EXHIBIT 99.1

 

American Science and Engineering, Inc. Reports Results for

First Quarter Fiscal Year 2016

 

·                  Revenues for first quarter reported at $31.4 million

·                  Bookings for first quarter reported at $45.9 million, highest level in last five quarters; Book to Bill ratio of 1.46

·                  Net loss of $0.5M for first quarter includes one-time charge of $1.7M equal to $0.15 EPS related to corporate realignment

·                  The Company expects to reduce annual operating expenses by $6.0 million through previously announced workforce and other targeted cost reductions

·                  The Company declares a quarterly dividend of $0.50 per share

 

BILLERICA, Mass. — August 6, 2015 —

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 2016 ended June 30, 2015. The Company reported revenues of $31.4 million as compared with revenues of $35.5 million for the first quarter of fiscal year 2015, a net loss of $0.5 million as compared with net income of $1.5 million for the first quarter of fiscal year 2015, and loss per share of $0.07, inclusive of the $1.7 million one-time charge equal to $0.15 earnings per share related to the corporate realignment, as compared with earnings per share of $0.18 for the first quarter of fiscal year 2015.

 

The Company reported $45.9 million in bookings for the first quarter of fiscal year 2016 as compared with $22.3 million in bookings for the first quarter of the prior fiscal year. Backlog at June 30, 2015 was $152.8 million.

 

The Company is declaring a quarterly cash dividend of $0.50 per share, payable on September 2, 2015 to the holders of record at the close of business on August 20, 2015.

 

In the first quarter, the Company reported the formation of two focused business units, Detection Products and Detection Services. This realignment is expected to improve AS&E’s operational efficiencies, expedite new product development, heighten focus on strategic Detection Services growth initiatives, and create a leaner corporate structure to better address current market conditions. As a result of the realignment, the Company expects to realize annual cost savings of approximately $6.0 million beginning in the second quarter of fiscal year 2016.

 

“We are pleased that bookings rebounded to their highest level in the last five quarters, supported by orders for our top-selling ZBV® mobile inspection system from the U.S. government and Asia Pacific region and continued strong bookings for our Detection Services division,” said Chuck Dougherty, AS&E’s President and Chief Executive Officer. “We are seeing positive results from our expanded product portfolio, with first-time orders for the MINI Z® portable screening system from four U.S. government agencies as well as public safety and security customers in the European Union, Middle East, and Asia Pacific regions. In similar fashion, we expect that the introduction of the Tx-View™ for ZBV option — which complements our proven Z Backscatter® imaging with enhanced detection of weapons and metallic components of vehicle-borne improvised explosive devices (VBIEDs) — will expand our served market for the ZBV system.”

 

Chuck Dougherty, President and Chief Executive Officer, and Ken Galaznik, Senior Vice President, Chief Financial Officer, and Treasurer, will host a conference call and simultaneous webcast to discuss the results and respond to questions. The conference call and webcast will include a presentation and are scheduled for Thursday, August 6, 2015 at 4:30 p.m. ET.

 


The following information was filed by American Science Engineering, Inc. (ASEI) on Thursday, August 6, 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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