EXHIBIT 99.1

 

American Science and Engineering, Inc. Reports Results for

First Quarter Fiscal Year 2017

 

·                  Revenues for the first quarter reported at $28.2 million

·                  Net income of $0.1 million for the first quarter includes charges of $2.8 million equal to $0.27 earnings per share related to the proposed merger agreement with OSI Systems, Inc.

 

BILLERICA, Mass. — August 8, 2016 —

American Science and Engineering, Inc. (NASDAQ: ASEI) (“AS&E” or “the Company”), a leading worldwide supplier of innovative X-ray inspection solutions, today reported its financial results for the first quarter of fiscal year 2017 ended June 30, 2016.

 

The Company reported revenues of $28.2 million as compared with revenues of $31.4 million for the first quarter of fiscal year 2016, net income of $0.1 million as compared with a net loss of $0.5 million for the first quarter of fiscal year 2016, and earnings per share of $0.01, inclusive of the $2.8 million charge equal to $0.27 earnings per share related to the merger agreement with OSI Systems, Inc., as compared with a loss per share of $0.07 for the first quarter of fiscal year 2016.

 

Update on Pending Acquisition by OSI Systems

 

·                  As previously announced on June 21, 2016, AS&E has entered into a definitive agreement to be acquired by OSI Systems, Inc. (NASDAQ: OSIS) for $37.00 per share of AS&E common stock in an all-cash transaction, for a total transaction value of approximately $269 million.

·                  A special meeting of shareholders is scheduled to be held on August 31, 2016 to vote on the adoption of the Merger Agreement and certain related matters. The Definitive Proxy Statement was filed with the SEC on July 15, 2016 and, on or about July 15, 2016, mailed to shareholders of record as of July 14, 2016.

·                  In accordance with its agreement with OSI Systems, AS&E has suspended the payment of its quarterly dividend.

·                  The transaction is expected to be completed by the end of 2016.

 

Given the pending acquisition, AS&E has discontinued its practice of conducting an earnings conference call to discuss its financial results.

 

About AS&E

 

American Science and Engineering, Inc. (AS&E) is the trusted global provider of threat and contraband detection solutions for ports, borders, military, critical infrastructure, law enforcement, and aviation. With over 50 years of experience, AS&E offers proven, advanced X-ray inspection systems to combat terrorism, drug smuggling, illegal immigration and trade fraud. AS&E systems are designed in a variety of configurations for cargo and vehicle inspection, parcel inspection, and personnel screening. Using a combination of technologies, these systems provide superior detection capabilities, with high-energy, dual-energy, and Z Backscatter® X-rays. Learn more about AS&E products and technologies at www.as-e.com and follow us on Twitter @ase_detects.

 


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