Current Report Filing (8-k)
November 10 2014 - 3:11PM
Edgar (US Regulatory)
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 10, 2014
AMERICAN SCIENCE AND ENGINEERING, INC.
(Exact Name Of Registrant As Specified In Its Charter)
MASSACHUSETTS
(State or Other Jurisdiction of Incorporation)
1-6549 |
|
04-2240991 |
(Commission File Number) |
|
(I.R.S. Employer Identification No.) |
829 MIDDLESEX TURNPIKE, BILLERICA, MASSACHUSETTS |
|
01821 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(978) 262-8700
(Registrants Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On November 10, 2014, American Science and Engineering, Inc. (the Company) issued a press release announcing financial results for the second quarter of fiscal year 2015 ended September 30, 2014. The Company also posted on its website (http://ir.as-e.com/events.cfm) a slide presentation regarding such financial results. Copies of the press release and slide presentation are attached herewith as Exhibit 99.1 and 99.2, respectively.
Limitation on Incorporation by Reference. The information furnished in this Form 8-K and the Exhibits attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements. Except for historical information contained in the press release and slide presentation attached as Exhibits hereto, the press release and slide presentation contain forward-looking statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release and slide presentation regarding these forward-looking statements.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit Number |
|
Description |
|
|
|
99.1 |
|
Press Release of American Science and Engineering, Inc. dated November 10, 2014 announcing financial results for second quarter of fiscal year 2015. |
|
|
|
99.2 |
|
Earnings Call Presentation of American Science and Engineering, Inc. dated November 10, 2014 announcing financial results for second quarter of fiscal year 2015. |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: November 10, 2014 |
AMERICAN SCIENCE AND ENGINEERING, INC. |
|
|
|
By: |
/s/ Kenneth J. Galaznik |
|
|
Kenneth J. Galaznik |
|
|
Senior Vice President, CFO and Treasurer |
3
EXHIBIT INDEX
Exhibit Number |
|
Description |
|
|
|
99.1 |
|
Press Release of American Science and Engineering, Inc. dated November 10, 2014, announcing financial results for second quarter of fiscal year 2015. |
99.2 |
|
Earnings Call Presentation of American Science and Engineering, Inc. dated November 10, 2014, announcing financial results for second quarter of fiscal year 2015. |
4
EXHIBIT 99.1
American Science and Engineering, Inc. Reports Results for
Second Quarter Fiscal Year 2015
· Net loss of $3.9M for second quarter includes one-time charge for workforce reduction
· Future operating expenses reduced through workforce and targeted cost reductions
· Quarterly dividend declared of $0.50 per share
· First MINI Z Handheld Z Backscatter® Screening systems shipped to customers
BILLERICA, Mass. November 10, 2014 American Science and Engineering, Inc. (NASDAQ: ASEI) (AS&E), a leading worldwide supplier of innovative X-ray detection solutions, today reported its financial results for the second quarter of fiscal year 2015 ended September 30, 2014. The Company reported revenues of $23.1 million as compared with revenues of $43.8 million for the second quarter of fiscal year 2014, a net loss of $3.9 million, inclusive of the one-time charge for the workforce reduction, as compared with net income of $4.7 million for the second quarter of fiscal year 2014, and a loss per share of $0.49 as compared with earnings per share of $0.60 for the second quarter of fiscal year 2014.
For the first six months of fiscal year 2015 ended September 30, 2014, the Company reported revenues of $58.6 million as compared with revenues of $86.9 million for the same period in the prior fiscal year, a net loss of $2.5 million as compared with net income of $9.6 million for the same period in the prior fiscal year, and a loss per share of $0.31 as compared with earnings per share of $1.22 for the same period in the prior fiscal year.
The Company reported bookings of $18.2 million for the second quarter of fiscal year 2015 and $40.6 million for the first six months of fiscal year 2015. Backlog at September 30, 2014 was $158.1 million.
The Company is declaring a quarterly cash dividend of $0.50 per share, payable on December 2, 2014 to the holders of record at the close of business on November 25, 2014.
As announced on September 30, 2014, our quarterly results were negatively impacted by continued unrest in specific end-markets, which caused shipment delays for orders already recorded in our backlog, said Chuck Dougherty, AS&Es President and CEO. To reduce operating expenses, we trimmed our workforce by approximately 10% and implemented targeted cost reductions. We expect to begin realizing the ongoing benefit of these cost-cutting measures in the December quarter.
