American Science and Engineering (AS & E)2006-11-10 11:54:11
American Science and Engineering, Inc. Reports Second Quarter Fiscal Year 2007 Results
American Science and Engineering, Inc. (NASDAQ: ASEI) (AS&E(R)), today reported its financial results for the second quarter fiscal year 2007 ended September 30, 2006. The Company reported revenues of $29,588,000, net income of $4,753,000, and net income per share of $0.49 for the second quarter fiscal year 2007. This represents a 40% decrease in revenues and a $0.44 decrease in net income per share versus the second quarter of the prior fiscal year which remains the Company's record quarter for revenues.
The current quarter earnings per share were impacted by the adoption of SFAS 123R, "Accounting for Stock-Based Compensation," on April 1, 2006. As a result, the company recorded a pre-tax charge of $2,153,000 ($1,840,000 after income taxes, or $0.20 per share) in the second quarter fiscal year 2007.
"AS&E ended the second quarter with strong bookings and the highest order backlog in the Company's history," commented Anthony Fabiano, AS&E's President and CEO. "We recorded backlog of $117 million -- up $54 million from the previous quarter and a 54% increase for the same period last year. Significant trends for the quarter included diversifying our customer base, expanding product markets, as well as closing significant service renewal contracts."
"ZBV bookings were bolstered by the largest single order in Company history from the U.S. Government in addition to a significant follow-on ZBV order from U.S. Customs and Border Protection (CBP). Our latest cargo product offering, the OmniView Gantry, continues to gain traction as we announced an order for our fourth system to secure a strategic facility. We continue to see a high level of new service agreements and service renewal contracts as a result of our increased install base and our high customer satisfaction ratings."
Fabiano continued, "We have begun work with the U.S. Domestic Nuclear Detection Office (DNDO) after winning a highly competitive bid to develop the next-generation cargo inspection system. This accomplishment is a major 'win' for our team. We are making excellent strides to develop innovative new technologies to support critical security initiatives, while continually improving our current product offerings."
American Science and Engineering, Inc. (NASDAQ: ASEI) (AS&E(R)), today reported its financial results for the second quarter fiscal year 2007 ended September 30, 2006. The Company reported revenues of $29,588,000, net income of $4,753,000, and net income per share of $0.49 for the second quarter fiscal year 2007. This represents a 40% decrease in revenues and a $0.44 decrease in net income per share versus the second quarter of the prior fiscal year which remains the Company's record quarter for revenues.
The current quarter earnings per share were impacted by the adoption of SFAS 123R, "Accounting for Stock-Based Compensation," on April 1, 2006. As a result, the company recorded a pre-tax charge of $2,153,000 ($1,840,000 after income taxes, or $0.20 per share) in the second quarter fiscal year 2007.
"AS&E ended the second quarter with strong bookings and the highest order backlog in the Company's history," commented Anthony Fabiano, AS&E's President and CEO. "We recorded backlog of $117 million -- up $54 million from the previous quarter and a 54% increase for the same period last year. Significant trends for the quarter included diversifying our customer base, expanding product markets, as well as closing significant service renewal contracts."
"ZBV bookings were bolstered by the largest single order in Company history from the U.S. Government in addition to a significant follow-on ZBV order from U.S. Customs and Border Protection (CBP). Our latest cargo product offering, the OmniView Gantry, continues to gain traction as we announced an order for our fourth system to secure a strategic facility. We continue to see a high level of new service agreements and service renewal contracts as a result of our increased install base and our high customer satisfaction ratings."
Fabiano continued, "We have begun work with the U.S. Domestic Nuclear Detection Office (DNDO) after winning a highly competitive bid to develop the next-generation cargo inspection system. This accomplishment is a major 'win' for our team. We are making excellent strides to develop innovative new technologies to support critical security initiatives, while continually improving our current product offerings."
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