The Company is declaring a quarterly cash dividend of $0.50 per share, payable on June 3, 2013 to the holders of record at the close of business on May 20, 2013.

The Company would also like to announce that its Board of Directors has authorized another $35 million stock repurchase program. Under the new 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 will implement a Rule 10b5-1 trading plan to make such purchases, which will 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. This new program will not commence until after the completion of the Company's current blackout period and existing stock repurchase program which the Company announced on August 2, 2012.

As previously announced, Chuck Dougherty, AS&E's President and Chief Executive Officer, and Ken Galaznik, AS&E's Senior Vice President, Chief Financial Officer and Treasurer, will host the conference call on Tuesday, May 7, 2013 at 4:30 pm ET to discuss the results and respond to questions. To participate in the conference call, please dial 1-877-303-9143 at least 10 minutes prior to its starting time. For international participants, please dial 1-760-536-5194. The conference identification number is 44007095. You will be placed on hold until the conference call is ready to begin. The live audio webcast can be accessed through the investor relations section of the Company's website at .

An audio replay of the teleconference will be available, in its entirety, starting Tuesday, May 7, 2013 at 7:30 p.m. ET for a 48-hour period by dialing 1-855-859-2056. Internationally, please dial 1-404-537-3406. The conference identification number is 44007095. The replay will also be available through the Company's web site at .

About AS&E

American Science and Engineering, Inc. (AS&E) is a leading worldwide supplier of innovative X-ray inspection systems. With over 50 years of experience in developing advanced X-ray security systems, the Company's product line utilizes a combination of technologies, including patented Z Backscatter technology, Radioactive Threat Detection (RTD), high energy transmission and dual energy transmission X-ray. These technologies offer superior X-ray threat detection for plastic explosives, plastic weapons, liquid explosives, dirty bombs and nuclear devices. AS&E's complete range of products include cargo inspection systems for port and border security, baggage screening systems for facility and aviation security, and personnel and passenger screening systems. AS&E ® systems protect high-threat facilities and help combat terrorism, trade fraud, drug smuggling, weapon smuggling, illegal immigration, and people smuggling. AS&E customers include leading government agencies, border authorities, military bases, airports and corporations worldwide, including the U.S. Department of Homeland Security (DHS), U.S. Department of Defense (DoD), U.S. Customs and Border Protection (CBP), North Atlantic Treaty Organization (NATO), and Abu Dhabi Customs. For more information on AS&E products and technologies, please visit

