Current Report Filing (8-k)
February 05 2015 - 4:17PM
Edgar (US Regulatory)
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 5, 2015
AMERICAN SCIENCE AND ENGINEERING, INC.
(Exact Name Of Registrant As Specified In Its Charter)
MASSACHUSETTS
(State or Other Jurisdiction of Incorporation)
1-6549 |
|
04-2240991 |
(Commission File Number) |
|
(I.R.S. Employer Identification No.) |
829 MIDDLESEX TURNPIKE, BILLERICA, MASSACHUSETTS |
|
01821 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(978) 262-8700
(Registrants Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On February 5, 2015, American Science and Engineering, Inc. (the Company) issued a press release announcing financial results for the third quarter of fiscal year 2015 ended December 31, 2014. The Company also posted on its website (http://ir.as-e.com/events.cfm) a slide presentation regarding such financial results. Copies of the press release and slide presentation are attached herewith as Exhibit 99.1 and 99.2, respectively.
Limitation on Incorporation by Reference. The information furnished in this Form 8-K and the Exhibits attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements. Except for historical information contained in the press release and slide presentation attached as Exhibits hereto, the press release and slide presentation contain forward-looking statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release and slide presentation regarding these forward-looking statements.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit Number |
|
Description |
|
|
|
99.1 |
|
Press Release of American Science and Engineering, Inc. dated February 5, 2015 announcing financial results for third quarter of fiscal year 2015. |
|
|
|
99.2 |
|
Earnings Call Presentation of American Science and Engineering, Inc. February 5, 2015 announcing financial results for third quarter of fiscal year 2015. |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: February 5, 2015 |
AMERICAN SCIENCE AND ENGINEERING, INC. |
|
|
|
By: |
/s/ Kenneth J. Galaznik |
|
|
Kenneth J. Galaznik |
|
|
Senior Vice President, CFO and Treasurer |
3
EXHIBIT INDEX
Exhibit Number |
|
Description |
|
|
|
99.1 |
|
Press Release of American Science and Engineering, Inc. dated February 5, 2015, announcing financial results for third quarter of fiscal year 2015. |
99.2 |
|
Earnings Call Presentation of American Science and Engineering, Inc. dated February 5, 2015, announcing financial results for third quarter of fiscal year 2015. |
4
EXHIBIT 99.1
American Science and Engineering, Inc. Reports Results for
Third Quarter Fiscal Year 2015
· Company Reports Third Quarter EPS of $0.32, up 60% Year-Over-Year
· Resolved Shipment Delays for Significant Middle-East Order
· Free Cash was $11.3 Million as defined as cash flow from operations less capital expenditures
· Repurchased 383,500 Shares in the Quarter for $18.8 Million Under Accelerated Stock Repurchase Program
· Declares Quarterly Dividend of $0.50 per share, Payable on March 3, 2015
· MINI Z Handheld Screening System Named Best of Whats New for 2014 by Popular Science Magazine
BILLERICA, Mass. February 5, 2015 American Science and Engineering, Inc. (NASDAQ: ASEI) (AS&E), a leading worldwide supplier of innovative X-ray detection solutions, today reported its financial results for the third quarter of fiscal year 2015 ended December 31, 2014. The Company reported revenues of $37.0 million as compared with $37.8 million for the third quarter of fiscal year 2014, net income of $2.6 million as compared with $1.6 million for the third quarter of fiscal year 2014, and earnings per share of $0.32 as compared with $0.20 for the third quarter of fiscal year 2014.
For the first nine months of fiscal year 2015, the Company reported revenues of $95.6 million compared with $124.7 million for the same period in the prior fiscal year, net income of $0.1 million compared with $11.2 million for the same period in the prior fiscal year, and earnings per share of $0.01 compared with earnings per share of $1.41 for the same period in the prior fiscal year.
Cash, restricted cash, and investment balances in the quarter decreased $11.5 million to $118.8 million a result of positive cash flow from operations of $12.0 million offset primarily by the $18.8 million repurchase of common stock and the payment of $4.0 million in common stock dividends during the quarter. Cash, restricted cash, and investment balances for the first nine months of fiscal year 2015 decreased by $46.9 million due primarily to the $18.8 million repurchase of common stock, payment of $11.9 million in common stock dividends, and an increase in inventory of $9.1 million.
