AMERICAN SCIENCE & ENGINEERING, INC.

CIK:0000005768|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net sales and contract revenues:
Net product sales and contract revenues	$ 16,116	$ 19,141
Net service revenues	12,101	12,303
Total net sales and contract revenues	28,217	31,444
Cost of sales and contracts:
Cost of product sales and contracts	8,612	10,620
Cost of service revenues	6,380	6,398
Total cost of sales and contracts	14,992	17,018
Gross profit	13,225	14,426
Expenses:
Selling, general and administrative expenses	8,053	8,270
Research and development costs	5,095	6,889
Total operating expenses	13,148	15,159
Operating income (loss)	77	(733)
Other income (expense):
Interest and investment income	88	34
Other expense, net	(86)	(93)
Total other income (expense)	2	(59)
Income (loss) before provision for (benefit from) income taxes	79	(792)
Provision for (benefit from) income taxes	25	(277)
Net income (loss)	54	(515)
Other comprehensive income (loss):
Unrealized gain on available for sale securities (net of tax)		1
Comprehensive income (loss)	$ 54	$ (514)
Income (loss) per share - Basic (in dollars per share)	$ 0.01	$ (0.07)
Income (loss) per share - Diluted (in dollars per share)	$ 0.01	$ (0.07)
Weighted average shares - Basic (in shares)	7,135	7,161
Weighted average shares - Diluted (in shares)	7,136	7,161

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 54	$ (515)
Adjustments to reconcile net income (loss) to net cash used for operating activities:
Depreciation and amortization	653	1,006
Provisions for contracts, inventory and accounts receivable reserves	101	35
Amortization of bond premium		34
Stock compensation expense	588	334
Deferred income taxes	(1,093)
Other	6
Changes in assets and liabilities:
Accounts receivable	(2,778)	(3,114)
Unbilled costs and fees	143	(2,475)
Inventories	(1,099)	3,706
Prepaid expenses and other assets	741	1,101
Accounts payable	223	(3,141)
Customer deposits	1,139	(2,474)
Deferred revenue	(1,672)	309
Accrued expenses and other liabilities	830	(645)
Net cash used for operating activities	(2,164)	(5,839)
Cash flows from investing activities:
Proceeds from sales and maturities of short-term investments		3,380
Purchases of property and equipment, net	(269)	(258)
Net cash (used for) provided by investing activities	(269)	3,122
Cash flows from financing activities:
(Increase) decrease in restricted cash	(1,180)	855
Repurchase of shares of common stock	(154)	(2,263)
Reduction in income taxes due to the tax impact of employee stock options	(103)
Payment of common stock dividend	(3,597)	(3,611)
Net cash used for financing activities	(5,034)	(5,019)
Net decrease in cash and cash equivalents	(7,467)	(7,736)
Cash and cash equivalents at beginning of period	81,571	68,835
Cash and cash equivalents at end of period	$ 74,104	$ 61,099

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 74,104	$ 81,571
Restricted cash	7,989	6,809
Accounts receivable, net of allowances of $824 and $797 at June 30, 2016 and March 31, 2016, respectively	21,837	19,086
Unbilled costs and fees	2,107	2,250
Inventories, net	39,465	38,440
Prepaid expenses and other current assets	7,026	7,755
Total current assets	152,528	155,911
Equipment and leasehold improvements, net	6,087	6,477
Restricted cash	437	437
Deferred income taxes	9,274	8,181
Other assets	211	223
Total assets	168,537	171,229
Current liabilities:
Accounts payable	5,550	5,327
Accrued salaries and benefits	4,334	4,565
Accrued warranty costs	226	174
Deferred revenue	7,733	8,700
Customer deposits	13,926	12,787
Other current liabilities	3,944	3,203
Total current liabilities	35,713	34,756
Deferred revenue	3,803	4,508
Other long-term liabilities	1,110	842
Total liabilities	40,626	40,106
Stockholders' equity:
Preferred stock, no par value, 100,000 shares authorized; no shares issued
Common stock, $0.66 2/3 par value, 20,000,000 shares authorized; 7,138,104 and 7,137,081 shares issued and outstanding at June 30, 2016 and March 31, 2016, respectively	4,758	4,757
Capital in excess of par value	2,104	1,772
Retained earnings	121,049	124,594
Total stockholders' equity	127,911	131,123
Total liabilities and stockholders' equity	$ 168,537	$ 171,229