Dougherty continued, Looking forward, we are encouraged both by the growth opportunities in our end-markets and by the notable progress we are starting to see from our strategic initiatives. These include the market response, initial bookings, and first shipments for the new MINI Z system as well as opportunities for our expanding Z Backscatter® family of products from our new public safety channel, targeted international markets, and existing customers. We remain firmly committed to enhancing shareholder value as we continue to execute on our strategic roadmap by leveraging and capturing increased global opportunities for our expanded portfolio of product and service offerings.
Chuck Dougherty, President and Chief Executive Officer, and Ken Galaznik, Senior Vice President, Chief Financial Officer and Treasurer, will host a conference call and simultaneous webcast to discuss the results and respond to questions. The conference call and webcast will include a presentation and are scheduled for Monday, November 10, 2014 at 4:30 pm ET.
To participate in the conference call, please dial (877) 303-9143 at least 10 minutes prior to its starting time. For international participants, please dial (760) 536-5194. The conference identification number is 23686196. You will be placed on hold until the conference call is ready to begin. The live webcast and presentation can be accessed at http://www.media-server.com/m/p/9fmes558.
An audio replay of the teleconference will be available, in its entirety, starting Monday, November 10, 2014 at 6:30 p.m. ET for a one-week period by dialing (855) 859-2056. Internationally, please dial (404) 537-3406. The conference identification number is 23686196. The replay and presentation will also be available through the Companys website at http://ir.as-e.com/events.cfm.
About AS&E
American Science and Engineering, Inc. (AS&E) is the trusted global provider of threat and contraband detection solutions for ports, borders, military, critical infrastructure, law enforcement, and aviation. With over 50 years of experience, AS&E offers proven, advanced X-ray inspection systems to combat terrorism, drug smuggling, illegal immigration, and trade fraud. AS&E systems are designed in a variety of configurations for cargo and vehicle inspection, parcel inspection, and personnel screening. Using a combination of technologies, these systems provide superior detection capabilities, with high-energy, dual-energy, and Z Backscatter X-rays. Learn more about AS&E products and technologies at www.as-e.com and follow us on Twitter @ase_detects.
Public Relations Contact: |
|
Dana Harris |
Laura Berman |
Red Javelin Communications, Inc. |
American Science and Engineering, Inc. |
978-440-8392 |
978-262-8700 |
dana@redjavelin.com |
lberman@as-e.com |
Safe Harbor Statement: The foregoing press release contains statements concerning AS&Es financial performance, markets and business operations 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, delays or cancellations (in full or in part) in procurements of the Companys systems by the United States and other governments; disruption in the supply of any source component incorporated into AS&Es products; litigation seeking to restrict the use of intellectual property used by the Company; limitations under certain laws on the Companys ability to protect its own intellectual property; 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 Companys products to address such threats; the potential insufficiency of Company resources, including human resources, capital, plant and equipment and management systems, to accommodate any future growth; technical problems and other delays that could impact new product development and the Companys ability to adapt to changes in technology and customer requirements; competitive pressures; lengthy sales cycles both in United States government procurement and procurement abroad; future delays in federal funding, the market price of the companys stock prevailing from time to time, the nature of other investment opportunities presented to the company from time to time, the companys cash flows from operations and market and general economic conditions. These and certain other factors which might cause actual results to differ materially from those projected are detailed from time to time in AS&Es periodic reports and registration statements filed with the Securities and Exchange Commission, which important factors are incorporated herein by reference. AS&E undertakes no obligation to update forward looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial condition or business over time. Readers are further advised to review the Risk Factors set forth in the Companys most recent Form 10-Q and Form 10-K, which further detail and supplement the factors described in this Safe Harbor Statement. Among other disclosures, the Risk Factors disclose risks pertaining to that portion of the Companys business that is dependent on United States government contracting as well as international customers.
