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American Science and Engineering, Inc. Reports Third Quarter Fiscal Year 2011 Results and Declares Quarterly Dividend

Dépèche transmise le 8 février 2011 par Business Wire

American Science and Engineering, Inc. Reports Third Quarter Fiscal Year 2011 Results and Declares Quarterly Dividend

BILLERICA, Mass.--(BUSINESS WIRE)--American Science and Engineering, Inc. (“AS&E”) (NASDAQ: ASEI), a leading worldwide supplier of innovative X-ray inspection solutions, today reported its financial results for the third quarter of fiscal year 2011 ended December 31, 2010. The Company reported revenues of $76,588,000 as compared with revenues of $54,889,000 for the third quarter of fiscal year 2010, net income of $11,782,000 as compared with net income of $5,819,000 for the third quarter of fiscal year 2010, and earnings per share of $1.28 as compared with earnings per share of $0.64 for the third quarter of fiscal year 2010. These results represent a 40% increase in revenues, a 102% increase in net income, and a $0.64 increase in earnings per share when compared to results for the third quarter of the prior fiscal year.

“We delivered another strong quarter and record year-to-date results with double digit increases in revenue, net income and EPS”

The Company reported $63,578,000 in bookings for the third quarter of fiscal year 2011. Backlog as of December 31, 2010 increased 8% to $241,301,000 as compared with $223,870,000 for the same period in the prior fiscal year.

For the first nine months of fiscal year 2011 ended December 31, 2010, the Company reported record revenues of $210,868,000 which represents an increase of 23% as compared with revenues of $170,829,000 for the same period in the prior fiscal year, record net income of $33,252,000 which represents an increase of 39% as compared with net income of $23,850,000 for the same period in the prior fiscal year, and record earnings per share of $3.60 which represents an increase of $0.97 as compared with earnings per share of $2.63 for the prior fiscal year.

“We delivered another strong quarter and record year-to-date results with double digit increases in revenue, net income and EPS,” said Anthony Fabiano, AS&E’s President and CEO. “Our solid performance continues to been driven by strong contributions from our ‘big three’ business areas — Cargo Systems, Z Backscatter^™ Systems, and Field Service. Our bookings in the quarter were marked by breakthrough strategic orders from key customers. These included $34.4 million in orders placed under the $67 million U.S. government IDIQ contract for Z Portal^® systems that will be deployed on multiple U.S. border crossings.”

Fabiano continued, “Our Contract Research and Development (CRAD) team is gaining momentum with two important programs booked in the quarter — the CanScan program to deliver a next generation system for material discrimination and identification, and a portable Z Backscatter screening system to screen general aviation aircraft for threats and contraband. We continue to identify marketplace opportunities and deliver viable real-world solutions that are meeting and exceeding customer expectations.”

In accordance with the previously announced dividend program, the Company is declaring a quarterly cash dividend of $0.30 per share, payable on March 3, 2011 to the holders of record at the close of business on February 21, 2011.

As previously announced, Anthony Fabiano, AS&E’s President and CEO, and Ken Galaznik, AS&E’s Senior Vice President, CFO and Treasurer, will host the conference call on Tuesday, February 8, 2011 at 4:30 pm ET to discuss the results and respond to questions. To participate in the conference call, please dial 1-800-706-7748 at least 10 minutes prior to its starting time. For international participants, dial +1 617-614-3473. Please tell the operator the confirmation code: 83415154. 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 Tuesday, February 8, 2011 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 53022979. 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), UK Border Agency (UKBA), Hong Kong Customs, 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; and future delays in federal funding. 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 Annual Report on 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.