their way into more weapon systems and more vehicles in 21st-century warfare. Thermal imaging cameras are an essential tool in border control, too.

Axsys is setting itself up to take a bigger share of that business from the current market giants, Flir Systems (NasdaqGS:FLIR - News) and L-3 Communications (NYSE:LLL - News).

"They're in a much better position to go after these new market opportunities," said Bear Stearns analyst Antonio Antezano.

The company formed in 1959 to supply the military and aerospace industries with optical equipment.

Its cameras are on poles at various ports and secure facilities. Its optics units help tank gunners and Apache attack helicopter pilots find their targets.

Last year, Axsys got into the gimbal business, with the acquisition of Cineflex Camera Systems. That division makes systems to steady camera images on news choppers and in other high-motion environments.

Analysts say the Cineflex addition also helps the company offer more complete packages to military contractors looking to mount infrared systems on airplanes, ships and vehicles.

Axsys also divided itself into two divisions -- Surveillance Systems and Imaging Systems.

Its surveillance group makes infrared cameras, mounted stationary on poles or on stabilized platforms on ships, planes and vehicles. This division in the last quarter accounted for about 31% of sales, or $15 million.

The surveillance group is smaller than the other, but it's growing faster thanks to demand from Homeland Security agencies, the military, the police, and even the news media and movie studios.

Imaging Systems, which makes infrared lenses, long-range telescopes, scanners and laser positioning systems, brought in $32.9 million in the fourth quarter. Unlike the stand-alone camera systems, this division's components are sold to defense contractors that incorporate them into weapons systems and other equipment.

In January, the unit announced it won a $21.9 million contract for lenses for CROWS, or Common Remotely Operated Weapons Systems. These remote guns can be mounted on armored vehicles to keep gunners safely inside.

This contract could grow to $87 million over five years, Axsys says.

Analysts see strong prospects for both operations.

"As terrorism persists, the United States and its allies continue to increase their budgets within different domestic security agencies, boding well for Axsys' product demand," Michael French, an analyst with Morgan Joseph, wrote in a client note.

Axsys' revenue grew 32% vs. 2007, to almost $172 million. About two-thirds of those sales were to U.S. government contractors.

Factoring out the Cineflex acquisition, sales grew 19% that year.

"Fiscal 2007 was a banner year for Axsys," the company's chairman and chief executive, Stephen Bershad, said in a statement. Company officials didn't respond for comment to this story.

The company estimates that airborne surveillance units are a $1 billion-a-year market. With its gimbals acquisition, Axsys can increasingly push into the more sophisticated targeting side, the company said. It estimates that business to be three times as large.

So even if U.S. military spending goes down during the next presidential administration, there's still room for the company to grow.

Axsys' backlog grew to a record $140 million by the end of the year. That was up 21% from the year earlier.

Axsys competes with much larger firms. Flir Systems, for instance, had sales of $779 million last year. L-3 Communications had sales of almost $14 billion.

But Bear Stearns' Antezano says Axsys' long-range infrared lenses have a good reputation in the military. And military contractors often sign up multiple subcontractors to fill orders quickly.

"All of these companies that provide intelligence-type products definitely have good long-term growth possibilities," Antezano said.

The gross margin in the fourth quarter improved to 33.2%, from 30.4% the year earlier. Most of that gain came from the new gimbals business, which commands high margins.

Antezano said he wants to see Axsys grow margins on the rest of its business, as well. He concedes that that could be difficult as the company picks up some higher-volume contracts.

But the new management structure -- with presidents assigned to each division, answering to Bershad -- could help keep the new divisions focused, Antezano said.

The company posted earnings per share in 2007 of $1.32, excluding one-time items. That was up from 88 cents the year before.

Analysts surveyed by Thomson Financial expect $1.75 for 2008.

The company upped its own guidance for the year. It's now calling for sales of $208 million to $212 million in 2008, from the previous guidance of up to $197 million.

 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

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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   

ER next Wed.

another beat, another raised guidance