Table of
Contents
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 11-K
(Mark One)
x
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December
31, 2008
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.
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Full title of the plan
and the address of the plan, if different from that of the issuer named
below:
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Axsys Technologies, Inc. 401(k)
Retirement Plan
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B.
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Name of issuer of the
securities held pursuant to the plan and the address of its principle
executive office:
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Axsys Technologies, Inc.
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175 Capital Boulevard, Suite 103
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Rocky Hill, CT 06067
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Table of
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REQUIRED
INFORMATION
The following financial
statements shall be furnished for the plan:
Statements of Net Assets
Available for Plan Benefits as of December 31, 2008 and 2007
Statement of Changes in
Net Assets Available for Plan Benefits for the year ended December 31, 2008
Notes to Financial
Statements
Schedule H, Line 4(i)
Schedule of Assets (Held at End of Year)
2
Table of Contents
AXSYS
TECHNOLOGIES, INC. 401(k) RETIREMENT
PLAN
FINANCIAL
STATEMENTS AND SUPPLEMENTAL SCHEDULE
DECEMBER
31, 2008 AND 2007
(WITH
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM THEREON)
Table of
Contents
AXSYS
TECHNOLOGIES, INC.
401(k) RETIREMENT
PLAN
FINANCIAL
STATEMENTS AND SUPPLEMENTAL SCHEDULE
DECEMBER
31, 2008 AND 2007
CONTENTS
Table of
Contents
Report of Independent Registered Public Accounting
Firm
Plan Investment Committee
Axsys Technologies, Inc.
401(k) Retirement Plan
We have audited the
accompanying statements of net assets available for plan benefits of Axsys
Technologies, Inc. 401(k) Retirement Plan as of December 31, 2008 and 2007, and
the related statement of changes in net assets available for plan benefits for
the year ended December 31, 2008. These
financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits
in accordance with the standards of the Public Company Accounting Oversight
Board (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. The Plan is not required to have, nor were we
engaged to perform, an audit of the Plans internal control over financial
reporting. An audit includes consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Plans internal control over financial reporting.
Accordingly, we express no such opinion.
An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, 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 Axsys Technologies, Inc.
401(k) Retirement Plan at December 31, 2008 and 2007, and the changes in its
net assets available for plan benefits for the year ended December 31, 2008, in
conformity with accounting principles generally accepted in the United States
of America.
Our audits were performed
for the purpose of forming an opinion on the financial statements taken as a
whole. The accompanying supplemental
schedule of assets (held at end of year) as of December 31, 2008 is presented
for purposes of additional analysis and is not a required part of the financial
statements, but is supplementary information required by the Department of
Labors Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974.
This supplemental schedule is the responsibility of the Plans
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.
/s/ UHY LLP
Hartford, Connecticut
June 26, 2009
1
Table of
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AXSYS
TECHNOLOGIES, INC.
401(k) RETIREMENT
PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 2008
and 2007
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2008
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2007
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ASSETS
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Investments,
at fair value:
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Registered
investment companies
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$
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22,442,824
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$
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35,762,572
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Common/collective
trust fund
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6,215,954
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4,563,283
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Axsys
Technologies, Inc. common stock
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4,063,073
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3,668,977
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Loans
to participants
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1,957,416
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1,884,494
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34,679,267
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45,879,326
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Contributions
receivable:
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Employer
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377,396
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389,920
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Total
Assets
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35,056,663
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46,269,246
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LIABILITIES
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Refundable
excess contributions
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55,807
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|
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|
|
|
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Net assets available for benefits at fair value
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35,056,663
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46,213,439
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Adjustment
from fair value to contract value for fully benefit-responsive investment
contracts
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335,301
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49,592
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Net assets available for plan benefits
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$
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35,391,964
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$
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46,263,031
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See
accompanying notes.
2
Table of
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AXSYS
TECHNOLOGIES, INC.
401(k) RETIREMENT
PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN
BENEFITS
For the Year Ended December 31, 2008
Additions to net assets attributed to
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Investment
income:
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Interest
and dividends
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$
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1,156,709
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Contributions:
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Participants
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3,215,176
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Employer:
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Cash
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1,356,543
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Axsys
Technologies, Inc. common stock
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175,391
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Rollovers
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575,966
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Total
additions
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6,479,785
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Deductions from net assets attributed to
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Net
depreciation in fair value of investments
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11,679,699
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Benefit
payments
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5,633,114
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Administrative
expenses
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38,039
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Total
deductions
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17,350,852
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Net
decrease in net assets
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(10,871,067
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)
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Net
assets available for benefits at beginning of year
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46,263,031
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Net
assets available for benefits at end of year
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$
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35,391,964
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See
accompanying notes.
