Print
Email
Print Edition StoriesThursday, March 12, 2009
Axsys acknowledges sale possibility
By Mass High Tech Staff
BigDog robot goes through paces at Ft. Benning
MHT's Galen Moore: Military snipers aid accuracy with iPhone
Axsys Technologies Inc., which develops high-performance surveillance cameras and other imaging and surveillance technologies, yesterday confirmed press reports that it is evaluating the possible sale of the company.
Axsys (Nasdaq: AXYS), headquartered in Rocky Hill, Conn., and with a key facility in Nashua, N.H., said that while it expects to continue its strong revenue and earnings growth, “downward pressure” on its stock has led to overtures from interested buyers. Axsys reported that it has hired the investment banking firm Jefferies & Co. Inc. to conduct a formal process. However, the company also said that while its balance sheet and growth prospects make Axsys an attractive acquisition candidate, the firm also is in good position to remain a stand-alone company.
Axsys’ surveillance and motion control systems are targeted at the aerospace, defense and high-performance commercial markets.
In February, Axsys reported that it achieved record results for fiscal 2008 with sales of $245.5 million and income from continuing operations of $26.3 million, an increase of 43 percent and 87 percent, compared to fiscal 2007.
In October, company officials discussing the economic downturn said Axsys was weathering the difficulties well, in part because more than 90 percent of Axsys’ business comes from either the Department of Homeland Security or the Department of Defense.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