The Company reported $17.1 million in bookings for the third quarter of fiscal year 2015 and $57.6 million for the first nine months of fiscal year 2015. Backlog at December 31, 2014 was $138.2 million.
Continuing with its dividend program initiated in August 2007, the Company is declaring a quarterly cash dividend of $0.50 per share, payable on March 3, 2015 to the holders of record at the close of business on February 17, 2015. As of December 31, 2014, under the authorized stock repurchase plan, the Company had repurchased approximately 383,500 shares of its common stock for $18.8 million.
The Companys return to profitability and positive cash flow from operations in the third quarter reflects the initial impact of the cost-cutting measures we implemented in September 2014 and the resolution of shipment delays for a specific Middle East ZBV® order already recorded in backlog, said Chuck Dougherty, AS&Es President and Chief Executive Officer. Although bookings were disappointing due to delays in awards for large cargo tenders in the Middle East and Africa and reduced U.S. government spending, we remain confident in our opportunity pipeline and our ability to capture the increased global opportunities for our expanded portfolio of product and service offerings.
Dougherty continued, We have made progress with our strategic initiatives, including upgrading and adding new channel partners in targeted growth markets and supporting our new North American public safety channel program. We continued the global roll-out of the MINI Z handheld screening system and have begun to receive both domestic and international stocking orders. As an affordable entry point for Z Backscatter® technology, the MINI Z system remains a key component of our geographic expansion initiative and we are proud to report that our clients achieved
several contraband seizures during demonstrations and the system was named Best of Whats New for 2014 by Popular Science Magazine.
Chuck Dougherty, President and CEO, and Ken Galaznik, Senior Vice President, Chief Financial Officer and Treasurer, will host a conference call and simultaneous webcast to discuss the results and respond to questions. The conference call and webcast will include a presentation and are scheduled for Thursday, February 5, 2015 at 4:30 pm ET.
To participate in the conference call, please dial (877) 303-9143 at least 10 minutes prior to its starting time. For international participants, please dial (760) 536-5194. The conference identification number is 72481962. You will be placed on hold until the conference call is ready to begin. The live webcast and presentation can be accessed at http://edge.media-server.com/m/p/uppf7qht.
An audio replay of the teleconference will be available, in its entirety, starting Thursday, February 5, 2015 at 7:30 p.m. EST for a one-week period by dialing (855) 859-2056. Internationally, please dial (404) 537-3406. The conference identification number is 72481962. The replay and presentation will also be available through the Companys website at http://ir.as-e.com/events.cfm.
About AS&E
American Science and Engineering, Inc. (AS&E) is the trusted global provider of threat and contraband detection solutions for ports, borders, military, critical infrastructure, law enforcement, and aviation. With over 50 years of experience, AS&E offers proven, advanced, X-ray inspection systems to combat terrorism, drug smuggling, illegal immigration and trade fraud. AS&E systems are designed in a variety of configurations for cargo and vehicle inspection, parcel inspection, and personnel screening. Using a combination of technologies, these systems provide superior detection capabilities, with high-energy, dual-energy, and Z Backscatter X-rays pioneered by AS&E. Learn more about AS&E products and technologies at www.as-e.com and follow us on Twitter @ase_detects.
Public Relations Contact: |
|
Dana Harris |
Laura Berman |
Red Javelin Communications, Inc. |
American Science and Engineering, Inc. |
978-440-8392 |
978-262-8700 |
dana@redjavelin.com |
lberman@as-e.com |
Safe Harbor Statement: The foregoing press release contains statements concerning AS&Es 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 Companys systems by the United States and other governments; disruption in the supply of any source component incorporated into AS&Es products; litigation seeking to restrict the use of intellectual property used by the Company; limitations under certain laws on the Companys 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 Companys 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 Companys 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 companys stock prevailing from time to time, the nature of other investment opportunities presented to the company from time to time, the companys 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&Es 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 Companys most recent Form 10-Q and Form 10-K, which further detail and supplement the factors described in this Safe Harbor Statement. Among other disclosures, the Risk Factors disclose risks pertaining to that portion of the Companys business that is dependent on United States government contracting as well as international customers.
