American Science and Engineering Inc. (ASEI, Financial) filed Quarterly Report for the period ended 2011-12-31.
American Science And Engineering Inc. has a market cap of $613.9 million; its shares were traded at around $67.99 with a P/E ratio of 18.9 and P/S ratio of 2.2. The dividend yield of American Science And Engineering Inc. stocks is 2.9%. American Science And Engineering Inc. had an annual average earning growth of 9.4% over the past 5 years.
Net sales and contract revenues for the first nine months of fiscal 2012 decreased by 22% to $163,788,000 compared to revenues of $210,868,000 for the first nine months of fiscal 2011. We reported operating income of $30,013,000 for the first nine months of fiscal 2012 compared to $49,973,000 for the first nine months of fiscal 2011. Net income for the first nine months of fiscal 2012 was $20,079,000 ($2.18 per share, on a diluted basis) compared to net income of $33,252,000 ($3.60 per share, on a diluted basis) for the first nine months of fiscal 2011.
Net revenues for the third quarter ended December 31, 2011 decreased by $18,681,000 to $57,907,000 compared to the revenues of $76,588,000 for the third quarter of fiscal 2011. This decrease is attributable primarily to a decrease of $19,746,000 in product sales and contract revenues. Factors contributing to the product sales and contract revenues decrease include: 1) a decrease of $11,323,000 in Z Backscatter system revenues as compared to the corresponding prior year period due to a lower number of units being delivered in the period as compared to the prior year In the quarter ended December 31, 2010, the Company fulfilled one large multi-unit Z Backscatter system order which was not repeated in the third quarter of fiscal 2012; and 2) a decrease of $10,977,000 in Cargo Inspection system revenues as compared to the corresponding prior year period attributable to a decrease in the number of systems delivered and under construction as compared to the prior year. These decreases were offset in part by an increase of $2,455,000 in aftermarket parts revenues due primarily to one large spare parts order fulfilled during the third quarter of fiscal 2012. Contract research and development and Parcel and Personnel Inspection system revenues remained relatively flat as compared to the prior period. Service revenues increased by $1,065,000 to $22,910,000 compared to the third quarter of fiscal 2011 due primarily to increased fixed price service contract revenue as a greater number of systems were under contract as compared to the prior year period.
Total cost of sales and contracts for the third quarter of fiscal 2012 decreased by $10,422,000 to $31,462,000 as compared to the corresponding period a year ago. Cost of sales and contracts related to product revenues decreased by $9,810,000 to $20,530,000 as compared to the corresponding period a year ago. Cost of product sales and contract revenues represented 59% of revenues versus 55% of revenues for the corresponding period in the prior year. The resultant decrease in gross margin percentage from the prior year is due primarily to accruals for losses on certain long-term contracts provided for in the period and inventory reserves accrued for during the period. The cost of service revenues for the quarter ended December 31, 2011 decreased by $612,000 to $10,932,000 as compared to the corresponding period a year ago. Cost of service revenues decreased to 48% of revenues from 53% of revenues in the corresponding period due primarily to a decrease in material costs required to support systems under fixed price contracts during the period and reduced labor costs as numerous systems under contract were in the process of being reallocated during the period.
Total cost of sales and contracts for the nine months ended December 31, 2011 decreased by $24,188,000 to $88,320,000 as compared to the corresponding period a year ago. Cost of sales and contracts related to product revenues decreased by $25,845,000 to $53,060,000 as compared to the corresponding period a year ago. Cost of product sales and contract revenues represented 55% of revenues versus 54% of revenues for the corresponding period in the prior year. The resultant decline in gross margin was primarily the result of loss accruals provided for in the period on certain long-term contracts and inventory reserves accrued for during the period. These additional costs were offset in part by improved margins in the Parcel and Personnel Inspection system and Z Backscatter system product lines as compared to the prior period. The cost of service revenues for the nine months ended December 31, 2011 increased by $1,657,000 to $35,260,000 as compared to the corresponding period a year ago. Cost of service revenues represented 52% of revenues in the nine months ended December 31, 2011 as compared to 53% of revenues for the nine months ended December 31, 2010. The resultant improvement in gross margin was primarily the result of lower freight and material costs as a percentage of revenue to support systems under contract as compared to the prior period.
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American Science And Engineering Inc. has a market cap of $613.9 million; its shares were traded at around $67.99 with a P/E ratio of 18.9 and P/S ratio of 2.2. The dividend yield of American Science And Engineering Inc. stocks is 2.9%. American Science And Engineering Inc. had an annual average earning growth of 9.4% over the past 5 years.
