(Source: Business Wire)
American Science and Engineering, Inc. (NASDAQ: ASEI) (AS&E®), a leading worldwide supplier of innovative X-ray inspection solutions, today reported its financial results for the first quarter of fiscal year 2010 ended June 30, 2009. The Company reported revenues of $54,692,000 as compared with revenues of $39,494,000 for the first quarter of fiscal year 2009, net income of $7,336,000 as compared with net income of $2,689,000 for the first quarter of fiscal year 2009, and earnings per share of $0.81 as compared with earnings per share of $0.30 for the first quarter of fiscal year 2009. These results represent a 38% increase in revenues, 173% increase in net income, and a $0.51 increase in earnings per share when compared to results for the first quarter of the prior fiscal year.
"Revenue for the first quarter of fiscal year 2010 increased 38% while operating profit was up over 240% from the same period last fiscal year," said Anthony Fabiano, AS&E's President and CEO. "We continue to record substantial revenue increases in Cargo Systems, Z Backscatter Systems, and Field Service product areas again bolstered by the increase of international orders for our proprietary X-ray inspection systems. In fact, 87% of the quarter's product bookings came from international customers."
Fabiano continued, "Backlog remains over $150 million for the fifth consecutive quarter highlighting another solid bookings quarter from a mix of products and our expanding sales channel. In our efforts to continue to drive growth through the commercialization of new products, we continued to invest aggressively in IRAD during the quarter with an increase of 63% over the same quarter in the prior fiscal year. We continue to be pleased with our ability to consistently generate profits and positive free cash flow, and to maintain financial strength in this challenging economic climate."
In accordance with the previously announced dividend program, the Company is declaring a quarterly cash dividend of $0.20 per share, payable on September 3, 2009 to the holders of record at the close of business on August 24, 2009.
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 Thursday, August 6, 2009 at 4:30 pm ET to discuss the results and respond to questions. To participate in the conference call, please dial 1-866-770-7125 at least 10 minutes prior to its starting time. For international participants, dial 1-617-213-8066. Please tell the operator the confirmation code: 54647077. 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 6, 2009 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 39084360. 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. (AS&E) is the 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), HM Revenue & Customs (U.K.), 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 or delays 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; 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; and the potential insufficiency of Company resources, including human resources, capital, plant and equipment and management systems, to accommodate any future growth, 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.
