Form 8-K AMERICAN SCIENCE & ENGIN For: Feb 08
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 8, 2016
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 8, 2016, American Science and Engineering, Inc. (the Company) issued a press release announcing financial results for the third quarter of fiscal year 2016 ended December 31, 2015. 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 |
|
Description |
|
|
|
99.1 |
|
Press Release of American Science and Engineering, Inc. dated February 8, 2016 announcing financial results for third quarter of fiscal year 2016. |
|
|
|
99.2 |
|
Earnings Call Presentation of American Science and Engineering, Inc. dated February 8, 2016 announcing financial results for third quarter of fiscal year 2016. |
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 8, 2016 |
AMERICAN SCIENCE AND ENGINEERING, INC. | |
|
| |
|
By: |
/s/ Diane J. Basile |
|
|
Diane J. Basile |
|
|
Senior Vice President, CFO and Treasurer |
EXHIBIT INDEX
Exhibit |
|
Description |
|
|
|
99.1 |
|
Press Release of American Science and Engineering, Inc. dated February 8, 2016, announcing financial results for third quarter of fiscal year 2016. |
99.2 |
|
Earnings Call Presentation of American Science and Engineering, Inc. dated February 8, 2016, announcing financial results for third quarter of fiscal year 2016. |
EXHIBIT 99.1
American Science and Engineering, Inc. Reports Results for
Third Quarter Fiscal Year 2016 and Declares Quarterly Dividend
· Third quarter results were adversely affected by continuing regional volatility and falling oil prices in strategic end-markets
· Net loss of $0.5 million as compared with net income of $2.6 million for the third quarter of fiscal year 2015
· Free cash flow of $8.2 million for the quarter, defined as cash flow from operations less capital expenditures
· Quarterly dividend declared of $0.50 per share, payable on March 2, 2016
· Received first order for multiple Next Generation Z Portal® systems from an African government agency
BILLERICA, Mass. February 8, 2016 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 2016 ended December 31, 2015. The Company reported revenues of $22.2 million as compared with $37.0 million for the third quarter of fiscal year 2015, a net loss of $0.5 million as compared with net income of $2.6 million for the third quarter of fiscal year 2015, and a loss per share of $0.06 as compared with earnings per share of $0.32 for the third quarter of fiscal year 2015.
For the first nine months of fiscal year 2016, the Company reported revenues of $78.8 million as compared with $95.6 million for the same period in fiscal year 2015, a net loss of $0.5 million compared with net income of $0.1 million for the same period in fiscal year 2015, and a loss per share of $0.07 as compared with earnings per share of $0.01 for the same period in fiscal year 2015. The Company reported $29.5 million in bookings for the third quarter of fiscal year 2016 and $97.0 million for the first nine months of fiscal year 2016. Backlog at December 31, 2015 was $156.6 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 2, 2016 to the holders of record at the close of business on February 18, 2016.
Third quarter results were impacted by continuing regional volatility and falling oil prices in strategic end-markets, which caused delays in new orders and in shipment of backlog orders, said Chuck Dougherty, AS&Es President and CEO. We are maintaining our focus on managing operating expenses while continuing to prioritize working capital improvements in order to optimize cash flow generation, as we navigate this challenging market environment.
Dougherty continued, We were pleased to receive the first order for the Next Generation Z Portal® cargo and vehicle inspection system, a $13-million contract for multiple systems from an African government agency for counterterrorism applications. Additionally, we received a five-year, follow-on Managed Services contract from NATO to operate and maintain AS&E and third-party explosive detection systems deployed in the Middle East. These initial orders are the results of our long-term strategy of growing our portfolio of solutions to capture and expand our opportunity pipeline in new and existing markets.
Chuck Dougherty, President and CEO, and Diane Basile, Senior Vice President, CFO 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 Monday, February 8, 2016 at 4:30 p.m. ET.
