SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

(Mark One)

[X] Annual Report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934 (Fee Required)
For the fiscal year ended December 31, 1995.

[_] Transition Report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934 (no fee required)
for the transition period from___________to____________.

Commission file number 0-14275
-------------------------------

Edac Technologies Corporation
-----------------------------
(Exact name of registrant as specified in its charter)

Wisconsin 39-1515599
- ------------------------------ ---------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or Identification No.)
organization)

1790 New Britain Avenue, Farmington, Connecticut 06032
- ----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (203)-677-2603

Securities registered pursuant to Section 12(b) of the Act:

Name of each exchange
Title of each class on which registered

N/A N/A
- -------------------------------- ----------------

Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $.0025 par value
- -----------------------------------------------
(Title of class)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of The Securities Exchange Act of
1934 during the preceding 12 months (or for such a shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No___.
---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

As of April 4, 1996, 3,653,540 shares of Common Stock were outstanding, and
the aggregate market value of the Common Stock (based upon the $1 1/8 closing
bid on that date in the over-the-counter market) held by nonaffiliates (excludes
shares reported as beneficially owned by directors and officers - does not
constitute an admission as to affiliate status) was approximately $1,750,600.

DOCUMENTS INCORPORATED BY REFERENCE

Part of Form 10-K
Into Which Portions of
DOCUMENT Document are Incorporated
-------- -------------------------

Annual Report to Shareholders for the
fiscal year ended December 31, 1995 Part II

Information Statement relating to
1996 Annual Meeting of Shareholders Part III

PART I

ITEM 1. BUSINESS.
---------

General
- -------

Edac Technologies Corporation ("Edac") was formed in 1985 for the purpose
of acquiring Gros-Ite Industries, Incorporated (which had three operating
divisions: Time Engineering, Gros-Ite and Spectrum). In 1988 and 1989 Edac
sold the assets of its other operations and now operates only the Gros-Ite
division ("Gros-Ite").

Products
- --------

Edac currently offers design and manufacturing services for the aerospace
industry in areas such as special tooling, equipment and gauges, and components
used in the manufacture, assembly and inspection of jet engines. Edac also
offers design and manufacturing services for the medical instruments industry in
such areas as components used in the manufacture of medical instruments and
special tooling. Edac also designs and manufactures specialized machines for a
variety of other applications.

Edac maintains manufacturing facilities with computerized numerically
controlled machining centers, and grinding, welding, and sheet metal
fabrication, painting and assembly capabilities. Items manufactured by Edac
include precision rings, and other components for jet engines, components for
medical instruments, as well as industrial spindles, environmental test chambers
and specialized machinery designed by Edac or others and other assemblies
requiring close tolerances.

Patents and Trademarks
- ----------------------

Edac currently holds no patents or registered trademarks, tradenames or
similiar intellectual property. The Company believes that the nature of its
business presently does not require the development of patentable products or
registered tradenames or trademarks to maintain market growth.

Marketing and Competition
- -------------------------

Edac has numerous competitors both in design and manufacturing. Many of
the independent design firms with which it competes are smaller than Edac and do
not provide the variety of services that Edac provides. Edac also competes with
its customers' in-house design and technical services capabilities. Edac
believes that it is able to compete effectively with independent design firms
and in-house design staffs because of its experience and the timeliness and
competitive pricing of its services.

Many firms also compete with Edac's manufacturing operations. However,
Edac believes that it will be able to compete effectively with these firms on
price, ability to meet customer deadlines and the stringent quality control
standards it employs. Edac also believes that its integration of design and
manufacturing capabilities offers a competitive advantage.

Edac's manufactured products are sold primarily through individual purchase
orders on a quotation or bid basis. Its sales personnel and management maintain
contacts with purchasing sources to keep informed as to manufacturing projects
available for quotation. Edac occasionally enters into annual manufacturing
contracts on specific components.

For its fiscal year ended December 31, 1995, approximately 69% and 10% of
Edac's net sales were derived from sales to United Technologies Corporation and
Zapata Technologies Inc., respectively.

Approximately 70% of Edac's design business is done on a time and material
basis based on hourly rates established annually. Most of Edac's manufacturing
is done on a firm quotation basis. Less than 10% of Edac's net sales are
attributed to government contracts subject to termination or renegotiation at
the option of the U.S. Government. United Technologies Corporation annually
negotiates hourly billing rates for design work and is free to audit costs
actually charged.

Backlog
- -------

Edac's backlog as of December 31, 1995, was approximately $24,677,000
compared to $24,487,000 as of December 31, 1994. Backlog consists of accepted
purchase orders that are cancellable by the customer without penalty, except for
payment of costs incurred, and may involve delivery times that extend over
periods as long as two or three years. Edac presently expects to complete
approximately $15,900,000 of its December 31, 1995 backlog within the next 12
months.

Employees
- ---------

As of March 29, 1996 Edac had approximately 171 employees.

