11-K/A 1 a2116122z11-ka.htm 11-K/A
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 11-K/A
(Amendment No. 1)

(Mark one)  

ý
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2002

OR

o
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                        to                         

Commission file number 0-16182

    A.
    Full title of the plan and the address of the plan, if different from that of the issuer named below:

      Axsys Technologies, Inc. 401(k) Retirement Plan and Trust

    B.
    Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

      Axsys Technologies, Inc.
      175 Capital Boulevard, Suite 103
      Rocky Hill, CT 06067


REQUIRED INFORMATION

The following financial statements shall be furnished for the plan:

    Axsys Technologies, Inc. 401(k) Retirement Plan and Trust Financial Statements and Supplemental Schedule

    Report of Independent Auditors

    Statements of Net Assets Available for Plan Benefits as of December 31, 2002 and 2001

    Statements of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 2002 and 2001

    Notes to Financial Statements

    Schedule of Assets Held for Investment Purposes At End of Year

This Form 11-K/A is being filed for the sole purpose of amending footnote #4 of the financial statements, the "Reconciliation of Financial Statements to Form 5500" that appeared on page 6 of the Form 11-K, which was originally filed on June 27, 2003.


AXSYS TECHNOLOGIES, INC.

401 (K) RETIREMENT PLAN & TRUST

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

FOR THE YEARS ENDED DECEMBER 31, 2002 and 2001

WITH REPORT OF INDEPENDENT AUDITORS


AXSYS TECHNOLOGIES, INC.
401 (K) RETIREMENT PLAN & TRUST
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
YEAR ENDED DECEMBER 31, 2002


CONTENTS

 
   Page
Report of Independent Auditors   1

FINANCIAL STATEMENTS:
 
 

Statements of Net Assets Available for Plan Benefits
 
2

Statements of Changes in Net Assets Available for Plan Benefits
 
3

Notes to Financial Statements
 
4

Supplemental Schedule:
 
 

Schedule of Assets Held for Investment Purposes at End of Year
 
8


Report of Independent Auditors

Plan Investment Committee
Axsys Technologies, Inc. 401(k) Retirement Plan and Trust

        We have audited the accompanying statements of net assets available for plan benefits of Axsys Technologies, Inc. 401(k) Retirement Plan and Trust (the "Plan") as of December 31, 2002 and 2001, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit.

        We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

        In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 2002 and 2001 and the changes in its net assets available for plan benefits for the years then ended, in conformity with accounting principles generally accepted in the United States.

        Our audits were performed for the purpose of forming an opinion on the 2002 and 2001 financial statements taken as a whole. The accompanying supplemental schedule of assets held for investment purposes at end of year as of December 31, 2002, is presented for purposes of additional analysis and are not a required part of the financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

 
    

 
 
GRAPHIC

 
 
Ernst & Young LLP
Hartford, Connecticut
May 28, 2003

1


AXSYS TECHNOLOGIES, INC.
401(K) RETIREMENT PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS

 
   December 31,
 
   2002
   2001
Assets            
Investments at Fair Value   $ 19,481,228   $ 21,702,363

Contributions receivable:
 
 
 
 
 
 
  Employees     134,795     164,566
  Employer     183,958     207,710
   
 
Total contributions receivable     318,753     372,276
   
 
Net assets available for plan benefits   $ 19,799,981   $ 22,074,639
   
 

See accompanying notes

2

AXSYS TECHNOLOGIES, INC.
401(K) RETIREMENT PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS

FOR THE YEAR ENDED DECEMBER 31, 2002

 
   Axsys
Stable
Value
   Fidelity
Growth
Company
   Fidelity
Investment
Grade Bond
   Fidelity
Balanced
   Fidelity
Blue Chip
Growth
   Fidelity
Equity
Income II
   Fidelity
Stock
Selector
   Fidelity
Diversified
Internat'l
   Fidelity
Freedom
2020
   Fidelity
Freedom
2030
   Spartan
US Eqty
Index
   Retirement
Money
Market
   Loans
   Loans
in
Default
   Axsys
Technologies
Stock
   Contribution
Receivable
   Total
  
