Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2015
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-6549
American Science and Engineering, Inc.
(Exact name of Registrant as specified in its charter)
Massachusetts |
|
04-2240991 |
(State or other jurisdiction of incorporation or organization) |
|
(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)
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer o |
|
|
|
Accelerated filer |
x |
Non-accelerated filer o |
|
(Do not check if a smaller reporting company) |
|
Smaller reporting company |
o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes o No x
The number of shares of the registrants common stock, $0.66 2/3 par value, outstanding as of February 4, 2016 was 7,170,314.
Table of Contents
PART I FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS
AMERICAN SCIENCE AND ENGINEERING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share amounts) |
|
December 31, 2015 |
|
March 31, 2015 |
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
87,151 |
|
$ |
68,835 |
|
Restricted cash |
|
5,602 |
|
6,193 |
|
Short-term investments, at fair value |
|
3,000 |
|
24,533 |
|
Accounts receivable, net of allowances of $283 and $333 at December 31, 2015 and March 31, 2015, respectively |
|
13,723 |
|
22,124 |
|
Unbilled costs and fees |
|
2,697 |
|
1,848 |
|
Inventories, net |
|
39,561 |
|
40,983 |
|
Prepaid expenses and other current assets |
|
9,580 |
|
10,701 |
|
Deferred income taxes |
|
2,486 |
|
2,486 |
|
Total current assets |
|
163,800 |
|
177,703 |
|
Equipment and leasehold improvements, net |
|
6,425 |
|
8,711 |
|
Restricted cash |
|
1,587 |
|
208 |
|
Deferred income taxes |
|
5,952 |
|
5,952 |
|
Other assets |
|
293 |
|
534 |
|
Total assets |
|
$ |
178,057 |
|
$ |
193,108 |
|
|
|
|
|
|
|
Liabilities and Stockholders Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
5,231 |
|
$ |
7,200 |
|
Accrued salaries and benefits |
|
5,203 |
|
6,769 |
|
Accrued warranty costs |
|
221 |
|
159 |
|
Deferred revenue |
|
11,158 |
|
7,355 |
|
Customer deposits |
|
12,076 |
|
13,956 |
|
Other current liabilities |
|
2,985 |
|
5,736 |
|
Total current liabilities |
|
36,874 |
|
41,175 |
|
Deferred revenue |
|
1,861 |
|
1,019 |
|
Other long-term liabilities |
|
676 |
|
507 |
|
Total liabilities |
|
39,411 |
|
42,701 |
|
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; 7,167,424 and 7,193,247 shares issued and outstanding at December 31, 2015 and March 31, 2015, respectively |
|
4,778 |
|
4,795 |
|
Capital in excess of par value |
|
2,930 |
|
3,334 |
|
Accumulated other comprehensive loss, net |
|
(7 |
) |
(11 |
) |
Retained earnings |
|
130,945 |
|
142,289 |
|
Total stockholders equity |
|
138,646 |
|
150,407 |
|
Total liabilities and stockholders equity |
|
$ |
178,057 |
|
$ |
193,108 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Table of Contents
AMERICAN SCIENCE AND ENGINEERING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
|
(In thousands, except per share amounts) |
|
December 31, 2015 |
|
December 31, 2014 |
|
December 31, 2015 |
|
December 31, 2014 |
|
Net sales and contract revenues: |
|
|
|
|
|
|
|
|
|
Net product sales and contract revenues |
|
$ |
9,730 |
|
$ |
24,822 |
|
$ |
42,296 |
|
$ |
59,077 |
|
Net service revenues |
|
12,443 |
|
12,158 |
|
36,458 |
|
36,506 |
|
Total net sales and contract revenues |
|
22,173 |
|
36,980 |
|
78,754 |
|
95,583 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales and contracts: |
|
|
|
|
|
|
|
|
|
Cost of product sales and contracts |
|
5,104 |
|
14,040 |
|
22,769 |
|
32,869 |
|
Cost of service revenues |
|
6,173 |
|
5,833 |
|
18,309 |
|
19,455 |
|
Total cost of sales and contracts |
|
11,277 |
|
19,873 |
|
41,078 |
|
52,324 |
|
Gross profit |
|
10,896 |
|
17,107 |
|
37,676 |
|
43,259 |
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
7,693 |
|
7,627 |
|
22,735 |
|
24,936 |
|
Research and development costs |
|
4,576 |
|
5,668 |
|
16,216 |
|
18,092 |
|
Total operating expenses |
|
12,269 |
|
13,295 |
|
38,951 |
|
43,028 |
|
Operating income (loss) |
|
(1,373 |
) |
3,812 |
|
(1,275 |
) |
231 |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest and investment income |
|
30 |
|
54 |
|
119 |
|
219 |
|
Interest expense |
|
|
|
(4 |
) |
|
|
(23 |
) |
Other expense, net |
|
(52 |
) |
(32 |
) |
(317 |
) |
(284 |
) |
Total other expense |
|
(22 |
) |
18 |
|
(198 |
) |
(88 |
) |
Income (loss) before provision for (benefit from) income taxes |
|
(1,395 |
) |
3,830 |
|
(1,473 |
) |
143 |
|
Provision for (benefit from) income taxes |
|
(931 |
) |
1,276 |
|
(958 |
) |
41 |
|
Net income (loss) |
|
$ |
(464 |
) |
$ |
2,554 |
|
$ |
(515 |
) |
$ |
102 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on available for sale securities (net of tax) |
|
|
|
(16 |
) |
4 |
|
(45 |
) |
Comprehensive income (loss) |
|
$ |
(464 |
) |
$ |
2,538 |
|
$ |
(511 |
) |
$ |
57 |
|
Income (loss) per share - Basic |
|
$ |
(0.06 |
) |
$ |
0.32 |
|
$ |
(0.07 |
) |
$ |
0.01 |
|
Income (loss) per share - Diluted |
|
$ |
(0.06 |
) |
$ |
0.32 |
|
$ |
(0.07 |
) |
$ |
0.01 |
|
Weighted average shares Basic |
|
7,164 |
|
7,789 |
|
7,158 |
|
7,866 |
|
Weighted average shares Diluted |
|
7,164 |
|
7,796 |
|
7,158 |
|
7,877 |
|
Dividends declared per share |
|
$ |
0.50 |
|
$ |
0.50 |
|
$ |
1.50 |
|
$ |
1.50 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
Table of Contents
AMERICAN SCIENCE AND ENGINEERING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
For the Nine Months Ended |
|
(In thousands) |
|
December 31, 2015 |
|
December 31, 2014 |
|
Cash flows from operating activities: |
|
|
|
|
|
Net income (loss) |
|
$ |
(515 |
) |
$ |
102 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
2,882 |
|
3,624 |
|
Provisions for contracts, inventory and accounts receivable reserves |
|
(5 |
) |
(237 |
) |
Amortization of bond premium |
|
72 |
|
713 |
|
Deferred income taxes |
|
|
|
1,993 |
|
Stock compensation expense |
|
1,849 |
|
2,266 |
|
Other |
|
202 |
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
8,443 |
|
7,500 |
|
Unbilled costs and fees |
|
(849 |
) |
(874 |
) |
Inventories |
|
1,385 |
|
(9,138 |
) |
Prepaid expenses and other assets |
|
1,362 |
|
(6,324 |
) |
Accounts payable |
|
(1,969 |
) |
(3,868 |
) |
Accrued income taxes |
|
|
|
(2,338 |
) |
Customer deposits |
|
(1,880 |
) |
2,312 |
|
Deferred revenue |
|
4,645 |
|
(1,781 |
) |
Accrued expenses and other liabilities |
|
(4,086 |
) |
(7,917 |
) |
Net cash provided by (used for) operating activities |
|
11,536 |
|
(13,967 |
) |
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Purchases of short-term investments |
|
|
|
(29,211 |
) |
Proceeds from sales and maturities of short-term investments |
|
21,465 |
|
56,433 |
|
Purchases of property and equipment, net |
|
(798 |
) |
(1,668 |
) |
Net cash provided by investing activities |
|
20,667 |
|
25,554 |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
(Increase) decrease in restricted cash |
|
(788 |
) |
2,482 |
|
Proceeds from exercise of stock options |
|
|
|
888 |
|
Repurchase of shares of common stock |
|
(2,263 |
) |
(18,799 |
) |
Repayment of leasehold financing liability |
|
|
|
(928 |
) |
Payment of common stock dividend |
|
(10,836 |
) |
(11,948 |
) |
Increase in income taxes due to the tax impact of employee stock options |
|
|
|
306 |
|
Net cash used for financing activities |
|
(13,887 |
) |
(27,999 |
) |
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
18,316 |
|
(16,412 |
) |
Cash and cash equivalents at beginning of period |
|
68,835 |
|
62,143 |
|
Cash and cash equivalents at end of period |
|
$ |
87,151 |
|
$ |
45,731 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
5
Table of Contents
AMERICAN SCIENCE AND ENGINEERING, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL
The condensed consolidated financial statements include the accounts of American Science and Engineering, Inc. and its wholly owned subsidiaries (the Company). All significant intercompany transactions and balances have been eliminated.
The unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required by Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes included in the Companys Annual Report on Form 10-K for the fiscal year ended March 31, 2015, or fiscal 2015, as filed with the Securities and Exchange Commission on June 5, 2015.
The unaudited condensed consolidated financial statements, in the opinion of management, include all necessary adjustments, consisting solely of normal recurring adjustments, to present fairly the Companys financial position, results of operations and cash flows. These results are not necessarily indicative of the results to be expected for the entire year.
Nature of Operations
The Company develops, manufactures, markets, and sells X-ray inspection and other detection products for homeland security, force protection, public safety and other critical defense and security applications. The Company provides maintenance, warranty, engineering, and training and operator services related to these products. The Company has one reporting segment, X-ray detection solutions.
Significant Accounting Policies
For systems that are produced in a standard manufacturing operation and have shorter order to delivery cycles, the Company recognizes sales when title passes and when other revenue recognition criteria (such as transfer of risk and customer acceptance) are met. Revenues on cost reimbursable and custom long-term fixed price contracts are generally recorded as costs are incurred using the percentage of completion method.
The other significant accounting policies followed by the Company and its subsidiaries in preparing its consolidated financial statements are set forth in Note 1 to the consolidated financial statements included in its Form 10-K for the year ended March 31, 2015. There have been no changes to the Companys critical accounting policies during the three and nine months December 31, 2015.
Stock Repurchase Program
On May 7, 2013, the Board of Directors announced the approval of its fifth Stock Repurchase Program which authorized the Company to repurchase up to $35 million of shares of its common stock from time to time on the open market or in privately negotiated transactions. On December 1, 2014, the Board of Directors announced an expansion of this stock repurchase program increasing the program authorization to $50 million of shares of its common stock.
During the nine months ended December 31, 2015, the Company repurchased 54,056 shares of its common stock at an average price of $41.86. The Company did not repurchase any shares of stock in the three months ended December 31, 2015. As of December 31, 2015, the remaining balance available under the Stock Repurchase Program was $11,225,000.
Dividends
|
|
Three Months Ended |
|
Nine Months Ended |
|
(In thousands) |
|
December 31, 2015 |
|
December 31, 2014 |
|
December 31, 2015 |
|
December 31, 2014 |
|
Dividends declared |
|
$ |
0.50 |
|
$ |
0.50 |
|
$ |
1.50 |
|
$ |
1.50 |
|
Dividends paid |
|
$ |
0.50 |
|
$ |
0.50 |
|
$ |
1.50 |
|
$ |
1.50 |
|
On February 8, 2016, the Company declared a cash dividend of $0.50 per share. The dividend will be paid on March 2, 2016 to all shareholders of record at the close of business on February 18, 2016. Future dividends will be declared at the discretion of the Board of Directors and will depend upon such factors as the Board of Directors deems relevant.
Concentrations of Credit Risk
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, restricted cash, short-term investments and accounts and unbilled receivables. At times, the Company maintains
6
Table of Contents
cash balances in excess of insured limits. The Company maintains its cash and cash equivalents with major financial institutions. The Companys credit risk is managed by investing its cash in money market funds, investment grade corporate debentures/bonds, U.S. government agency bonds, commercial paper, U.S. treasury bills and certificates of deposit.
New Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for the goods or services transferred to its customers. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The guidance is effective for annual periods beginning on or after December 15, 2017 (early adoption for annual periods beginning on or after December 15, 2016 is permitted). The Company is currently assessing the impact that this standard will have on its consolidated financial statements.
In January 2015 the FASB issued ASU No. 2015-01, Income StatementExtraordinary and Unusual Items, which eliminates from U.S. GAAP the concept of extraordinary items. Entities may apply the amendments prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. ASU No. 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this standard is not expected to have a material effect on the Companys consolidated financial statements.
In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using last-in, first-out (LIFO) or the retail inventory method. It is effective for annual reporting periods beginning after December 15, 2016. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently assessing the impact that this standard will have on its consolidated financial statements.
In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740, which eliminates the current requirement for companies to present deferred tax liabilities and assets as current and non-current in a classified balance sheet. To simplify the presentation of deferred income taxes, ASU 2015-17 requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. ASU 2015-17 is effective for fiscal years beginning after December 15, 2016 (our fiscal year 2018), including interim periods within that reporting period. Early adoption is permitted as of the beginning of an interim or annual period. We are currently in the process of evaluating the impact of ASU 2015-17 on our financial position and results of operations.
