EXHIBIT 99.1

 

FOR IMMEDIATE RELEASE

 

American Science and Engineering, Inc. Reports Record Revenues and

EPS for Fourth Quarter and Fiscal Year 2010

 

AS&E’s Board of Directors Approves Quarterly Dividend

 

BILLERICA, Mass. May 11, 2010

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 fourth quarter and fiscal year ended March 31, 2010. The Company reported record revenues of $71,264,000 as compared with revenues of $57,290,000 for the fourth quarter of fiscal year 2009, net income of $12,326,000 as compared with net income of $8,244,000 for the fourth quarter of fiscal year 2009, and earnings per share of $1.34 as compared with earnings per share of $0.92 for the fourth quarter of fiscal year 2009. These results represent a 24% increase in revenues, 50% increase in net income, and a $0.42 increase in earnings per share when compared to results for the fourth quarter of the prior fiscal year.

 

For the fiscal year ended March 31, 2010, the Company reported record revenues of $242,093,000, which represents an increase of 11% as compared with revenues of $218,367,000 for the prior fiscal year, net income of $36,176,000 which represents a 28% increase in net income as compared with net income of $28,353,000 for the prior fiscal year, and earnings per share of $3.97 which represents a $0.79 increase in earnings per share as compared with earnings per share of $3.18 for the prior fiscal year.

 

The Company reported $43,123,000 in bookings for the fourth quarter of fiscal year 2010 as compared with $59,257,000 in bookings for the fourth quarter of the prior fiscal year and $282,472,000 in bookings for fiscal year 2010 as compared with $274,094,000 in bookings for the prior fiscal year. Backlog at March 31, 2010 increased 26% to $195,729,000 as compared to $155,349,000 at March 31, 2009.

 

“Once again team AS&E delivered outstanding results in the fourth quarter and the fiscal year,” said Anthony Fabiano, AS&E’s President and CEO. “With a focus on market penetration, new products, continuous quality improvement, and lean initiatives, we were able to dramatically increase revenue while simultaneously driving down costs. Our record revenues included strong contributions from a diversified mix including Cargo, Z Backscatter™ Systems, and Field Service product areas. With our expanded product offerings, we continued to make significant in-roads with strategic customers with new and repeat orders for military, port and border security, law enforcement, and critical infrastructure — driving fiscal year 2010 bookings to a record $282.5 million.”

 

Fabiano continued, “AS&E’s cash and investment position rose to $179.1 million at fiscal year-end while generating $43 million in free cash flow during the fiscal year.  We’re also pleased to be able to reward our loyal shareholders by way of a cash dividend. Going forward, our priorities remain focused on customer satisfaction, our long-range vision, and our commitment to increasing shareholder value.”

 

The Company is declaring a quarterly cash dividend of $0.30 per share, payable on June 3, 2010 to the holders of record at the close of business on May 24, 2010.

 

As previously announced, Anthony Fabiano, President and CEO, and Ken Galaznik, Senior Vice President, CFO and Treasurer, will host the quarterly conference call today at 4:30 p.m. ET to discuss the results and respond to questions. Please dial 1-866-383-7998 at least 10 minutes prior to starting time. For international participants, dial 1-617-597-5329. Please tell the Operator the confirmation code: 63374505. You will be placed on hold until the conference call is ready to begin.

 


The following information was filed by American Science Engineering, Inc. (ASEI) on Tuesday, May 11, 2010 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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