Astrotech Reports First Quarter 2013 Financial Results

Astrotech Reports First Quarter 2013 Financial Results

  *Astrotech Space Operations ("ASO"), the Company's core business, supported
    the successful launch of The Radiation Belt Storm Probes (RBSP) mission in
    the first quarter 2013

  *GAAP net loss of $1.4 million, or $(0.07) per diluted share, for the first
    quarter of fiscal 2013, on revenue of $6.1 million

  *1^st Detect delivered two MMS-1000^TM units

AUSTIN, Texas, Nov. 14, 2012 (GLOBE NEWSWIRE) -- Astrotech Corporation
(Nasdaq:ASTC), a leading provider of commercial aerospace services, today
announced financial results for its fiscal year 2013 first quarter ended
September 30, 2012.

"Our core business, ASO, performed well this quarter as it navigates through a
slower than anticipated launch schedule. We continue to deliver on our
commitments to our customers and I am pleased to see the progress we have made
on the design and fabrication of the GSE project," said Carlisle Kirkpatrick,
Chief Financial Officer of Astrotech. "While our 18-month rolling backlog
reflects the completion of the GSE project, we remain committed to delivering
the best satellite processing services in the industry and the ASO backlog
reflects consistent growth in both programs and the missions supporting these

"1^st Detect delivered two MMS-1000™ units during the first quarter. These
units give 1^st Detect an important platform for enhancing key relationships
into the future," said Thomas B. Pickens III, Chairman and CEO of Astrotech
Corporation. "The 1^st Detect team is focused on opening new industrial
markets by delivering lab quality equipment that meets the unique needs of our
customers and development partners. I am pleased with our progress and the
ongoing support and interest from our development partners as we continue to
build important relationships that will enhance future demand."

First Quarter Results

The Company posted a first quarter fiscal year 2013 net loss of $1.4million,
or $(0.07) per diluted share on revenue of $6.1million compared with a first
quarter fiscal year 2012 net loss of $0.7million, or $(0.04) per diluted
share on revenue of $4.8million.

Update of Ongoing Operations

The Company's 18-month rolling backlog, which includes contractual backlog,
scheduled but uncommitted missions, and the design and fabrication of GSE, was
$27.5million at September30, 2012. The majority at ASO consists of
pre-launch satellite processing services, which include hardware launch
preparation, advance planning, use of unique satellite preparation facilities
and spacecraft checkout, encapsulation, fueling, and transport and design and
fabrication of equipment and hardware for space launch activities at our
Titusville, Florida and VAFB locations.

Our Spacetech business unit delivered two MMS-1000™ units to customers during
the first quarter. MMS-1000^TM is the first commercial product offering of the
miniature mass spectrometer initially designed for the sophisticated
laboratory professional. The MMS-1000™ is a compact, high performance
instrument capable of rapid MS/MS detection of trace levels of volatile
compounds in less than five seconds and provides a versatile platform that can
be used in various applications in the security and industrial markets.

Financial Position and Liquidity

Working capital was $3.6million as of September30, 2012, which included $5.1
million in cash and cash equivalents and $4.7 million of accounts receivable.

About Astrotech Corporation

Astrotech is one of the first space commerce companies and remains a strong
entrepreneurial force in the aerospace industry. We are leaders in
identifying, developing and marketing space technology for commercial use. Our
ASO business unit serves our government and commercial satellite and
spacecraft customers with pre-launch services on the eastern and western
range. 1^stDetect Corporation is developing what we believe is a breakthrough
miniature mass spectrometer, the MMS-1000™, while Astrogenetix, Inc. is a
biotechnology company utilizing microgravity as a research platform for drug
discovery and development.

The Astrotech Corporation logo is available at

This press release contains forward-looking statements that are made pursuant
to the Safe Harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are subject to risks, trends, and
uncertainties that could cause actual results to be materially different from
the forward-looking statement. These factors include, but are not limited to,
continued government support and funding for key space programs, product
performance and market acceptance of products and services, as well as other
risk factors and business considerations described in Astrotech's Securities
and Exchange Commission filings including the annual report on Form 10-K. Any
forward-looking statements in this document should be evaluated in light of
these important risk factors. Astrotech assumes no obligation to update these
forward-looking statements.

                                Tables follow

Condensed Consolidated Statements of Operations
(In thousands, except per share data)
                                           Three Months Ended
                                           September 30,
                                           2012              2011
Revenue                                     $6,128          $4,840
Cost of revenue                             4,907            2,926
Gross profit                                1,221            1,914
Operating expenses:                                          
Selling, general and administrative         2,099            1,929
Research and development                    642              758
Total operating expenses                    2,741            2,687
Lossfrom operations                        (1,520)          (773)
Interest and other expense, net             (38)             (74)
Lossbefore income taxes                    (1,558)          (847)
Income tax expense                          --                (5)
Net loss                                    (1,558)          (852)
Less: Net loss attributable to              (141)            (186)
noncontrolling interest*
Net loss attributable to Astrotech          $(1,417)        $(666)
Net lossper share attributable to          $(0.07)         $(0.04)
Astrotech Corporation, basic
Weighted average common shares outstanding, 18,951            18,120
Net lossper share attributable to          $(0.07)         $(0.04)
Astrotech Corporation, diluted
Weighted average common shares outstanding, 18,951            18,120
*Noncontrolling interest resulted from grants of restricted stock in 1^st
Detect and Astrogenetix to certain employees, officers and directors. Please
refer to the September30, 2012 10-Q filed with the Securities and Exchange
Commission for further detail.

Condensed Consolidated Balance Sheets
(In thousands)
                                          September 30, June 30,
                                          2012          2012
Cash and cash equivalents                  $5,078      $ 10,177
Accounts receivable, net                   4,721         1,926
Prepaid expenses and other current assets  863           592
Total current assets                       10,662        12,695
Property, plant, and equipment, net        36,986        37,270
Other assets, net                          70            84
Total assets                               $47,718     $ 50,049
Liabilities and stockholders' equity                    
Current liabilities                        $7,078      $7,875
Long-term liabilities                      6,049         6,042
Stockholders' equity                       34,591        36,132
Total liabilities and stockholders' equity $47,718     $ 50,049

Unaudited Reconciliation of Non-GAAP Measures
(In thousands)
Earnings Before Interest, Taxes, Depreciation and Amortization
                                         Three Months
                                         Ended September 30,
                                         2012                2011
EBITDA                                    $(987)            $(195)
Depreciation & amortization               507                 592
Interest and other expense, net           64                  60
Income tax expense                        --                  5
Net loss                                  (1,558)            (852)
Net loss attributable to noncontrolling   (141)              (186)
Net lossattributable to Astrotech        $(1,417)          $(666)

EBITDA (earnings before interest, taxes, depreciation and amortization) is a
non-U.S. GAAP financial measure. We included information concerning EBITDA
because we use such information when evaluating operating earnings (loss)to
better evaluate the underlying performance of the Company. EBITDA does not
represent, and should not be considered an alternative to, net income (loss),
operating earnings (loss), or cash flow from operations as those terms are
defined by U.S. GAAP and does not necessarily indicate whether cash flows will
be sufficient to fund cash needs. While EBITDA is frequently used as measures
of operations and the ability to meet debt service requirements by other
companies, our use of this financial measure is not necessarily comparable to
such other similarly titled captions of other companies.


         Carlisle Kirkpatrick
         Chief Financial Officer
         Astrotech Corporation

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