2. ACCOUNTING FOR STOCK-BASED COMPENSATION
The Company accounts for stock-based awards made to its employees and Board of Directors in accordance with FASB Accounting Standards Codification (FASB ASC) 718, CompensationStock Compensation, which requires the measurement and recognition of all compensation costs for stock-based awards made to employees and the Board of Directors based upon the grant date fair value over the requisite service period for awards expected to vest.
The Company recognized $805,000 and $496,000 of stock-based compensation costs for the three months ended December 31, 2015 and December 31, 2014, respectively. The Company recognized $1,849,000 and $2,266,000 of stock-based compensation costs for the nine months ended December 31, 2015 and December 31, 2014, respectively. The income tax benefit recognized related to the compensation costs for the three months ended December 31, 2015 and December 31, 2014 was approximately $282,000 and $223,000 respectively. The income tax benefit recognized related to the compensation costs for the nine months ended December 31, 2015 and December 31, 2014 was approximately $648,000 and $816,000, respectively.
The following table summarizes stock-based compensation costs included in the Companys consolidated statements of operations and comprehensive income (loss):
|
|
Three Months Ended |
|
Nine Months Ended |
|
(In thousands) |
|
December 31, 2015 |
|
December 31, 2014 |
|
December 31, 2015 |
|
December 31, 2014 |
|
Cost of sales and contracts |
|
$ |
176 |
|
$ |
124 |
|
$ |
289 |
|
$ |
647 |
|
Selling, general and administrative |
|
629 |
|
372 |
|
1,560 |
|
1,619 |
|
Total share-based compensation expense before tax |
|
$ |
805 |
|
$ |
496 |
|
$ |
1,849 |
|
$ |
2,266 |
|
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Table of Contents
Stock Option and Other Compensation Plans
The Company has various stock option and other compensation plans for directors, officers, and employees. The Company had the following stock plans outstanding as of December 31, 2015: the 2005 Equity and Incentive Plan and the 2014 Equity and Incentive Plan. There are 366,000 shares remaining available for issuance under these plans. Vesting periods are at the discretion of the Board of Directors and typically range from one to three years. Options under these plans are granted at fair market value and have a term of ten years from the date of grant.
The Company deems the Black-Scholes option pricing model as the most appropriate method for determining the estimated fair value of stock-based awards. The Black-Scholes method of valuation requires several assumptions: (1) the expected term of the stock-based award; (2) the expected future stock volatility over the expected term; (3) a risk-free interest rate; and (4) the expected dividend yield. The expected term represents the expected period of time that the Company believes the options will be outstanding based on historical information. Estimates of expected future stock price volatility are based on the historic volatility of the Companys common stock and the risk-free interest rate is based on the U.S. Zero-Bond rate.
Stock Options
The following tables summarize stock option activity for the nine months ended December 31, 2015:
|
|
Number of Shares |
|
Weighted Average Exercise Price ($) |
|
Weighted Average Contractual Life (years) |
|
Aggregate Intrinsic Value |
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at March 31, 2015 |
|
191,834 |
|
$ |
66.03 |
|
2.88 |
|
|
|
Grants |
|
|
|
|
|
|
|
|
|
Exercises |
|
|
|
|
|
|
|
|
|
Cancellations |
|
(51,901 |
) |
$ |
59.34 |
|
|
|
|
|
Options outstanding at December 31, 2015 |
|
139,933 |
|
$ |
68.51 |
|
2.83 |
|
|
|
Options exercisable at December 31, 2015 |
|
139,933 |
|
|
|
|
|
|
|
Information related to the stock options outstanding as of December 31, 2015 is as follows:
Range of Exercise Prices |
|
Number of Shares |
|
Weighted- Average Remaining Contractual Life (years) |
|
Weighted- Average Exercise Price ($) |
|
Exercisable Number of Shares |
|
Exercisable Weighted- Average Exercise Price ($) |
|
$ 60.66-$69.99 |
|
83,752 |
|
2.20 |
|
$ |
64.24 |
|
83,752 |
|
$ |
64.24 |
|
$ 70.00-$75.82 |
|
56,181 |
|
3.77 |
|
74.87 |
|
56,181 |
|
74.87 |
|
$ 60.66-$75.82 |
|
139,933 |
|
2.83 |
|
$ |
68.51 |
|
139,933 |
|
$ |
68.51 |
|
There were no options granted in the three or nine months ended December 31, 2015.
As of December 31, 2015, there was no remaining unrecognized compensation cost related to options granted.
Restricted Stock and Restricted Stock Units
The Company has instituted long-term incentive plans for certain key employees. These plans call for the issuance of restricted stock, restricted stock units, restricted stock options, and/or cash incentives which vest or are paid upon the achievement of certain performance-based goals as well as service time incurred. Restricted stock and restricted stock units may also be granted to other employees with vesting periods that range from one to three years. In addition, annually the non-employee directors are granted restricted stock. Restricted stock shares granted to our non-employee directors vest on a pro-rata basis, based on service performed over the non-employee directors one-year term of service. Certain of the stock and stock unit awards contain rights to receive non-forfeitable dividends. The fair values of the restricted stock and restricted stock unit awards are equal to the fair value
8
Table of Contents
of the Companys common stock on the date of grant.
Non-vested restricted stock and restricted stock unit awards are subject to the risk of forfeiture until the fulfillment of specified conditions. As of December 31, 2015, there was $5,546,000 of total unrecognized compensation costs related to non-vested restricted stock and restricted stock unit awards granted under the Companys stock plans. These costs are expected to be recognized over a weighted average period of 1.55 years.
The following table summarizes the status of the Companys non-vested restricted stock and restricted stock unit awards for the nine months ended December 31, 2015:
|
|
Number of Shares |
|
Weighted Average Grant Date Fair Value ($) |
|
Outstanding at March 31, 2015 |
|
91,837 |
|
$ |
62.99 |
|
Granted |
|
120,439 |
|
43.74 |
|
Vested |
|
(23,347 |
) |
55.65 |
|
Forfeited |
|
(7,838 |
) |
63.65 |
|
Outstanding at December 31, 2015 |
|
181,091 |
|
$ |
51.11 |
|
3. INVENTORIES
Inventories consist of material, labor and manufacturing overhead and are recorded at the lower of cost, using the weighted average cost method, or net realizable value. Excess manufacturing overhead costs attributable to idle facility expenses, freight, handling costs and wasted material (spoilage) attributable to abnormally low production volumes (levels that materially differ from budgeted production plans due primarily to changes in customer demand) are excluded from inventory and recorded as an expense in the period incurred.
The components of inventories at December 31, 2015 and March 31, 2015 were as follows:
(In thousands) |
|
December 31, 2015 |
|
March 31, 2015 |
|
Raw materials, completed sub-assemblies, and spare parts |
|
$ |
21,372 |
|
$ |
20,334 |
|
Work-in-process |
|
14,788 |
|
17,853 |
|
Finished goods |
|
3,401 |
|
2,796 |
|
Total |
|
$ |
39,561 |
|
$ |
40,983 |
|
4. INCOME PER COMMON AND COMMON EQUIVALENT SHARE
Basic earnings per common share is computed by dividing distributed and undistributed earnings to common stockholders by the weighted average number of shares of common stock outstanding during the period. Share-based payment awards entitling holders to receive non-forfeitable dividends before vesting are considered participating securities and thus are included in the calculation of basic earnings per share under the two-class method. Diluted earnings per share include the dilutive impact of options, and restricted stock units using the average share price of the Companys common stock for the period. For the three months ended December 31, 2015 and December 31, 2014, common stock equivalents of 331,000 and 244,000 shares, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive. For the nine months ended December 31, 2015 and December 31, 2014, common stock equivalents of 358,000 and 209,000 shares, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive.
|
|
Three Months Ended |
|
Nine Months Ended |
|
(In thousands except per share amounts) |
|
December 31, 2015 |
|
December 31, 2014 |
|
December 31, 2015 |
|
December 31, 2014 |
|
Income (Loss) Per Share Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(464 |
) |
$ |
2,554 |
|
$ |
(515 |
) |
$ |
102 |
|
Less: Distributed and undistributed earnings (loss) to unvested restricted stock units |
|
(1 |
) |
(27 |
) |
(11 |
) |
(4 |
) |
Distributed and undistributed earnings (loss) to common shareholders basic |
|
(465 |
) |
2,527 |
|
(526 |
) |
98 |
|
Weighted average number of common shares outstanding basic |
|
7,164 |
|
7,789 |
|
7,158 |
|
7,866 |
|
Net income (loss) per share basic |
|
$ |
(0.06 |
) |
$ |
0.32 |
|
$ |
(0.07 |
) |
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding |
|
7,164 |
|
7,789 |
|
7,158 |
|
7,866 |
|
Add dilutive effect of potential common shares |
|
|
|
7 |
|
|
|
11 |
|
Weighted average number of common and potential common shares outstanding diluted |
|
7,164 |
|
7,796 |
|
7,158 |
|
7,877 |
|
Net income (loss) per share diluted |
|
$ |
(0.06 |
) |
$ |
0. 32 |
|
$ |
(0.07 |
) |
$ |
0.01 |
|
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5. LETTERS OF CREDIT
In the normal course of business, the Company may provide certain customers and potential customers with performance guarantees, which are generally backed by standby letters of credit. In general, the Company would only be liable for the amount of these guarantees in the event of default in the performance of its obligations, the probability of which management believes is low. As of December 31, 2015, the Company had outstanding $13,409,000 in standby letters of credit. These outstanding standby letters of credit are cash-secured at amounts ranging from 52% to 63% of the outstanding letters of credit, resulting in restricted cash balance of $7,189,000 at December 31, 2015, of which $1,587,000 was considered long-term restricted cash and investments due to the expiration date of the underlying letters of credit.
6. FAIR VALUE MEASUREMENTS
The Company has categorized its financial assets, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. If the inputs used to measure a financial instrument fall within different levels of the hierarchy, the categorization of such financial asset is based on the lowest level input that is significant to the fair value measurement of such instrument.
Financial assets are categorized based on the inputs to the valuation techniques as follows:
Level 1 - Financial assets whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access at the measurement date (examples include actively exchange-traded equity securities, listed derivatives, and most U.S. government and agency securities).
Level 2 - Financial assets whose values are based on quoted prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 2 inputs include the following:
Quoted prices for identical or similar assets or liabilities in non-active markets;
Inputs other than quoted prices that are observable for substantially the full term of the asset or liability; and
Inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability.
Level 3 - Financial assets whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect managements assumptions about the assumptions a market participant would use in pricing the asset or liability. The Company currently does not have any Level 3 financial assets or liabilities.
The following table presents the financial assets that the Company measures at fair value on a recurring basis, based on the fair value hierarchy as of December 31, 2015 and March 31, 2015:
(In thousands) |
|
December 31, 2015 |
|
March 31, 2015 |
|
Level 1 Financial Assets |
|
|
|
|
|
Money market funds |
|
$ |
63,485 |
|
$ |
51,784 |
|
Treasury bills |
|
|
|
5,403 |
|
Total Level 1 Financial Assets |
|
63,485 |
|
57,187 |
|
Level 2 Financial Assets |
|
|
|
|
|
Corporate debentures/bonds |
|
3,000 |
|
13,813 |
|
Government agency bonds |
|
|
|
5,317 |
|
Total Level 2 Financial Assets |
|
3,000 |
|
19,130 |
|
Total cash equivalents and short-term investments |
|
$ |
66,485 |
|
$ |
76,317 |
|
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Short-term investments are classified as available-for-sale and are recorded at their fair market values using the specific identification method. As of December 31, 2015, all of the Companys available-for-sale securities had contractual maturities of seven months or less. The Company had no material realized gains or losses on its available-for-sale securities for the three and nine months ended December 31, 2015 and December 31, 2014. The unrealized holding gains or losses on these securities are included as a component of other comprehensive income (loss), as disclosed in the condensed consolidated statements of operations and comprehensive income (loss).
(In thousands) |
|
Amortized Cost |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value |
|
December 31, 2015: |
|
|
|
|
|
|
|
|
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
Corporate debentures/bonds |
|
$ |
3,000 |
|
$ |
|
|
$ |
|
|
$ |
3,000 |
|
Total short-term investments |
|
$ |
3,000 |
|
$ |
|
|
$ |
|
|
$ |
3,000 |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
63,485 |
|
$ |
|
|
$ |
|
|
$ |
63,485 |
|
Total cash equivalents |
|
$ |
63,485 |
|
$ |
|
|
$ |
|
|
$ |
63,485 |
|
(In thousands) |
|
Amortized Cost |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value |
|
March 31, 2015: |
|
|
|
|
|
|
|
|
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
Corporate debentures/bonds |
|
$ |
13,823 |
|
$ |
|
|
$ |
(10 |
) |
$ |
13,813 |
|
Government agency bonds |
|
5,315 |
|
2 |
|
|
|
5,317 |
|
Treasury bills |
|
5,400 |
|
3 |
|
|
|
5,403 |
|
Total short-term investments |
|
$ |
24,538 |
|
$ |
5 |
|
$ |
(10 |
) |
$ |
24,533 |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
51,784 |
|
$ |
|
|
$ |
|
|
$ |
51,784 |
|
Total cash equivalents |
|
$ |
51,784 |
|
$ |
|
|
$ |
|
|
$ |
51,784 |
|
7. INCOME TAXES
The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes, and recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. The Company evaluates the need for a valuation allowance against its net deferred tax assets at period end based upon its three year cumulative income and its projections of future income, and records a valuation allowance against any net deferred tax assets if it is more likely than not that they will not be realized.