AMERICAN SCIENCE AND ENGINEERING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
|
December 31, 2014 |
|
December 31, 2013 |
|
December 31, 2014 |
|
December 31, 2013 |
|
Total net sales and contract revenues |
|
$ |
36,980 |
|
$ |
37,773 |
|
$ |
95,583 |
|
$ |
124,673 |
|
|
|
|
|
|
|
|
|
|
|
Total cost of sales and contracts |
|
19,873 |
|
20,905 |
|
52,324 |
|
69,452 |
|
Gross profit |
|
17,107 |
|
16,868 |
|
43,259 |
|
55,221 |
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
7,627 |
|
8,396 |
|
24,936 |
|
22,718 |
|
Research and development costs |
|
5,668 |
|
6,139 |
|
18,092 |
|
15,725 |
|
Total operating expenses |
|
13,295 |
|
14,535 |
|
43,028 |
|
38,443 |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
3,812 |
|
2,333 |
|
231 |
|
16,778 |
|
Interest and other income (expense), net |
|
18 |
|
11 |
|
(88 |
) |
8 |
|
Income before provision for income taxes |
|
3,830 |
|
2,344 |
|
143 |
|
16,786 |
|
Provision for income taxes |
|
1,276 |
|
786 |
|
41 |
|
5,624 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,554 |
|
$ |
1,558 |
|
$ |
102 |
|
$ |
11,162 |
|
|
|
|
|
|
|
|
|
|
|
Income per share - Basic |
|
$ |
0.32 |
|
$ |
0.20 |
|
$ |
0.01 |
|
$ |
1.42 |
|
Income per share - Diluted |
|
$ |
0.32 |
|
$ |
0.20 |
|
$ |
0.01 |
|
$ |
1.41 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - Basic |
|
7,789 |
|
7,850 |
|
7,866 |
|
7,837 |
|
Weighted average shares - Diluted |
|
7,796 |
|
7,889 |
|
7,877 |
|
7,873 |
|
The results of operations reported herein may not be indicative of future financial conditions or results of future operations.
AMERICAN SCIENCE AND ENGINEERING, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
|
|
December 31, 2014 |
|
March 31, 2014 |
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
45,731 |
|
$ |
62,143 |
|
Restricted cash and investments |
|
12,226 |
|
14,603 |
|
Short-term investments, at fair value |
|
60,669 |
|
88,649 |
|
Accounts receivable, net |
|
26,780 |
|
34,317 |
|
Unbilled costs and fees |
|
3,365 |
|
2,491 |
|
Inventories, net |
|
42,788 |
|
32,935 |
|
Other current assets |
|
13,844 |
|
10,234 |
|
Total current assets |
|
205,403 |
|
245,372 |
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Building, equipment and leasehold improvements, net |
|
9,603 |
|
12,969 |
|
Restricted cash and investments |
|
208 |
|
313 |
|
Other assets |
|
7,578 |
|
6,857 |
|
Total assets |
|
$ |
222,792 |
|
$ |
265,511 |
|
|
|
|
|
|
|
Liabilities & Stockholders Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
6,750 |
|
$ |
10,618 |
|
Customer deposits |
|
18,901 |
|
16,589 |
|
Deferred revenue |
|
11,867 |
|
10,934 |
|
Other current liabilities |
|
13,658 |
|
24,350 |
|
Total current liabilities |
|
51,176 |
|
62,491 |
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
Lease financing liability |
|
186 |
|
1,404 |
|
Other non-current liabilities |
|
1,265 |
|
4,221 |
|
Total liabilities |
|
52,627 |
|
68,116 |
|
|
|
|
|
|
|
Stockholders equity |
|
170,165 |
|
197,395 |
|
Total liabilities and stockholders equity |
|
$ |
222,792 |
|
$ |
265,511 |
|
AMERICAN SCIENCE AND ENGINEERING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
|
For the Nine Months Ended |
|
|
|
December 31, 2014 |
|
December 31, 2013 |
|
Cash flows from operating activities: |
|
|
|
|
|
Net income |
|
$ |
102 |
|
$ |
11,162 |
|
Adjustments to reconcile net income to net cash (used for) provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
3,624 |
|
3,942 |
|
Provisions for contracts, inventory and accounts receivable reserves |
|
(237 |
) |
1,233 |
|
Amortization of bond premium |
|
713 |
|
1,192 |
|
Deferred income taxes |
|
1,993 |
|
1,894 |
|
Stock compensation expense |
|
2,266 |
|
1,527 |
|
|
|
|
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
7,500 |
|
5,952 |
|
Unbilled costs and fees |
|
(874 |
) |
2,391 |
|
Inventories |
|
(9,138 |
) |
(3,392 |
) |
Prepaid expenses and other assets |
|
(6,324 |
) |
1,432 |
|
Accounts payable |
|
(3,868 |
) |
542 |
|
Accrued income taxes |
|
(2,338 |
) |
(2,094 |
) |
Customer deposits |
|
2,312 |
|
16,932 |
|
Deferred revenue |
|
(1,781 |
) |
(6,472 |
) |
Accrued expenses and other liabilities |
|
(7,917 |
) |
(6,181 |
) |
Net cash (used for) provided by operating activities |