Additions:                                                                                                        
  Contributions—Employees   $ 172,811   $ 307,850   $ 126,110   $ 156,870   $ 341,111   $ 62,387   $ 66,190   $ 78,051   $ 118,026   $ 93,386   $ 145,816   $ —   $ —   $ —   $ —   $ (29,771 ) $ 1,638,837  
  Contributions—Employer, net     81,227     150,654     32,604     73,955     161,934     23,083     31,030     35,077     68,748     53,721     54,537     359     —     —     72,189     (23,752 )   815,366  
  Interest and dividend income     284,584     5     64,557     69,630     16,452     4,071     3,671     6,701     11,276     5,035     10,845     900     —     —     —     —     477,727  
  Exchange in     288,154     160,409     580,760     140,413     88,065     143,125     23,055     59,639     22,716     292     39,079     —     —     —     —     —     1,545,707  
  Loan repayment (principal and interest)     110,265     89,586     51,343     49,174     113,335     18,192     15,403     15,818     81,941     51,230     28,388     —     (537,404 )   582     —     —     87,853  
  Forfeiture credit                 29,824                                                                                   29,824  

Deductions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Realized loss/ (gain)     —     70,415     (7,629 )   61,492     164,957     3,561     39,816     20,788     4,141     11,443     36,151     —     —     —     34,324     —     439,459  
  Distributions     600,959     94,576     195,251     207,728     382,704     11,918     54,773     129,292     3,435     31,112     151,363     876     217,710     (8,769 )   96,263     —     2,169,191  
  Administrative fee     7,168     1,421     15,116     3,968     5,171     663     376     255     1,266     1,032     1,635     11     —     —     84           38,166  
  Exchange out     35,325     81,706     222,729     378,446     407,480     2,738     126,415     148,378     10,865     24,855     97,003     —     —     —     9,767     —     1,545,707  
  Loan withdrawals     241,095     17,950     29,091     40,464     63,889     9,248     25,388     22,812     27,066     12,521     10,080     —     (499,604 )   —     —     —     —  
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Net increase/(decrease) in net assets available for plan benefits     52,494     442,436     430,640     (202,056 )   (303,304 )   222,730     (107,419 )   (126,239 )   255,934     122,701     (17,567 )   372     (255,510 )   9,351     (68,249 )   (53,523 )   402,791  
  Unrealized (depreciation)/ appreciation     —     (299,194 )   24,249     (264,855 )   (1,239,280 )   (38,657 )   (254,901 )   (94,187 )   (75,980 )   (53,945 )   (166,121 )   —     —           (214,578 )         (2,677,449 )
  Net assets available for plan benefits, beginning of year   $ 4,768,857   $ 916,814   $ 888,569   $ 2,984,049   $ 5,572,192   $ 98,966   $ 1,375,082   $ 1,112,826   $ 409,953   $ 295,417   $ 866,787   $ 1,481   $ 1,280,227     —   $ 1,131,143   $ 372,276   $ 22,074,639  
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Net assets available for plan benefits, end of year   $ 4,821,351   $ 1,060,056   $ 1,343,458   $ 2,517,138   $ 4,029,608   $ 283,039   $ 1,012,762   $ 892,400   $ 589,907   $ 364,173   $ 683,099   $ 1,853   $ 1,024,717   $ 9,351   $ 848,316   $ 318,753   $ 19,799,981  
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

FOR THE YEAR ENDED DECEMBER 31, 2001

 
   Axsys
Stable
Value
   Fidelity
Growth
Company
   Fidelity
Investment
Grade Bond
   Fidelity
Balanced
   Fidelity
Blue Chip
Growth
   Fidelity
Equity
Income II
   Fidelity
Stock
Selector
   Fidelity
Diversified
Internat'l
   Fidelity
Freedom
2020
   Fidelity
Freedom
2030
   Spartan
US Eqty
Index
   Retirement
Money
Market
   Loans
   Axsys
Technologies
Stock
   Contribution
Receivable
   Total
  