In December 2015, the Research and Experimentation Credit, as defined by Internal Revenue Code Section 41(the R&D Tax Credit), was reinstated retroactively to January 1, 2015. Due to this retroactive reinstatement, there was a significant impact on the rate, for both the quarter and year to date.
The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending March 31, 2013 through 2015 and by various state taxing authorities for the years ending March 31, 2012 through 2015.
8. GUARANTEES
Certain of the Companys products carry a one-year warranty, the costs of which are accrued for at the time of shipment or delivery. Accrual rates are based upon historical experience for the trailing twelve months and managements judgment of future exposure. Warranty experience for the three and nine months December 31, 2015 and 2014 was as follows:
|
|
Three Months Ended |
|
Nine Months Ended |
|
(In thousands) |
|
December 31, 2015 |
|
December 31, 2014 |
|
December 31, 2015 |
|
December 31, 2014 |
|
Warranty accrual - beginning of period |
|
$ |
200 |
|
$ |
186 |
|
$ |
159 |
|
$ |
404 |
|
Accruals for warranties issued during the period |
|
107 |
|
99 |
|
281 |
|
184 |
|
Adjustment of preexisting accrual estimates |
|
(62 |
) |
(42 |
) |
(26 |
) |
(202 |
) |
Warranty costs incurred during the period |
|
(24 |
) |
(61 |
) |
(193 |
) |
(204 |
) |
Warranty accrual end of period |
|
$ |
221 |
|
$ |
182 |
|
$ |
221 |
|
$ |
182 |
|
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9. LEASE COMMITMENTS
In March 2005, the Company renewed its lease agreement for its corporate headquarters and manufacturing facilities in Billerica, Massachusetts. As part of the lease agreement, the Companys landlord agreed to certain renovations to the Billerica facility including the construction of additional high bay manufacturing space. The Company was responsible for a portion of the construction costs and was deemed to be the owner of the building during the construction period under FASB ASC 840, Leases.
In October 2014, the Company entered into an amendment of its lease agreement for the Billerica facilities extending the term of the lease through February 28, 2023 with an adjusted rent schedule commencing October 1, 2014. Due to certain provisions of the amended lease agreements which removed certain continuing financing obligations related to the building, it was determined that the lease no longer qualified as a capital lease and as such, the Company removed the capitalized building, associated accumulated depreciation and lease financing liability from its books. The associated gain of $381,000 resulting from the removal of the building from our books was deferred and is being amortized over the modified lease term of the property.
10. COMMITMENTS AND CONTINGENCIES
Deferred Revenue
The Company offers extended warranty and service contracts to its customers. These contracts typically cover a period of one to five years, and include advance payments that are recorded as deferred revenue. Revenue is recognized as services are performed over the life of the contract, which represents the period over which these revenues are earned. Costs associated with these extended warranty and service contracts are expensed to cost of sales and contracts as incurred.
Legal Matters
The Company continues to cooperate with the Office of the Inspector General (OIG) of the U.S. General Services Administration (GSA) with respect to a subpoena issued on April 17, 2015 and a related investigation being conducted in conjunction with the Department of Defense. The investigation relates to the Companys discount practices and compliance with the pricing provisions of the Companys GSA Schedule contract. AS&E produced responsive materials to the GSA OIG from May 2015 through November 2015. The Company continues to cooperate fully with the investigation and at this time management is unable to predict the outcome of the investigation or estimate the amount of possible loss or range of loss with any certainty. It is possible that the investigation could lead to claims or findings of violations of the False Claims Act in connection with the Companys GSA contracting activity. Violations of the False Claims Act could result in the imposition of damages, including up to treble damages, plus civil penalties in some cases. The Company has incurred, and will continue to incur, legal costs in connection with the investigation, and could incur other costs, damages or penalties, depending on its outcome, which could be material.
11. SUBSEQUENT EVENT
On February 8, 2016, the Company commenced a cost reduction plan to reduce operating expenses. In connection with this plan, the Company initiated a workforce reduction. The reduction in workforce affected workers across all business areas of the business. Affected employees are entitled to receive certain severance and other benefits consistent with their position and tenure with the Company. The majority of the workforce reduction is expected to be completed by March 31, 2016. In connection with the reduction, the Company expect to record a charge of approximately $1.6 million to $1.8 million in the fourth quarter fiscal 2016.
ITEM 2 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. Without limiting the foregoing, the words believes, anticipates, plans, expects, intends, should and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict, and you should not place undue reliance on our forward-looking statements. The factors referred to under Item 1A. Risk Factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. We expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Overview
American Science and Engineering, Inc. develops and manufactures X-ray inspection systems for homeland security, force protection, public safety and other critical defense applications. We provide maintenance, warranty, engineering, and training related to these products.
Our primary technologies are Z Backscatter technology, which is used to detect explosives, illegal drugs, and other
12
Table of Contents
contraband even when concealed in complex backgrounds, and other technologies that expand the detection capability of our products beyond the material discrimination features of the Z Backscatter technology to include the penetration capability of high-energy transmission X-rays for dense cargos and/or other detection techniques.
Net sales and contract revenues for the third quarter of fiscal year ending March 31, 2016, or fiscal 2016, decreased to $22,173,000 compared to revenues of $36,980,000 for the third quarter of fiscal 2015. We reported an operating loss of $1,373,000 for the third quarter of fiscal 2016 compared to operating income of $3,812,000 for the third quarter of fiscal 2015. Net loss for the third quarter of fiscal 2016 was $464,000 ($0.06 loss per share, on a diluted basis) compared to net income of $2,554,000 ($0.32 income per share, on a diluted basis) for the third quarter of fiscal 2015. These results represent a 40% decrease in revenues, a $5,185,000 decrease in operating income and a $0.38 negative change in earnings (loss) per share when compared to results for the third quarter of fiscal 2015.
Net sales and contract revenues for the first nine months of fiscal year ending March 31, 2016, or fiscal 2016, decreased to $78,754,000 compared to revenues of $95,583,000 for the first nine months of fiscal 2015. We reported an operating loss of $1,275,000 for the first nine months of fiscal 2016 compared to operating income of $231,000 for the first nine months of fiscal 2015. Net loss for the first nine months of fiscal 2016 was $515,000 ($0.07 loss per share, on a diluted basis) compared to net income of $102,000 ($0.01 income per share, on a diluted basis) for the first nine months of fiscal 2015. These results represent an 18% decrease in revenues, a $1,506,000 decrease in operating income and a $0.08 negative change in earnings (loss) per share when compared to results for the first nine months of fiscal 2015.
The following table presents net sales and contract revenues by product and service categories:
|
|
Three Months Ended |
|
Nine Months Ended |
|
(In thousands) |
|
December 31, 2015 |
|
December 31, 2014 |
|
December 31, 2015 |
|
December 31, 2014 |
|
Cargo Inspection Systems |
|
$ |
2,638 |
|
$ |
8,577 |
|
$ |
12,228 |
|
$ |
21,758 |
|
Mobile Cargo Inspection Systems |
|
2,671 |
|
10,792 |
|
18,989 |
|
25,127 |
|
Parcel and Personnel Screening Inspection Systems |
|
3,757 |
|
3,016 |
|
8,580 |
|
5,315 |
|
Other product sales and contract revenue |
|
664 |
|
2,437 |
|
2,499 |
|
6,877 |
|
Total net product sales and contract revenues |
|
9,730 |
|
24,822 |
|
42,296 |
|
59,077 |
|
Net service revenues |
|
12,443 |
|
12,158 |
|
36,458 |
|
36,506 |
|
Total net sales and contract revenues |
|
$ |
22,173 |
|
$ |
36,980 |
|
$ |
78,754 |
|
$ |
95,583 |
|
Critical Accounting Policies
We believe that several accounting policies are important to understanding our historical and future performance. We refer to these policies as critical because these specific areas generally require us to make judgments and estimates about matters that are uncertain at the time we make the estimate, and different estimateswhich also would have been reasonablecould have been used, which would have resulted in different financial results.
The critical accounting policies we identified in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2015 are policies related to revenue recognition, inventories and related allowances for obsolete and excess inventory, and income taxes. It is important that the discussion of our operating results that follows be read in conjunction with the critical accounting policies disclosed in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on June 5, 2015. There have been no changes to our critical accounting policies during the three and nine month periods ended December 31, 2015.
Results of Operations
Net sales and contract revenues for the third quarter of fiscal 2016 decreased by $14,807,000 to $22,173,000 compared to the net sales and contract revenues of $36,980,000 for the corresponding period in the prior fiscal year. Product sales and contract revenues decreased by $15,092,000 from the prior year due primarily to a decrease of $8,121,000 in Mobile Cargo Inspection Systems revenues due to a lower number of units delivered as compared to the prior period, a decrease in Cargo Inspection System revenues of $5,939,000 due to continued delays in the fulfillment of orders in backlog due to customer site delays, and a decrease in other product revenues of $1,773,000 due to a decrease in replacement part orders. These decreases were offset in part by an increase of $741,000 in Parcel and Personnel Inspection Systems revenues due primarily to the fulfillment of two multiunit orders of the MINI Z system which was introduced in June of 2014. Net service revenues of $12,443,000 increased by
13
Table of Contents
$285,000 from the corresponding period of the prior year due primarily to revenue on fixed price service contracts.
Net sales and contract revenues for the nine months of fiscal 2016 decreased by $16,829,000 to $78,754,000 compared to the net sales and contract revenues of $95,583,000 for the corresponding period in the prior fiscal year. Product sales and contract revenues decreased by $16,781,000 from the prior year due to a decrease in Cargo Inspection Systems revenues of $9,530,000 due to a decrease in the number of systems delivered as compared to the prior year, a decrease in Mobile Cargo Inspection System revenues of $6,138,000 due to a decrease in the volume of shipments of systems offset in part by an increase in the average price per system and a decrease in other product revenues of $4,378,000 as spares orders for equipment in the war zone decreased with the reduction in force as compared to the prior year. These decreases were offset in part by an increase of $3,265,000 in Parcel and Personnel Inspection Systems attributable to our introduction of the MINI Z system in June of 2014. Net service revenues for the first nine months of fiscal 2016 were $36,458,000 and were consistent with the same period in the prior year.
Total cost of sales and contract revenues for the third quarter of fiscal 2016 decreased by $8,596,000 to $11,277,000 as compared to the corresponding period a year ago. Cost of product sales and contract revenues decreased by $8,936,000 to $5,104,000 as compared to the corresponding period a year ago. Cost of product sales and contract revenues represented 53% of revenues versus 57% of revenues for the corresponding period in the prior year. The increase in product gross margin percentage was due primarily to improved margin on Parcel and Personnel Inspection Systems due to increased volume and improved margin on Cargo Inspection systems as compared to the prior year. The cost of service revenues for the third quarter of fiscal 2016 increased by $340,000 to $6,173,000 as compared to the corresponding period a year ago. Cost of service revenues increased to 50% of revenues from 48% of revenues in the corresponding period. The resultant decrease in service gross margins in the third quarter of fiscal 2016 is attributable primarily to increase in material costs needed for systems under fixed price contracts as compared to the prior year.
Total cost of sales and contract revenues for the first nine months of fiscal 2016 decreased by $11,246,000 to $41,078,000 as compared to the corresponding period a year ago. Cost of product sales and contract revenues decreased by $10,100,000 to $22,769,000 as compared to the corresponding period a year ago. Cost of product sales and contract revenues represented 54% of revenues versus 56% of revenues for the corresponding period in the prior year. This margin improvement is attributable to the shift in the product mix from the corresponding period with a greater percentage of revenues derived from our Mobile Cargo products which historically earn higher margins than our other product groups and improved margins on Parcel and Personnel Inspection Systems due to increased volume. The cost of service revenues for the first nine months of fiscal 2016 decreased by $1,146,000 to $18,309,000 as compared to the corresponding period a year ago. Cost of service revenues decreased to 50% of revenues from 53% of revenues in the corresponding period. The increase in gross margin percentage in the first nine months of fiscal 2016 as compared to the corresponding prior period is due to reduced costs to support systems under fixed price contracts and the refund of $594,000 in certain employment related taxes associated with international service engineers during the period. In addition, in the prior year, the Company incurred a one-time charge of $546,000 related to the contract default by a subcontractor.
Selling, general and administrative expenses for the third quarter of fiscal 2016 increased by 1% to $7,693,000 as compared to $7,627,000 in corresponding period a year ago. Selling, general and administrative expenses represented 35% of revenues in the current period compared to 21% for the corresponding period in the prior year. This increase in cost was attributable primarily to increases in incentive compensation expense of $276,000 and marketing related costs of $184,000 offset in part by decreases of $272,000 in payroll and related costs and other administrative expenses.
