American Science and Engineering reports the first profitable fiscal year since 1993; Turnaround complete after fourth consecutive profitable quarter.BILLERICA Billerica (bĭlrĭ`kə), town (1990 pop. 37,609), Middlesex co., NE Mass., on the Concord River; settled 1637, inc. 1655. An important high-tech center, its manufactures include computer hardware and software, precision instruments, and , Mass.--(BUSINESS WIRE)--June 6, 1996--American Science and Engineering Inc. (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. ) is pleased to report profits of $802,000 ($0.18 per share) for the fiscal year ended March 29, 1996, a reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of the $967,000 loss ($0.23 loss per share) reported during the previous year, on a 37 percent increase in revenues to $17.8 million. The company was profitable in all quarters and produced profits of $343,000 ($0.07 per share) on revenues of $5.7 million during the three months ended March 29, 1996. These are significant improvements over the loss of $564,000 ($0.13 loss per share) on revenues of $3.1 million reported in the previous year's final quarter. Ralph S. Sheridan Sheridan, city (1990 pop. 13,900), seat of Sheridan co., N Wyo., on Goose Creek E of the Bighorn Mts., in a mineral, livestock, and irrigated farm region; inc. 1884. It is a regional trade and market hub. , president of AS&E, stated, "The turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. effort commenced in July July: see month. of 1993 is complete. A first class management team is delivering on the potential of AS&E's technology and engineering skills. Substantial strides have been made in every served market -- government and commercial security, drug detection and cargo inspection. "Significant progress was achieved in the commercialization of the CargoSearch technology. Following on the success of our inital system at Otay Mesa, Calif., U.S. Customs placed orders for three additional truck inspection systems on the border with Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. for drug detection. The MobileSearch program for a truck-mounted vehicle inspection system was delivered to the Department of Defense and field test has commenced. The third product application in the CargoSearch family -- PalletSearch -- is nearing first deployment for high security freight inspection. This broad range of capability positions AS&E for leadership in the global market for freight and vehicle inspection. "The centerpiece of this turnaround has been our focus on building strong client relationships by delivering high performance technology solutions to complex security and inspection problems. The net result is a market-driven, technology-energized company well positioned for the next phase of profitable growth and market leadership." -0-
American Science and Engineering Inc.
Consolidated Financial Summary
(Dollars in Thousands, except per share amounts)
(Unaudited)
3 Months Ended Fiscal Year Ended
March 29 March 31, March 29, March 31,
1996 1995 1996 1995
Net sales and contract revenue $ 5,699 $ 3,057 $17,815 $12,997 Gross profit 2,203 804 5,992 3,921 Operating profit (loss) 530 (582) 1,072 (997) Net profit (loss) $ 343 $ (564) $ 802 $ (967) Profit (loss) per common share $ .07 $ (0.13) $ .18 $ (0.23) Shares used in profit (loss) per share calculation 4,682,892 4,276,306 4,541,107 4,257,120 The results of operations reported herein may not be indicative of future financial conditions or results of future operations. CONTACT: American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Science and Engineering Inc. Jeffrey Bernfield or Lee Steele Lee Steele (born in Liverpool on December 7, 1973) is an English professional footballer who currently plays for Northwich Victoria whom he joined from Chester City in July 2007. , 508/262-8700 |
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