3
Table of
Contents
AXSYS
TECHNOLOGIES, INC.
401(k) RETIREMENT
PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008
and 2007
Note A Plan Description
The following brief description
of the Axsys Technologies, Inc. 401(k) Retirement Plan (the Plan)
is provided for general information purposes only and reflects the Plans
provisions as of the date of the financial statements. Participants should refer to the Plan
documents for more complete information on the Plans provisions.
General
Axsys Technologies, Inc.
(the Company and Plan Sponsor) has maintained the Plan, which qualifies
under Sections 401(a) and 401(k) of the Internal Revenue Code (the Code),
since April 1, 1985. The Plan is a
defined contribution plan, established for the purpose of enabling eligible
employees to enhance their long-range financial security through regular
savings with the benefit of Company matching contributions.
Participation
All employees who are not
members of collective bargaining groups and who are 21 years of age or older
are eligible to participate in the Plan.
The Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA).
Background
The Company has adopted
The CORPORATE
plan for Retirement
Prototype
Basic Plan Document (the Fidelity Plan), sponsored by Fidelity Management
Trust Company (Fidelity), and has appointed Fidelity as trustee of a separate
trust established pursuant to the Fidelity Plan. Fidelity is the trustee of all Plan
assets. The Plan is a single plan as
described in Treasury Regulation Section 1.414(1)-1(b)(1) and all
assets were available to pay benefits to participants and beneficiaries of the
Plan.
On April 13, 2007,
the Company purchased substantially all of the assets of Cineflex, LLC (Cineflex).
Cineflex was a privately held manufacturer of high-precision gyro-stabilized
aerial camera systems. The Company approved an amendment to the Plan to give
Cineflex employees who were employees as of April 13, 2007 credit for
their prior service with Cineflex for purposes of determining vesting and
eligibility in the Plan. The directors
of the Company also approved an amendment to the Plan to provide Cineflex
employees who had satisfied the Plans requirements participation in the Plan
as of April 13, 2007.
On November 30,
2007, the Company sold its Distributed Products business. The Company approved an amendment to the Plan
to give employees of the Distributed Products business who were participants in
the Plan and who were employees as of November 30, 2007 full vesting of
all employer contributions.
Contributions
Participating employees
may elect to defer a portion of their eligible compensation and contribute it
to the Plan on a pre-tax basis.
Allowable contributions under the Plan may range from 1% to 60% of
eligible compensation, subject to IRS contribution limits. The maximum contribution to the Plan was
$15,500 in 2008 and 2007. The Company
matched 100% of the first 3% and 50% of the next 2% of eligible compensation
that a participant contributed on a pre-tax basis, for a maximum of 4% during
2008 and 2007. Employer contributions
include 3,179 shares of the Companys common stock in 2008, with a fair value
of $175,391.
4
Table of
Contents
AXSYS TECHNOLOGIES, INC.
401(k) RETIREMENT PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 and 2007
Note A Plan Description
(continued)
Participant
Accounts
All participant
contributions and Company matching contributions are invested at the
participants direction in the investment funds offered by the Plan and
selected by the participant. However, the Company common stock may only be
obtained by the participant through the Company match. At their discretion,
participants may elect to have all or a portion of their total Company match
contributions funded in Company common stock. Participants are eligible to
diversify all or a portion of their account balances in Company common stock,
subject to normal Plan provisions regarding asset diversification. Plan
earnings are allocated based on participant earnings or account balances, as
defined by the Plan document. The benefit to which a participant is entitled is
the benefit that can be provided from the participants vested account.
Payment
of Benefits
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 vested
amount in their individual accounts.
