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American Science and Engineering, Inc. Reports First Quarter Fiscal Year 2012 Results and Declares Quarterly Dividend

Dépèche transmise le 4 août 2011 par Business Wire

American Science and Engineering, Inc. Reports First Quarter Fiscal Year 2012 Results and Declares Quarterly Dividend

American Science and Engineering, Inc. Reports First Quarter Fiscal Year 2012 Results and Declares Quarterly Dividend

BILLERICA, Mass.--(BUSINESS WIRE)--American Science and Engineering, Inc. (NASDAQ: ASEI) (“AS&E”), a leading worldwide supplier of innovative X-ray detection solutions, today reported its financial results for the first quarter of fiscal year 2012 ended June 30, 2011. The Company reported revenues of $51,103,000 as compared with revenues of $53,643,000 for the first quarter of fiscal year 2011, net income of $5,693,000 as compared with net income of $6,801,000 for the first quarter of fiscal year 2011, and earnings per share of $0.61 as compared with earnings per share of $0.74 for the first quarter of fiscal year 2011. These results represent a 5% decrease in revenues, a 16% decrease in net income, and a $0.13 decrease in earnings per share when compared to results for the first quarter of the prior fiscal year.

“While we are not satisfied with the financial results for the quarter, our sales pipeline remains strong, our tender activity is very robust, and we are confident in our long-term growth strategies”

The Company reported $8,341,000 in bookings for the first quarter of fiscal year 2012 as compared with $76,706,000 in bookings for the first quarter of the prior fiscal year. Backlog at June 30, 2011 was $172,466,000 as compared with $218,792,000 at June 30, 2010.

“While we are not satisfied with the financial results for the quarter, our sales pipeline remains strong, our tender activity is very robust, and we are confident in our long-term growth strategies,” commented Anthony Fabiano, AS&E’s President and CEO. “With global economic uncertainties affecting everyone, orders have been pushed out. Budget challenges are impeding government orders, both domestically and internationally, causing an increase in order variability quarter to quarter and negatively impacting the quarter’s results. Research and development continues to be a priority in fiscal year 2012, substantially increasing our investment over the prior year. We are hopeful the constraints impacting our customer community resolve themselves in the near term as the need for our unique technology remains in strong demand. In the meantime, we will continue to execute our business with excellence.”

In accordance with the previously announced dividend program, the Company is declaring a quarterly cash dividend of $0.30 per share, payable on September 1, 2011 to the holders of record at the close of business on August 22,2011.

As previously announced, Anthony Fabiano, AS&E’s President and Chief Executive Officer, and Ken Galaznik, AS&E’s Senior Vice President, Chief Financial Officer and Treasurer, will host the conference call on Thursday, August 4, 2010 at 4:30 p.m. ET to discuss the results and respond to questions. To participate in the conference call, please dial 1-866-543-6411 at least 10 minutes prior to its starting time. For international participants, dial 1-627-213-8900. Please tell the Operator the confirmation code: 51075965. You will be placed on hold until the conference call is ready to begin.

An audio replay of the teleconference will be available, in its entirety, starting Thursday, August 4, 2010 at 7:30 p.m. ET for a 48-hour period by dialing 1-888-286-8010. Internationally, please dial 1-617-801-6888. The conference identification number is 17288185. The replay will also be available at www.as-e.com in the Investor Information section following the conference.

About AS&E

American Science and Engineering, Inc. is a leading worldwide supplier of innovative X-ray inspection systems. With over 50 years of experience in developing advanced X-ray security systems, the Company’s product line utilizes a combination of technologies, including patented Z Backscatter™ technology, Radioactive Threat Detection (RTD), high energy transmission and dual energy transmission X-ray. These technologies offer superior X-ray threat detection for plastic explosives, plastic weapons, liquid explosives, dirty bombs and nuclear devices. AS&E’s complete range of products include cargo inspection systems for port and border security, baggage screening systems for facility and aviation security, and personnel and passenger screening systems. AS&E® systems protect high-threat facilities and help combat terrorism and trade fraud, drug smuggling, weapon smuggling, and illegal immigration and people smuggling. AS&E customers include leading government agencies, border authorities, military bases, airports and corporations worldwide, including the U.S. Department of Homeland Security (DHS), U.S. Department of Defense (DoD), U.S. Customs and Border Protection (CBP), North Atlantic Treaty Organization (NATO), and Abu Dhabi Customs. For more information on AS&E products and technologies, please visit www.as-e.com.

