BILLERICA, Mass. - American Science and Engineering, Inc., today reported its financial results for the fourth quarter and fiscal year ended March 31, 2006. For fiscal year 2006, revenues increased 85% to $163,604,000 compared with revenues of $88,314,000 in fiscal year 2005. The Company reported net income for the year ended March 31, 2006 of $29,786,000, or $3.27 per share, as compared to net income in the previous year of $11,185,000 or $1.31 per share.
For the fourth quarter of fiscal year 2006, revenues increased to $40,761,000 compared to revenues of $26,968,000 for the same period last year. Net income was $4,725,000, or $0.51 per share, for the quarter ended March 31, 2006 as compared to net income of $9,303,000, or $1.04 per share, for the same period last year, which included a gain on sale of assets of $5,442,000 or $0.61 per share.
"Fiscal year 2006 was an exceptional year for AS&E," said Anthony Fabiano, AS&E's President and CEO. "We completed the second successful year of a business turn-around with outstanding financial and operational results, as well as strengthening our revenue potential with the introduction of competitive new products and innovative product upgrades. We focused our resources on product areas where we were 'winning' the most new business resulting in the dramatic increase in revenue and the improvements in operating profitability -- tripled from the prior fiscal year. Gross profit more than doubled from the prior fiscal year driven by our progress in meeting lean manufacturing cost targets. We continued to be highly successful in selling our 'breakthrough' Z(R) Backscatter Van(TM) to targeted markets, while substantially increasing our Field Service and spare parts revenue from the prior fiscal year."
Fabiano continued, "We directed R&D efforts to effectively bring new technologies and products to market. In the last twelve months we expanded our product offerings to include SmartCheck, OmniView Gantry, Z Portal, the Ruggedized Detection Imaging Module (RDIM), and most recently the Gemini parcel inspection system. Additionally, our world-class sales and marketing organization is actively expanding our sales channels and introducing our proprietary products and services to broader global markets."
American Science and Engineering, Inc. (AS&E) is a leading worldwide supplier of innovative X-ray inspection and screening systems. With more than 45 years of experience in developing advanced X-ray security systems, the company's product line utilizes a variety of technologies, including patented Z Backscatter, Shaped Energy and Radioactive Threat Detection (RTD). For more information, visit www.as-e.com.