Additions:                                                                                                  
  Contributions—Employees   $ 129,237   $ 438,606   $ 120,550   $ 186,431   $ 475,975   $ 62,551   $ 79,879   $ 121,018   $ 150,115   $ 118,552   $ 188,464   $ 103   $ —   $ —   $ (1,641 ) $ 2,069,840  
  Contributions—Employer, net     60,041     186,448     90,359     79,301     179,515     19,613     28,464     48,577     81,051     68,173     51,405     33     —     88,853     (23,516 )   958,317  
  Interest and dividend income     301,960     1,971     48,112     116,126     8,748     4,173     9,060     794     14,647     10,300     10,054     65     —     —     —     526,010  
  Exchange in     363,745     92,187     201,550     366,108     39,835     21,340     28,927     13,918     19,056     —     73,534     —     —     —     —     1,220,200  
  Loan repayment (principal and interest)     54,235     112,390     54,261     59,359     108,638     6,934     17,098     16,608     83,903     45,981     34,320     (24 )   (499,806 )   —     —     93,897  

Deductions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Realized loss/ (gain)     —     45,859     (6,122 )   5,255     159,542     2,436     28,536     29,575     4,288     2,287     18,416     —     —     105,475     —     395,547  
  Distributions     530,278     57,165     105,622     198,553     500,208     5,113     41,748     114,657     15,269     4,799     138,691     168     92,973     114,916     —     1,920,160  
  Administrative fee     15,628     1,587     12,752     3,869     4,708     586     700     155     975     497     1,656     11           256           43,380  
  Exchange out     152,576     30,357     252,056     116,502     332,034     20,643     81,206     111,485     2,495     1,822     114,569     —     —     4,455     —     1,220,200  
  Loan withdrawals     286,611     17,381     47,947     76,974     114,699     4,977     23,288     9,925     11,865     8,349     38,888     —     (640,904 )   —     —     —  
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Net increase/(decrease) in net assets available for plan benefits     (75,875 )   679,253     102,577     406,172     (298,480 )   80,856     (12,050 )   (64,882 )   313,880     225,252     45,557     (2 )   48,125     (136,249 )   (25,157 )   1,288,977  
  Unrealized (depreciation)/appreciation     —     (105,437 )   12,319     (49,007 )   (1,002,417 )   (6,032 )   (217,230 )   (144,100 )   (29,808 )   (27,454 )   (87,917 )   —     —     (1,859,325 )         (3,516,408 )
  Net assets available for plan benefits, beginning of year   $ 4,844,732   $ 342,998   $ 773,673   $ 2,626,884   $ 6,873,089   $ 23,646   $ 1,594,542   $ 1,313,577   $ 125,881   $ 97,619   $ 891,854   $ 1,483   $ 1,227,050   $ 3,126,717   $ 397,433   $ 24,261,178  
  Transfer in from affiliated plan     —     —     —     —     —     496     9,820     8,231     —     —     17,293     —     5,052     —     —     40,892  
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Net assets available for plan benefits, end of year   $ 4,768,857   $ 916,814   $ 888,569   $ 2,984,049   $ 5,572,192   $ 98,966   $ 1,375,082   $ 1,112,826   $ 409,953   $ 295,417   $ 866,787   $ 1,481   $ 1,280,227   $ 1,131,143   $ 372,276   $ 22,074,639  
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See accompanying notes

3


AXSYS TECHNOLOGIES, INC.
401(K) RETIREMENT PLAN & TRUST
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2002

1. DESCRIPTION OF THE PLAN

        Axsys Technologies, Inc. ("The Company") has maintained the Axsys Technologies, Inc. 401K Retirement Plan and Trust (the "Plan"), which qualifies under section 401(a) and 401(k) of the Internal Revenue Code, since April 1, 1985. All employees who are not members of collective bargaining groups and who are 21 years of age or older and have completed six months of continuous employment, are eligible to participate in the Plan.

