American Science and Engineering Inc. (ASEI, Financial) filed Quarterly Report for the period ended 2012-06-30.
American Science & Engineering, Inc. has a market cap of $531.2 million; its shares were traded at around $60.19 with a P/E ratio of 27.1 and P/S ratio of 2.6. The dividend yield of American Science & Engineering, Inc. stocks is 3.4%. American Science & Engineering, Inc. had an annual average earning growth of 14% over the past 5 years.
Net revenues for the first quarter of fiscal 2013 decreased by $3,759,000 to $47,344,000 compared to the revenues of $51,103,000 for the first quarter of fiscal 2012. This decrease is attributable primarily to a decrease of $3,340,000 in product sales and contract revenues from the same period a year ago. This decrease was due primarily to a decrease of $11,683,000 in Parcel and Personnel Inspection system revenues. In the first quarter of fiscal 2012, the Company fulfilled one large multi-unit Parcel and Personnel Inspection system order which was not repeated in the first quarter of fiscal 2013. This decrease was offset by an increase of $7,872,000 in Cargo Inspection system revenues as compared to the corresponding prior year period due to an increase in the number of systems accepted in the period as compared to the prior period. Contract research and development, Z Backscatter Systems and aftermarket parts revenues remained relatively flat as compared to the prior period. Service revenues decreased by $419,000 to $21,635,000 compared to the first quarter of fiscal 2012 due primarily to a decrease in fixed price service contract revenue from the prior year.
Total cost of sales and contracts for the first quarter of fiscal 2013 decreased by $1,330,000 to $25,871,000 as compared to the corresponding period a year ago. Cost of sales and contracts related to product revenues decreased by $97,000 to $15,124,000 as compared to the corresponding period a year ago. Cost of product sales and contract revenues represented 59% of revenues versus 52% 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 during the period. The cost of service revenues for the quarter ended June 30, 2012 decreased by $1,233,000 to $10,747,000 as compared to the corresponding period a year ago. Cost of service revenues decreased to 50% of revenues from 54% of revenues in the corresponding period due primarily to a reduction in third party services required to support systems under
Selling, general and administrative expenses for the first quarter of fiscal 2013 decreased by $1,260,000 to $7,998,000 as compared to the corresponding period a year ago. Selling, general and administrative expenses represented 17% of revenues in the current period compared to 18% for the corresponding period in the prior year. The decrease in selling, general and administrative expenses from the prior period was primarily the result of a decrease in incentive compensation expense of $551,000, a decrease in payroll and payroll-related costs of $256,000 attributable to decreased headcount and a decrease in marketing related costs of $319,000.
Company funded research and development expenses for the first quarter of fiscal 2013 increased by $1,038,000 to $7,115,000 as compared to the corresponding period a year ago. Research and development expenses represented 15% of revenues in the current quarter compared to 12% for the corresponding period in the prior year. Research and development expenses increased as compared to the prior period due to an increase in labor resources focused on research and development programs and an increase in subcontracted engineering services during the period related primarily to one current research and development program. Research and development activities performed in the quarter focused on the development of new products, product options and product enhancements.
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American Science & Engineering, Inc. has a market cap of $531.2 million; its shares were traded at around $60.19 with a P/E ratio of 27.1 and P/S ratio of 2.6. The dividend yield of American Science & Engineering, Inc. stocks is 3.4%. American Science & Engineering, Inc. had an annual average earning growth of 14% over the past 5 years.
Highlight of Business Operations:
Net sales and contract revenues for the first quarter of fiscal year ending March 31, 2013, or fiscal 2013, decreased to $47,344,000 compared to revenues of $51,103,000 for the first quarter of fiscal 2012. We reported operating income of $6,360,000 for the first quarter of fiscal 2013 compared to $8,567,000 for the first quarter of fiscal 2012. Net income for the first quarter of fiscal 2013 was $4,202,000 ($0.47 per share, on a diluted basis) compared to net income of $5,693,000 ($0.61 per share, on a diluted basis) for the first quarter of fiscal 2012. These results represent a 7% decrease in revenues, a 26% decrease in net income, and a $0.14 decrease in earnings per share when compared to results for the first quarter of the fiscal 2012.Net revenues for the first quarter of fiscal 2013 decreased by $3,759,000 to $47,344,000 compared to the revenues of $51,103,000 for the first quarter of fiscal 2012. This decrease is attributable primarily to a decrease of $3,340,000 in product sales and contract revenues from the same period a year ago. This decrease was due primarily to a decrease of $11,683,000 in Parcel and Personnel Inspection system revenues. In the first quarter of fiscal 2012, the Company fulfilled one large multi-unit Parcel and Personnel Inspection system order which was not repeated in the first quarter of fiscal 2013. This decrease was offset by an increase of $7,872,000 in Cargo Inspection system revenues as compared to the corresponding prior year period due to an increase in the number of systems accepted in the period as compared to the prior period. Contract research and development, Z Backscatter Systems and aftermarket parts revenues remained relatively flat as compared to the prior period. Service revenues decreased by $419,000 to $21,635,000 compared to the first quarter of fiscal 2012 due primarily to a decrease in fixed price service contract revenue from the prior year.
Total cost of sales and contracts for the first quarter of fiscal 2013 decreased by $1,330,000 to $25,871,000 as compared to the corresponding period a year ago. Cost of sales and contracts related to product revenues decreased by $97,000 to $15,124,000 as compared to the corresponding period a year ago. Cost of product sales and contract revenues represented 59% of revenues versus 52% 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 during the period. The cost of service revenues for the quarter ended June 30, 2012 decreased by $1,233,000 to $10,747,000 as compared to the corresponding period a year ago. Cost of service revenues decreased to 50% of revenues from 54% of revenues in the corresponding period due primarily to a reduction in third party services required to support systems under
Selling, general and administrative expenses for the first quarter of fiscal 2013 decreased by $1,260,000 to $7,998,000 as compared to the corresponding period a year ago. Selling, general and administrative expenses represented 17% of revenues in the current period compared to 18% for the corresponding period in the prior year. The decrease in selling, general and administrative expenses from the prior period was primarily the result of a decrease in incentive compensation expense of $551,000, a decrease in payroll and payroll-related costs of $256,000 attributable to decreased headcount and a decrease in marketing related costs of $319,000.
Company funded research and development expenses for the first quarter of fiscal 2013 increased by $1,038,000 to $7,115,000 as compared to the corresponding period a year ago. Research and development expenses represented 15% of revenues in the current quarter compared to 12% for the corresponding period in the prior year. Research and development expenses increased as compared to the prior period due to an increase in labor resources focused on research and development programs and an increase in subcontracted engineering services during the period related primarily to one current research and development program. Research and development activities performed in the quarter focused on the development of new products, product options and product enhancements.
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