|
(13,967 |
) |
30,060 |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Purchases of short-term investments |
|
(29,211 |
) |
(47,805 |
) |
Proceeds from sales and maturities of short-term investments |
|
56,433 |
|
68,755 |
|
Purchases of property and equipment, net |
|
(1,668 |
) |
(1,463 |
) |
Net cash provided by investing activities |
|
25,554 |
|
19,487 |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Decrease (increase) in restricted cash and investments |
|
2,482 |
|
(1,633 |
) |
Proceeds from exercise of stock options |
|
888 |
|
2,889 |
|
Repurchase of shares of common stock |
|
(18,799 |
) |
(12,306 |
) |
Repayment of leasehold financing liability |
|
(928 |
) |
(1,115 |
) |
Payment of common stock dividend |
|
(11,948 |
) |
(11,749 |
) |
Increase (reduction) of income taxes paid due to the tax benefit from employee stock option expense |
|
306 |
|
(86 |
) |
Net cash used for financing activities |
|
(27,999 |
) |
(24,000 |
) |
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
(16,412 |
) |
25,547 |
|
Cash and cash equivalents at beginning of period |
|
62,143 |
|
40,418 |
|
Cash and cash equivalents at end of period |
|
$ |
45,731 |
|
$ |
65,965 |
|
Exhibit 99.2
|
February 5, 2015 American Science and
Engineering, Inc. Q3 Fiscal Year 2015 Earnings Call Presentation
|
|
Safe Harbor
Statement 2 ©2015 American Science and Engineering, Inc. Safe Harbor
Statement: The foregoing press release contains statements concerning
AS&Es 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 Companys 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 Companys 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 Companys
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 Companys
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&Es 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 Companys most recent Form 10-Q and Form
10-K, which further detail and supplement the factors described in this Safe
Harbor Statement. Among other disclosures, the Risk Factors disclose risks
pertaining to that portion of the Companys business that is dependent on
United States government contracting as well as international customers.
|
|
Revenue by
Product Line Q315 vs. Q314 (000s) 3 ©2015 American Science and
Engineering, Inc. Q315 Q314 Increase/ (Decrease) Cargo $ 8,577 $ 9,619 $ (1,042) Mobile Cargo 10,792 6,912 3,880 Parcel & Personnel 3,016 4,438
(1,422) Other 2,437 2,195 242 Service 12,158 14,609 (2,451) Sales $ 36,980 $ 37,773 $ (793) Q315 Q314
|
|
Consolidated
Statement of Operations Q315 vs. Q314 (000s) 4 ©2015 American Science
and Engineering, Inc. Quarter Ended December 31, 2014 December 31, 2013
Increase/ (Decrease) Total net sales and contract revenues $ 36,980 $ 37,773
$ (793) Total cost of sales and contracts 19,873 20,905 (1,032) Gross profit
17,107 16,868 239 Expenses: Selling, general and administrative expenses
7,627 8,396 (769) Research and development costs 5,668 6,139 (471) Total
operating expenses 13,295 14,535 (1,240) Operating income 3,812 2,333 1,479
Interest and other income, net 18 11 13 Income before provision for income
taxes 3,830 2,344 1,486 Provision for income taxes 1,276 786 490 Net income $ 2,554 $ 1,558 $ 996 Income per share Basic $ 0.32 $ 0.20 $ 0.12 Income per
share Diluted $ 0.32 $ 0.20 $ 0.12
|
|
Revenue by
Product Line YTD FY15 vs. YTD FY14 (000s) 5 ©2015 American Science and
Engineering, Inc. YTD FY15 YTD FY14 Nine Months Ended December 31, 2014
December 31, 2013 Increase/ (Decrease) Cargo $ 21,758 $ 32,148 $ (10,390)
Mobile Cargo 25,127 20,154 4,973 Parcel & Personnel 5,315 8,379 (3,064)
Other 6,877 5,971 906 Service 36,506 58,021 (21,515) Total Sales $ 95,583 $ 124,673 $ (29,090)
|
|
Consolidated
Statement of Operations 6 ©2015 American Science and Engineering, Inc. Nine
Months Ended December 31, 2014 December 31, 2013 Increase/ (Decrease) Total
net sales and contract revenues $ 95,583 $ 124,673 $ (29,090) Total cost of
sales and contracts 52,324 69,452 (17,128) Gross profit 43,259 55,221
(11,962) Expenses: Selling, general and administrative expenses 24,936 22,718
2,218 Research and development costs 18,092 15,725 2,367 Total operating
expenses 43,028 38,443 4,585 Operating income 231 16,778 (16,547) Interest