Highlight of Business Operations:
Net sales and contract revenues for the third quarter of fiscal year ending March 31, 2012, or fiscal 2012, decreased to $57,907,000 compared to revenues of $76,588,000 for the third quarter of fiscal 2011. We reported operating income of $11,241,000 for the third quarter of fiscal 2012 compared to $17,362,000 for the third quarter of fiscal 2011. Net income for the third quarter of fiscal 2012 was $7,535,000 ($0.84 per share, on a diluted basis) compared to net income of $11,782,000 ($1.28 per share, on a diluted basis) for the third quarter of fiscal 2011. These results represent a 24% decrease in revenues, a 36% decrease in net income, and a $0.44 decrease in earnings per share when compared to results for the third quarter of the fiscal 2011.Net sales and contract revenues for the first nine months of fiscal 2012 decreased by 22% to $163,788,000 compared to revenues of $210,868,000 for the first nine months of fiscal 2011. We reported operating income of $30,013,000 for the first nine months of fiscal 2012 compared to $49,973,000 for the first nine months of fiscal 2011. Net income for the first nine months of fiscal 2012 was $20,079,000 ($2.18 per share, on a diluted basis) compared to net income of $33,252,000 ($3.60 per share, on a diluted basis) for the first nine months of fiscal 2011.
Net revenues for the third quarter ended December 31, 2011 decreased by $18,681,000 to $57,907,000 compared to the revenues of $76,588,000 for the third quarter of fiscal 2011. This decrease is attributable primarily to a decrease of $19,746,000 in product sales and contract revenues. Factors contributing to the product sales and contract revenues decrease include: 1) a decrease of $11,323,000 in Z Backscatter system revenues as compared to the corresponding prior year period due to a lower number of units being delivered in the period as compared to the prior year In the quarter ended December 31, 2010, the Company fulfilled one large multi-unit Z Backscatter system order which was not repeated in the third quarter of fiscal 2012; and 2) a decrease of $10,977,000 in Cargo Inspection system revenues as compared to the corresponding prior year period attributable to a decrease in the number of systems delivered and under construction as compared to the prior year. These decreases were offset in part by an increase of $2,455,000 in aftermarket parts revenues due primarily to one large spare parts order fulfilled during the third quarter of fiscal 2012. Contract research and development and Parcel and Personnel Inspection system revenues remained relatively flat as compared to the prior period. Service revenues increased by $1,065,000 to $22,910,000 compared to the third quarter of fiscal 2011 due primarily to increased fixed price service contract revenue as a greater number of systems were under contract as compared to the prior year period.
Total cost of sales and contracts for the third quarter of fiscal 2012 decreased by $10,422,000 to $31,462,000 as compared to the corresponding period a year ago. Cost of sales and contracts related to product revenues decreased by $9,810,000 to $20,530,000 as compared to the corresponding period a year ago. Cost of product sales and contract revenues represented 59% of revenues versus 55% of revenues for the corresponding period in the prior year. The resultant decrease in gross margin percentage from the prior year is due primarily to accruals for losses on certain long-term contracts provided for in the period and inventory reserves accrued for during the period. The cost of service revenues for the quarter ended December 31, 2011 decreased by $612,000 to $10,932,000 as compared to the corresponding period a year ago. Cost of service revenues decreased to 48% of revenues from 53% of revenues in the corresponding period due primarily to a decrease in material costs required to support systems under fixed price contracts during the period and reduced labor costs as numerous systems under contract were in the process of being reallocated during the period.
Total cost of sales and contracts for the nine months ended December 31, 2011 decreased by $24,188,000 to $88,320,000 as compared to the corresponding period a year ago. Cost of sales and contracts related to product revenues decreased by $25,845,000 to $53,060,000 as compared to the corresponding period a year ago. Cost of product sales and contract revenues represented 55% of revenues versus 54% of revenues for the corresponding period in the prior year. The resultant decline in gross margin was primarily the result of loss accruals provided for in the period on certain long-term contracts and inventory reserves accrued for during the period. These additional costs were offset in part by improved margins in the Parcel and Personnel Inspection system and Z Backscatter system product lines as compared to the prior period. The cost of service revenues for the nine months ended December 31, 2011 increased by $1,657,000 to $35,260,000 as compared to the corresponding period a year ago. Cost of service revenues represented 52% of revenues in the nine months ended December 31, 2011 as compared to 53% of revenues for the nine months ended December 31, 2010. The resultant improvement in gross margin was primarily the result of lower freight and material costs as a percentage of revenue to support systems under contract as compared to the prior period.
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