Selling, general and administrative expenses for the first nine months of fiscal 2016 decreased by $2,201,000 to $22,735,000 as compared to the corresponding period a year ago. Selling, general and administrative expenses represented 29% of revenues in the current period compared to 26% for the corresponding period in the prior year. The decrease in selling, general and administrative expenses from the prior year period was primarily the result of a decrease in payroll and payroll related costs of $1,379,000 due to headcount reductions effected over the prior five quarters, a decrease in incentive compensation expense of $1,047,000, and a decrease in travel related expenses of $189,000 as compared to the prior period, These decreases were offset in part by an increase in legal costs of $645,000 related to the GSA investigation, intellectual property and other contract related matters, and an increase in marketing related expenses of $154,000 as compared to the prior year.
Company funded research and development expenses for the third quarter of fiscal 2016 decreased by $1,092,000 to $4,576,000 as compared to the corresponding period a year ago. Research and development expenses represented 21% of revenues in the current quarter compared to 15% for the corresponding period in the prior year. Research and development expenses decreased from the prior year primarily due to cost-cutting measures and headcount reductions effected during the past five quarters and the third quarter of fiscal 2015 contained significant costs from one subcontractor for a product under development.
Company funded research and development expenses for the first nine months of fiscal 2016 decreased by $1,876,000 to $16,216,000 as compared to the corresponding period a year ago. Research and development expenses represented 21% of revenues in the first nine months of fiscal 2016 as compared to 19% for the corresponding period in the prior year. Research and
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development expenses decreased from the prior year primarily due to cost-cutting measures and headcount reductions effected during the past five quarters and the third quarter of fiscal 2015 contained significant costs from one subcontractor for a product under development.
Other income (expense), net, was $22,000 of expense for the third quarter of fiscal 2016 as compared to $18,000 of income for the corresponding period a year ago. Other income (expense), net was $198,000 of expense for the first nine months of fiscal 2016 as compared to $88,000 of expense for the corresponding period a year ago. The increase in other expense was the result of reduced investment income as well as an increase in foreign currency transaction losses as compared to the prior year.
We reported a pre-tax loss of $1,395,000 in the third quarter of fiscal 2016 as compared to pre-tax income of $3,830,000 in the corresponding period due to the factors described above. We reported a pre-tax loss of $1,473,000 in the first nine months of fiscal 2016 as compared to pre-tax income of $143,000 in the corresponding period due to the factors described above.
In December 2015, the R&D Tax Credit was reinstated retroactively to January 1, 2015. Due to this reinstatement of the R&D Tax Credit, there was a significant beneficial impact on our effective rate in the quarter. Our effective tax rates offsetting our net losses was 67.0% for the third quarter of fiscal 2016 and 65% for the first nine months of fiscal 2016 as compared to an effective tax rate of 33% for the third quarter of fiscal 2015 and 29% for the first nine months of fiscal 2015.
Liquidity and Capital Resources
Our primary source of liquidity is our cash flows from operations. We believe that our operating cash flows and cash and investments on hand are sufficient for the foreseeable future to fund our working capital requirements, capital expenditures, income tax obligations, dividends payable to our shareholders and performance guarantee collateralizations and also to fund stock repurchases as desired.
Summary of Cash Activities
Cash and cash equivalents increased by $18,316,000 to $87,151,000 at December 31, 2015 compared to $68,835,000 at March 31, 2015. Cash inflows for the period consisted primarily of:
1) net proceeds from sales and maturities of short-term investments of $21,465,000;
2) a decrease of $8,443,000 in accounts receivable due to the collection of year-end receivables;
3) an increase in deferred revenue of $4,645,000 due to advance billings effected on certain contracts during the period
4) a decrease of $1,385,000 in inventories from year end due to shipments made during the period; and
5) a decrease of $1,362,000 in prepaid expenses and other assets due primarily to the receipt of tax refunds during the period.
Offsetting these inflows were cash outflows including:
1) the payment of $10,836,000 in common stock dividends during the period as part of our quarterly dividend program;
2) the payment of $2,263,000 to repurchase 54,056 shares of our common stock during the period;
3) a decrease in accrued expenses and other liabilities of $4,086,000 due to reductions in payroll and incentive compensation related accruals and reduced contract related liabilities as compared to year end;
4) a decrease of $1,880,000 in customer deposits due to revenues earned during the period; and
5) a decrease in accounts payable of $1,969,000 from the year end.
In the normal course of business, we may provide certain customers and potential customers with performance guarantees, which are generally backed by standby letters of credit. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations; the probability of which our management believes is low. As of December 31, 2015, we had outstanding $13,409,000 in standby letters of credit. These outstanding standby letters of credit are cash-secured at amounts ranging from 52% to 63% of the outstanding letters of credit, resulting in restricted cash balance of $7,189,000 at December 31, 2015, of which $1,587,000 was considered long-term restricted cash due to the expiration date of the underlying letters of credit.
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There were no material changes in the quantitative and qualitative information about market risk since the end of our most recent fiscal year. For further information, see Item 7A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2015, as filed with the Securities and Exchange Commission on June 5, 2015.
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ITEM 4 CONTROLS AND PROCEDURES
a) Evaluation of disclosure controls and procedures
As of the end of the period covered by this report, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we reviewed and evaluated the effectiveness of our Companys disclosure controls and procedures pursuant to Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 as amended (the Exchange Act). Based upon their evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by the Company in the reports filed and submitted by it under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commissions rules and forms, and to provide reasonable assurance that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
b) Changes in internal control over financial reporting
There have been no changes in our internal control over financial reporting as such term is defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II OTHER INFORMATION
ITEM 1A RISK FACTORS
You should carefully review and consider the information regarding certain factors which could materially affect our business, financial condition or future results set forth under Item 1A. Risk Factors in our Form 10-K for the fiscal year ended March 31, 2015 as filed with the Securities and Exchange Commission on June 5, 2015. There have been no material changes from the factors disclosed in our Form 10-K for the year ended March 31, 2015, although we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the Securities and Exchange Commission.
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On May 7, 2013, the Board of Directors announced the approval of a Stock Repurchase Program which authorizes us to repurchase up to $35.0 million of shares of our common stock from time to time on the open market or in privately negotiated transactions. On December 1, 2014, the Board of Directors announced an expansion of this stock repurchase program increasing the program authorization to $50 million of shares of our common stock.
During the three months ended December 31, 2015, the Company did not repurchase any shares of its common stock. As of December 31, 2015, the remaining balance available under the Stock Repurchase Program was $11,225,000.
ITEM 6 EXHIBITS
The exhibits listed on the Exhibit Index immediately following the signature page to this Quarterly Report on Form 10-Q are incorporated herein by reference, and are filed or furnished as part of this Quarterly Report on Form 10-Q.
The information required by Exhibit Item 11 (Statement re: Computation of Income per Common and Common Equivalent Share) may be found in Note 4 to the Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
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SIGNATURES
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.
|
AMERICAN SCIENCE AND ENGINEERING, INC. |
|
|
Date: February 8, 2016 |
/s/ Diane J. Basile |
|
Diane J. Basile |
|
Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
17
Table of Contents
EXHIBIT INDEX
Exhibit Number |
|
Description of Exhibits |
|
|
|
10.1 |
* |
Offer letter, dated January 5, 2016, between American Science and Engineering, Inc. and Diane J. Basile (filed as Exhibit 10.1 to the Companys filing on Form 8-K filed on January 11, 2016 and incorporated herein by reference) |
31.1 |
|
Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* |
31.2 |
|
Certification by Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* |
32.1 |
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |
32.2 |
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |
101 |
|
The following financial information from American Science and Engineering Inc.s Quarterly Report on Form 10-Q for the quarter ended December 31, 2015, formatted in XBRL (eXtensible Business Reporting Language) includes: (i) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended December 31, 2015 and 2014, (ii) Condensed Consolidated Balance Sheets at December 31, 2015 and March 31, 2015, (iii) Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2015 and 2014, and (iv) the Notes to Condensed Consolidated Financial Statements. |
* Management contract or compensatory plan or arrangement
Filed herewith
18
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
Section 302 Certification
I, Charles P. Dougherty, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of American Science and Engineering, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: February 8, 2016 |
/s/ Charles P. Dougherty |
|
Charles P. Dougherty
President and Chief Executive Officer
(Principal Executive Officer) |
1
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
Section 302 Certification
I, Diane J. Basile, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of American Science and Engineering, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: February 8, 2016 |
/s/ Diane J. Basile |
|
Diane J. Basile |
|
Senior Vice President, Chief Financial Officer and
Treasurer
(Principal Financial Officer) |
1
Exhibit 32.1
CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, the President and Chief Executive Officer of American Science and Engineering, Inc. (the Company), does hereby certify that to the undersigneds knowledge:
1. the Companys Quarterly Report on Form 10-Q for the quarter ended December 31, 2015 (the 10-Q) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. the information contained in the 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: February 8, 2016 |
/s/ Charles P. Dougherty |
|
Charles P. Dougherty President and Chief Executive
Officer
(Principal Executive Officer) |
A signed original of this written statement required by Section 906 has been provided to American Science and Engineering, Inc. and will be retained by American Science and Engineering, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
1
Exhibit 32.2
CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, the Senior Vice President, Chief Financial Officer and Treasurer of American Science and Engineering, Inc. (the Company), does hereby certify that to the undersigneds knowledge:
1. the Companys Quarterly Report on Form 10-Q for the quarter ended December 31, 2015 (the 10-Q) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. the information contained in the 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: February 8, 2016 |
/s/ Diane J. Basile |
|
Diane J. Basile |
|
Senior Vice President, Chief Financial Officer and
Treasurer
(Principal Financial Officer) |
A signed original of this written statement required by Section 906 has been provided to American Science and Engineering, Inc. and will be retained by American Science and Engineering, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
1
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Dec. 31, 2015 |
Mar. 31, 2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 87,151
|
$ 68,835
|
Restricted cash |
5,602
|
6,193
|
Short-term investments, at fair value |
3,000
|
24,533
|
Accounts receivable, net of allowances of $283 and $333 at December 31, 2015 and March 31, 2015, respectively |
13,723
|
22,124
|
Unbilled costs and fees |
2,697
|
1,848
|
Inventories, net |
39,561
|
40,983
|
Prepaid expenses and other current assets |
9,580
|
10,701
|
Deferred income taxes |
2,486
|
2,486
|
Total current assets |
163,800
|
177,703
|
Equipment and leasehold improvements, net |
6,425
|
8,711
|
Restricted cash |
1,587
|
208
|
Deferred income taxes |
5,952
|
5,952
|
Other assets |
293
|
534
|
Total assets |
178,057
|
193,108
|
Current liabilities: |
|
|
Accounts payable |
5,231
|
7,200
|
Accrued salaries and benefits |
5,203
|
6,769
|
Accrued warranty costs |
221
|
159
|
Deferred revenue |
11,158
|
7,355
|
Customer deposits |
12,076
|
13,956
|
Other current liabilities |
2,985
|
5,736
|
Total current liabilities |
36,874
|
41,175
|
Deferred revenue |
1,861
|
1,019
|
Other long-term liabilities |
676
|
507
|
Total liabilities |
$ 39,411
|
$ 42,701
|
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; 7,167,424 and 7,193,247 shares issued and outstanding at December 31, 2015 and March 31, 2015, respectively |
$ 4,778
|
$ 4,795
|
Capital in excess of par value |
2,930
|
3,334
|
Accumulated other comprehensive loss, net |
(7)
|
(11)
|
Retained earnings |
130,945
|
142,289
|
Total stockholders' equity |
138,646
|
150,407
|
Total liabilities and stockholders' equity |
$ 178,057
|
$ 193,108
|
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Mar. 31, 2015 |
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
Accounts receivable, allowances (in dollars) |
$ 283
|
$ 333
|
Preferred stock, no par value (in dollars per share) |
$ 0
|
$ 0
|
Preferred stock, shares authorized |
100,000
|
100,000
|
Preferred stock, shares issued |
0
|
0
|
Common stock, par value (in dollars per share) |
$ 0.6666
|
$ 0.6666
|
Common stock, shares authorized |
20,000,000
|
20,000,000
|
Common stock, shares issued |
7,167,424
|
7,193,247
|
Common stock, shares outstanding |
7,167,424
|
7,193,247
|
X |
- DefinitionA valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Net sales and contract revenues: |
|
|
|
|
Net product sales and contract revenues |
$ 9,730
|
$ 24,822
|
$ 42,296
|
$ 59,077
|
Net service revenues |
12,443
|
12,158
|
36,458
|
36,506
|
Total net sales and contract revenues |
22,173
|
36,980
|
78,754
|
95,583
|
Cost of sales and contracts: |
|
|
|
|
Cost of product sales and contracts |
5,104
|
14,040
|
22,769
|
32,869
|
Cost of service revenues |
6,173
|
5,833
|
18,309
|
19,455
|
Total cost of sales and contracts |
11,277
|
19,873
|
41,078
|
52,324
|
Gross profit |
10,896
|
17,107
|
37,676
|
43,259
|
Expenses: |
|
|
|
|
Selling, general and administrative expenses |
7,693
|
7,627
|
22,735
|
24,936
|
Research and development costs |
4,576
|
5,668
|
16,216
|
18,092
|
Total operating expenses |
12,269
|
13,295
|
38,951
|
43,028
|
Operating income (loss) |
(1,373)
|
3,812
|
(1,275)
|
231
|
Other income (expense): |
|
|
|
|
Interest and investment income |
30
|
54
|
119
|
219
|
Interest expense |
|
(4)
|
|
(23)
|
Other expense, net |
(52)
|
(32)
|
(317)
|
(284)
|
Total other expense |
(22)
|
18
|
(198)
|
(88)
|
Income (loss) before provision for (benefit from) income taxes |
(1,395)
|
3,830
|
(1,473)
|
143
|
Provision for (benefit from) income taxes |
(931)
|
1,276
|
(958)
|
41
|
Net income (loss) |
(464)
|
2,554
|
(515)
|
102
|
Other comprehensive income (loss): |
|
|
|
|
Unrealized gain (loss) on available for sale securities (net of tax) |
|
(16)
|
4
|
(45)
|
Comprehensive income (loss) |
$ (464)
|
$ 2,538
|
$ (511)
|
$ 57
|
Income (loss) per share - Basic (in dollars per share) |
$ (0.06)
|
$ 0.32
|
$ (0.07)
|
$ 0.01
|
Income (loss) per share - Diluted (in dollars per share) |
$ (0.06)
|
$ 0.32
|
$ (0.07)
|
$ 0.01
|
Weighted average shares - Basic (in shares) |
7,164
|
7,789
|
7,158
|
7,866
|
Weighted average shares - Diluted (in shares) |
7,164
|
7,796
|
7,158
|
7,877
|
Dividends declared per share (in dollars per share) |
$ 0.50
|
$ 0.50
|
$ 1.50
|
$ 1.50
|
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- DefinitionThis element represents total costs related to goods produced and costs incurred due to generating contract revenue.