Participant contributions and related investment returns are 100%
vested. Employer matching contributions and related investment returns vest in
accordance with vesting schedule in place at the time of the matching
contribution. Effective January 1, 2008, the Plan adopted the safe-harbor
provision, which will apply to all non-elective employer contributions made
subsequent to the adoption date. All safe-harbor non-elective employer
contributions and related investment returns will vest as follows:
Completed Years of Service
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Percentage Vested
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Less than 1
|
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100
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%
|
1
|
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100
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%
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Employer matching
contributions made prior to the January 1, 2008 safe-harbor adoption vest
in accordance to the original schedule as follows:
Completed Years of Service
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|
Percentage Vested
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|
Less than 1
|
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0
|
%
|
1
|
|
25
|
%
|
2
|
|
50
|
%
|
3
|
|
75
|
%
|
4
|
|
100
|
%
|
Participant
Loans
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 and (b) one-half of the participants
vested balance. Loans are not made for
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 ten years. Participant loans are charged interest at the
prime rate.
5
Table of
Contents
AXSYS TECHNOLOGIES, INC.
401(k) RETIREMENT PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 and 2007
Note A
Plan Description (continued)
Forfeited
Accounts
Any forfeiture of
non-vested portions of the Companys contribution account balance is first
utilized to offset administrative expenses, with any remaining amounts to be
used to reduce future employer contributions to the Plan.
Forfeitures totaling
approximately $48,000 at December 31, 2008 and $300 at December 31,
2007 were available to reduce employer administrative expenses and future
employer contributions. In addition, approximately $86,000 in forfeitures was
credited to the Plan during 2008 and approximately $39,000 of total available
forfeitures was used to pay employer administrative expenses and reduce
employer contributions.
Note B
Summary of Accounting Policies
Basis
of Accounting
The financial statements
of the Plan are prepared using the accrual method of accounting.
Use of
Estimates
The preparation of
financial statements in conformity with accounting principles generally
accepted in the United States of America 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.
Investment
Valuation and Income Recognition
Investments are made as
directed by the Plans participants.
Investment in the Fidelity Managed Income Portfolio Fund, a collective
trust fund, is valued at the net asset value as determined using the estimated
fair value of the investments in the respective funds on the last day of the
Plan year. The estimated fair value is then adjusted to contract value in the
adjustment from fair value to contract value line item on the Statement of Net
Assets Available for Plan Benefits. Participant loans are valued at their
outstanding balances, which approximate fair value. All other investments are
valued at fair value, which equals the quoted market price on December 31,
2008 and 2007 using share values of the funds as reported by Fidelity
Investments Institutional Services, Inc., the custodian of the Plan.
Purchases and sales of
securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis.
Recently
Issued Accounting Standards
In September 2006,
the Financial Accounting Standards Board (FASB) issued Statement of Financial
Accounting Standard (SFAS) No. 157, Fair Value Measurements (SFAS 157). SFAS 157 provides a common fair value
hierarchy for companies to follow in determining fair value measurements in the
preparation of financial statements and expands disclosure requirements
relating to how fair value measurements were developed. SFAS 157 clarifies the
principal that fair value should be based on the assumptions that the
marketplace would use when pricing an asset or liability, rather than company
specific data. The Plan adopted this
statement as of January 1, 2008 and the required information is disclosed
in Note I to these financial statements.
6
Table of
Contents
AXSYS TECHNOLOGIES, INC.
401(k) RETIREMENT PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 and 2007
Note B
Summary of Accounting Policies (continued)
Payment
of Benefits
Benefits are recorded
when paid.
Note C -
Investments
The following investments
represent 5% or more of the Plans net assets:
|
|
December 31,
|
|
|
|
2008
|
|
2007
|
|
|
|
|
|
|
|
Fidelity
Managed Income Portfolio
|
|
$
|
6,215,954
|
|
$
|
4,563,283
|
|
Axsys
Technologies, Inc. Common Stock
|
|
4,063,073
|
|
3,668,977
|
|
Fidelity
Blue Chip Growth Fund
|
|
2,884,041
|
|
4,832,904
|
|
Fidelity
Growth Company Fund
|
|
2,593,739
|
|
4,335,977
|
|
Fidelity
Diversified International Fund
|
|
2,496,711
|
|
4,872,318
|
|
Fidelity
Balanced Fund
|
|
2,425,601
|
|
4,496,311
|
|
Fidelity
Investment Grade Bond Fund
|
|
2,009,972
|
|
|
|
Fidelity
Freedom 2020 Fund
|
|
1,899,823
|
|
3,081,009
|
|
|
|
|
|
|
|
|
|
The Plans investments,
including investments bought, sold, as well as held during the year,
appreciated/(depreciated) in fair value for the year ended December 31,
2008 as follows:
Investment
in registered investment companies (Mutual Funds)
|
|
$
|
(13,372,616
|
)
|
Axsys
Technologies, Inc. common stock
|
|
1,692,917
|
|
|
|
$
|
(11,679,699
|
)
|
The investment objective
of the Fidelity Managed Income Portfolio is to preserve principal investments
while earning interest income. These funds pursue this investment objective by
investing primarily in a diversified portfolio that may include investment
contracts issued by insurance companies and other financial institutions, fixed
income securities and money market funds to provide daily liquidity. Other
investment contracts are purchased in conjunction with an investment by the
portfolio in fixed income securities, which may include, but are not limited
to, U.S. Treasury and agency bonds, corporate bonds, mortgage-backed
securities, asset-backed securities and bond funds.
