Anthony R. Fabiano to Retire as President and CEO of American Science and Engineering, Inc.

Search for Successor Underway


BILLERICA, Mass., Sept. 20, 2012 (GLOBE NEWSWIRE) -- American Science and Engineering, Inc. ("AS&E") (Nasdaq:ASEI), a leading supplier of innovative X-ray detection solutions for government agencies, corporations, and military organizations worldwide, today announced that Anthony R. Fabiano, President and Chief Executive Officer, has informed the Board of Directors he will retire next year and that the Board has launched a search for his successor.

Fabiano, 59, joined AS&E in Sept. 2003 as President, CEO, and Director. He has agreed to remain employed by the Company as President, CEO, and Director for as long as June 30, 2013 to ensure an orderly transition. If a successor is appointed before that date, Fabiano will step down. After he ends his employment, he will serve as a consultant for six months to help in the transition. The Board has engaged a global executive search firm, Spencer Stuart, to assist in finding a new President and CEO.

Denis R. Brown, Chairman of the Board, said Fabiano was responsible for changing the direction of the Company during his tenure. "Anthony turned American Science and Engineering around from being a small competitor to a powerhouse in the domestic and international security-detection market. He did this by thoroughly rebuilding every department in the Company. He expanded the product lines, enhanced manufacturing and established a new management team," said Brown. "AS&E now has the reputation of being the best security company in its field in terms of product performance, quality and on-time delivery. Our next CEO will build on the good work he has done."

"I want to thank the Board for its unstinting support and encouragement as we grew AS&E into a leading global security company," Fabiano said. "It's been a fulfilling experience, but now it's time for a change for both the company and me. Next March, I will be 60 years old and will have been CEO of AS&E for nine and a half years. I've always felt that a CEO's tenure should be seven to 10 years because it's healthy for an organization to be refreshed with new leadership. I plan to retire and travel the world with my wife to follow my son Michael's performances as a world-class opera singer."

When Fabiano took over in fiscal year 2004, AS&E had $76.3 million in annual revenues, net income of $1.9 million and bookings of $71.5 million. The Company ended the most recent fiscal year on March 31, 2012 with annual revenues of $203.6 million, net income of $21.4 million and $181.3 million in bookings. In the most recent quarter ended June 30, the company reported revenues of $47.3 million, net income of $4.2 million and bookings of $41.6 million. When Fabiano joined the Company, its stock traded close to $10 a share. Currently, the stock trades above $60 per share.

About AS&E

American Science and Engineering, Inc. (AS&E) is a leading worldwide supplier of innovative X-ray inspection systems. With over 50 years of experience in developing advanced X-ray security systems, the Company's product line utilizes a combination of technologies, including patented Z Backscatter™ technology, Radioactive Threat Detection (RTD), high energy transmission and dual energy transmission X-ray. These technologies offer superior X-ray threat detection for plastic explosives, plastic weapons, liquid explosives, dirty bombs and nuclear devices. AS&E's complete range of products include cargo inspection systems for port and border security, baggage screening systems for facility and aviation security, and personnel and passenger screening systems. AS&E® systems protect high-threat facilities and help combat terrorism, trade fraud, drug smuggling, weapon smuggling, illegal immigration, and people smuggling. AS&E customers include leading government agencies, border authorities, military bases, airports and corporations worldwide, including the U.S. Department of Homeland Security (DHS), U.S. Department of Defense (DoD), U.S. Customs and Border Protection (CBP), North Atlantic Treaty Organization (NATO), UK Border Agency (UKBA), Hong Kong Customs, and Abu Dhabi Customs. For more information on AS&E products and technologies, please visit www.as-e.com.

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Safe Harbor Statement: The foregoing press release contains statements concerning AS&E's financial performance, markets and business operations that may be considered "forward-looking" under applicable securities laws.  AS&E wishes to caution readers of this press release that actual results might differ materially from those projected in any forward-looking statements. Factors which might cause actual results to differ materially from those projected in the forward-looking statements contained herein include the following: significant reductions, delays or cancellations (in full or in part) in procurements of the Company's systems by the United States and other governments; disruption in the supply of any source component incorporated into AS&E's products; litigation seeking to restrict the use of intellectual property used by the Company; limitations under certain laws on the Company's ability to protect its own intellectual property; potential product liability claims against the Company; global political trends and events which affect public perception of the threat presented by drugs, explosives and other contraband; global economic developments and the ability of governments and private organizations to fund purchases of the Company's products to address such threats; the potential insufficiency of Company resources, including human resources, capital, plant and equipment and management systems, to accommodate any future growth; technical problems and other delays that could impact new product development and the Company's ability to adapt to changes in technology and customer requirements; competitive pressures; lengthy sales cycles both in United States government procurement and procurement abroad;  future delays in federal funding, the market price of the company's stock prevailing from time to time, the nature of other investment opportunities presented to the company from time to time,  the company's cash flows from operations and market and general economic conditions. These and certain other factors which might cause actual results to differ materially from those projected are detailed from time to time in AS&E's periodic reports and registration statements filed with the Securities and Exchange Commission, which important factors are incorporated herein by reference. AS&E undertakes no obligation to update forward looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial condition or business over time. Readers are further advised to review the "Risk Factors" set forth in the Company's most recent Form 10-Q and Form 10-K,  which further detail and supplement the factors described in this Safe Harbor Statement.  Among other disclosures, the Risk Factors disclose risks pertaining to that portion of the Company's business that is dependent on United States government contracting as well as international customers.



            

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