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ (515)
|
$ 102
|
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |
|
|
Depreciation and amortization |
2,882
|
3,624
|
Provisions for contracts, inventory and accounts receivable reserves |
(5)
|
(237)
|
Amortization of bond premium |
72
|
713
|
Deferred income taxes |
|
1,993
|
Stock compensation expense |
1,849
|
2,266
|
Other |
202
|
|
Changes in assets and liabilities: |
|
|
Accounts receivable |
8,443
|
7,500
|
Unbilled costs and fees |
(849)
|
(874)
|
Inventories |
1,385
|
(9,138)
|
Prepaid expenses and other assets |
1,362
|
(6,324)
|
Accounts payable |
(1,969)
|
(3,868)
|
Accrued income taxes |
|
(2,338)
|
Customer deposits |
(1,880)
|
2,312
|
Deferred revenue |
4,645
|
(1,781)
|
Accrued expenses and other liabilities |
(4,086)
|
(7,917)
|
Net cash provided by (used for) operating activities |
11,536
|
(13,967)
|
Cash flows from investing activities: |
|
|
Purchases of short-term investments |
|
(29,211)
|
Proceeds from sales and maturities of short-term investments |
21,465
|
56,433
|
Purchases of property and equipment, net |
(798)
|
(1,668)
|
Net cash provided by investing activities |
20,667
|
25,554
|
Cash flows from financing activities: |
|
|
(Increase) decrease in restricted cash |
(788)
|
2,482
|
Proceeds from exercise of stock options |
|
888
|
Repurchase of shares of common stock |
(2,263)
|
(18,799)
|
Repayment of leasehold financing liability |
|
(928)
|
Payment of common stock dividend |
(10,836)
|
(11,948)
|
Increase in income taxes due to the tax impact of employee stock options |
|
306
|
Net cash used for financing activities |
(13,887)
|
(27,999)
|
Net increase (decrease) in cash and cash equivalents |
18,316
|
(16,412)
|
Cash and cash equivalents at beginning of period |
68,835
|
62,143
|
Cash and cash equivalents at end of period |
$ 87,151
|
$ 45,731
|
X |
- DefinitionThis element represents the sum of the periodic expense charged for the allowance for doubtful accounts, contracts and inventory reserves.
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v3.3.1.900
GENERAL
|
9 Months Ended |
Dec. 31, 2015 |
GENERAL |
|
GENERAL |
1.GENERAL
The condensed consolidated financial statements include the accounts of American Science and Engineering, Inc. and its wholly owned subsidiaries (the “Company”). All significant intercompany transactions and balances have been eliminated.
The unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required by Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2015, or fiscal 2015, as filed with the Securities and Exchange Commission on June 5, 2015.
The unaudited condensed consolidated financial statements, in the opinion of management, include all necessary adjustments, consisting solely of normal recurring adjustments, to present fairly the Company’s financial position, results of operations and cash flows. These results are not necessarily indicative of the results to be expected for the entire year.
Nature of Operations
The Company develops, manufactures, markets, and sells X-ray inspection and other detection products for homeland security, force protection, public safety and other critical defense and security applications. The Company provides maintenance, warranty, engineering, and training and operator services related to these products. The Company has one reporting segment, X-ray detection solutions.
Significant Accounting Policies
For systems that are produced in a standard manufacturing operation and have shorter order to delivery cycles, the Company recognizes sales when title passes and when other revenue recognition criteria (such as transfer of risk and customer acceptance) are met. Revenues on cost reimbursable and custom long-term fixed price contracts are generally recorded as costs are incurred using the percentage of completion method.
The other significant accounting policies followed by the Company and its subsidiaries in preparing its consolidated financial statements are set forth in Note 1 to the consolidated financial statements included in its Form 10-K for the year ended March 31, 2015. There have been no changes to the Company’s critical accounting policies during the three and nine months December 31, 2015.
Stock Repurchase Program
On May 7, 2013, the Board of Directors announced the approval of its fifth Stock Repurchase Program which authorized the Company to repurchase up to $35 million of shares of its common stock from time to time on the open market or in privately negotiated transactions. On December 1, 2014, the Board of Directors announced an expansion of this stock repurchase program increasing the program authorization to $50 million of shares of its common stock.
During the nine months ended December 31, 2015, the Company repurchased 54,056 shares of its common stock at an average price of $41.86. The Company did not repurchase any shares of stock in the three months ended December 31, 2015. As of December 31, 2015, the remaining balance available under the Stock Repurchase Program was $11,225,000.
Dividends
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(In thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
Dividends declared
|
|
$
|
0.50
|
|
$
|
0.50
|
|
$
|
1.50
|
|
$
|
1.50
|
|
Dividends paid
|
|
$
|
0.50
|
|
$
|
0.50
|
|
$
|
1.50
|
|
$
|
1.50
|
|
On February 8, 2016, the Company declared a cash dividend of $0.50 per share. The dividend will be paid on March 2, 2016 to all shareholders of record at the close of business on February 18, 2016. Future dividends will be declared at the discretion of the Board of Directors and will depend upon such factors as the Board of Directors deems relevant.
Concentrations of Credit Risk
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, restricted cash, short-term investments and accounts and unbilled receivables. At times, the Company maintains cash balances in excess of insured limits. The Company maintains its cash and cash equivalents with major financial institutions. The Company’s credit risk is managed by investing its cash in money market funds, investment grade corporate debentures/bonds, U.S. government agency bonds, commercial paper, U.S. treasury bills and certificates of deposit.
New Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for the goods or services transferred to its customers. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The guidance is effective for annual periods beginning on or after December 15, 2017 (early adoption for annual periods beginning on or after December 15, 2016 is permitted). The Company is currently assessing the impact that this standard will have on its consolidated financial statements.
In January 2015 the FASB issued ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items, which eliminates from U.S. GAAP the concept of extraordinary items. Entities may apply the amendments prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. ASU No. 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this standard is not expected to have a material effect on the Company’s consolidated financial statements.
In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using last-in, first-out (“LIFO”) or the retail inventory method. It is effective for annual reporting periods beginning after December 15, 2016. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently assessing the impact that this standard will have on its consolidated financial statements.
In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes (Topic 740, which eliminates the current requirement for companies to present deferred tax liabilities and assets as current and non-current in a classified balance sheet. To simplify the presentation of deferred income taxes, ASU 2015-17 requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. ASU 2015-17 is effective for fiscal years beginning after December 15, 2016 (our fiscal year 2018), including interim periods within that reporting period. Early adoption is permitted as of the beginning of an interim or annual period. We are currently in the process of evaluating the impact of ASU 2015-17 on our financial position and results of operations.
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v3.3.1.900
ACCOUNTING FOR STOCK-BASED COMPENSATION
|
9 Months Ended |
Dec. 31, 2015 |
ACCOUNTING FOR STOCK-BASED COMPENSATION |
|
ACCOUNTING FOR STOCK-BASED COMPENSATION |
2.ACCOUNTING FOR STOCK-BASED COMPENSATION
The Company accounts for stock-based awards made to its employees and Board of Directors in accordance with FASB Accounting Standards Codification (“FASB ASC”) 718, Compensation—Stock Compensation, which requires the measurement and recognition of all compensation costs for stock-based awards made to employees and the Board of Directors based upon the grant date fair value over the requisite service period for awards expected to vest.
The Company recognized $805,000 and $496,000 of stock-based compensation costs for the three months ended December 31, 2015 and December 31, 2014, respectively. The Company recognized $1,849,000 and $2,266,000 of stock-based compensation costs for the nine months ended December 31, 2015 and December 31, 2014, respectively. The income tax benefit recognized related to the compensation costs for the three months ended December 31, 2015 and December 31, 2014 was approximately $282,000 and $223,000 respectively. The income tax benefit recognized related to the compensation costs for the nine months ended December 31, 2015 and December 31, 2014 was approximately $648,000 and $816,000, respectively.
The following table summarizes stock-based compensation costs included in the Company’s consolidated statements of operations and comprehensive income (loss):
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(In thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
Cost of sales and contracts
|
|
$
|
176
|
|
$
|
124
|
|
$
|
289
|
|
$
|
647
|
|
Selling, general and administrative
|
|
629
|
|
372
|
|
1,560
|
|
1,619
|
|
|
|
|
|
|
|
|
|
|
|
Total share-based compensation expense before tax
|
|
$
|
805
|
|
$
|
496
|
|
$
|
1,849
|
|
$
|
2,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Option and Other Compensation Plans
The Company has various stock option and other compensation plans for directors, officers, and employees. The Company had the following stock plans outstanding as of December 31, 2015: the 2005 Equity and Incentive Plan and the 2014 Equity and Incentive Plan. There are 366,000 shares remaining available for issuance under these plans. Vesting periods are at the discretion of the Board of Directors and typically range from one to three years. Options under these plans are granted at fair market value and have a term of ten years from the date of grant.
The Company deems the Black-Scholes option pricing model as the most appropriate method for determining the estimated fair value of stock-based awards. The Black-Scholes method of valuation requires several assumptions: (1) the expected term of the stock-based award; (2) the expected future stock volatility over the expected term; (3) a risk-free interest rate; and (4) the expected dividend yield. The expected term represents the expected period of time that the Company believes the options will be outstanding based on historical information. Estimates of expected future stock price volatility are based on the historic volatility of the Company’s common stock and the risk-free interest rate is based on the U.S. Zero-Bond rate.
Stock Options
The following tables summarize stock option activity for the nine months ended December 31, 2015:
|
|
Number of Shares
|
|
Weighted Average Exercise Price ($)
|
|
Weighted Average Contractual Life (years)
|
|
Aggregate Intrinsic Value
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at March 31, 2015
|
|
191,834
|
|
$
|
66.03
|
|
2.88
|
|
|
|
Grants
|
|
—
|
|
—
|
|
|
|
|
|
Exercises
|
|
—
|
|
—
|
|
|
|
—
|
|
Cancellations
|
|
(51,901
|
)
|
$
|
59.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at December 31, 2015
|
|
139,933
|
|
$
|
68.51
|
|
2.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable at December 31, 2015
|
|
139,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information related to the stock options outstanding as of December 31, 2015 is as follows:
Range of Exercise Prices
|
|
Number of Shares
|
|
Weighted- Average Remaining Contractual Life (years)
|
|
Weighted- Average Exercise Price ($)
|
|
Exercisable Number of Shares
|
|
Exercisable Weighted- Average Exercise Price ($)
|
|
$ 60.66-$69.99
|
|
83,752
|
|
2.20
|
|
$
|
64.24
|
|
83,752
|
|
$
|
64.24
|
|
$ 70.00-$75.82
|
|
56,181
|
|
3.77
|
|
74.87
|
|
56,181
|
|
74.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 60.66-$75.82
|
|
139,933
|
|
2.83
|
|
$
|
68.51
|
|
139,933
|
|
$
|
68.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no options granted in the three or nine months ended December 31, 2015.
As of December 31, 2015, there was no remaining unrecognized compensation cost related to options granted.