#####
AMERICAN SCIENCE AND ENGINEERING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
|
|
Quarter Ended |
|
Six Months Ended |
|
|
|
September 30, 2014 |
|
September 30, 2013 |
|
September 30, 2014 |
|
September 30, 2013 |
|
Total net sales and contract revenues |
|
$ |
23,066 |
|
$ |
43,816 |
|
$ |
58,603 |
|
$ |
86,900 |
|
|
|
|
|
|
|
|
|
|
|
Total cost of sales and contracts |
|
13,383 |
|
24,610 |
|
32,451 |
|
48,547 |
|
Gross profit |
|
9,683 |
|
19,206 |
|
26,152 |
|
38,353 |
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
9,118 |
|
6,913 |
|
17,309 |
|
14,322 |
|
Research and development costs |
|
6,418 |
|
5,172 |
|
12,424 |
|
9,586 |
|
Total operating expenses |
|
15,536 |
|
12,085 |
|
29,733 |
|
23,908 |
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
(5,853 |
) |
7,121 |
|
(3,581 |
) |
14,445 |
|
Interest and other income (expense), net |
|
(21 |
) |
5 |
|
(106 |
) |
(3 |
) |
Income (loss) before provision for income taxes |
|
(5,874 |
) |
7,126 |
|
(3,687 |
) |
14,442 |
|
Provision for (benefit from) income taxes |
|
(1,968 |
) |
2,387 |
|
(1,235 |
) |
4,838 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(3,906 |
) |
$ |
4,739 |
|
$ |
(2,452 |
) |
$ |
9,604 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share - Basic |
|
$ |
(0.49 |
) |
$ |
0.61 |
|
$ |
(0.31 |
) |
$ |
1.23 |
|
Income (loss) per share - Diluted |
|
$ |
(0.49 |
) |
$ |
0.60 |
|
$ |
(0.31 |
) |
$ |
1.22 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - Basic |
|
7,917 |
|
7,820 |
|
7,904 |
|
7,831 |
|
Weighted average shares - Diluted |
|
7,917 |
|
7,851 |
|
7,904 |
|
7,866 |
|
The results of operations reported herein may not be indicative of future financial conditions or results of future operations.
AMERICAN SCIENCE AND ENGINEERING, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
|
|
September 30, 2014 |
|
March 31, 2014 |
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
39,829 |
|
$ |
62,143 |
|
Restricted cash and investments |
|
13,474 |
|
14,603 |
|
Short-term investments, at fair value |
|
76,359 |
|
88,649 |
|
Accounts receivable, net |
|
29,419 |
|
34,317 |
|
Unbilled costs and fees |
|
5,763 |
|
2,491 |
|
Inventories, net |
|
45,200 |
|
32,935 |
|
Other current assets |
|
15,216 |
|
10,234 |
|
Total current assets |
|
225,260 |
|
245,372 |
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Building, equipment and leasehold improvements, net |
|
10,866 |
|
12,969 |
|
Restricted cash and investments |
|
716 |
|
313 |
|
Other assets |
|
7,311 |
|
6,857 |
|
Total assets |
|
$ |
244,153 |
|
$ |
265,511 |
|
|
|
|
|
|
|
Liabilities & Stockholders Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
3,856 |
|
$ |
10,618 |
|
Customer deposits |
|
22,022 |
|
16,589 |
|
Deferred revenue |
|
11,360 |
|
10,934 |
|
Other current liabilities |
|
14,990 |
|
24,350 |
|
Total current liabilities |
|
52,228 |
|
62,491 |
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
Lease financing liability |
|
640 |
|
1,404 |
|
Other non-current liabilities |
|
1,706 |
|
4,221 |
|
Total liabilities |
|
54,574 |
|
68,116 |
|
|
|
|
|
|
|
Stockholders equity |
|
189,579 |
|
197,395 |
|
Total liabilities and stockholders equity |
|
$ |
244,153 |
|
$ |
265,511 |
|
AMERICAN SCIENCE AND ENGINEERING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
|
For the Six Months Ended |
|
|
|
September 30, 2014 |
|
September 30, 2013 |
|
Cash flows from operating activities: |
|
|
|
|
|
Net income (loss) |
|
$ |
(2,452 |
) |
$ |
9,604 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
2,605 |
|
2,613 |
|
Provisions for contracts, inventory and accounts receivable reserves |
|
(270 |
) |
1,543 |
|
Amortization of bond premium |
|
540 |
|
855 |
|
Deferred income taxes |
|
|
|
1,894 |
|
Stock compensation expense |
|
1,770 |
|
641 |
|
|
|
|
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
4,878 |
|
7,490 |
|
Unbilled costs and fees |
|
(3,272 |
) |
5 |
|
Inventories |
|
(11,534 |
) |
(4,332 |
) |
Prepaid expenses and other assets |
|
