EXHIBIT 99.1

 

FOR IMMEDIATE RELEASE

 

AMERICAN SCIENCE AND ENGINEERING, INC.
REPORTS REVENUE AND INCOME FOR FOURTH QUARTER AND FISCAL YEAR 2008
 

AS&E’s Board of Directors Approves Stock Repurchase Program and Quarterly Dividend Plan for FY’09

 

BILLERICA, Mass. — May 13, 2008 —

American Science and Engineering, Inc. (NASDAQ: ASEI) (AS&E®), today reported its financial results for the fourth quarter and fiscal year ended March 31, 2008. The Company reported revenues of $42,020,000 as compared with revenues of $45,919,000 for the fourth quarter of fiscal year 2007, net income of $2,789,000 as compared with net income of $5,790,000 for the fourth quarter of fiscal year 2007, and earnings per share of $0.30 as compared with earnings per share of $0.60 for the fourth quarter of fiscal year 2007. This represents an 8% decrease in revenues and a $0.30 decrease in earnings per share versus the fourth quarter of the prior fiscal year. This decline in earnings is primarily due to lower gross margins attributable to product mix and an 85% increase in research and development expense.

 

For fiscal year 2008, the Company reported revenues of $166,733,000 as compared with revenues of $153,186,000 for the prior fiscal year. The Company reported net income of $17,478,000 and earnings per share of $1.87 for the fiscal year 2008, as compared with net income of $24,610,000 and earnings per share of $2.38 for the prior fiscal year. This represents a 9% increase in revenues, and a $0.51 decrease in earnings per share when compared to the prior fiscal year. This decline in earnings is due primarily to lower gross margins attributable to product mix, a 71% increase in research and development expense, and a $0.12 per share charge related to the write-down of a note receivable and related interest the Company has deemed uncollectible.

 

“While we are not satisfied with the financial results for the year, we are encouraged that we achieved major strategic objectives to lay the ground work to improve results in fiscal year ‘09 and beyond,” said Anthony Fabiano, AS&E’s President and CEO. “Our expanded product mix and increased global pipeline has lead to more opportunities for our cargo and parcel business that will help to overcome some of the impact from funding uncertainties surrounding government procurements. Cargo and parcel revenues increased over 100% with a mix of both domestic and international sales. Service continues to be strong contributor to our top and bottom line with a 17% increase in revenue over last year.  While ZBV sales dropped overall for the year, we were able to add sixteen new ZBV international clients from the Middle East, Africa, APAC, Europe, and Latin America — contributing to the 43% increase in international sales as compared to the prior year.”

 

Fabiano continued, “As we continue to drive revenue increases across product lines, we have identified improvements to processes that will have a direct impact on profitability in the current fiscal year. Additionally, Research and Development was a high priority in fiscal year ‘08, allowing us to accelerate new products and technologies to market to take advantage of emerging global security requirements. We are committed to improving results by driving down operating costs through increased efficiencies and by focusing on a handful of strategic priorities that will accelerate growth and profitability. As always we will continue to remain focused on customer satisfaction, long range vision and commitment to increasing shareholder value.”

 

In accordance with the previously announced dividend program, the Company is declaring a quarterly cash dividend of $0.20 per share, payable on June 6, 2008 to the holders of record at the close of business on May 19, 2008.

 

At a recent meeting of the Board of Directors, the Stock Repurchase Program was once again approved, which authorizes the Company to repurchase up to an additional $35 million of shares of its common stock from time to time on the open market.  Repurchases under this program will be made from the Company’s existing cash balances and the shares will be returned to the status of authorized but unissued shares of common stock.

 

-continued-

 


The following information was filed by American Science Engineering, Inc. (ASEI) on Wednesday, May 14, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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