        During 2002, the Company sold three divisions. To date, thirty-one former employees have withdrawn from the Plan.

        Effective April 2, 2001, the Automation Engineering, Inc. 401(k) Profit Sharing Plan was merged into the Plan. The net assets of the plan at the date of transfer were $40,892.

        Effective September 1, 2000, the Company amended and restated the Plan pursuant to an Adoption Agreement adopting the Fidelity CORPORATE plan for Retirement Prototype Basic Plan Document. The Company has appointed Fidelity Management Trust Company ("Fidelity") as trustee of a separate trust established pursuant to the Fidelity Plan effective as of September 1, 2000 (the "Fidelity Trust"). Fidelity will be the trustee of all Plan assets, other than the guaranteed interest accounts under the New England Life Insurance Company annuity contracts, which Deposit Funds and guaranteed interest accounts will, effective September 1, 2000, comprise part of the Axsys Stable Value Fund along with certain assets in the Fidelity Trust (the transferred assets being referred to as "Transferred Assets" and the remaining assets being referred to as the "Insurance Contracts"). Stephen W. Bershad and David A. Almeida continue to be the co-trustees of the Insurance Contract Trust, which, effective September 1, 2000, holds assets exclusively attributable to the Insurance Contracts.

        In connection with the amendment and restatement of the Plan, the Company intends to maintain the Insurance Contract Trust separately from the Fidelity Trust until the maturity or liquidation of the Insurance Contracts or participant withdrawals or participant-directed investment transfers from the Axsys Stable Value Fund to another investment fund, at which time those assets will be transferred to the Fidelity Trust (unless otherwise directed by the Investment Committee).

        Once all assets attributable to the Insurance Contracts are transferred to the Fidelity Trust or otherwise are distributed to satisfy withdrawals from the Axsys Stable Value Fund, Stephen W. Bershad and David A. Almeida will no longer serve as co-trustees of the Insurance Contract Trust.

        Although the Plan assets will be held in two separate trusts, the Plan is a "single plan" as described in Treasury Regulation Section 1.414(l)-1(b)(1) and all assets of both the Insurance Contract Trust and the Fidelity Trust will be available to pay benefits to participants and beneficiaries of the Plan.

        Participating employees may elect to defer a portion of their compensation and contribute it to the Plan on a pre-tax basis. The minimum allowable contribution under the Plan is 1% of annual gross pay. The maximum contribution to the Plan is limited by the Tax Reform Act of 1986 and was $11,000 in 2002 and $10,500 in 2001. The Company matched 100% of the first 3% contributed and 50% of the next 2% contributed, for a maximum of 4% during 2002 and 2001.

        Employees participating in the Plan are eligible to receive a benefit upon their normal retirement date, early retirement date, or disability retirement date equal to the amount in their individual

4


accounts. Participant contributions and related investment returns are 100% vested. Employer matching contributions and related investment returns vest as follows:

Completed years of service
   Percentage Vested
less than 1       0%
1     25%
2     50%
3     75%
4   100%

        Participants are eligible to borrow from their vested accounts in accordance with the Plan provisions. The maximum amount of any loan is the lesser of (a) $50,000 or (b) one-half of the participant's vested balance but not less than $1,000. Only one loan can be received per plan year and no more than two loans may be outstanding at any one time. All loans must be repaid by payroll deductions within five years, except those loans used for the purchase of a principal residence, which must be repaid within twenty years. Participant loans are charged interest at the prime rate.

        The participants of the Plan may elect to have their contributions invested in any combination equal to a whole percentage of the following investment alternatives:

    •
    Axsys Stable Value Fund

    •
    Fidelity Growth Company

    •
    Fidelity Investment Grade Bond Fund

    •
    Fidelity Balanced Fund

    •
    Fidelity Blue Chip Growth Fund

    •
    Fidelity Equity Income II

    •
    Fidelity Stock Selector

    •
    Fidelity Diversified International Fund

    •
    Fidelity Freedom 2020

    •
    Fidelity Freedom 2030

    •
    Spartan US Equity Index

        The participants of the Plan may elect to have the Company match invested in the Axsys Technologies, Inc. common stock or in the same investment alternatives as the employee contributions.