Restricted Stock and Restricted Stock Units
The Company has instituted long-term incentive plans for certain key employees. These plans call for the issuance of restricted stock, restricted stock units, restricted stock options, and/or cash incentives which vest or are paid upon the achievement of certain performance-based goals as well as service time incurred. Restricted stock and restricted stock units may also be granted to other employees with vesting periods that range from one to three years. In addition, annually the non-employee directors are granted restricted stock. Restricted stock shares granted to our non-employee directors vest on a pro-rata basis, based on service performed over the non-employee director’s one-year term of service. Certain of the stock and stock unit awards contain rights to receive non-forfeitable dividends. The fair values of the restricted stock and restricted stock unit awards are equal to the fair value of the Company’s common stock on the date of grant.
Non-vested restricted stock and restricted stock unit awards are subject to the risk of forfeiture until the fulfillment of specified conditions. As of December 31, 2015, there was $5,546,000 of total unrecognized compensation costs related to non-vested restricted stock and restricted stock unit awards granted under the Company’s stock plans. These costs are expected to be recognized over a weighted average period of 1.55 years.
The following table summarizes the status of the Company’s non-vested restricted stock and restricted stock unit awards for the nine months ended December 31, 2015:
|
|
Number of Shares
|
|
Weighted Average Grant Date Fair Value ($)
|
|
Outstanding at March 31, 2015
|
|
91,837
|
|
$
|
62.99
|
|
Granted
|
|
120,439
|
|
43.74
|
|
Vested
|
|
(23,347
|
)
|
55.65
|
|
Forfeited
|
|
(7,838
|
)
|
63.65
|
|
|
|
|
|
|
|
Outstanding at December 31, 2015
|
|
181,091
|
|
$
|
51.11
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
INVENTORIES
|
9 Months Ended |
Dec. 31, 2015 |
INVENTORIES |
|
INVENTORIES |
3.INVENTORIES
Inventories consist of material, labor and manufacturing overhead and are recorded at the lower of cost, using the weighted average cost method, or net realizable value. Excess manufacturing overhead costs attributable to idle facility expenses, freight, handling costs and wasted material (spoilage) attributable to abnormally low production volumes (levels that materially differ from budgeted production plans due primarily to changes in customer demand) are excluded from inventory and recorded as an expense in the period incurred.
The components of inventories at December 31, 2015 and March 31, 2015 were as follows:
(In thousands)
|
|
December 31, 2015
|
|
March 31, 2015
|
|
Raw materials, completed sub-assemblies, and spare parts
|
|
$
|
21,372
|
|
$
|
20,334
|
|
Work-in-process
|
|
14,788
|
|
17,853
|
|
Finished goods
|
|
3,401
|
|
2,796
|
|
|
|
|
|
|
|
Total
|
|
$
|
39,561
|
|
$
|
40,983
|
|
|
|
|
|
|
|
|
|
|
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v3.3.1.900
INCOME PER COMMON AND COMMON EQUIVALENT SHARE
|
9 Months Ended |
Dec. 31, 2015 |
INCOME PER COMMON AND COMMON EQUIVALENT SHARE |
|
INCOME PER COMMON AND COMMON EQUIVALENT SHARE |
4.INCOME PER COMMON AND COMMON EQUIVALENT SHARE
Basic earnings per common share is computed by dividing distributed and undistributed earnings to common stockholders by the weighted average number of shares of common stock outstanding during the period. Share-based payment awards entitling holders to receive non-forfeitable dividends before vesting are considered participating securities and thus are included in the calculation of basic earnings per share under the two-class method. Diluted earnings per share include the dilutive impact of options, and restricted stock units using the average share price of the Company’s common stock for the period. For the three months ended December 31, 2015 and December 31, 2014, common stock equivalents of 331,000 and 244,000 shares, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive. For the nine months ended December 31, 2015 and December 31, 2014, common stock equivalents of 358,000 and 209,000 shares, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive.
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(In thousands except per share amounts)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
Income (Loss) Per Share — Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(464
|
)
|
$
|
2,554
|
|
$
|
(515
|
)
|
$
|
102
|
|
Less: Distributed and undistributed earnings (loss) to unvested restricted stock units
|
|
(1
|
)
|
(27
|
)
|
(11
|
)
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
Distributed and undistributed earnings (loss) to common shareholders — basic
|
|
(465
|
)
|
2,527
|
|
(526
|
)
|
98
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding — basic
|
|
7,164
|
|
7,789
|
|
7,158
|
|
7,866
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share — basic
|
|
$
|
(0.06
|
)
|
$
|
0.32
|
|
$
|
(0.07
|
)
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding
|
|
7,164
|
|
7,789
|
|
7,158
|
|
7,866
|
|
Add dilutive effect of potential common shares
|
|
—
|
|
7
|
|
—
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common and potential common shares outstanding — diluted
|
|
7,164
|
|
7,796
|
|
7,158
|
|
7,877
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share — diluted
|
|
$
|
(0.06
|
)
|
$
|
0.32
|
|
$
|
(0.07
|
)
|
$
|
0.01
|
|
|
X |
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v3.3.1.900
LETTERS OF CREDIT
|
9 Months Ended |
Dec. 31, 2015 |
LETTERS OF CREDIT |
|
LETTERS OF CREDIT |
5.LETTERS OF CREDIT
In the normal course of business, the Company may provide certain customers and potential customers with performance guarantees, which are generally backed by standby letters of credit. In general, the Company would only be liable for the amount of these guarantees in the event of default in the performance of its obligations, the probability of which management believes is low. As of December 31, 2015, the Company had outstanding $13,409,000 in standby letters of credit. These outstanding standby letters of credit are cash-secured at amounts ranging from 52% to 63% of the outstanding letters of credit, resulting in restricted cash balance of $7,189,000 at December 31, 2015, of which $1,587,000 was considered long-term restricted cash and investments due to the expiration date of the underlying letters of credit.
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v3.3.1.900
FAIR VALUE MEASUREMENTS
|
9 Months Ended |
Dec. 31, 2015 |
FAIR VALUE MEASUREMENTS |
|
FAIR VALUE MEASUREMENTS |
6.FAIR VALUE MEASUREMENTS
The Company has categorized its financial assets, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. If the inputs used to measure a financial instrument fall within different levels of the hierarchy, the categorization of such financial asset is based on the lowest level input that is significant to the fair value measurement of such instrument.
Financial assets are categorized based on the inputs to the valuation techniques as follows:
Level 1 - Financial assets whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access at the measurement date (examples include actively exchange-traded equity securities, listed derivatives, and most U.S. government and agency securities).
Level 2 - Financial assets whose values are based on quoted prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 2 inputs include the following:
|
·
| |
Quoted prices for identical or similar assets or liabilities in non-active markets; |
|
·
| |
Inputs other than quoted prices that are observable for substantially the full term of the asset or liability; and |
|
·
| |
Inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability. |
Level 3 - Financial assets whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. The Company currently does not have any Level 3 financial assets or liabilities.
The following table presents the financial assets that the Company measures at fair value on a recurring basis, based on the fair value hierarchy as of December 31, 2015 and March 31, 2015:
(In thousands)
|
|
December 31, 2015
|
|
March 31, 2015
|
|
Level 1 — Financial Assets
|
|
|
|
|
|
Money market funds
|
|
$
|
63,485
|
|
$
|
51,784
|
|
Treasury bills
|
|
—
|
|
5,403
|
|
|
|
|
|
|
|
Total Level 1 Financial Assets
|
|
63,485
|
|
57,187
|
|
|
|
|
|
|
|
Level 2 — Financial Assets
|
|
|
|
|
|
Corporate debentures/bonds
|
|
3,000
|
|
13,813
|
|
Government agency bonds
|
|
—
|
|
5,317
|
|
|
|
|
|
|
|
Total Level 2 Financial Assets
|
|
3,000
|
|
19,130
|
|
|
|
|
|
|
|
Total cash equivalents and short-term investments
|
|
$
|
66,485
|
|
$
|
76,317
|
|
|
|
|
|
|
|
|
|
Short-term investments are classified as available-for-sale and are recorded at their fair market values using the specific identification method. As of December 31, 2015, all of the Company’s available-for-sale securities had contractual maturities of seven months or less. The Company had no material realized gains or losses on its available-for-sale securities for the three and nine months ended December 31, 2015 and December 31, 2014. The unrealized holding gains or losses on these securities are included as a component of other comprehensive income (loss), as disclosed in the condensed consolidated statements of operations and comprehensive income (loss).
(In thousands)
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
December 31, 2015:
|
|
|
|
|
|
|
|
|
|
Short-term investments:
|
|
|
|
|
|
|
|
|
|
Corporate debentures/bonds
|
|
$
|
3,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total short-term investments
|
|
$
|
3,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
$
|
63,485
|
|
$
|
—
|
|
$
|
—
|
|
$
|
63,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents
|
|
$
|
63,485
|
|
$
|
—
|
|
$
|
—
|
|
$
|
63,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
March 31, 2015:
|
|
|
|
|
|
|
|
|
|
Short-term investments:
|
|
|
|
|
|
|
|
|
|
Corporate debentures/bonds
|
|
$
|
13,823
|
|
$
|
—
|
|
$
|
(10
|
)
|
$
|
13,813
|
|
Government agency bonds
|
|
5,315
|
|
2
|
|
—
|
|
5,317
|
|
Treasury bills
|
|
5,400
|
|
3
|
|
—
|
|
5,403
|
|
|
|
|
|
|
|
|
|
|
|
Total short-term investments
|
|
$
|
24,538
|
|
$
|
5
|
|
$
|
(10
|
)
|
$
|
24,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
$
|
51,784
|
|
$
|
—
|
|
$
|
—
|
|
$
|
51,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents
|
|
$
|
51,784
|
|
$
|
—
|
|
$
|
—
|
|
$
|
51,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
INCOME TAXES
|
9 Months Ended |
Dec. 31, 2015 |
INCOME TAXES |
|
INCOME TAXES |
7.INCOME TAXES
The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes, and recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. The Company evaluates the need for a valuation allowance against its net deferred tax assets at period end based upon its three year cumulative income and its projections of future income, and records a valuation allowance against any net deferred tax assets if it is more likely than not that they will not be realized.
In December 2015, the Research and Experimentation Credit, as defined by Internal Revenue Code Section 41(the “R&D Tax Credit”), was reinstated retroactively to January 1, 2015. Due to this retroactive reinstatement, there was a significant impact on the rate, for both the quarter and year to date.
The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending March 31, 2013 through 2015 and by various state taxing authorities for the years ending March 31, 2012 through 2015.
|
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
GUARANTEES
|
9 Months Ended |
Dec. 31, 2015 |
GUARANTEES |
|
GUARANTEES |
8.GUARANTEES
Certain of the Company’s products carry a one-year warranty, the costs of which are accrued for at the time of shipment or delivery. Accrual rates are based upon historical experience for the trailing twelve months and management’s judgment of future exposure. Warranty experience for the three and nine months December 31, 2015 and 2014 was as follows:
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(In thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
Warranty accrual - beginning of period
|
|
$
|
200
|
|
$
|
186
|
|
$
|
159
|
|
$
|
404
|
|
Accruals for warranties issued during the period
|
|
107
|
|
99
|
|
281
|
|
184
|
|
Adjustment of preexisting accrual estimates
|
|
(62
|
)
|
(42
|
)
|
(26
|
)
|
(202
|
)
|
Warranty costs incurred during the period
|
|
(24
|
)
|
(61
|
)
|
(193
|
)
|
(204
|
)
|
|
|
|
|
|
|
|
|
|
|
Warranty accrual — end of period
|
|
$
|
221
|
|
$
|
182
|
|
$
|
221
|
|
$
|
182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
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- DefinitionThe entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period.
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v3.3.1.900
LEASE COMMITMENTS
|
9 Months Ended |
Dec. 31, 2015 |
LEASE COMMITMENTS |
|
LEASE COMMITMENTS |
9.LEASE COMMITMENTS
In March 2005, the Company renewed its lease agreement for its corporate headquarters and manufacturing facilities in Billerica, Massachusetts. As part of the lease agreement, the Company’s landlord agreed to certain renovations to the Billerica facility including the construction of additional high bay manufacturing space. The Company was responsible for a portion of the construction costs and was deemed to be the owner of the building during the construction period under FASB ASC 840, Leases.
In October 2014, the Company entered into an amendment of its lease agreement for the Billerica facilities extending the term of the lease through February 28, 2023 with an adjusted rent schedule commencing October 1, 2014. Due to certain provisions of the amended lease agreements which removed certain continuing financing obligations related to the building, it was determined that the lease no longer qualified as a capital lease and as such, the Company removed the capitalized building, associated accumulated depreciation and lease financing liability from its books. The associated gain of $381,000 resulting from the removal of the building from our books was deferred and is being amortized over the modified lease term of the property.
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v3.3.1.900
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Dec. 31, 2015 |
COMMITMENTS AND CONTINGENCIES. |
|
COMMITMENTS AND CONTINGENCIES |
10.COMMITMENTS AND CONTINGENCIES
Deferred Revenue
The Company offers extended warranty and service contracts to its customers. These contracts typically cover a period of one to five years, and include advance payments that are recorded as deferred revenue. Revenue is recognized as services are performed over the life of the contract, which represents the period over which these revenues are earned. Costs associated with these extended warranty and service contracts are expensed to cost of sales and contracts as incurred.
