EXHIBIT 99.1

 

American Science and Engineering, Inc. Reports Results for

Second Quarter Fiscal Year 2016 and Declares Dividend

 

·                  Free cash of $8.7 million reflects continuing emphasis on working capital improvements (free cash defined as cash flow from operations less capital expenditures)

·                  Quarterly dividend declared of $0.50 per share

·                  Z Portal next generation inspection system and CBP IDIQ contract for new medium energy mobile scanner reflect organic product development efforts in support of continuing portfolio expansion strategy

 

BILLERICA, Mass. — November 9, 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 second quarter of fiscal year 2016 ended September 30, 2015. The Company reported revenues of $25.1 million as compared with revenues of $23.1 million for the second quarter of fiscal year 2015, net income of $0.5 million, as compared with a net loss of $3.9 million (inclusive of a $1.4 million charge for a workforce reduction in the second quarter of fiscal year 2015) and earnings per share of $0.06 as compared with loss per share of $0.49 for the second quarter of fiscal year 2015.

 

For the first six months of fiscal year 2016 ended September 30, 2015, the Company reported revenues of $56.6 million as compared with revenues of $58.6 million for the same period in the prior fiscal year, a net loss of $0.1 million (inclusive of the $1.7 million one-time charge related to the corporate realignment in the first quarter of fiscal year 2016) as compared with a net loss of $2.5 million for the same period in the prior fiscal year, and a loss per share of $0.01 as compared with a loss per share of $0.31 for the same period in the prior fiscal year.

 

The Company reported bookings of $21.7 million for the second quarter of fiscal year 2016 and $67.6 million for the first six months of fiscal year 2016. Backlog at September 30, 2015 was $149.3 million.

 

The Company is declaring a quarterly cash dividend of $0.50 per share, payable on December 2, 2015 to the holders of record at the close of business on November 24, 2015.

 

“The quarter’s results reflect the benefit of our cost reduction efforts from Q1 as well as our continued emphasis on working capital improvements,” said Chuck Dougherty, AS&E’s President and CEO. “The announcement of the multi-view, multi-technology Z Portal® next generation vehicle inspection system and the CBP IDIQ award for a new medium energy mobile scanner are the continuing results of our aggressive, organic product development program. By leveraging AS&E’s innovation leadership to support our portfolio expansion strategy, we continue to differentiate ourselves from the competition by introducing new, advanced technologies and products that extend the application reach of our detection technology for new and existing customers.”

 

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 Monday, November 9, 2015 at 4:30 pm ET.

 

To participate in the conference call, please dial (877) 303-9143 at least 10 minutes prior to its starting time. For international participants, please dial (760) 536-5194. The conference identification number is 73229964. You will be

 

1


The following information was filed by American Science Engineering, Inc. (ASEI) on Monday, November 9, 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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