EXHIBIT 99.1

 

FOR IMMEDIATE RELEASE

 

American Science and Engineering, Inc. Reports Results for

Fourth Quarter and Fiscal Year 2013 and Declares a Quarterly Dividend

 

·                  $0.48 Impact to EPS Related to Force Reduction and One-Time Charge

·                  Free Cash Flow of $27.5M in FY13

·                  Performance from Service Contracts Remains Strong

·                  AS&E’s Board of Directors Approves $35 Million Stock Repurchase Program

 

BILLERICA, Mass. — May 7, 2013 —

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, 2013. The Company reported revenues of $42,280,000 as compared with revenues of $39,764,000 for the fourth quarter of fiscal year 2012, net income of $760,000 as compared with net income of $1,343,000 for the fourth quarter of fiscal year 2012, and earnings per share of $0.09 as compared with earnings per share of $0.15 for the fourth quarter of fiscal year 2012.

 

For the fiscal year ended March 31, 2013, the Company reported revenues of $186,680,000 as compared with revenues of $203,552,000 for the prior fiscal year, net income of $17,454,000 as compared with net income of $21,422,000 for the prior fiscal year, and earnings per share of $2.07 as compared with earnings per share of $2.34 for the prior fiscal year.

 

The Company reported $8,771,000 in bookings for the fourth quarter of fiscal year 2013 as compared with $23,278,000 in bookings for the fourth quarter of the prior fiscal year and $180,310,000 in bookings for the fiscal year ended March 31, 2013 as compared with the $180,895,000 in bookings for the prior fiscal year. Backlog at March 31, 2013 decreased 3% to $186,201,000 as compared to the year-end backlog of $192,571,000 at March 31, 2012.

 

“Fiscal year 2013 was challenging for AS&E,” said Chuck Dougherty, AS&E’s President and Chief Executive Officer.  “Bookings were flat and revenues were down comparative to fiscal year 2012, and earnings were impacted by $0.48 due to the previously announced force reduction and the resolution of a contractual issue related to a multi-unit order to a strategic Middle Eastern customer. But fiscal year 2013 is behind us and it’s time to look forward. On a positive note, we continue to buy back stock through our share repurchase program, our operations continue to generate positive cash flow, and the performance from our service contracts remains strong. Our position as the leader in advanced imaging technology, along with the domain expertise and capabilities of our organization and our strong financial position, gives us a great base from which to build.”

 

The Company is declaring a quarterly cash dividend of $0.50 per share, payable on June 3, 2013 to the holders of record at the close of business on May 20, 2013.

 

The Company would also like to announce that its Board of Directors has authorized another $35 million stock repurchase program. Under the new program, the Company is authorized to repurchase the Company’s common stock from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased will be determined based on an evaluation of market conditions and other factors.  The Company will implement a Rule 10b5-1 trading plan to make such purchases, which will permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be funded with cash on hand.  This new program will not commence until after the completion of the Company’s current blackout period and existing stock repurchase program which the Company announced on August 2, 2012.

 


The following information was filed by American Science Engineering, Inc. (ASEI) on Tuesday, May 7, 2013 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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