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$0.48 Impact to EPS Related to Force Reduction and One-Time Charge
Free Cash Flow of $27.5M in FY13
Performance from Service Contracts Remains Strong
AS&E's Board of Directors Approves $35 Million Stock Repurchase Program
BILLERICA, Mass., May 7, 2013 (GLOBE NEWSWIRE) --
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, 2013. The Company reported revenues of $42,280,000 as compared with revenues of $39,764,000 for the fourth quarter of fiscal year 2012, net income of $760,000 as compared with net income of $1,343,000 for the fourth quarter of fiscal year 2012, and earnings per share of $0.09 as compared with earnings per share of $0.15 for the fourth quarter of fiscal year 2012.
For the fiscal year ended March 31, 2013, the Company reported revenues of $186,680,000 as compared with revenues of $203,552,000 for the prior fiscal year, net income of $17,454,000 as compared with net income of $21,422,000 for the prior fiscal year, and earnings per share of $2.07 as compared with earnings per share of $2.34 for the prior fiscal year.
The Company reported $8,771,000 in bookings for the fourth quarter of fiscal year 2013 as compared with $23,278,000 in bookings for the fourth quarter of the prior fiscal year and $180,310,000 in bookings for the fiscal year ended March 31, 2013 as compared with the $180,895,000 in bookings for the prior fiscal year. Backlog at March 31, 2013 decreased 3% to $186,201,000 as compared to the year-end backlog of $192,571,000 at March 31, 2012.
"Fiscal year 2013 was challenging for AS&E," said Chuck Dougherty, AS&E's President and Chief Executive Officer. "Bookings were flat and revenues were down comparative to fiscal year 2012, and earnings were impacted by $0.48 due to the previously announced force reduction and the resolution of a contractual issue related to a multi-unit order to a strategic Middle Eastern customer. But fiscal year 2013 is behind us and it's time to look forward. On a positive note, we continue to buy back stock through our share repurchase program, our operations continue to generate positive cash flow, and the performance from our service contracts remains strong. Our position as the leader in advanced imaging technology, along with the domain expertise and capabilities of our organization and our strong financial position, gives us a great base from which to build."