American Science and Engineering [ASEI]
| 3Q11 | 3Q10 | |
|---|---|---|
| Sales |
$76.6M
|
$54.9M
|
| Net Inc. |
$11.8M, 1.28
|
$5.8M, 0.64
|
Net income more than doubled on a 40% increase in sales and higher margins, which improved due to product mix and cost reductions. Sales increased in each of AS&E’s product lines except parcel, which was relatively flat from a year ago. The company put out strong free cash flow, $15.8 million, and repurchased $8.1 million worth of its shares. The sales breakout by product line in the quarter was: Cargo, $20.8M; Z Backscatter Systems, $27.7M; Parcel, $3.4M; Field Service, $23.2M; and Contract Research and Development, $1.6M. AS&E shipped 29 Z Backscatter Vans (ZBV) and five ZBV Military Trailers in the quarter. Backlog stood at $241.3 million at the end of the quarter, a 23% so far this year. Bookings in the quarter were $63.6 million, most of it international, and include orders for 13 ZBVs and a new order for ZBV Mil Trailers from a new U.S. military customer. AS&E’s pipeline of opportunities remains strong and is growing, says Anthony Fabiano, the company’s president and CEO. He says that an order from a U.S. law enforcement agency for a Z Portal system could be a catalyst for more orders for the system by other agencies. For R&D Fabiano says that research on materials discrimination, miniaturization and making the company’s products more modular are all focus areas. He also says AS&E is developing a miniaturized Z Backscatter system that can be towed behind a ground robot for bomb detection in military and non-military environments.