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American Science & Engineering Inc. Message Board

  • bengrahamvalueinvestor bengrahamvalueinvestor May 19, 2005 2:32 AM Flag

    How big? Bodysearch $500 million???

    RYAN BECK report April 19th..." ASEI has few competitors in the
    backscatter x-ray market, its equipment is already in use in the White House, the U.S. Capitol and
    other government facilities, its Z Backscatter Vans are performing well in their missions at U.S.
    borders and in Iraq and the size of the airport security market is so large that it dwarfs ASEI's
    other currently addressed market segments. With about 450 domestic airports, we think the
    potential market is well in excess of $500 million for backscatter x-ray screening devices and it
    would not take much penetration to have an enormous positive impact on ASEI's revenue and
    ON BODYSEARCH (April19th )"...While there is no hint of an order at this point in time, without which we do not intend to revise
    our financial forecast, we still think ASEI shares present a very attractive opportunity to
    participate in the homeland security market. While there has been a great deal of talk about such
    potentially competitive technologies as millimeter wave (which we believe is still a science
    project), we are not aware at present of anything else that works as well or is as affordable as
    ASEI's backscatter x-ray equipment."
    And from a report on April 18th
    "...We think a relatively short (30 days) testing period
    is likely to be followed by analysis and evaluation after which a contract could be awarded for
    deployment of ASEI's equipment. We believe that testing of the BodySearch product could begin
    as early as next month. In our opinion, results of tests, as expected to be released in the referenced
    reports, could potentially accelerate the process......
    ASEI management has been focused on opportunities that bring revenue and earnings growth and
    this situation fills the bill, in our view. At this point in time, we have no expectations for
    deployment of ASEI's equipment at airports. Our forecast is limited to what we believe the
    company can do with its Z Backsctter Van, ParcelSearch and CargoSearch products without
    consideration to potential business with the TSA for airport passenger and parcel screening use.
    Any orders for BodySearch or TSA orders for ParcelSearch products would likely result in a
    substantial increase to our estimates."

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