        While the Company has not expressed any intention to discontinue the Plan, it is free to do so subject to the provisions of ERISA. No such termination, however, shall permit the Plan's Assets to be used for any purpose other than the exclusive benefit of the participating employees.

        The information presented previously is not a complete description of the Plan. For more information see the Summary Plan Description available at the office of the Company.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    METHOD OF ACCOUNTING

        The financial statements of the Plan are presented on the accrual basis of accounting.

5

    INVESTMENTS

        Investments are made as directed by the Plan's participants. Investments consisting of guaranteed investment contracts are recorded at contract value. All other investments are valued at fair value on December 31, 2002 and 2001 using share values of the funds as reported by Fidelity Investments Institutional Services Inc., the custodian of the Plan.

    EXPENSES OF THE PLAN

        The Company incurs all administrative and auditing expenses, except for participant maintenance fees, which are deducted directly from participant accounts.

    USE OF ESTIMATES

        The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that can affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

    DEPOSITS WITH INSURANCE COMPANY

        Deposits backed by the assets of an insurance company are subject to credit risk. If the Plan trustees/custodians fail to repay funds held by the Plan, the asset value of the plan could be substantially impaired.

3. INVESTMENTS

        The following investments represent 5% or more of the Plan's net assets:

 
   December 31,
 
   2002
   2001
Axsys Stable Value   $ 4,821,351   $ 4,768,857
Fidelity Blue Chip Growth Fund     4,029,608     5,572,192
Fidelity Balanced Fund     2,517,138     2,984,049
Fidelity Investment Grade Bond Fund     1,343,458     —
Fidelity Growth Company     1,060,056     —
Fidelity Stock Selector     1,012,762     1,375,082
Axsys Technologies, Inc Common Stock     —     1,131,143
Fidelity Diversified International Fund     —     1,112,826
Active Loans to Participants     1,034,068     1,280,227
   
 
    $ 15,818,441   $ 18,224,376
   
 

        The Plan has investments in guaranteed investment contracts that are recorded at contract value. Contract value represents contributions made under the contract, plus interest at the contract rate, less withdrawals from the contract. The interest rate and yield for the guaranteed investment contracts were 6.06% in 2002 and 6.54% in 2001. No valuation reserves have been established to adjust contract amounts since, at December 31, 2002 there is no concern with the credit worthiness of the contract issuer, the New England Life Insurance Company.

6


4. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

        The following is a reconciliation of the net assets available for plan benefits per the financial statements to the Plan's Form 5500:

 
   December 31,
  
 
   2002
   2001
  
Net assets available for plan benefits per the financial statements   $ 19,799,981   $ 22,074,639  
Loan repayment/contribution receivable     (39,672 )   (67,242 )
Loans in default     (9,350 )   —  
Benefit payable and miscellaneous accrued liabilities     (14,291 )   (1,097 )
Miscellaneous adjustment     7     (44 )
   
 
 
Net assets available for plan benefits per the Form 5500   $ 19,736,675   $ 22,006,256  
   
 
 

        The following is a reconciliation of the contributions per the financial statements to the Form 5500.

 
   Year Ended December 31,
  
 
   2002
   2001
  
 
   Participant
   Employer
   Participant
   Employer
  
Contributions per the financial statements   $ 1,638,837   $ 815,366   $ 2,069,840   $ 958,317  
Change in loan repayment/contribution receivable from beginning of year to end of year     563     27,007     (40,235 )   (52,617 )
Forfeiture funds used for contribution                       (34,907 )
Miscellaneous adjustment                 (23 )      
   
 
 
 
 
Contributions per the Form 5500   $ 1,639,400   $ 842,373   $ 2,029,582   $ 870,793  
   
 
 
 
 

5. INCOME TAX STATUS

        The Plan Sponsor has not received a determination letter of their adoption of the non-standardized prototype plan. In accordance with Revenue Procedure 2002-6, the Plan Sponsor has chosen to rely on the current opinion letter that has been issued to the prototype. Once qualified, the Plan is required to operate in conformity with the code to maintain its qualification. The Plan Sponsor believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax exempt. The Plan Sponsor has indicated that it will take the necessary steps, if any, to maintain the Plan's qualified status.