The fund is exposed to
credit risk in the event of nonperformance by the entities with whom the
contracts are placed; however, Fidelity seeks to minimize credit risk through
diversification among an approved group of issuers. The average yield was 3.57%
for the Plan year ended December 31, 2008 and 4.82% for the Plan year
ended December 31, 2007. The credit interest rate to the fund was 3.04%
for the Plan year ended December 31, 2008 and 4.40% for the Plan year
ended December 31, 2007.
Note D Administrative Expenses
Costs of establishing and
administrating the Plan, such as legal fees, consulting fees, audit fees, and
salaries and fringe benefits of Company personnel, have been paid by the
Company and, accordingly, are not included as administrative expenses of the
Plan. Expenses that are included in the financial statements represent
participant account maintenance fees, loan setup and maintenance fees charged
against accounts of participants with outstanding loan balances and account
withdrawal fees charged against accounts of participants who receive a
distribution from the Plan.
7
Table of
Contents
AXSYS
TECHNOLOGIES, INC.
401(k) RETIREMENT PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008
and 2007
Note E Reconciliation between
Financial Statements and Form 5500
The following is a
reconciliation of the net assets available for plan benefits per the financial
statements at December 31, 2008 and 2007 to the Plans Form 5500:
|
|
December 31,
|
|
|
|
2008
|
|
2007
|
|
|
|
|
|
|
|
Net
assets available for plan benefits per the financial statements
|
|
$
|
35,391,964
|
|
$
|
46,263,031
|
|
|
|
|
|
|
|
Amounts
allocated to withdrawing participants
|
|
(11,388
|
)
|
(1,964
|
)
|
|
|
|
|
|
|
Refundable
excess contributions
|
|
|
|
55,807
|
|
|
|
|
|
|
|
Adjustment
to contract value for fully benefit-responsive investment contracts
|
|
(335,301
|
)
|
(49,592
|
)
|
Net
assets available for plan benefits per the Form 5500
|
|
$
|
35,045,275
|
|
$
|
46,267,282
|
|
The following is a
reconciliation of the net decrease in net assets available for benefits per the
financial statements for the year ended December 31, 2008 to Form 5500:
Net
decrease in net assets available for benefits
|
|
$
|
(10,871,067
|
)
|
|
|
|
|
Change
in amounts allocated to withdrawing participants from beginning of year to
end of year
|
|
(9,424
|
)
|
|
|
|
|
Change
in refundable excess contributions from beginning of the year to end of year
|
|
(55,807
|
)
|
|
|
|
|
Change
in adjustment from fair value to contract value from the beginning of the
year to end of year
|
|
(285,709
|
)
|
Net
decrease in net assets per Form 5500
|
|
$
|
(11,222,007
|
)
|
Amounts allocated to
withdrawing participants are recorded on Form 5500 for benefit claims that
have been processed and approved for payment prior to year end, but not yet
paid as of that date. In addition, Form 5500 requires investment contracts
to be reported at fair value. Refundable excess contributions were made by
employees during 2007 and refunded in 2008.
Note F Related Party
Transactions
Certain Plan investments
are shares in registered investment companies managed by Fidelity. Fidelity is the Trustee as defined by the
Plan and, therefore, these transactions qualified as party-in-interest
transactions.
8
Table of
Contents
AXSYS TECHNOLOGIES, INC.
401(k) RETIREMENT PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 and 2007
Note G Income Tax Status
The underlying
non-standardized prototype plan has received an opinion letter from the
Internal Revenue Service dated October 9, 2003 stating that the form of
the plan is qualified under Section 401 of the Code, and, therefore, the
related trust is tax exempt. In
accordance with Revenue Procedure 2002-6 and Announcement 2001-77, the Plan
Sponsor has determined that it is eligible and has chosen to rely on the
current IRS prototype plan opinion letter.