Safe Harbor Statement : The foregoing press release contains statements concerning AS&E's financial performance, markets and business operations that may be considered "forward-looking" under applicable securities laws.  AS&E wishes to caution readers of this press release that actual results might differ materially from those projected in any forward-looking statements. Factors which might cause actual results to differ materially from those projected in the forward-looking statements contained herein include the following: significant reductions, delays or cancellations (in full or in part) in procurements of the Company's systems by the United States and other governments; disruption in the supply of any source component incorporated into AS&E's products; litigation seeking to restrict the use of intellectual property used by the Company; limitations under certain laws on the Company's ability to protect its own intellectual property; potential product liability claims against the Company; global political trends and events which affect public perception of the threat presented by drugs, explosives and other contraband; global economic developments and the ability of governments and private organizations to fund purchases of the Company's products to address such threats; the potential insufficiency of Company resources, including human resources, capital, plant and equipment and management systems, to accommodate any future growth; technical problems and other delays that could impact new product development and the Company's ability to adapt to changes in technology and customer requirements; competitive pressures; lengthy sales cycles both in United States government procurement and procurement abroad;  future delays in federal funding, the market price of the company's stock prevailing from time to time, the nature of other investment opportunities presented to the company from time to time,  the company's cash flows from operations and market and general economic conditions. These and certain other factors which might cause actual results to differ materially from those projected are detailed from time to time in AS&E's periodic reports and registration statements filed with the Securities and Exchange Commission, which important factors are incorporated herein by reference. AS&E undertakes no obligation to update forward looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial condition or business over time. Readers are further advised to review the "Risk Factors" set forth in the Company's most recent Form 10-Q and Form 10-K,  which further detail and supplement the factors described in this Safe Harbor Statement. 
(in thousands, except per share amounts)
  Quarter Ended Fiscal Year Ended
  March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012
Total net sales and contract revenues  $ 42,280  $ 39,764  $ 186,680  $ 203,552
Total cost of sales and contracts 28,031 22,115 107,261 110,435
Gross profit 14,249 17,649 79,419 93,117
Selling, general and administrative 8,360 8,896 29,533 35,624
Research and development 4,756 6,817 23,618 25,544
Total expenses 13,116 15,713 53,151 61,168
Operating income 1,133 1,936 26,268 31,949
Interest and other, net 19 99 178 509
Income before provision for income taxes 1,152 2,035 26,446 32,458
Provision for income taxes 392 692 8,992 11,036
Net income   $ 760  $ 1,343  $ 17,454  $ 21,422
Income per share - Basic  $ 0.09  $ 0.15  $ 2.08  $ 2.37
Income per share - Diluted  $ 0.09  $ 0.15  $ 2.07  $ 2.34
Weighted average shares - Basic 8,106 8,920 8,394 9,046
Weighted average shares - Diluted 8,164 9,011 8,448 9,148
The results of operations reported herein may not be indicative of future financial conditions or results of future operations.
(in thousands)
  March 31, 2013 March 31, 2012
Current assets:    
Cash and cash equivalents  $ 40,418  $ 24,369
Restricted cash and investments 12,618 11,707
Short-term investments, at fair value 108,546 170,834
Accounts receivable, net  28,477 25,439
Unbilled costs and fees 4,875 3,206
Inventories 48,051 48,179
Other current assets 11,984 13,715
Total current assets 254,969 297,449
Non-current assets:    
Building, equipment and leasehold improvements, net 16,451 17,998
Restricted cash and investments 899 4,183
Other assets 9,130 5,235
Total assets  $ 281,449  $ 324,865
Liabilities & Stockholders' Equity    
Current liabilities:    
Accounts payable  $ 8,371  $ 7,461
Customer deposits 16,199 15,031
Deferred revenue 15,770 16,731
Other current liabilities 28,148 19,420
Total current liabilities 68,488 58,643
Non-current liabilities:    
Lease financing liability 2,914 4,403
Other non-current liabilities 5,802 3,013
Total liabilities 77,204 66,059
Stockholders' equity 204,245 258,806
Total liabilities and stockholders' equity  $ 281,449  $ 324,865
(in thousands)
  For the Fiscal Year Ended
  March 31, 2013 March 31, 2012
Cash flows from operating activities:    
Net income  $ 17,454  $ 21,422
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization  5,114  5,768
Provision for contracts, inventory, and accounts receivable reserves  5,405  2,998
Amortization of bond premium  2,700  2,689
Deferred income taxes  (2,966)  1,750
Stock based compensation expense  184  1,799
Other  (59)  (47)
Changes in assets and liabilities:    
Accounts receivable  (3,382)  11,819
Unbilled costs and fees  (1,669)  13,876
Inventories  (4,933)  (4,333)
Prepaid expenses and other assets  813  (3,609)
Accounts payable  910  (1,917)
Accrued income taxes  2,094  (1,936)
Customer deposits  1,168  5,838
Deferred revenue  1,661  (568)
Accrued expenses and other liabilities  6,663  (4,530)
Net cash provided by operating activities  31,157  51,019
Cash flows from investing activities:    
Purchases of short-term investments  (140,532)  (283,685)
Proceeds from sales and maturities of short-term investments  200,089  220,293
Proceeds from sale of fixed assets  110  51
Purchases of property and equipment  (3,618)  (5,211)
Net cash provided by (used for) investing activities  56,049  (68,552)
Cash flows from financing activities:    
Decrease in restricted cash and investments  2,373  13,570
Proceeds from exercise of stock options  2,160  4,287
Repurchase of shares of common stock  (57,633)  (20,051)
Repayment of leasehold financing  (1,351)  (1,322)
Payment of common stock dividend  (16,841)  (14,423)
Reduction of income taxes paid due to the tax benefit from employee stock option expense  135  (303)
Cash used for financing activities  (71,157)  (18,242)
Net increase (decrease) in cash and cash equivalents  16,049  (35,775)
Cash and cash equivalents at beginning of year  24,369  60,144
Cash and cash equivalents at end of year  $ 40,418  $ 24,369
CONTACT: Investor Relations Contact:         Annemarie Sadowski         American Science and Engineering, Inc.         978-262-8828

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