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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-KSB/A
                                 AMENDMENT NO. 1

[X]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
     1934

   FOR THE FISCAL YEAR ENDED MAY 31, 2007      COMMISSION FILE NUMBER: 001-12810

                         HI-SHEAR TECHNOLOGY CORPORATION
                 (Name of Small Business Issuer in its Charter)

                   DELAWARE                                   22-2535743
        (State or other jurisdiction of                    (I.R.S. Employer
        incorporation or organization)                   Identification No.)

      24225 GARNIER STREET, TORRANCE, CA                      90505-5355
   (Address of principal executive offices)                   (Zip Code)

          Issuer's Telephone Number:                        (310) 784-2100

         Securities registered under Section 12(b) of the Exchange Act:
          (Title of each class)  (Name of each exchange on which registered)
              COMMON STOCK                 AMERICAN STOCK EXCHANGE

         Securities registered under Section 12(g) of the Exchange Act:
                              (Title of each class)
                                      NONE

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such 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 ( )

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will 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-KSB
or any amendment to this Form 10-KSB. (X)

Indicate by check mark whether the registration is a shell company (as defined
in Rule 12b-2 of the Exchange Act). YES ( ) NO (X)

State issuer's revenues for its most recent fiscal year: $ 20,550,000.

The aggregate value of the Registrants Common Stock held by non-affiliates of
the Registrant was approximately $21,593,594 as of June 21, 2007, based upon the
closing sale price on the American Stock Exchange on that date at which the
stock was last sold.

There were approximately 6,784,957 shares of the Registrants Common Stock issued
and outstanding as of June 21, 2007.

                       DOCUMENTS INCORPORATED BY REFERENCE
Certain portions of the Company's Proxy Statement to be filed with the U.S.
Securities and Exchange Commission, or SEC, pursuant to Rule 14a-6 under the
Securities Exchange Act of 1934, as amended, in connection with the Company's
2007 Annual Meeting of Stockholders are incorporated by reference in Part III,
Items 9-14 of this Annual Report on Form 10-KSB.

Transitional Small Business Disclosure Format    YES ( ) NO ( X )
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Explanatory Note

     The Company is filing this Amendment to Form 10-KSB to correct the third
paragraph of the Backlog section contained in Item 1. Business (found on page 3
of the original filing). The correction covers the unrecognized revenue and
unbilled amounts for fiscal year ended 2007.


Item 1.  Business

                                     BACKLOG

     The average time to design, manufacture and ship our products is typical of
the lead times required for highly engineered, custom manufactured aerospace
products. The final negotiation of the detailed contract requirements together
with the purchase of long lead time material, manufacturing processes and
testing take between 4 to 12 months or more to accomplish. During fiscal year
2007, we continued programs to reduce many of our manufacturing lead-times to
help our customers reduce their product manufacturing time with more timely
delivery. This is part of an overall strategy by Hi-Shear's aerospace customers
to carry fewer components in inventory and to speed the construction of launch
vehicles, satellites and weapon systems.

     Total requirements included in contracts undertaken by us may contain
options that extend beyond one year, and accordingly, portions are carried
forward from one year to the next as part of the backlog. Some contracts with
the U.S. Government and its prime contractors are supply contracts and/or
multi-year options whose requirements are primarily based on the Government's
demand for products on a periodic basis. Because many factors affect the
scheduling of projects, no assurances can be given as to when revenue will be
realized on projects that are included in backlog. Although backlog represents
business that is considered to be firm, there can be no assurance that
cancellation, changes in quantities, funding changes, or scope adjustments will
not occur.

     As of May 31, 2007, the Company's backlog of unrecognized revenue and
unbilled amounts on open customers' orders was $18.6 million and $26.6 million,
respectively, compared to unrecognized revenue and unbilled backlog amounts as
of the end of the prior fiscal year of $12.9 million and $19.6 million,
respectively. As of July 31, 2007, the Company's backlog of unrecognized revenue
and unbilled amounts on open customer's orders was $21.3 million and $27.8
million, respectively. The increase in unbilled backlog is the result of large
increases in new contract awards.


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                                    SIGNATURE

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934
(the "Exchange Act"), the registrant caused this amendment to report to be
signed on its behalf by the undersigned, thereunto duly authorized.

                                   HI-SHEAR TECHNOLOGY CORPORATION


Date: August 24, 2007              By: /s/ George W. Trahan
                                       -----------------------------------------
                                       President, Chief Executive Officer
                                       and Chairman

In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

Date: August 24, 2007              By: /s/ George W. Trahan
                                       -----------------------------------------
                                       President, Chief Executive Officer
                                       and Chairman


                                   By: /s/ Thomas R. Mooney
                                       -----------------------------------------
                                       Director, Co-chairman of the Board


                                   By: /s/ Jan L. Hauhe
                                       -----------------------------------------
                                       Director of Finance and Information
                                       Systems


                                   By: /s/ Jack Bunis
                                       -----------------------------------------
                                       Director



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