Once qualified, the Plan is required to operate in conformity with the
Code to maintain its qualification. The
Plan has been amended since receiving the opinion letter. However, the plan
administrator 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.
Note H - Risks and Uncertainties
The Plan invests in
various investment securities.
Investment securities are exposed to various risks such as interest
rate, market and credit risks. Due to
the level of risk associated with certain investment securities, it is at least
reasonably possible that changes in the values of investment securities will
occur in the near term and that such changes could materially affect
participants account balances and the amounts reported in the statements of
net assets available for plan benefits.
Note I
Fair Value Measurements
On January 1, 2008,
the Plan adopted SFAS 157. For financial
statement elements currently required to be measured at fair value, SFAS 157
defines fair value, establishes a framework for measuring fair value, and
expands disclosures about fair value measurements. SFAS 157 defines fair value as the price that
would be received to sell an asset or paid to transfer a liability (exit price)
regardless of whether an observable liquid market price exists.
SFAS 157 establishes a
fair value hierarchy that categorizes the inputs to valuation techniques that
are used to measure fair value into three levels:
·
Level 1 includes observable inputs, which reflect quoted prices for
identical assets or liabilities in active markets at the measurement date.
·
Level 2 includes observable inputs for assets or liabilities other than
quoted prices included in Level 1 and it includes valuation techniques, which
use prices for similar assets and liabilities.
·
Level 3 includes unobservable inputs, which reflect the reporting
entitys estimates of the assumptions that market participants would use in
pricing the asset or liability, including assumptions about risk.
The assets fair value
measurement level within the fair value hierarchy is based on the lowest level
of any input that is significant to the fair value measurement. Valuation techniques used need to maximize
the use of observable inputs and minimize the use of unobservable inputs.
The following is a
description of the valuation methods used for assets measured at fair value at December 31,
2008 and December 31, 2007.
·
Registered investment companies
: The fair values of these securities are based on
observable market quotations for identical assets and are priced on a daily
basis at the close of business.
·
Common/collective trust
: The fair value of the investments in the
common/collective trust is determined by the fund trustee based on the fair
value of the underlying securities within the fund, which represent the net
asset value of the shares held by the Plan at year end.
9
Table of
Contents
AXSYS TECHNOLOGIES, INC.
401(k) RETIREMENT PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 and 2007
Note I
Fair Value Measurements (continued)
·
Axsys Technologies, Inc.
common stock
:
The fair value of this security is based on observable market quotations for
identical assets and is valued at the closing price reported in the active
market in which the individual securities are traded.
·
Loans to participants
: Participant loans are valued at their outstanding
balances, which approximates fair value.
The methods described
above may produce a fair value calculation that may not be indicative of net
realizable value or reflective of future fair values. Furthermore, while the Plan believes its
valuation methods are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to determine
the fair value of certain financial instruments could result in a different
fair value measurement.
The following table sets
forth by level, within the fair value hierarchy, the Plans assets at fair
value as of December 31, 2008:
|
|
|
|
Assets at Fair Value as of
December 31, 2008 Using:
|
|
|
|
Total
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
Registered investment companies
|
|
$
|
2,442,824
|
|
$
|
22,442,824
|
|
$
|
|
|
$
|
|
|
Common/collective trust
|
|
6,215,954
|
|
|
|
6,215,954
|
|
|
|
Axsys Technologies, Inc. common stock
|
|
4,063,073
|
|
4,063,073
|
|
|
|
|
|
Loans to participants
|
|
1,957,416
|
|
|
|
|
|
1,957,416
|
|
Total investments
|
|
$
|
34,679,267
|
|
$
|
26,505,897
|
|
$
|
6,215,954
|
|
$
|
1,957,416
|
|
For loans to participants
measured at fair value on a recurring basis using significant unobservable
inputs (Level 3) during 2008, a reconciliation of the beginning and ending
balances is as follows:
|
|
Participant
Loans
|
|
Beginning balance, January 1, 2008
|
|
$
|
1,884,494
|
|
Issuances and settlements, net
|
|
72,922
|
|
Ending balance, December 31, 2008
|
|
$
|
1,957,416
|
|
Note J -
Plan Termination
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 Plans assets to be used for any purpose
other than the exclusive benefit of the participating employees. In the event of Plan termination,
participants will become 100% vested in their accounts.