Legal Matters
The Company continues to cooperate with the Office of the Inspector General (“OIG”) of the U.S. General Services Administration (“GSA”) with respect to a subpoena issued on April 17, 2015 and a related investigation being conducted in conjunction with the Department of Defense. The investigation relates to the Company’s discount practices and compliance with the pricing provisions of the Company’s GSA Schedule contract. AS&E produced responsive materials to the GSA OIG from May 2015 through November 2015. The Company continues to cooperate fully with the investigation and at this time management is unable to predict the outcome of the investigation or estimate the amount of possible loss or range of loss with any certainty. It is possible that the investigation could lead to claims or findings of violations of the False Claims Act in connection with the Company’s GSA contracting activity. Violations of the False Claims Act could result in the imposition of damages, including up to treble damages, plus civil penalties in some cases. The Company has incurred, and will continue to incur, legal costs in connection with the investigation, and could incur other costs, damages or penalties, depending on its outcome, which could be material.
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v3.3.1.900
SUBSEQUENT EVENT
|
9 Months Ended |
Dec. 31, 2015 |
SUBSEQUENT EVENT |
|
SUBSEQUENT EVENT |
11.SUBSEQUENT EVENT
On February 8, 2016, the Company commenced a cost reduction plan to reduce operating expenses. In connection with this plan, the Company initiated a workforce reduction. The reduction in workforce affected workers across all business areas of the business. Affected employees are entitled to receive certain severance and other benefits consistent with their position and tenure with the Company. The majority of the workforce reduction is expected to be completed by March 31, 2016. In connection with the reduction, the Company expect to record a charge of approximately $1.6 million to $1.8 million in the fourth quarter fiscal 2016.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
GENERAL (Policies)
|
9 Months Ended |
Dec. 31, 2015 |
GENERAL |
|
Nature of Operations and Basis of Presentation |
The condensed consolidated financial statements include the accounts of American Science and Engineering, Inc. and its wholly owned subsidiaries (the “Company”). All significant intercompany transactions and balances have been eliminated.
The unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required by Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2015, or fiscal 2015, as filed with the Securities and Exchange Commission on June 5, 2015.
The unaudited condensed consolidated financial statements, in the opinion of management, include all necessary adjustments, consisting solely of normal recurring adjustments, to present fairly the Company’s financial position, results of operations and cash flows. These results are not necessarily indicative of the results to be expected for the entire year.
Nature of Operations
The Company develops, manufactures, markets, and sells X-ray inspection and other detection products for homeland security, force protection, public safety and other critical defense and security applications. The Company provides maintenance, warranty, engineering, and training and operator services related to these products. The Company has one reporting segment, X-ray detection solutions.
|
Revenue Recognition |
Significant Accounting Policies
For systems that are produced in a standard manufacturing operation and have shorter order to delivery cycles, the Company recognizes sales when title passes and when other revenue recognition criteria (such as transfer of risk and customer acceptance) are met. Revenues on cost reimbursable and custom long-term fixed price contracts are generally recorded as costs are incurred using the percentage of completion method.
The other significant accounting policies followed by the Company and its subsidiaries in preparing its consolidated financial statements are set forth in Note 1 to the consolidated financial statements included in its Form 10-K for the year ended March 31, 2015. There have been no changes to the Company’s critical accounting policies during the three and nine months December 31, 2015.
|
Stock Repurchase Program and Dividends |
Stock Repurchase Program
On May 7, 2013, the Board of Directors announced the approval of its fifth Stock Repurchase Program which authorized the Company to repurchase up to $35 million of shares of its common stock from time to time on the open market or in privately negotiated transactions. On December 1, 2014, the Board of Directors announced an expansion of this stock repurchase program increasing the program authorization to $50 million of shares of its common stock.
During the nine months ended December 31, 2015, the Company repurchased 54,056 shares of its common stock at an average price of $41.86. The Company did not repurchase any shares of stock in the three months ended December 31, 2015. As of December 31, 2015, the remaining balance available under the Stock Repurchase Program was $11,225,000.
Dividends
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(In thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
Dividends declared
|
|
$
|
0.50
|
|
$
|
0.50
|
|
$
|
1.50
|
|
$
|
1.50
|
|
Dividends paid
|
|
$
|
0.50
|
|
$
|
0.50
|
|
$
|
1.50
|
|
$
|
1.50
|
|
On February 8, 2016, the Company declared a cash dividend of $0.50 per share. The dividend will be paid on March 2, 2016 to all shareholders of record at the close of business on February 18, 2016. Future dividends will be declared at the discretion of the Board of Directors and will depend upon such factors as the Board of Directors deems relevant.
|
Concentrations of Credit Risk |
Concentrations of Credit Risk
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, restricted cash, short-term investments and accounts and unbilled receivables. At times, the Company maintains cash balances in excess of insured limits. The Company maintains its cash and cash equivalents with major financial institutions. The Company’s credit risk is managed by investing its cash in money market funds, investment grade corporate debentures/bonds, U.S. government agency bonds, commercial paper, U.S. treasury bills and certificates of deposit.
|
New Accounting Pronouncements |
New Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for the goods or services transferred to its customers. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The guidance is effective for annual periods beginning on or after December 15, 2017 (early adoption for annual periods beginning on or after December 15, 2016 is permitted). The Company is currently assessing the impact that this standard will have on its consolidated financial statements.
In January 2015 the FASB issued ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items, which eliminates from U.S. GAAP the concept of extraordinary items. Entities may apply the amendments prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. ASU No. 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this standard is not expected to have a material effect on the Company’s consolidated financial statements.
In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using last-in, first-out (“LIFO”) or the retail inventory method. It is effective for annual reporting periods beginning after December 15, 2016. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently assessing the impact that this standard will have on its consolidated financial statements.
In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes (Topic 740, which eliminates the current requirement for companies to present deferred tax liabilities and assets as current and non-current in a classified balance sheet. To simplify the presentation of deferred income taxes, ASU 2015-17 requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. ASU 2015-17 is effective for fiscal years beginning after December 15, 2016 (our fiscal year 2018), including interim periods within that reporting period. Early adoption is permitted as of the beginning of an interim or annual period. We are currently in the process of evaluating the impact of ASU 2015-17 on our financial position and results of operations.
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v3.3.1.900
GENERAL (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
GENERAL |
|
Schedule of dividends |
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(In thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
Dividends declared
|
|
$
|
0.50
|
|
$
|
0.50
|
|
$
|
1.50
|
|
$
|
1.50
|
|
Dividends paid
|
|
$
|
0.50
|
|
$
|
0.50
|
|
$
|
1.50
|
|
$
|
1.50
|
|
|
X |
- References
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v3.3.1.900
ACCOUNTING FOR STOCK-BASED COMPENSATION (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
ACCOUNTING FOR STOCK-BASED COMPENSATION |
|
Summary of stock-based compensation costs in the statements of operations and comprehensive income (loss) |
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(In thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
Cost of sales and contracts
|
|
$
|
176
|
|
$
|
124
|
|
$
|
289
|
|
$
|
647
|
|
Selling, general and administrative
|
|
629
|
|
372
|
|
1,560
|
|
1,619
|
|
|
|
|
|
|
|
|
|
|
|
Total share-based compensation expense before tax
|
|
$
|
805
|
|
$
|
496
|
|
$
|
1,849
|
|
$
|
2,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of stock option activity |
|
|
Number of Shares
|
|
Weighted Average Exercise Price ($)
|
|
Weighted Average Contractual Life (years)
|
|
Aggregate Intrinsic Value
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at March 31, 2015
|
|
191,834
|
|
$
|
66.03
|
|
2.88
|
|
|
|
Grants
|
|
—
|
|
—
|
|
|
|
|
|
Exercises
|
|
—
|
|
—
|
|
|
|
—
|
|
Cancellations
|
|
(51,901
|
)
|
$
|
59.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at December 31, 2015
|
|
139,933
|
|
$
|
68.51
|
|
2.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable at December 31, 2015
|
|
139,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of information related to stock options by exercise price range |
Information related to the stock options outstanding as of December 31, 2015 is as follows:
Range of Exercise Prices
|
|
Number of Shares
|
|
Weighted- Average Remaining Contractual Life (years)
|
|
Weighted- Average Exercise Price ($)
|
|
Exercisable Number of Shares
|
|
Exercisable Weighted- Average Exercise Price ($)
|
|
$ 60.66-$69.99
|
|
83,752
|
|
2.20
|
|
$
|
64.24
|
|
83,752
|
|
$
|
64.24
|
|
$ 70.00-$75.82
|
|
56,181
|
|
3.77
|
|
74.87
|
|
56,181
|
|
74.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 60.66-$75.82
|
|
139,933
|
|
2.83
|
|
$
|
68.51
|
|
139,933
|
|
$
|
68.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of the status of the non-vested restricted stock and stock unit awards |
|
|
Number of Shares
|
|
Weighted Average Grant Date Fair Value ($)
|
|
Outstanding at March 31, 2015
|
|
91,837
|
|
$
|
62.99
|
|
Granted
|
|
120,439
|
|
43.74
|
|
Vested
|
|
(23,347
|
)
|
55.65
|
|
Forfeited
|
|
(7,838
|
)
|
63.65
|
|
|
|
|
|
|
|
Outstanding at December 31, 2015
|
|
181,091
|
|
$
|
51.11
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.
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v3.3.1.900
INVENTORIES (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
INVENTORIES |
|
Schedule of components of inventories |
(In thousands)
|
|
December 31, 2015
|
|
March 31, 2015
|
|
Raw materials, completed sub-assemblies, and spare parts
|
|
$
|
21,372
|
|
$
|
20,334
|
|
Work-in-process
|
|
14,788
|
|
17,853
|
|
Finished goods
|
|
3,401
|
|
2,796
|
|
|
|
|
|
|
|
Total
|
|
$
|
39,561
|
|
$
|
40,983
|
|
|
|
|
|
|
|
|
|
|
X |
- References
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v3.3.1.900
INCOME PER COMMON AND COMMON EQUIVALENT SHARE (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
INCOME PER COMMON AND COMMON EQUIVALENT SHARE |
|
Schedule of calculation of basic and diluted earnings per share |
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(In thousands except per share amounts)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
Income (Loss) Per Share — Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(464
|
)
|
$
|
2,554
|
|
$
|
(515
|
)
|
$
|
102
|
|
Less: Distributed and undistributed earnings (loss) to unvested restricted stock units
|
|
(1
|
)
|
(27
|
)
|
(11
|
)
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
Distributed and undistributed earnings (loss) to common shareholders — basic
|
|
(465
|
)
|
2,527
|
|
(526
|
)
|
98
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding — basic
|
|
7,164
|
|
7,789
|
|
7,158
|
|
7,866
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share — basic
|
|
$
|
(0.06
|
)
|
$
|
0.32
|
|
$
|
(0.07
|
)
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding
|
|
7,164
|
|
7,789
|
|
7,158
|
|
7,866
|
|
Add dilutive effect of potential common shares
|
|
—
|
|
7
|
|
—
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common and potential common shares outstanding — diluted
|
|
7,164
|
|
7,796
|
|
7,158
|
|
7,877
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share — diluted
|
|
$
|
(0.06
|
)
|
$
|
0.32
|
|
$
|
(0.07
|
)
|
$
|
0.01
|
|
|
X |
- References
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v3.3.1.900
FAIR VALUE MEASUREMENTS (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
FAIR VALUE MEASUREMENTS |
|
Schedule of financial assets measured at fair value on recurring basis, based on the fair value hierarchy |
(In thousands)
|
|
December 31, 2015
|
|
March 31, 2015
|
|
Level 1 — Financial Assets
|
|
|
|
|
|
Money market funds
|
|
$
|
63,485
|
|
$
|
51,784
|
|
Treasury bills
|
|
—
|
|
5,403
|
|
|
|
|
|
|
|
Total Level 1 Financial Assets
|
|
63,485
|
|
57,187
|
|
|
|
|
|
|
|
Level 2 — Financial Assets
|
|
|
|
|
|
Corporate debentures/bonds
|
|
3,000
|
|
13,813
|
|
Government agency bonds
|
|
—
|
|
5,317
|
|
|
|
|
|
|
|
Total Level 2 Financial Assets
|
|
3,000
|
|
19,130
|
|
|
|
|
|
|
|
Total cash equivalents and short-term investments
|
|
$
|
66,485
|
|
$
|
76,317
|
|
|
|
|
|
|
|
|
|
|
Schedule of available-for-sale securities |
(In thousands)
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
December 31, 2015:
|
|
|
|
|
|
|
|
|
|
Short-term investments:
|
|
|
|
|
|
|
|
|
|
Corporate debentures/bonds
|
|
$
|
3,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total short-term investments
|
|
$
|
3,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
$
|
63,485
|
|
$
|
—
|
|
$
|
—
|
|
$
|
63,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents
|
|
$
|
63,485
|
|
$
|
—
|
|
$
|
—
|
|
$
|
63,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
March 31, 2015:
|
|
|
|
|
|
|
|
|
|
Short-term investments:
|
|
|
|
|
|
|
|
|
|
Corporate debentures/bonds
|
|
$
|
13,823
|
|
$
|
—
|
|
$
|
(10
|
)
|
$
|
13,813
|
|
Government agency bonds
|
|
5,315
|
|
2
|
|
—
|
|
5,317
|
|
Treasury bills
|
|
5,400
|
|
3
|
|
—
|
|
5,403
|
|
|
|
|
|
|
|
|
|
|
|
Total short-term investments
|
|
$
|
24,538
|
|
$
|
5
|
|
$
|
(10
|
)
|
$
|
24,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
$
|
51,784
|
|
$
|
—
|
|
$
|
—
|
|
$
|
51,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents
|
|
$
|
51,784
|
|
$
|
—
|
|
$
|
—
|
|
$
|
51,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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v3.3.1.900
GUARANTEES (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
GUARANTEES |
|
Schedule of warranty experience |
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(In thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
Warranty accrual - beginning of period
|
|
$
|
200
|
|
$
|
186
|
|
$
|
159
|
|
$
|
404
|
|
Accruals for warranties issued during the period
|
|
107
|
|
99
|
|
281
|
|
184
|
|
Adjustment of preexisting accrual estimates
|
|
(62
|
)
|
(42
|
)
|
(26
|
)
|
(202
|
)
|
Warranty costs incurred during the period
|
|
(24
|
)
|
(61
|
)
|
(193
|
)
|
(204
|
)
|
|
|
|
|
|
|
|
|
|
|
Warranty accrual — end of period
|
|
$
|
221
|
|
$
|
182
|
|
$
|
221
|
|
$
|
182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.3.1.900
GENERAL - STOCK REPURCHASE PROGRAM (Details) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
|
|
Mar. 02, 2016 |
Feb. 08, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 01, 2014 |
May. 07, 2013 |
Dividends |
|
|
|
|
|
|
|
|
Dividends declared (in dollars per share) |
|
$ 0.50
|
$ 0.50
|
$ 0.50
|
$ 1.50
|
$ 1.50
|
|
|
Dividends paid (in dollars per share) |
|
|
$ 0.50
|
$ 0.50
|
$ 1.50
|
$ 1.50
|
|
|
Forecast |
|
|
|
|
|
|
|
|
Dividends |
|
|
|
|
|
|
|
|
Dividends paid (in dollars per share) |
$ 0.50
|
|
|
|
|
|
|
|
Stock Repurchase Program |
|
|
|
|
|
|
|
|
Stock Repurchase Program |
|
|
|
|
|
|
|
|
Number of shares repurchased under the stock repurchase program |
|
|
0
|
|
54,056
|
|
|
|
Average price of shares repurchased |
|
|
|
|
$ 41.86
|
|
|
|
Maximum dollar value of shares that may still be purchased under stock repurchase program |
|
|
$ 11,225,000
|
|
$ 11,225,000
|
|
|
|
Fifth Stock Repurchase Program |
|
|
|
|
|
|
|
|
Stock Repurchase Program |
|
|
|
|
|
|
|
|
Authorized amount of repurchase of common stock |
|
|
|
|
|
|
$ 50,000,000
|
$ 35,000,000
|
X |
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v3.3.1.900
ACCOUNTING FOR STOCK-BASED COMPENSATION - COST SUMMARY (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Stock-based compensation cost |
|
|
|
|
Share-based compensation expense before tax |
$ 805,000
|
$ 496,000
|
$ 1,849,000
|
$ 2,266,000
|
Income tax benefit recognized related to the compensation costs |
282,000
|
223,000
|
648,000
|
816,000
|
Cost of sales and contracts |
|
|
|
|
Stock-based compensation cost |
|
|
|
|
Share-based compensation expense before tax |
176,000
|
124,000
|
289,000
|
647,000
|
Selling, general and administrative expenses |
|
|
|
|
Stock-based compensation cost |
|
|
|
|
Share-based compensation expense before tax |
$ 629,000
|
$ 372,000
|
$ 1,560,000
|
$ 1,619,000
|
X |
- DefinitionRepresents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.
