EXHIBIT 99.1

 

American Science and Engineering, Inc. Reports Results for

Third Quarter Fiscal Year 2016 and Declares Quarterly Dividend

 

·                  Third quarter results were adversely affected by continuing regional volatility and falling oil prices in strategic end-markets

·                  Net loss of $0.5 million as compared with net income of $2.6 million for the third quarter of fiscal year 2015

·                  Free cash flow of $8.2 million for the quarter, defined as cash flow from operations less capital expenditures

·                  Quarterly dividend declared of $0.50 per share, payable on March 2, 2016

·                  Received first order for multiple Next Generation Z Portal® systems from an African government agency

 

BILLERICA, Mass. — February 8, 2016 — 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 2016 ended December 31, 2015. The Company reported revenues of $22.2 million as compared with $37.0 million for the third quarter of fiscal year 2015, a net loss of $0.5 million as compared with net income of $2.6 million for the third quarter of fiscal year 2015, and a loss per share of $0.06 as compared with earnings per share of $0.32 for the third quarter of fiscal year 2015.

 

For the first nine months of fiscal year 2016, the Company reported revenues of $78.8 million as compared with $95.6 million for the same period in fiscal year 2015, a net loss of $0.5 million compared with net income of $0.1 million for the same period in fiscal year 2015, and a loss per share of $0.07 as compared with earnings per share of $0.01 for the same period in fiscal year 2015. The Company reported $29.5 million in bookings for the third quarter of fiscal year 2016 and $97.0 million for the first nine months of fiscal year 2016. Backlog at December 31, 2015 was $156.6 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 2, 2016 to the holders of record at the close of business on February 18, 2016.

 

“Third quarter results were impacted by continuing regional volatility and falling oil prices in strategic end-markets, which caused delays in new orders and in shipment of backlog orders,” said Chuck Dougherty, AS&E’s President and CEO. “We are maintaining our focus on managing operating expenses while continuing to prioritize working capital improvements in order to optimize cash flow generation, as we navigate this challenging market environment.”

 

Dougherty continued, “We were pleased to receive the first order for the Next Generation Z Portal® cargo and vehicle inspection system, a $13-million contract for multiple systems from an African government agency for counterterrorism applications. Additionally, we received a five-year, follow-on Managed Services contract from NATO to operate and maintain AS&E and third-party explosive detection systems deployed in the Middle East. These initial orders are the results of our long-term strategy of growing our portfolio of solutions to capture and expand our opportunity pipeline in new and existing markets.”

 

Chuck Dougherty, President and CEO, and Diane Basile, Senior Vice President, CFO 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, February 8, 2016 at 4:30 p.m. ET.

 

To participate in the conference call, dial (877) 303-9143; please dial at least 10 minutes prior to its starting time. For international participants, please dial (760) 536-5194.  The conference identification number is 35811274. You will be placed on hold until the conference call is ready to begin. The live webcast and presentation can be accessed at http://edge.media-server.com/m/p/xmu6ukgm.

 

An audio replay of the teleconference will be available, in its entirety, starting Monday, February 8, 2016 at 7:30 p.m. ET for a one-week period by dialing (855) 859-2056. Internationally, please dial (404) 537-3406. The conference

 


The following information was filed by American Science Engineering, Inc. (ASEI) on Monday, February 8, 2016 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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