Note K Subsequent Events
On
June 4, 2009, the Company entered into an Agreement and Plan of Merger
with General Dynamics Advanced Information Systems, Inc. The Merger
Agreement provides that, upon the terms and subject to the conditions set forth
in the Merger Agreement, the Company will merge with and into Merger Sub, with
the Company continuing as the surviving corporation and as a wholly owned
subsidiary of General Dynamics parent.
10
Table of
Contents
AXSYS TECHNOLOGIES, INC.
401(k) RETIREMENT PLAN
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
PLAN SPONSOR EIN 11-1962029
PLAN #010
December 31, 2008
(a)
|
|
(b)
Identity of Issue, Borrower, Lessor,
or Similar Party
|
|
(c)
Description of Investment,
Including Number of Shares or
Maturity Date and Rate of Interest
|
|
(d)
Cost
|
|
(e)
Current
Value
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Managed Income Portfolio Fund
|
|
6,215,954 shares
|
|
**
|
|
$
|
6,215,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Axsys
Technologies, Inc. Common Stock
|
|
74,053 shares
|
|
**
|
|
4,063,073
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Blue Chip Growth Fund
|
|
109,618 shares
|
|
**
|
|
2,884,041
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Growth Company Fund
|
|
52,977 shares
|
|
**
|
|
2,593,738
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Diversified International Fund
|
|
116,072 shares
|
|
**
|
|
2,496,711
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Balanced Fund
|
|
184,,878 shares
|
|
**
|
|
2,425,601
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Investment Grade Bond Fund
|
|
316,531 shares
|
|
**
|
|
2,009,972
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Freedom 2020 Fund
|
|
189,037 shares
|
|
**
|
|
1,899,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spartan
US Equity Index Fund
|
|
40,077 shares
|
|
**
|
|
1,278,459
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Freedom 2030 Fund
|
|
101,406 shares
|
|
**
|
|
989,720
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Freedom 2010 Fund
|
|
86,402 shares
|
|
**
|
|
895,126
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Stock Selector Fund
|
|
48,883 shares
|
|
**
|
|
830,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells
Fargo Advantage Smallcap Fund
|
|
42,994 shares
|
|
**
|
|
780,338
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Equity Income II Fund
|
|
48,713 shares
|
|
**
|
|
648,863
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Freedom 2025
|
|
75,667 shares
|
|
**
|
|
622,737
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Freedom 2015
|
|
51,016 shares
|
|
**
|
|
436,695
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Freedom 2035
|
|
49,271 shares
|
|
**
|
|
395,646
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Freedom 2040
|
|
69,891 shares
|
|
**
|
|
390,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MSI
Small Company Growth Fund
|
|
46,606 shares
|
|
**
|
|
335,098
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Freedom Income Fund
|
|
14,695 shares
|
|
**
|
|
140,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allianze
CCM Midcap Fund
|
|
8,281 shares
|
|
**
|
|
126,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABF
Largecap Value Fund
|
|
8,237 shares
|
|
**
|
|
107,990
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Freedom 2050
|
|
13,607 shares
|
|
**
|
|
87,904
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Freedom 2045
|
|
5,253 shares
|
|
**
|
|
34,563
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Freedom 2000
|
|
1,403 shares
|
|
**
|
|
14,102
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Freedom 2005
|
|
1,278 shares
|
|
**
|
|
10,723
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Retirement
Money Market
|
|
7,234 shares
|
|
**
|
|
7,234
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Participant
loans
|
|
Bear
interest rates ranging from 4.00% to 8.50% with varying maturity dates
|
|
**
|
|
1,957,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$
|
34,679,267
|
|
|
*
Indicated party-in-interest to the Plan.
|
|
**
This information is not required by ERISA or the Department of Labor to be
reported for participant directed investment.
|
11
Table of
Contents
EXHIBITS
(a) Exhibits
23.1 Consent
of Independent Registered Public Accounting Firm
12
Table of
Contents
SIGNATURES
The Plan.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees (or 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:
|
June 26, 2009
|
|
/s/ Stephen W. Bershad
|
|
|
Stephen W. Bershad
|
|
|
Chief Executive Officer
|
|
|
|
DATE:
|
June 26, 2009
|
|
/s/ David A. Almeida
|
|
|
David A. Almeida
|
|
|
Executive Vice
President, Chief Financial Officer and Treasurer
|
13
Axsys (NASDAQ:AXYS)
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