EXHIBIT 99.1

 

American Science and Engineering, Inc. Reports Results for

Third Quarter Fiscal Year 2015

 

·                  Company Reports Third Quarter EPS of $0.32, up 60% Year-Over-Year

·                  Resolved Shipment Delays for Significant Middle-East Order

·                  Free Cash was $11.3 Million as defined as cash flow from operations less capital expenditures

·                  Repurchased 383,500 Shares in the Quarter for $18.8 Million Under Accelerated Stock Repurchase Program

·                  Declares Quarterly Dividend of $0.50 per share, Payable on March 3, 2015

·                  MINI Z™ Handheld Screening System Named “Best of What’s New for 2014” by Popular Science Magazine

 

BILLERICA, Mass. — February 5, 2015 — American Science and Engineering, Inc. (NASDAQ: ASEI) (“AS&E”), a leading worldwide supplier of innovative X-ray detection solutions, today reported its financial results for the third quarter of fiscal year 2015 ended December 31, 2014. The Company reported revenues of $37.0 million as compared with $37.8 million for the third quarter of fiscal year 2014, net income of $2.6 million as compared with $1.6 million for the third quarter of fiscal year 2014, and earnings per share of $0.32 as compared with $0.20 for the third quarter of fiscal year 2014.

 

For the first nine months of fiscal year 2015, the Company reported revenues of $95.6 million compared with $124.7 million for the same period in the prior fiscal year, net income of $0.1 million compared with $11.2 million for the same period in the prior fiscal year, and earnings per share of $0.01 compared with earnings per share of $1.41 for the same period in the prior fiscal year.

 

Cash, restricted cash, and investment balances in the quarter decreased $11.5 million to $118.8 million a result of positive cash flow from operations of $12.0 million offset primarily by the $18.8 million repurchase of common stock and the payment of $4.0 million in common stock dividends during the quarter. Cash, restricted cash, and investment balances for the first nine months of fiscal year 2015 decreased by $46.9 million due primarily to the $18.8 million repurchase of common stock, payment of $11.9 million in common stock dividends, and an increase in inventory of $9.1 million.

 

The Company reported $17.1 million in bookings for the third quarter of fiscal year 2015 and $57.6 million for the first nine months of fiscal year 2015. Backlog at December 31, 2014 was $138.2 million.

 

Continuing with its dividend program initiated in August 2007, the Company is declaring a quarterly cash dividend of $0.50 per share, payable on March 3, 2015 to the holders of record at the close of business on February 17, 2015. As of December 31, 2014, under the authorized stock repurchase plan, the Company had repurchased approximately 383,500 shares of its common stock for $18.8 million.

 

“The Company’s return to profitability and positive cash flow from operations in the third quarter reflects the initial impact of the cost-cutting measures we implemented in September 2014 and the resolution of shipment delays for a specific Middle East ZBV® order already recorded in backlog,” said Chuck Dougherty, AS&E’s President and Chief Executive Officer. “Although bookings were disappointing due to delays in awards for large cargo tenders in the Middle East and Africa and reduced U.S. government spending, we remain confident in our opportunity pipeline and our ability to capture the increased global opportunities for our expanded portfolio of product and service offerings.”

 

Dougherty continued, “We have made progress with our strategic initiatives, including upgrading and adding new channel partners in targeted growth markets and supporting our new North American public safety channel program.  We continued the global roll-out of the MINI Z handheld screening system and have begun to receive both domestic and international stocking orders.  As an affordable entry point for Z Backscatter® technology, the MINI Z system remains a key component of our geographic expansion initiative and we are proud to report that our clients achieved

 


The following information was filed by American Science Engineering, Inc. (ASEI) on Thursday, February 5, 2015 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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