7


AXSYS TECHNOLOGIES, INC.
401(K) RETIREMENT PLAN & TRUST
SCHEDULE OF ASSETS HELD AT END OF YEAR
PLAN SPONSOR EIN 11-1962029
PLAN # 47754
DECEMBER 31, 2002

Identity of Issue, Borrower or Similar Party
   Description of Investment
(Including Maturity Date, Rate of
Interest, Par or Maturity Value)
   Current
Value
Axsys Stable Value Fund   4,821,351 shares   $ 4,821,351

Axsys Technologies, Inc. Common Stock *
 
108,758 shares
 
 
848,316

Fidelity Growth Company
 
29,928 shares
 
 
1,060,056

Fidelity Investment Grade Bond Fund
 
177,471 shares
 
 
1,343,458

Fidelity Balanced Fund
 
189,401 shares
 
 
2,517,138

Fidelity Blue Chip Growth Fund
 
126,162 shares
 
 
4,029,608

Fidelity Equity Income II
 
16,276 shares
 
 
283,039

Fidelity Stock Selector
 
61,083 shares
 
 
1,012,762

Fidelity Diversified International Fund
 
52,005 shares
 
 
892,400

Fidelity Freedom 2020
 
55,442 shares
 
 
589,907

Fidelity Freedom 2030
 
35,564 shares
 
 
364,173

Retirement Money Market
 
1,853 shares
 
 
1,853

Spartan US Equity Index
 
21,929 shares
 
 
683,099

Active Loans to Participants
 
Bear interest at rates ranging from 4.25% to 9.25% with varying maturity dates
 
 
1,034,068

 
 
 
 

Total
 
 
 
$
19,481,228

 
 
 
 
*
Indicates party-in-interest to the Plan.

8


EXHIBITS

(a)
Exhibits

23
 
Consent of Independent Auditors

31.1
 
Certification pursuant to rule 13a-14(a)—Chief Executive Officer

31.2
 
Certification pursuant to rule 13a-14(a)—Chief Financial Officer

32.1
 
Certification pursuant to 18 U.S.C. Section 1350—Chief Executive Officer

32.2
 
Certification pursuant to 18 U.S.C. Section 1350—Chief Financial Officer

9


SIGNATURES

The Plan.    Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other person who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

      Axsys Technologies, Inc. 401(k) Retirement Plan
(Plan Name)

DATE: July 29, 2003
 
 
/s/  STEPHEN W. BERSHAD      
Stephen W. Bershad
Chief Executive Officer

DATE: July 29, 2003
 
 
/s/  DAVID A. ALMEIDA      
David A. Almeida
Vice President & Chief Financial Officer

10



QuickLinks

REQUIRED INFORMATION
AXSYS TECHNOLOGIES, INC. 401 (K) RETIREMENT PLAN & TRUST FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE FOR THE YEARS ENDED DECEMBER 31, 2002 and 2001 WITH REPORT OF INDEPENDENT AUDITORS
AXSYS TECHNOLOGIES, INC. 401 (K) RETIREMENT PLAN & TRUST FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE YEAR ENDED DECEMBER 31, 2002
CONTENTS
Report of Independent Auditors
AXSYS TECHNOLOGIES, INC. 401(K) RETIREMENT PLAN AND TRUST STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AXSYS TECHNOLOGIES, INC. 401(K) RETIREMENT PLAN & TRUST NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2002
AXSYS TECHNOLOGIES, INC. 401(K) RETIREMENT PLAN & TRUST SCHEDULE OF ASSETS HELD AT END OF YEAR PLAN SPONSOR EIN 11-1962029 PLAN # 47754 DECEMBER 31, 2002
EXHIBITS
SIGNATURES