ITEM 2. PROPERTIES.
-----------

Square Owned or Principal
Address Feet Leased Activity
- ------- ------ -------- ---------

1790 New Britain Ave. 47,000 Owned Manufacturing
Farmington, Ct. 06032 Design engineering
(1) services

1798 New Britain Ave. 20,800 Owned Design and manu-
Farmington, Ct. 06032 (1) facture of spindles
and specialized
machines

1806 New Britain Ave. 19,200 Owned Manufacturing
Farmington, Ct. 60632 (1)

1838 New Britain Ave. 10,000 Leased Design and manu-
Farmington, Ct. 06032 facture of environ-
mental test equip-
ment

(1) Property subject to mortgage securing certain corporate indebtedness.

ITEM 3. LEGAL PROCEEDINGS.
------------------

None

ITEM 4. SUBMISSION TO A VOTE OF SECURITY HOLDERS.
-----------------------------------------

No matters were submitted to a vote of security holders during the fourth
quarter of the fiscal year ended December 31, 1995.

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
-------------------------------------------------
STOCKHOLDERS MATTERS.
---------------------

Information in response to this item is incorporated herein by reference to
"Market Information" on page 3 of the Registrant's 1995 Annual Report to
Shareholders.

ITEM 6. SELECTED FINANCIAL DATA.
------------------------

Information in response to this item is incorporated herein by reference to
"Selected Financial Information" on page 3 of the Registrant's 1995 Annual
Report to Shareholders.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
-----------------------------------------------------------
AND RESULTS OF OPERATIONS.
--------------------------

Information in response to this item is incorporated herein by reference to
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" on pages 4 through 7 of the Registrant's 1995 Annual Report to
Shareholders.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
--------------------------------------------

Information in response to this item is incorporated herein by reference to
pages 8 through 20 of the Registrant's 1995 Annual Report to Shareholders.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
------------------------------------------------
ACCOUNTING AND FINANCIAL DISCLOSURE.
------------------------------------

None.

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
---------------------------------------------------

Information in response to this item is incorporated herein by reference to
"Election of Directors" in the Registrant's definitive Information Statement for
its 1996 Annual Meeting of Shareholders, which will be filed within 120 days
after the end of the Registrant's fiscal year ended December 31, 1995.

ITEM 11. EXECUTIVE COMPENSATION.
-----------------------

Information in response to this item is incorporated herein by reference to
"Executive Compensation" in the 1996 Information Statement.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
---------------------------------------------------------------

Information in response to this item is incorporated herein by reference to
"Principal Security Holders and Security Holdings of Management" in the 1996
Information Statement.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
-----------------------------------------------

Information in response to this item is incorporated herein by reference to
"Certain Transactions" in the 1996 Information Statement.

PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULE, AND REPORTS ON FORM 8-K.
----------------------------------------------------------------

(a) Documents filed:
---------------

1. Financial Statements.

The financial statements required to be filed by Item 8 hereof
have been incorporated by reference to the Registrant's 1995
Annual Report to Shareholders and consist of the following:

Report of Independent Public Acountants

Consolidated Statements of Operations--Years ended December 31,
1995, 1994 and 1993.

Consolidated Balance Sheets--December 31, 1995 and 1994.

Consolidated Statements of Cash Flows--Years ended December 31,
1995, 1994 and 1993.

Consolidated Statements of Changes in Shareholders'
Equity--Years ended December 31, 1995, 1994 and 1993.

Notes to Consolidated Financial Statements.

2. Financial statement schedule.
-----------------------------

The following financial statement schedule of Edac is included in
Item 14(d) hereof:

Report of Independent Public Accountants on Schedule

Schedule II: Valuation and qualifying accounts

All other schedules for which provisions are made in the applicable
accounting regulation of the Securities and Exchange Commission are not required
under the related instructions or are inapplicable, and therefore have been
omitted.

(b) Reports on Form 8-K
-------------------

None.

See Exhibit Index included as the last part of this Report, which
Index is incorporated herein by this reference.

(d) Financial Statements and Schedules
----------------------------------

Refer to Item 14a above for listing of financial statements and
schedule.

ARTHUR ANDERSEN LLP

REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ON SCHEDULE
----------------------------------------------------

To the Shareholders and Board of Directors of

Edac Technologies Corporation:

We have audited in accordance with generally accepted auditing standards, the
financial statements included in Edac Technologies Corporation's annual report
to shareholders incorporated by reference in this Form 10-K, and have issued our
report thereon dated March 1, 1996, except with respect to certain matters as to
which the date was April 10, 1996. Our audit was made for the purpose of forming
an opinion on those statements taken as a whole. The schedule presented on page
9 of this Form 10-K is the responsibility of the Company's management and is
presented for purposes of complying with the Securities and Exchange
Commission's rules and is not part of the basic financial statements. This
schedule has been subjected to the auditing procedures applied in the audit of
the basic financial statements and, in our opinion, fairly states in all
material respects the financial data required to be set forth therein in
relation to the basic financial statements taken as a whole.