Safe Harbor Statement: The foregoing press release contains statements concerning AS&E’s financial performance, markets and business operations that may be considered “forward-looking” under applicable securities laws. AS&E wishes to caution readers of this press release that actual results might differ materially from those projected in any forward-looking statements. Factors which might cause actual results to differ materially from those projected in the forward-looking statements contained herein include the following: significant reductions, delays or cancellations (in full or in part) in procurements of the Company’s systems by the United States and other governments; disruption in the supply of any source component incorporated into AS&E's products; litigation seeking to restrict the use of intellectual property used by the Company; limitations under certain laws on the Company’s ability to protect its own intellectual property; potential product liability claims against the Company; global political trends and events which affect public perception of the threat presented by drugs, explosives and other contraband; global economic developments and the ability of governments and private organizations to fund purchases of the Company’s products to address such threats; the potential insufficiency of Company resources, including human resources, capital, plant and equipment and management systems, to accommodate any future growth; technical problems and other delays that could impact new product development and the Company’s ability to adapt to changes in technology and customer requirements; competitive pressures; lengthy sales cycles both in United States government procurement and procurement abroad; future delays in federal funding, the market price of the company's stock prevailing from time to time, the nature of other investment opportunities presented to the company from time to time, the company's cash flows from operations and market and general economic conditions,. These and certain other factors which might cause actual results to differ materially from those projected are detailed from time to time in AS&E’s periodic reports and registration statements filed with the Securities and Exchange Commission, which important factors are incorporated herein by reference. AS&E undertakes no obligation to update forward looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial condition or business over time. Readers are further advised to review the “Risk Factors” set forth in the Company’s most recent Form 10-Q and Form 10-K, which further detail and supplement the factors described in this Safe Harbor Statement. Among other disclosures, the Risk Factors disclose risks pertaining to that portion of the Company’s business that is dependent on United States government contracting as well as international customers.

   

AMERICAN SCIENCE AND ENGINEERING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 
For the Three Months Ended
June 30, 2011 June 30, 2010
Total net sales and contract revenues $ 51,103 $ 53,643
 
Total cost of sales and contracts 27,201 29,831
Gross profit 23,902 23,812
 
Expenses:
Selling, general and administrative 9,258 9,813
Research and development 6,077 5,010
Total operating expenses 15,335 14,823
 
Operating income 8,567 8,989
Interest and other income, net 59 1,394
Income before provision for income taxes 8,626 10,383
Provision for income taxes 2,933 3,582
 
Net income $ 5,693 $ 6,801
 
Income per share - Basic $ 0.62 $ 0.75
Income per share - Diluted $ 0.61 $ 0.74
 
Weighted average shares - Basic 9,193 9,021
Weighted average shares - Diluted 9,337 9,219

The results of operations reported herein may not be indicative of future financial conditions or results of future operations.

   

AMERICAN SCIENCE AND ENGINEERING, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 
June 30, 2011 March 31, 2011
Assets
Current assets:
Cash and cash equivalents $ 48,924 $ 60,144
Restricted cash 12,075 20,398
Short-term investments, at fair value 148,073 110,141
Accounts receivable, net 27,494 37,180
Unbilled costs and fees 21,203 17,082
Inventories, net 48,683 46,922
Other current assets 13,023 10,167
Total current assets 319,475 302,034
 
Non-current assets:
Building, equipment and leasehold improvements, net 19,121 18,559
Restricted cash 2,000 9,062
Other assets 6,079 6,919
Total assets $ 346,675 $ 336,574
Liabilities & Stockholders' Equity
Current liabilities:
Accounts payable $ 8,895 $ 9,378
Customer deposits 18,041 9,193
Deferred revenue 20,183 16,924
Other current liabilities 17,961 25,930
Total current liabilities 65,080 61,425
 
Non-current liabilities:
Lease financial liability 5,421 5,755
Other non-current liabilities 3,501 3,314
Total liabilities 74,002 70,494
 
Stockholders' equity 272,673 266,080
Total liabilities and stockholders' equity $ 346,675 $ 336,574
     
AMERICAN SCIENCE AND ENGINEERING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
 
For the Three Months Ended
June 30, 2011 June 30, 2010
Cash flows from operating activities:
Net income $ 5,693 $ 6,801

Adjustments to reconcile net income to net cash provided by (used for) operating activities:

Depreciation and amortization 1,541 1,189
Provisions for contracts, inventory and accounts receivable reserves 33 165
Amortization of bond premium 556 595
Deferred income taxes 466 1,010
Mark to market of foreign currency put option contract - (1,142 )
Stock compensation expense 607 1,024
 
Changes in assets and liabilities:
Accounts receivable 9,671 (2,029 )
Unbilled costs and fees (4,121 ) 844
Inventories (1,779 ) (1,948 )
Prepaid expenses and other assets (2,482 ) 631
Accounts payable (483 ) (1,895 )
Accrued income taxes 553 (3,915 )
Customer deposits 8,848 (2,510 )
Deferred revenue 3,446 (6,822 )
Accrued expenses and other liabilities   (8,526 )   (5,717 )
Net cash (used for) provided by operating activities   14,023     (13,719 )
 
Cash flows from investing activities:
Purchases of short-term investments (90,577 ) (10,571 )
Proceeds from sales and maturities of short-term investments 52,069 78,569
Purchases of property and equipment   (2,103 )   (1,230 )
Net cash (used for) provided by investing activities   (40,611 )   66,768  
 
Cash flows from financing activities:
Decrease in restricted cash and investments 15,385 -
Proceeds from exercise of stock options 2,833 220
Repurchase of shares of common stock (22 ) -
Repayment of leasehold financing (330 ) (323 )
Payment of common stock dividend (2,760 ) (2,707 )

Reduction of income taxes paid due to the tax benefit from employee stock option expense

  262     255  
Net cash (used for) provided by financing activities   15,368     (2,555 )
 
Net (decrease) increase in cash and cash equivalents (11,220 ) 50,494
Cash and cash equivalents at beginning of period   60,144     34,912  
Cash and cash equivalents at end of period $ 48,924   $ 85,406  

Business Wire

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