To participate in the conference call, dial (877) 303-9143; please dial at least 10 minutes prior to its starting time. For international participants, please dial (760) 536-5194. The conference identification number is 35811274. 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/xmu6ukgm.
An audio replay of the teleconference will be available, in its entirety, starting Monday, February 8, 2016 at 7:30 p.m. ET for a one-week period by dialing (855) 859-2056. Internationally, please dial (404) 537-3406. The conference
identification number is 35811274. 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 |
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, |
|
December 31, |
|
December 31, |
|
December 31, |
| ||||
Total net sales and contract revenues |
|
$ |
22,173 |
|
$ |
36,980 |
|
$ |
78,754 |
|
$ |
95,583 |
|
|
|
|
|
|
|
|
|
|
| ||||
Total cost of sales and contracts |
|
11,277 |
|
19,873 |
|
41,078 |
|
52,324 |
| ||||
Gross profit |
|
10,896 |
|
17,107 |
|
37,676 |
|
43,259 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Expenses: |
|
|
|
|
|
|
|
|
| ||||
Selling, general and administrative expenses |
|
7,693 |
|
7,627 |
|
22,735 |
|
24,936 |
| ||||
Research and development costs |
|
4,576 |
|
5,668 |
|
16,216 |
|
18,092 |
| ||||
Total operating expenses |
|
12,269 |
|
13,295 |
|
38,951 |
|
43,028 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Operating income (loss) |
|
(1,373 |
) |
3,812 |
|
(1,275 |
) |
231 |
| ||||
Interest and other income (expense), net |
|
(22 |
) |
18 |
|
(198 |
) |
(88 |
) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Income (loss) before provision for (benefit from) income taxes |
|
(1,395 |
) |
3,830 |
|
(1,473 |
) |
143 |
| ||||
Provision for (benefit from) income taxes |
|
(931 |
) |
1,276 |
|
(958 |
) |
41 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net income (loss) |
|
$ |
(464 |
) |
$ |
2,554 |
|
$ |
(515 |
) |
$ |
102 |
|
|
|
|
|
|
|
|
|
|
| ||||
Income (loss) per share - Basic |
|
$ |
(0.06 |
) |
$ |
0.32 |
|
$ |
(0.07 |
) |
$ |
0.01 |
|
Income (loss) per share - Diluted |
|
$ |
(0.06 |
) |
$ |
0.32 |
|
$ |
(0.07 |
) |
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
| ||||
Weighted average shares - Basic |
|
7,164 |
|
7,789 |
|
7,158 |
|
7,866 |
| ||||
Weighted average shares - Diluted |
|
7,164 |
|
7,796 |
|
7,158 |
|
7,877 |
|
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, 2015 |
|
March 31, 2015 |
| ||
Assets |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
|
$ |
87,151 |
|
$ |
68,835 |
|
Restricted cash |
|
5,602 |
|
6,193 |
| ||
Short-term investments, at fair value |
|
3,000 |
|
24,533 |
| ||
Accounts receivable, net |
|
13,723 |
|
22,124 |
| ||
Unbilled costs and fees |
|
2,697 |
|
1,848 |
| ||
Inventories, net |
|
39,561 |
|
40,983 |
| ||
Other current assets |
|
12,066 |
|
13,187 |
| ||
Total current assets |
|
163,800 |
|
177,703 |
| ||
|
|
|
|
|
| ||
Non-current assets: |
|
|
|
|
| ||
Equipment and leasehold improvements, net |
|
6,425 |
|
8,711 |
| ||
Restricted cash |
|
1,587 |
|
208 |
| ||
Other assets |
|
6,245 |
|
6,486 |
| ||
Total assets |
|
$ |
178,057 |
|
$ |
193,108 |
|
|
|
|
|
|
| ||
Liabilities & Stockholders Equity |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Accounts payable |
|
$ |
5,231 |
|
$ |
7,200 |
|
Customer deposits |
|
12,076 |
|
13,956 |
| ||
Deferred revenue |
|
11,158 |
|
7,355 |
| ||
Other current liabilities |
|
8,409 |
|
12,664 |
| ||
Total current liabilities |
|
36,874 |
|
41,175 |
| ||
|
|
|
|
|
| ||
Non-current liabilities: |
|
|
|
|
| ||
Deferred revenue |
