American Science and Engineering, Inc. Reports Results for Fourth Quarter and Fiscal Year 2012 and Declares a Quarterly Dividend
AS&E’s Board of Directors Approves $35 Million Stock Repurchase Program
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.
The Company is declaring a quarterly cash dividend of $0.50 per share, payable on June 4, 2012 to the holders of record at the close of business on May 23, 2012.
“Fiscal year 2012 was a challenging year for AS&E, caused by numerous changes in our marketplace,” said Anthony Fabiano, AS&E’s President and CEO. “These changes were driven by factors such as global economic uncertainties, political events and the tightening of the U.S. defense and homeland security budgets, causing delays in receiving new orders and delivery on existing backlog. The situation has necessitated a realignment of our business strategy in order for us to recover and continue to drive expectations of healthy annual and long-term growth. In addition to adjustments in marketing strategies and resolution of some constraints on key projects, we’ve implemented cost cutting measures across the board to drive higher productivity as well as overall efficiency through business process re-engineering. We are confident in the measures we have taken to put us back on track.”
Fabiano continued, “We are heading into fiscal year 2013 with a lot of positives on our side — a solid backlog, a robust pipeline, high-growth potential product developments, a very healthy balance sheet, and an extraordinary team of employees that are committed to top-notch performance. We remain absolute in our belief that AS&E is a best-in-class security company dedicated to supplying innovative inspection solutions to customers while delivering superior growth and income to our shareholders over the long term.”
Investor Relations Contact:
American Science and Engineering, Inc.
Annemarie Sadowski, 978-262-8828
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