(5,436 |
) |
1,640 |
|
Accounts payable |
|
(6,762 |
) |
2,873 |
|
Accrued income taxes |
|
(2,338 |
) |
(2,094 |
) |
Customer deposits |
|
5,433 |
|
12,731 |
|
Deferred revenue |
|
(1,847 |
) |
(3,077 |
) |
Accrued expenses and other liabilities |
|
(7,274 |
) |
(3,756 |
) |
Net cash (used for) provided by operating activities |
|
(25,959 |
) |
28,630 |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Purchases of short-term investments |
|
(29,212 |
) |
(18,311 |
) |
Proceeds from sales and maturities of short-term investments |
|
40,933 |
|
57,534 |
|
Purchases of property and equipment, net |
|
(943 |
) |
(1,249 |
) |
Net cash provided by investing activities |
|
10,778 |
|
37,974 |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Decrease (increase) in restricted cash and investments |
|
726 |
|
(1,222 |
) |
Proceeds from exercise of stock options |
|
888 |
|
1,497 |
|
Repurchase of shares of common stock |
|
|
|
(12,306 |
) |
Repayment of leasehold financing liability |
|
(754 |
) |
(742 |
) |
Payment of common stock dividend |
|
(7,993 |
) |
(7,800 |
) |
Reduction of income taxes paid due to the tax benefit from employee stock option expense |
|
|
|
20 |
|
Net cash used for financing activities |
|
(7,133 |
) |
(20,553 |
) |
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
(22,314 |
) |
46,051 |
|
Cash and cash equivalents at beginning of period |
|
62,143 |
|
40,418 |
|
Cash and cash equivalents at end of period |
|
$ |
39,829 |
|
$ |
86,469 |
|
####
EXHIBIT 99.2
|
November 10, 2014 American Science and
Engineering, Inc. Q2 Fiscal Year 2015 Earnings Call Presentation
|
|
Safe Harbor
Statement 2 ©2014 American Science and Engineering, Inc. The foregoing
presentation contains statements concerning AS&Es financial performance,
markets and business operations that may be considered forward-looking
under applicable securities laws. AS&E wishes to caution readers of this
material 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, delays or
cancellations (in full or in part) in procurements of the Companys systems
by the United States and other governments; disruption in the supply of any
source component incorporated into AS&E's products; litigation seeking to
restrict the use of intellectual property used by the Company; limitations
under certain laws on the Companys ability to protect its own intellectual
property; 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 Companys products to address such threats; the potential
insufficiency of Company resources, including human resources, capital, plant
and equipment and management systems, to accommodate any future growth;
technical problems and other delays that could impact new product development
and the Companys ability to adapt to changes in technology and customer
requirements; competitive pressures; lengthy sales cycles both in US
government procurement and procurement abroad; and future delays in federal
funding. These and certain other factors which might cause actual results to
differ materially from those projected are detailed from time to time in
AS&Es periodic reports and registration statements filed with the
Securities and Exchange Commission, which important factors are incorporated
herein by reference. AS&E undertakes no obligation to update forward
looking statements to reflect changed assumptions, the occurrence of
unanticipated events, or changes in future operating results, financial
condition or business over time. Readers are further advised to review the
Risk Factors set forth in the Companys Annual Report on Form 10-K, which
further detail and supplement the factors described in this Safe Harbor
Statement. Among other disclosures, the Risk Factors disclose risks
pertaining to that portion of the Companys business that is dependent on
U.S. government contracting as well as international customers. As a
contractor with the U.S. government, a significant number of the Companys
government contracts may be terminated at the governments discretion.