|
1,861 |
|
1,019 |
| ||
Other non-current liabilities |
|
676 |
|
507 |
| ||
Total liabilities |
|
39,411 |
|
42,701 |
| ||
|
|
|
|
|
| ||
Stockholders equity |
|
138,646 |
|
150,407 |
| ||
Total liabilities and stockholders equity |
|
$ |
178,057 |
|
$ |
193,108 |
|
AMERICAN SCIENCE AND ENGINEERING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
|
For the Nine Months Ended |
| ||||
|
|
December 31, |
|
December 31, |
| ||
Cash flows from operating activities: |
|
|
|
|
| ||
Net income (loss) |
|
$ |
(515 |
) |
$ |
102 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |
|
|
|
|
| ||
Depreciation and amortization |
|
2,882 |
|
3,624 |
| ||
Provisions for contracts, inventory and accounts receivable reserves |
|
(5 |
) |
(237 |
) | ||
Amortization of bond premium |
|
72 |
|
713 |
| ||
Deferred income taxes |
|
|
|
1,993 |
| ||
Stock compensation expense |
|
1,849 |
|
2,266 |
| ||
Other |
|
202 |
|
|
| ||
|
|
|
|
|
| ||
Changes in assets and liabilities: |
|
|
|
|
| ||
Accounts receivable |
|
8,443 |
|
7,500 |
| ||
Unbilled costs and fees |
|
(849 |
) |
(874 |
) | ||
Inventories |
|
1,385 |
|
(9,138 |
) | ||
Prepaid expenses and other assets |
|
1,362 |
|
(6,324 |
) | ||
Accounts payable |
|
(1,969 |
) |
(3,868 |
) | ||
Accrued income taxes |
|
|
|
(2,338 |
) | ||
Customer deposits |
|
(1,880 |
) |
2,312 |
| ||
Deferred revenue |
|
4,645 |
|
(1,781 |
) | ||
Accrued expenses and other liabilities |
|
(4,086 |
) |
(7,917 |
) | ||
Net cash provided by (used for) operating activities |
|
11,536 |
|
(13,967 |
) | ||
|
|
|
|
|
| ||
Cash flows from investing activities: |
|
|
|
|
| ||
Purchases of short-term investments |
|
|
|
(29,211 |
) | ||
Proceeds from sales and maturities of short-term investments |
|
21,465 |
|
56,433 |
| ||
Purchases of property and equipment, net |
|
(798 |
) |
(1,668 |
) | ||
Net cash provided by investing activities |
|
20,667 |
|
25,554 |
| ||
|
|
|
|
|
| ||
Cash flows from financing activities: |
|
|
|
|
| ||
(Increase) decrease in restricted cash |
|
(788 |
) |
2,482 |
| ||
Proceeds from exercise of stock options |
|
|
|
888 |
| ||
Repurchase of shares of common stock |
|
(2,263 |
) |
(18,799 |
) | ||
Repayment of leasehold financing liability |
|
|
|
(928 |
) | ||
Payment of common stock dividend |
|
(10,836 |
) |
(11,948 |
) | ||
Increase in income taxes due to the tax benefit from employee stock option expense |
|
|
|
306 |
| ||
Net cash used for financing activities |
|
(13,887 |
) |
(27,999 |
) | ||
|
|
|
|
|
| ||
Net increase (decrease) in cash and cash equivalents |
|
18,316 |
|
(16,412 |
) | ||
Cash and cash equivalents at beginning of period |
|
68,835 |
|
62,143 |
| ||
Cash and cash equivalents at end of period |
|
$ |
87,151 |
|
$ |
45,731 |
|
Exhibit 99.2
Charles P. Dougherty, President and CEO Diane Basile, CFO and Treasurer February 8, 2016 American Science and Engineering, Inc. Q3 Fiscal Year 2016 Earnings Call Presentation
Safe Harbor Statement 2 ©2016 American Science and Engineering, Inc. The foregoing presentation 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 material 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 U.S government procurement and procurement abroad; and future delays in federal funding. 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 Annual Report on 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 U.S. government contracting as well as international customers. As a contractor with the U.S. government, a significant number of the Companys government contracts may be terminated at the governments discretion.
