American Science and Engineering, Inc. Reports Third Quarter Fiscal Year 2003 Results.Business Editors BILLERICA, Mass.--(BUSINESS WIRE)--Feb. 3, 2003 American Science and Engineering, Inc. (AS&E) (AMEX AMEX See: American Stock Exchange : ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. ) today reported revenues of $17,220,000, an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $519,000 and a loss per share of $0.15 for the third quarter of fiscal 2003, which ended December 31, 2002. This represents a 21% increase in revenues and a $0.20 decrease in the loss per share versus the third quarter of the previous fiscal year. Included in other income (expense) for the quarter ended December 31, 2002 is a $592,000 debit representing the estimated fair value increase during the quarter of the outstanding warrants issued in connection with the $19.7 million private placement of common stock. The loss per share before considering this item was $0.07 per share. Ralph Sheridan, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President, commented, "The inability of Congress to pass the 2003 Federal Budget stalled planned procurements for protection of federal agencies and military installations. This adversely affected third quarter revenues and continues to stifle planned revenues in the current quarter. "Despite the paralysis of Federal Homeland Security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States procurements, policy analysts concur that the march toward conflict in the Middle East has made the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and its allies more exposed to terrorist attacks. This realization is now being echoed by the maritime industry, as they begin to embrace security planning to prevent cargo from becoming a terrorist conveyance into ports and urban areas. While there is a growing global understanding of the importance of technology in protecting ports and borders, progress is hindered by the slow mobilization of government bureaucracies to plan and implement. "Notwithstanding, AS&E continues to invest in R&D to deliver advanced technology solutions for this critical market. These include Shaped Energy(TM) Systems, Radiation Threat Detection and the new ZBV ZBV Zur Besonderen Verwendung (German: for special use) ZBV Z Backscatter Van (cargo security screening system) ZBV Vail/Eagle, CO, USA (Airport Code) Backscatter-only Van. Through this suite of new products, AS&E will support security officials in protecting ports, borders and military installations." About AS&E(R) AS&E develops and manufactures sophisticated X-ray inspection products for critical detection and security applications. These systems are solving an expanding range of inspection problems including detecting car and truck bombs, combating weapons smuggling smuggling, illegal transport across state or national boundaries of goods or persons liable to customs or to prohibition. Smuggling has been carried on in nearly all nations and has occasionally been adopted as an instrument of national policy, as by Great Britain , and imaging cargo to expose trade fraud and illegal immigration "Illegal alien" and "Illegal aliens" redirect here. For other uses, see Illegal aliens (disambiguation). Illegal immigration refers to immigration across national borders in a way that violates the immigration laws of the destination country. . AS&E's patented Z(R) Backscatter backscatter in radiology, radiation deflected by scattering processes at angles greater than 90 degrees to the original direction of the beam of radiation. Important in radiotherapy when estimating surface exposure dose. technology detects plastic explosives, illegal drugs, and other contraband contraband, in international law, goods necessary or useful in the prosecution of war that a belligerent may lawfully seize from a neutral who is attempting to deliver them to the enemy. , even when artfully concealed in complex backgrounds by terrorists and smugglers. AS&E's Shaped Energy(TM) X-ray inspection systems combine material discrimination features of Z(R) Backscatter imaging with the penetration capability of high-energy X-rays for dense cargoes. AS&E's High Energy Systems Division manufactures linear accelerators for a variety of applications including medical, scientific, security, electron beam A stream of electrons, or electricity, that is directed towards a receiving object. See electron beam imaging and electron beam lithography. curing and non-destructive testing. For more information on AS&E products and technologies, please visit http://www.as-e.com.
American Science and Engineering, Inc.
Consolidated Financial Summary
(Dollars and Shares in Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Nine Months
Ended Ended
Dec. Dec. Dec. Dec.
31, 31, 31, 31,
2002 2001 2002 2001
------- ------- ------- -------
Net sales and contract revenues $17,220 $14,248 $49,073 $48,854
Gross margin 3,878 3,170 10,730 11,168
Selling, general and administrative
expenses 3,055 4,274 10,003 9,847
Research and development 1,342 1,628 4,865 4,822
------- ------- ------- -------
Operating loss (519) (2,732) (4,138) (3,501)
Other income (expense) (539) (159) 1,474 (518)
------- ------- ------- -------
Loss before income taxes (1,058) (2,891) (2,664) (4,019)
Benefit from income taxes - (1,099) - (1,529)
------- ------- ------- -------
Net loss $(1,058) $(1,792) $(2,664) $(2,490)
======= ======= ======= =======
Loss per common share $ (0.15) $ (0.35) $ (0.41) $ (0.49)
======= ======= ======= =======
Shares used in per share
calculation 6,838 5,174 6,544 5,075
======= ======= ======= =======
The results of operations reported herein may not be indicative of future financial conditions or results of future operations. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement The foregoing press release contains statements concerning AS&E's financial performance, markets and business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets 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 or delays in procurements of the Company's systems by the United States and other governments; disruption in the supply of any sole-source component incorporated into the AS&E's products (of which there are several); litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. seeking to restrict the use of intellectual property used by the Company; 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 Company's products to address such threats; and the potential insufficiency of Company resources, including human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , capital, plant and equipment and management systems, to accommodate any future growth. These and certain other factors which might cause actual results to differ materially from those projected are more fully set forth under the caption "Forward-Looking Information and Factors Affecting Future Performance" in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for fiscal year ending March 31, 2002. |
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