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 fourth quarter and fiscal year ended March 31, 2012. The Company reported revenues of $39,764,000 as compared with revenues of $67,708,000 for the fourth quarter of fiscal year 2011, net income of $1,343,000 as compared with net income of $9,565,000 for the fourth quarter of fiscal year 2011, and earnings per share of $0.15 as compared with earnings per share of $1.03 for the fourth quarter of fiscal year 2011.
For the fiscal year ended March 31, 2012, the Company reported revenues of $203,552,000 as compared with record revenues of $278,576,000 for the prior fiscal year, net income of $21,422,000 as compared with record net income of $42,817,000 for the prior fiscal year, and earnings per share of $2.34 as compared with record earnings per share of $4.63 for the prior fiscal year.
The Company reported $23,278,000 in bookings for the fourth quarter of fiscal year 2012 as compared with $41,635,000 in bookings for the fourth quarter of the prior fiscal year and $180,895,000 in bookings for the fiscal year ended March 31, 2012 as compared with the record $298,075,000 in bookings for the prior fiscal year. Backlog at March 31, 2012 decreased 11% to $192,571,000 as compared to the record year-end backlog of $215,228,000 at March 31, 2011.
The Company also announced today that its Board of Directors has authorized a $35 million stock repurchase program. The Company is authorized to repurchase the Company's common stock from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased will be determined based on an evaluation of market conditions and other factors. The Company may elect to implement a Rule 10b5-1 trading plan to make such purchases, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be funded with cash on hand.