American Science and Engineering reports record revenues, net income and EPS

American Science and Engineering ("AS&E"), supplier of innovative X-ray inspection solutions, today reported its financial results for the fourth quarter and fiscal year ended March 31, 2011. The Company reported revenues of $67,708,000 as compared with revenues of $71,264,000 for the fourth quarter of fiscal year 2010, net income of $9,565,000 as compared with net income of $12,326,000 for the fourth quarter of fiscal year 2010, and earnings per share of $1.03 as compared with earnings per share of $1.34 for the fourth quarter of fiscal year 2010. These results represent a 5% decrease in revenues, 22% decrease in net income, and a $0.31 decrease in earnings per share when compared to results for the fourth quarter of the prior fiscal year.

For the fiscal year ended March 31, 2011, the Company reported record revenues of $278,576,000 which represents an increase of 15% as compared with revenues of $242,093,000 for the prior fiscal year, record net income of $42,817,000 which represents an 18% increase in net income as compared with net income of $36,176,000 for the prior fiscal year, and record earnings per share of $4.63 which represents a $0.66 increase in earnings per share as compared with earnings per share of $3.97 for the prior fiscal year.

The Company reported $41,635,000 in bookings for the fourth quarter of fiscal year 2011 as compared with $43,123,000 in bookings for the fourth quarter of the prior fiscal year and a record $298,075,000 in bookings for the fiscal year ended March 31, 2011 as compared with $282,472,000 in bookings for the prior fiscal year. Backlog at March 31, 2011 increased 10% to a new record year-end backlog of $215,228,000 as compared to $195,729,000 at March 31, 2010.

The Company is declaring a quarterly cash dividend of $0.30 per share, payable on June 2, 2011 to the holders of record at the close of business on May 23, 2011.

"Once again 'Team AS&E' achieved outstanding year-end results with record revenues, net income, and EPS -- and, we delivered strong cash flow for the fiscal year," said Anthony Fabiano, AS&E's President and CEO. "Revenue growth in the year was driven by market gains and the aggressive sale of existing and new products, resulting in a diversified product mix and revenue increases in all business areas. We increased internal research and development investment 14% over last year, allowing us to introduce more new products, enhance existing products with new features and options, and accelerate the development cycle for bringing new technologies to market."

Fabiano continued, "With our continued investment in global marketing and sales activities, our fiscal year bookings reached a record high of $298 million and increased the demand for our unique technology from our key market verticals -- military, critical infrastructure, ports, and borders. Despite the global economic uncertainties, our sales pipeline reached an all-time high at the end of the fiscal year with new opportunities in the U.S., Middle East, APAC, Latin America, and Europe. These achievements in the year were the result of the successful execution of our strategies to grow revenue and earnings to increase shareholder value over the long-term. We're also pleased to be able to continue to return cash to shareholders through a cash dividend."