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News

Double digit growth for American Science and Engineering

American Science And Engineering : 15 May, 2009  (Company News)
Security industry continues to defy financial crisis with X-Ray detection equipment supplier reporting strong growth in financial year
American Science and Engineering has reported its financial results for the fourth quarter and fiscal year ended March 31, 2009. The Company reported revenues of $57,290,000 as compared with revenues of $42,020,000 for the fourth quarter of fiscal year 2008, net income of $8,244,000 as compared with net income of $2,789,000 for the fourth quarter of fiscal year 2008, and earnings per share of $0.92 as compared with earnings per share of $0.30 for the fourth quarter of fiscal year 2008. These results represent a 36% increase in revenues, 196% increase in net income, and a $0.62 increase in earnings per share when compared to results for the fourth quarter of the prior fiscal year.

For the fiscal year ended March 31, 2009, the Company reported record revenues of $218,367,000, which represents an increase of 31% as compared with revenues of $166,733,000 for the prior fiscal year, net income of $28,353,000 as compared with net income of $17,478,000 for the prior fiscal year, and earnings per share of $3.18 which represents a $1.31 increase in earnings per share as compared with earnings per share of $1.87 for the prior fiscal year.

The Company reported $59,257,000 in bookings for the fourth quarter of fiscal year 2009 as compared with $16,129,000 in bookings for the fourth quarter of the prior fiscal year and $274,094,000 in bookings for fiscal year 2009 as compared with $160,705,000 in bookings for the prior fiscal year. Backlog at March 31, 2009 increased 56% to $155,349,000 as compared to $99,606,000 in the prior fiscal year.

"We completed fiscal year 2009 with outstanding financial and operating results," said Anthony Fabiano, AS&E's President and CEO. "We met our strategic initiatives for the year and recorded the highest revenue in Company history — with the cargo, Z Backscatter™, and service product areas all recording double digit increases. To improve our bottom-line, we implemented several product and process improvements, and operating cost reductions — increasing gross margin to 43% from 36% in the prior year. Additionally, we increased IRAD investment 47% from the last fiscal year resulting in the introduction of several new products and product enhancements."

Fabiano continued, "As we continued our investment in global marketing and sales activities, we achieved a record $274 million in bookings for the year with international product bookings increasing 59% from the prior fiscal year. Overall bookings were boosted by the continued diversification of our customer base — including new orders for military, law enforcement, critical infrastructure, and port and border security. Our sales pipeline has increased from the prior year with new opportunities in the U.S., Middle East, APAC, Latin America, and Europe. With our increased sales penetration, new product offerings, and increased awareness of AS&E's proprietary technologies, we are confident in our abilities to provide best-in-class products and services for the growing security market in fiscal year 2010 and beyond."

The Company is declaring a quarterly cash dividend of $0.20 per share, payable on June 4, 2009 to the holders of record at the close of business on May 26, 2009.

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