UPDATE 1-American Science and Engineering misses estimates

Mon May 14, 2012 5:34pm EDT

* Q4 EPS $0.15 vs est $0.83

* Q4 rev $39.8 mln vs est $60.7 mln

* Shares fall 14 pct after market

May 14 (Reuters) - Security systems maker American Science and Engineering Inc posted lower-than-expected quarterly results as the tightening of the U.S. defense budget hurt new orders and deliveries.

Shares of the Billerica, Massachusetts-based company fell 14 percent to $57.60 after the bell. They closed at $67.35 on Monday on the Nasdaq.

For the fourth quarter, net income fell to $1.3 million, or 15 cents per share, from $9.6 million, or $1.03 cents per share a year ago.

Revenue at the company, which makes X-ray inspection systems, fell about 41 percent to $39.8 million.

Analysts on average had expected earnings of 83 cents per share, before special items, on revenue of $60.7 million, according to Thomson Reuters I/B/E/S.

The company reported about 44 percent slump in bookings.

As per the $525.4 billion defense budget plan that Obama sent to Congress early this year, the spending plan would reduce defense outlays by about $5 billion, or 1 percent. This would be the first cut in more than a decade.

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