American Science and Engineering, Inc.
(“AS&E”) (NASDAQ: ASEI), a leading worldwide supplier of innovative X-ray inspection solutions, today reported its financial results for the third quarter of fiscal year 2012 ended December 31, 2011. The Company reported revenues of $57,907,000 as compared with revenues of $76,588,000 for the third quarter of fiscal year 2011, net income of $7,535,000 as compared with net income of $11,782,000 for the third quarter of fiscal year 2011, and earnings per share of $0.84 as compared with earnings per share of $1.28 for the third quarter of fiscal year 2011.
For the first nine months of fiscal year 2012 ended December 31, 2011, the Company reported revenues of $163,788,000 compared with record revenues of $210,868,000 for the same period in the prior fiscal year, net income of $20,079,000 compared with record net income of $33,252,000 for the same period in the prior fiscal year, and earnings per share of $2.18 compared with record earnings per share of $3.60 for the prior fiscal year.
The Company reported $55,813,000 in bookings for the third quarter of fiscal year 2012 as compared with bookings of $63,578,000 for the third quarter of the prior fiscal year. For the first nine months of fiscal year 2012 the Company reported bookings of $157,617,000 as compared with bookings of $256,440,000 for the first nine months of the prior fiscal year. Backlog as of December 31, 2011 was $209,057,000 as compared with $241,301,000 at December 31, 2010.
In accordance with the previously announced dividend program, the Company is declaring a quarterly cash dividend of $0.50 per share, payable on March 5, 2012 to the holders of record at the close of business on February 21, 2012.
“We are focused on improving results through the continued expansion of our international business and the introduction of new, innovative products and services,” said Anthony Fabiano, AS&E’s President and CEO. “Global economic uncertainties continue to cause order variability, but our sales team is making progress penetrating new targeted markets with solid growth potential which continues to diversify our customer base. Cargo bookings in the quarter were led by orders for Z Portal
systems from key customers for critical infrastructure security, and the first order for the high-throughput, high-energy Sentry
Portal in the Middle East. The Z Backscatter
Van (ZBV) continues to spark interest in new arenas with over 20 systems booked in the quarter from international clients — including orders from customers in the Middle East, Africa, Latin America, Europe and Asia.”
Fabiano continued, “We remain committed to aggressively pursuing our strategy for growth by increasing our year-over-year investment in R&D — up 11% — to leverage innovative technologies in development into high-growth proprietary products. Finally, our confidence in our business has allowed us to continue to provide a $0.50 per share quarterly dividend to our shareholders.”