and other income (expense), net (88) 8 (96) Income before provision for
income taxes 143 16,786 (16,643) Provision for income taxes 41 5,624 (5,583)
Net income $ 102 $ 11,162 $ (11,060) Income per share - Basic $ 0.01 $ 1.42 $ (1.41) Income per share - Diluted $ 0.01 $ 1.41 $ (1.40)
|
|
Cash and
Investments Balance at December 31, 2014 (000s) 7 ©2015 American Science and
Engineering, Inc. $9.1 M increase in inventory $11.9 M in common stock
dividends $18.8 M repurchase of common stock Decrease by $46.9 M due
primarily to: }
|
|
Backlog (000s)
8 ©2015 American Science and Engineering, Inc.
|
|
Q315 Overview
Continued progress against strategic initiatives Return to profitability and
positive cash flow from operations in Q3 Reflects cost-cutting measures
implemented in September 2014 Resolution of shipment delays for a specific
Middle East ZBV® order 9 ©2015 American Science and Engineering, Inc.
|
|
Q315 Overview
Cont Delays in awards for large cargo tenders in the MEA and reduced U.S.
government spending affected bookings However, we remain confident in our
opportunity pipeline and increased global opportunities Opportunity pipeline
remains robust with increased proposal and quoting activity in key markets
such as Middle East/Africa and CALA Current global political situation and
increased terror threat will be a catalyst for our offerings in the long-term
10 ©2015 American Science and Engineering, Inc.
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Geographic
Expansion Upgrading global agent and distributor network to strengthen market
reach. 100% of Tier One countries are covered. Added direct resources for
sales and service in the Middle East, APAC, CALA Piloting sales model for
U.S. Public Safety market Localize our technology to reach state and local
public safety customers Seeding the market with MINI Z demos To-date we have
had 4 seizures of currency and drugs Rolling our same sales model
internationally Received 1st stocking orders in APAC and in the U.S. 11 ©2015
American Science and Engineering, Inc.
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Portfolio
Expansion MINI Z Focus R&D on a new family of portable products
Enhancements, different form factors, software capabilities, and increased detection
capabilities Continue to develop portable Backscatter system for IED
detection Follow-on contract to design smaller, more powerful system after
successful implementation of first system MINI Z continues to win awards for
innovation! Popular Science Magazine named the MINI Z as Best of What's New
for 2014 MINI Z was also just named a finalist in the prestigious Edison
Awards Watch MINI Z on Chicago PD! Episode 2.11 online at
www.nbc.com/chicago-pd/ 12 ©2015 American Science and Engineering, Inc.
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Services
Evolution Service continues to perform in a very challenging environment
Stable run rate of the business for the last 4 quarters Success selling with
installed base and winning back customers without service coverage
increasing service bookings in the year by over 10% International pipeline is
strong; working hard to close these near term opportunities Managed Services
Opportunities are moving forward through long sales cycles 13 ©2015 American
Science and Engineering, Inc. Managed Services Systems Integration
Multi-Vendor Service Expanding Service Offering Install Base
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Enhancing
Shareholder Value On December 1, 2014, the Company approved an expansion of
the stock repurchase authorization from $35.0 million to $50.0 million In Q3
the Company repurchased 383,500 shares of common stock for $18.8 million at
an average cost of $49.02 per share. We are continuing the dividend of $.50
per share, payable on March 3, 2015. 14 ©2015 American Science and
Engineering, Inc. We have returned $249M of Capital to our shareholders since
starting the dividend and repurchase program in Q108.
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Q & A Learn
more about AS&E products and technologies at www.as-e.com and follow us
on Twitter @ase_detects 15 ©2015 American Science and Engineering, Inc.
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