ARTHUR ANDERSEN LLP

Hartford, Connecticut
March 1, 1996

----------------------------------------------------
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
EDAC TECHNOLOGIES CORPORATION AND SUBSIDIARIES
----------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------------
COL. A COL. B COL. C COL. D COL. E
- --------------------------------------------------------------------------------------------------------------------------
ADDITIONS
DESCRIPTION Balance at Beginning Charged to Costs Charged to Other Deductions Balance at End
of Year and Expenses Accounts-Describe Describe of Year
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------

YEAR ENDED DECEMBER 31, 1995:
Reserves and allowances deducted
from asset accounts:
Allowance for
doubtful accounts 40,000 0 0 0 40,000

YEAR ENDED DECEMBER 31, 1994:
Reserves and allowances deducted
from asset accounts:
Allowance for (1)
doubtful accounts 40,000 5,050 0 5,050 40,000

YEAR ENDED DECEMBER 31, 1993:
Reserves and allowances deducted
from asset accounts:
Allowance for
doubtful accounts 40,000 0 0 0 40,000

(1) Represents write-off of specific accounts receivable.

SIGNATURES

Pursuant to the requirements of section 13 or 15 (d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

EDAC TECHNOLOGIES CORPORATION

BY /s/ Robert T. Whitty .
-------------------------------
Robert T. Whitty,
Chief Executive Officer

BY /s/ Glenn L. Purple .
-------------------------------
Glenn L. Purple
Vice President-Finance
(Principal Financial and
Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.

Signatures Title Date

/s/John J. DiFrancesco . Chairman of the Board April 12, 1996
- ------------------------
John J. DiFrancesco

/s/Robert T. Whitty . Chief Executive Officer April 12, 1996
- ----------------------
Robert T. Whitty and Director

/s/Francis Moskey . President, Chief April 12, 1996
- -----------------------
Francis Moskey Operating Officer
and Director

/s/Gerald C. Smith . Executive Vice April 12, 1996
- -----------------------
Gerald C. Smith President and
Director

EXHIBIT INDEX

Exhibit Sequential
Number Page Number
- ------ -----------

3.1 Edac's Amended and Restated (1)
Articles of incorporation

3.2 Edac's By-Laws

10.1 Consulting Agreement between (1)
Gros-Ite and William Giannone

10.2 Gros-Ite division Pension Plan (1)

10.3 Gros-Ite division Self-Insured (1)
Medical Reimbursement Plan

10.4 Edac Technologies Corporation (2)
Employee Stock Ownership Trust,
effective May 1, 1989

10.5 Amended Employment Agreement dated (2)
May 12, 1989 between Edac and
Robert P. Luzzi

10.6 $700,000 Limited Recourse Term (2)
Promissory Note dated May 12, 1989
between the Plan and CNB

10.7 Edac Technologies Corporation (3)
1991 Stock Option Plan

10.8 $4,000,000 Term Promissory Note (4)
dated March 22, 1993 between
Edac and Shawmut

10.9 Employment Agreement dated (4)
January 1,1994 between Edac and
Robert Whitty

10.10 Stock Option Agreement dated (4)
January 1,1994 between Edac and
Robert Whitty

10.11 Amendment dated December 19, 1994 (5)
to Employment Agreement dated
October 1, 1990 between Edac and
Robert P. Luzzi

10.12 Construction to Permanent Loan
Promissory Note

10.13 Open-End Construction to Permanent
Mortgage Deed

10.14 Sixth Amendment to Revolving Loan,
Term Loan, Equipment Loan and
Security Agreement

10.15 Modification of Construction to
Permanent Loan Promissory Note
and Open-End Construction to
Permanent Mortgage Deed

10.16 Seventh Amendment to Revolving Loan,
Term Loan, Equipment Loan and
Security Agreement and
Reaffirmation of Guarantees

10.17 Eighth Amendment to Revolving Loan,
Term Loan, Equipment Loan and
Security Agreement and
Reaffirmation of Guarantees,
Modification of Notes and
Reaffirmation of Guarantees

10.18 Seventh Modification Agreement to
Open-End Mortgage Deed

10.19 Second Modification of Construction
to Permanent Loan Promissory Note
and Open-End Construction to
Permanent Mortgage Deed

11.1 Statement regarding computation of
earnings per share

13.1 The Registrant's 1995 Annual Report
to Shareholders

(1) Exhibit incorporated by reference to the Company's registration statement
on Form S-1 dated August 6, 1985, commission File No. 2-99491, as amended.

(2) Exhibit incorporated by reference to the Company's Annual Report on Form
10-K for the year ended December 31, 1989.

(3) Exhibit incorporated by reference to the Company's Annual Report on Form
10-K for the year ended December 31, 1991.

(4) Exhibit incorporated by reference to the Company's Annual Report on Form
10-K for the year ended December 31, 1993.

(5) Exhibit incorporated by reference to the Company's Annual Report on Form
10-K for the year ended December 31, 1994.