|
|
Sales by
Product Line Q215 vs. Q214 (000s) 3 ©2014 American Science and
Engineering, Inc. Q2'15 Q2'14 Increase/ (Decrease) Cargo Systems $ 4,035 $ 8,911 $ (4,876) Mobile Cargo Systems 2,772 8,434 (5,662) Parcel and Personnel
Systems 1,534 2,099 (565) Service 12,062 21,608 (9,546) Other 2,663 2,764
(101) Total Sales $ 23,066 $ 43,816 $ (20,750) Q215 Q214
|
|
Consolidated
Statement of Operations Q215 vs. Q214 (000s) 4 ©2014 American Science
and Engineering, Inc. Quarter Ended September 30, 2014 September 30, 2013
Increase/ (Decrease) Total net sales and contract revenues $ 23,066 $ 43,816
$ (20,750) Total cost of sales and contracts 13,383 24,610 (11,227) Gross
profit 9,683 19,206 (9,523) Expenses: Selling, general and administrative
expenses 9,118 6,913 2,205 Research and development costs 6,418 5,172 1,246
Total operating expenses 15,536 12,085 3,451 Operating income (loss) (5,853)
7,121 (12,974) Interest and other income (expense), net (21) 5 (26) Income
(loss) before provision for (benefit from) income taxes (5,874) 7,126
(13,000) Provision for (benefit from) income taxes (1,968) 2,387 (4,355) Net
income (loss) $ (3,906) $ 4,739 $ (8,645) Income (loss) per share Basic $ (0.49) $ 0.61 $ (1.10) Income (loss) per share Diluted $ (0.49) $ 0.60 $ (1.09)
|
|
Sales by
Product Line YTD FY15 vs. YTD FY14 (000s) 5 ©2014 American Science and
Engineering, Inc. Six Months Ended September 30, 2014 September 30, 2013
Increase/ (Decrease) Cargo Systems $ 13,181 $ 22,529 $ (9,348) Mobile Cargo
Systems 14,335 13,242 1,093 Parcel and Personnel Systems 2,299 3,941 (1,642)
Service 24,348 43,412 (19,064) Other 4,440 3,776 664 Total Sales $ 58,603 $ 86,900 $ (28,297) YTD FY15 YTD FY14
|
|
Consolidated
Statement of Operations 6 ©2014 American Science and Engineering, Inc. Six
Months Ended September 30, 2014 September 30, 2013 Increase/ (Decrease) Total
net sales and contract revenues $ 58,603 $ 86,900 $ (28,297) Total cost of
sales and contracts 32,451 48,547 (16,096) Gross profit 26,152 38,353
(12,201) Expenses: Selling, general and administrative expenses 17,309 14,322
2,987 Research and development costs 12,424 9,586 2,838 Total operating
expenses 29,733 23,908 5,825 Operating income (loss) (3,581) 14,445 (18,026)
Interest and other income (expense), net (106) (3) (103) Income (loss) before
provision for (benefit from) income taxes (3,687) 14,442 (18,129) Provision
for (benefit from) income taxes (1,235) 4,838 (6,073) Net income (loss) $ (2,452) $ 9,604 $ (12,056) Income (loss) per share - Basic $ (0.31) $ 1.23 $ (1.54) Income (loss) per share - Diluted $ (0.31) $ 1.22 $ (1.53)
|
|
Backlog (000s)
7 ©2014 American Science and Engineering, Inc.
|
|
Cash Balance at
September 30, 2014 (000s) 8 ©2014 American Science and Engineering, Inc.
|
|
President and
CEO Q2 FY15 Earnings Presentation 9 ©2014 American Science and Engineering,
Inc. Chuck Dougherty
|
|
Enhancing
Shareholder Value We are continuing the dividend of $.50 per share, payable
on December 2, 2014 to the holders of record at the close of business on
November 25, 2014. Since starting the dividend and repurchase program in
Q108, we have returned $230M of Capital to our shareholders. 10 ©2014
American Science and Engineering, Inc.
|
|
Strategy
Pillars 11 ©2014 American Science and Engineering, Inc.
|
|
Geographic
Expansion North America Public Safety Channel We are already seeing very
positive results from our new North American Public Safety Channel. In the
first three months we have participated in multiple public safety tradeshows,
customer meetings and demonstrations. One demo with a drug interdiction team
resulted in a drug seizure valued over $150K. Initial International MINI Z
bookings includes orders from all of our key regions: APAC, EU, ME/Africa and
CALA Shipped first orders in Q2 12 ©2014 American Science and Engineering,
Inc.
|
|
Portfolio
Expansion MINI Z Response to the MINI Z system has been extremely positive
in the US and internationally, from potential end-customers. The MINI Z
system won a 2014 ASIS International Accolades Award Also selected for the
best-in-show "Judge's Choice" Award, from amongst all ASIS
Accolades winners. 13 ©2014 American Science and Engineering, Inc.
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Managed
Services Systems Integration MVS Expanding Service Offering Install Base
Services Evolution We continue to evolve our service offerings and strengthen
our business development focus on service Expanding Service offering into
install base Multi-Vendor Service Leveraging best-in-class service expertise
Systems Integration Managed Services Growing momentum as we continue to
actively pursue multiple opportunities. We remain confident that we will be
successful in this area 14 ©2014 American Science and Engineering, Inc.
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Strategy
Pillars 15 ©2014 American Science and Engineering, Inc.
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Q & A Learn
more about AS&E products and technologies at www.as-e.com and follow us
on Twitter @ase_detects 16 ©2014 American Science and Engineering, Inc.
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American Science And Engineering, Inc. (NASDAQ:ASEI)
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