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v3.3.1.900
ACCOUNTING FOR STOCK-BASED COMPENSATION - ACTIVITY (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2015 |
Mar. 31, 2015 |
Stock Option and Other Compensation Plans |
|
|
|
Number of shares that remain available for future issuance under the plans |
366,000
|
366,000
|
|
Minimum |
|
|
|
Stock Option and Other Compensation Plans |
|
|
|
Vesting period for awards granted under the plans |
|
1 year
|
|
Maximum |
|
|
|
Stock Option and Other Compensation Plans |
|
|
|
Vesting period for awards granted under the plans |
|
3 years
|
|
Stock options |
|
|
|
Stock Option and Other Compensation Plans |
|
|
|
Term of awards from the date of grant |
|
10 years
|
|
Number of Shares |
|
|
|
Options outstanding at the beginning of the period (in shares) |
|
191,834
|
|
Grants (in shares) |
0
|
0
|
|
Cancellations (in shares) |
|
(51,901)
|
|
Options outstanding at the end of the period (in shares) |
139,933
|
139,933
|
191,834
|
Options exercisable at the end of the period (in shares) |
139,933
|
139,933
|
|
Weighted Average Exercise Price |
|
|
|
Options outstanding at the beginning of the period (in dollars per share) |
|
$ 66.03
|
|
Cancellations (in dollars per share) |
|
59.34
|
|
Options outstanding at the end of the period (in dollars per share) |
$ 68.51
|
$ 68.51
|
$ 66.03
|
Weighted Average Contractual Life |
|
|
|
Options outstanding at the end of the period |
|
2 years 9 months 29 days
|
2 years 10 months 17 days
|
Remaining unrecognized compensation cost (in dollars) |
$ 0
|
$ 0
|
|
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v3.3.1.900
ACCOUNTING FOR STOCK-BASED COMPENSATION - STOCK OPTIONS OUTSTANDING (Details) - Stock options
|
9 Months Ended |
Dec. 31, 2015
$ / shares
shares
|
$60.66-$69.99 |
|
Information related to the stock options outstanding |
|
Exercise price, low end of range (in dollars per share) |
$ 60.66
|
Exercise price, high end of range (in dollars per share) |
$ 69.99
|
Number of Shares | shares |
83,752
|
Weighted-Average Remaining Contractual Life |
2 years 2 months 12 days
|
Weighted-Average Exercise Price (in dollars per share) |
$ 64.24
|
Exercisable Number of Shares | shares |
83,752
|
Exercisable Weighted-Average Exercise Price (in dollars per share) |
$ 64.24
|
$70.00-$75.82 |
|
Information related to the stock options outstanding |
|
Exercise price, low end of range (in dollars per share) |
70.00
|
Exercise price, high end of range (in dollars per share) |
$ 75.82
|
Number of Shares | shares |
56,181
|
Weighted-Average Remaining Contractual Life |
3 years 9 months 7 days
|
Weighted-Average Exercise Price (in dollars per share) |
$ 74.87
|
Exercisable Number of Shares | shares |
56,181
|
Exercisable Weighted-Average Exercise Price (in dollars per share) |
$ 74.87
|
$60.66-$75.82 |
|
Information related to the stock options outstanding |
|
Exercise price, low end of range (in dollars per share) |
60.66
|
Exercise price, high end of range (in dollars per share) |
$ 75.82
|
Number of Shares | shares |
139,933
|
Weighted-Average Remaining Contractual Life |
2 years 9 months 29 days
|
Weighted-Average Exercise Price (in dollars per share) |
$ 68.51
|
Exercisable Number of Shares | shares |
139,933
|
Exercisable Weighted-Average Exercise Price (in dollars per share) |
$ 68.51
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v3.3.1.900
INVENTORIES (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Mar. 31, 2015 |
INVENTORIES |
|
|
Raw materials, completed sub-assemblies, and spare parts |
$ 21,372
|
$ 20,334
|
Work-in-process |
14,788
|
17,853
|
Finished goods |
3,401
|
2,796
|
Total |
$ 39,561
|
$ 40,983
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INCOME PER COMMON AND COMMON EQUIVALENT SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
INCOME PER COMMON AND COMMON EQUIVALENT SHARE |
|
|
|
|
Common stock equivalents excluded from diluted earnings per share as their effect is anti-dilutive (in shares) |
331,000
|
244,000
|
358,000
|
209,000
|
Income (Loss) Per Share - Basic: |
|
|
|
|
Net income (loss) |
$ (464)
|
$ 2,554
|
$ (515)
|
$ 102
|
Less: Distributed and undistributed earnings (loss) to unvested restricted stock units |
(1)
|
(27)
|
(11)
|
(4)
|
Distributed and undistributed earnings (loss) to common shareholders |
$ (465)
|
$ 2,527
|
$ (526)
|
$ 98
|
Weighted average number of common shares outstanding (in shares) |
7,164,000
|
7,789,000
|
7,158,000
|
7,866,000
|
Net income (loss) per share - basic (in dollars per share) |
$ (0.06)
|
$ 0.32
|
$ (0.07)
|
$ 0.01
|
Diluted: |
|
|
|
|
Weighted average number of common shares outstanding (in shares) |
7,164,000
|
7,789,000
|
7,158,000
|
7,866,000
|
Add dilutive effect of potential common shares (in shares) |
|
7,000
|
|
11,000
|
Weighted average number of common and potential common shares outstanding - diluted (in shares) |
7,164,000
|
7,796,000
|
7,158,000
|
7,877,000
|
Net income (loss) per share - diluted (in dollars per share) |
$ (0.06)
|
$ 0.32
|
$ (0.07)
|
$ 0.01
|
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v3.3.1.900
LETTERS OF CREDIT (Details) - USD ($)
|
Dec. 31, 2015 |
Mar. 31, 2015 |
Credit facilities |
|
|
Long-term restricted cash, as determined by the expiration date of the underlying letters of credit |
$ 1,587,000
|
$ 208,000
|
Standby letters of credit |
|
|
Credit facilities |
|
|
Outstanding Amount |
13,409,000
|
|
Restricted cash balance |
7,189,000
|
|
Long-term restricted cash, as determined by the expiration date of the underlying letters of credit |
$ 1,587,000
|
|
Standby letters of credit | Minimum |
|
|
Credit facilities |
|
|
Percentage of outstanding amount that is cash secured |
52.00%
|
|
Standby letters of credit | Maximum |
|
|
Credit facilities |
|
|
Percentage of outstanding amount that is cash secured |
63.00%
|
|
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v3.3.1.900
FAIR VALUE MEASUREMENTS - FINANCIAL ASSETS (Details) - Recurring basis - USD ($) $ in Thousands |
Dec. 31, 2015 |
Mar. 31, 2015 |
Total fair value |
|
|
Financial Assets |
|
|
Total cash equivalents and short-term investments |
$ 66,485
|
$ 76,317
|
Level 1 |
|
|
Financial Assets |
|
|
Total cash equivalents and short-term investments |
63,485
|
57,187
|
Level 1 | Treasury bills |
|
|
Financial Assets |
|
|
Total cash equivalents and short-term investments |
|
5,403
|
Level 1 | Money market funds |
|
|
Financial Assets |
|
|
Total cash equivalents and short-term investments |
63,485
|
51,784
|
Level 2 |
|
|
Financial Assets |
|
|
Total cash equivalents and short-term investments |
3,000
|
19,130
|
Level 2 | Corporate debentures/bonds |
|
|
Financial Assets |
|
|
Total cash equivalents and short-term investments |
$ 3,000
|
13,813
|
Level 2 | Government agency bonds |
|
|
Financial Assets |
|
|
Total cash equivalents and short-term investments |
|
$ 5,317
|
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v3.3.1.900
FAIR VALUE MEASUREMENTS - AVAILABLE-FOR-SALE SECURITIES (Details) - USD ($) $ in Thousands |
9 Months Ended |
|
Dec. 31, 2015 |
Mar. 31, 2015 |
Maximum |
|
|
Available-for-sale securities |
|
|
Contractual maturity period |
7 months
|
|
Short-term investments. |
|
|
Available-for-sale securities |
|
|
Amortized Cost |
$ 3,000
|
$ 24,538
|
Gross Unrealized Gains |
|
5
|
Gross Unrealized Losses |
|
(10)
|
Fair Value |
3,000
|
24,533
|
Short-term investments. | Corporate debentures/bonds |
|
|
Available-for-sale securities |
|
|
Amortized Cost |
3,000
|
13,823
|
Gross Unrealized Losses |
|
(10)
|
Fair Value |
3,000
|
13,813
|
Short-term investments. | Government agency bonds |
|
|
Available-for-sale securities |
|
|
Amortized Cost |
|
5,315
|
Gross Unrealized Gains |
|
2
|
Fair Value |
|
5,317
|
Short-term investments. | Treasury bills |
|
|
Available-for-sale securities |
|
|
Amortized Cost |
|
5,400
|
Gross Unrealized Gains |
|
3
|
Fair Value |
|
5,403
|
Cash equivalents |
|
|
Available-for-sale securities |
|
|
Amortized Cost |
63,485
|
51,784
|
Fair Value |
63,485
|
51,784
|
Cash equivalents | Money market funds |
|
|
Available-for-sale securities |
|
|
Amortized Cost |
63,485
|
51,784
|
Fair Value |
$ 63,485
|
$ 51,784
|
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