Sales by Product Line: Q3 FY16 vs. Q3 FY15 (000s) 3 ©2016 American Science and Engineering, Inc. Q3 FY15 Q3 FY16 Service 56% Parcel and Personnel Systems 17% Mobile Cargo Systems 12% Cargo Systems 12% Other 3% Q3 FY16Q3 FY15Increase/ (Decrease)Cargo Systems $2,638 $8,577 $(5,939)Mobile Cargo Systems 2,671 10,792 (8,121)Parcel and Personnel Systems 3,757 3,016 741Service 12,443 12,158 285Other 664 2,437 (1,773)Total Sales $22,173 $36,980 $(14,807) Other 7% Cargo Systems 23% Service 33% Parcel and Personnel Systems 8% Mobile Cargo Systems 29%
Consolidated Statement of Operations: Q3 FY16 vs. Q3 FY15 (000s) 4 ©2016 American Science and Engineering, Inc. Quarter Ended "December 31, 2015" "December 31, 2014" Increase/ (Decrease) Total net sales and contract revenues $22,173 $36,980 $(14,807) Total cost of sales and contracts 11,277 19,873 (8,596) Gross profit 10,896 17,107 (6,211) Expenses: Selling, general and administrative expenses 7,693 7,627 66 Research and development costs 4,576 5,668 (1,092) Total operating expenses 12,269 13,295 (1,026) Operating income (loss) (1,373) 3,812 (5,185) Interest and other income (expense), net (22) 18 (40) Income (loss) before provision for (benefit from) income taxes (1,395) 3,830 (5,225) Provision for (benefit from) income taxes (931) 1,276 (2,207) Net income (loss) $(464) $2,554 $(3,018) Income (loss) per share - Basic $(0.06) $0.32 $(0.38) Income (loss) per share - Diluted $(0.06) $0.32 $(0.38) Weighted average shares - Basic 7,164 7,789 Weighted average shares - Diluted 7,164 7,796
Sales by Product Line: YTD FY16 vs. YTD FY15 (000s) 5 ©2016 American Science and Engineering, Inc. YTD FY15 YTD FY16 Parcel and Personnel Systems 11% Mobile Cargo Systems 24% Cargo Systems 16% Other 3% Nine Months Ended December 31, 2015 December 31, 2014 Increase/ (Decrease) Cargo Systems $12,228 $21,758 $(9,530) Mobile Cargo Systems 18,989 25,127 (6,138) Parcel and Personnel Systems 8,580 5,315 3,265 Service 36,458 36,506 (48) Other 2,499 6,877 (4,378) Total Sales $78,754 $95,583 $(16,829) Service 46% Other 7% Cargo Systems 23% Service 38% Parcel and Personnel Systems 6% Mobile Cargo Systems 26%
Consolidated Statement of Operations: YTD FY16 vs. YTD FY15 (000s) 6 ©2016 American Science and Engineering, Inc. Nine Months Ended "December 31, 2015" "December 31, 2014" Increase/ (Decrease) Total net sales and contract revenues $78,754 $95,583 $(16,829) Total cost of sales and contracts 41,078 52,324 (11,246) Gross profit 37,676 43,259 (5,583) Expenses: Selling, general and administrative expenses 22,735 24,936 (2,201) Research and development costs 16,216 18,092 (1,876) Total operating expenses 38,951 43,028 (4,077) Operating income (loss) (1,275) 231 (1,506) Interest and other income (expense), net (198) (88) (110) Income (loss) before provision for (benefit from) income taxes (1,473) 143 (1,616) Provision for (benefit from) income taxes (958) 41 (999) Net income (loss) $(515) $102 $(617) Income (loss) per share - Basic $(0.07) $0.01 $(0.08) Income (loss) per share - Diluted $(0.07) $0.01 $(0.08) Weighted average shares - Basic 7,158 7,866 Weighted average shares - Diluted 7,158 7,877
Cash and Investments Balance as of December 31, 2015 (000s) 7 ©2016 American Science and Engineering, Inc. Total $99.8 million Total $97.3 million March 31, 2015 December 31, 2015 Restricted Cash and Investments - Long-term $208 $1,587 Restricted Cash and Investments - Current $6,193 $5,602 Short-Term Investments $24,533 $3,000 Cash and Cash Equivalents $68,835 $87,151 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000
