AS&E reports Q2 financial results

Published 6 November 2006

Massachusetts-based radiation-detection specialist shows mixed financial results for Q2 2007; earning per share suffered as a result of the adoption in April of SFAS 123R, and the resulting pre-tax charge; the company boasts of the highest order backlog in company’s history — a respectable $117 million

Billerica, Massachusetts-based radiation detection specialist American Science and Engineering (NASDAQ: ASEI) reported its financial results for the second quarter of fiscal year 2007 which ended 30 September 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 of fiscal year 2007. This represents a 40 percent 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 on 1 April 2006 of SFAS 123R, “Accounting for Stock-Based Compensation.” 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.

Anthony Fabiano, AS&E’s president and CEO, commented: “AS&E ended the second quarter with strong bookings and the highest order backlog in the company’s history…. 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.”

Among other products, AS&E offers its ZBV, a mobile radiation-detection vehicle.

-read more in this news release