Backlog (000s) 8 ©2016 American Science and Engineering, Inc. Backlog (000s) $250,000 $200,000 $150,000 $100,000 $50,000 $-,Dec. 3`, 2011 Dec 31, 2012 Dec. 31, 2013 Dec 3`, 2014 Dec. 31, 2015 Backlog $209,057 $219,710 $180,934 $138,178 $156,575
Charles P. Dougherty President and CEO
Received First Award for Next Generation Z Portal® System 10 ©2016 American Science and Engineering, Inc. $13 million award for multiple next generation Z Portal systems from an African country System to be used for counterterrorism applications in combination with the ZBV® cargo and vehicle screening system Enhanced detection capability: Multi-technology with up to six views of scanned cargo Higher throughput, drive-through screening system: 250 trucks or 400 passenger vehicles per hour Compact, construction-less design: Fits into existing toll booth lanes and eliminates the need for extensive civil works Next generation Z Portal system for high throughput screening of cargo and vehicles provides up to six images of car or truck undergoing inspection
Introducing CarView Portal Security portal for scanning of cars and small trucks Ideal for events, garages, high-threat facilities, government buildings, and other checkpoints Drive-through passenger vehicle inspection system Low-cost, multi-technology, high-throughput Gain more insight into scanned vehicles with two views Simultaneously captures dual-energy transmission and Z Backscatter® images Balance security with the flow of operations High-throughput system can scan vehicles at 220 kph Up to 400 passenger vehicles per hour Construction-less design for fast deployment Lightweight, easily relocatable system 11 Dual-energy transmission and Z Backscatter X-rays ©2016 American Science and Engineering, Inc.
MINI Z® Handheld Z Backscatter® Screening System Executing on portable product roadmap with MINI Z system enhancements Enhanced operational effectiveness with latest software release, including image stitching for faster image interpretation Tactical improvements to assist public safety officials execute their missions more efficiently, including a tablet mount that allows for single-user operation U.S Federal government agencies continue to test and deploy MINI Z for multiple applications MINI Z systems deployed with 15 government agencies Key customers include: Navy, Army, Department of State, and U.S. Fish and Wildlife 12 ©2016 American Science and Engineering, Inc.
Services Evolution Service continues to be a differentiator for us with the highest levels of customer satisfaction Received a follow-on five-year contract from NATO Support and Procurement Agency First-year funded for $6.4 million The NATO award is helping us build a framework for larger scale Managed Services opportunities 13 ©2016 American Science and Engineering, Inc. Photos courtesy of NCI Agency Creative Media Centre
Strategic Initiatives 14 ©2016 American Science and Engineering, Inc.
VALUES Q & A An audio replay and a copy of the presentation slides will be available on the AS&E website at ir.as-e.com. Learn more about AS&E products and technologies at www.as-e.com and follow us on Twitter @ase_detects 15 © 2016 American Science and Engineering, Inc.
Follow us on Twitter @ase_detects © 2016 American Science and Engineering, Inc.
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