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Astrotech Reports Second Quarter 2013 Financial Results



Astrotech Reports Second Quarter 2013 Financial Results

  * GAAP results: net loss of $0.8 million (attributable to Astrotech
    Corporation), on revenue of $4.1 million, up 55% and 12%, respectively,
    compared to the same quarter last year.
  * Astrotech Space Operation ("ASO"), the Company's core business unit,
    supported the successful launch of one mission in the second quarter 2013.
  * 1^st Detect delivered two instruments.

AUSTIN, Texas, Feb. 14, 2013 (GLOBE NEWSWIRE) -- Astrotech Corporation
(Nasdaq:ASTC), a leading provider of commercial aerospace services, today
announced financial results for its fiscal year 2013 second quarter ended
December 31, 2012.

"ASO, our core business unit, performed well during the second quarter of
fiscal year 2013. We supported the successful launch of one mission and our
Vandenberg and Florida facilities were awarded separate Infinite-Delivery/
Indefinite Quantity' ("IDIQ") task order contracts for future commercial
payload processing services. ASO's 18-month mission backlog remains stable at
$25.3 million," said Carlisle Kirkpatrick, Chief Financial Officer of
Astrotech.

"Additionally, our 1^st Detect business unit is achieving notable progress. We
are seeing growing interest among equipment manufacturers who want to
integrate our instrument into their product line. I am pleased with both our
product development and commercial progress at 1^st Detect," noted Mr.
Kirkpatrick. "During the second quarter 1^st Detect delivered two instruments,
one to NASA/JSC and one to a development partner. We have a team of very
talented and dedicated individuals who remain focused on meeting our customer
commitments."

Second Quarter Results

The Company posted a second quarter fiscal year 2013 net loss of $0.8 million,
or $(0.04) per diluted share on revenue of $4.1 million compared with a second
quarter fiscal year 2012 net loss of $1.8 million, or $(0.10) per diluted
share on revenue of $3.7 million.

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
$25.3 million at December 31, 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, transport, and design and
fabrication of equipment and hardware for space launch activities at our
Titusville, Florida and VAFB locations.

Our Spacetech business unit reached a development milestone when 1^st Detect
delivered evaluation units of its miniature mass spectrometer to leading
analytical equipment vendors. The 1^st Detect proprietary mini-mass
spectrometry technology provides a broad and versatile platform that we plan
to integrate with follow-on products optimized for the security and industrial
markets. In December, the USPTO allowed the issuance of an additional patent
for the Company's MMS-1000^TM technology, further securing the Company's
unique approach to commercializing its mini-mass spectrometer product line.

Financial Position and Liquidity

Working capital was $2.6 million as of December 31, 2012, which included $4.9
million in cash and cash equivalents and $3.7 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^st Detect Corporation is developing what we believe is a breakthrough
miniature mass spectrometer, 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
http://www.globenewswire.com/newsroom/prs/?pkgid=7456

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, the ability
to expand ASO, the availability of capital for reinvestment in growth
initiatives, product performance and market acceptance of products and
services, as well as other risk factors and business considerations described
in the Company'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. The Company
assumes no obligation to update these forward-looking statements.

                                Tables follow

 
 
ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
 
                             Three Months Ended       Six Months Ended
                             December 31,             December 31,
                             2012        2011         2012         2011
Revenue                      $ 4,122     $ 3,676      $ 10,251     $ 8,516 
Cost of revenue              3,125       3,108        8,032        6,034 
Gross profit                 997         568          2,219        2,482 
Operating expenses:                                                 
Selling, general and         1,484       1,708        3,583        3,637 
administrative
Research and development     393         746          1,035        1,504 
Total operating expenses     1,877       2,454        4,618        5,141 
Income (loss) from           (880)       (1,886)      (2,399)      (2,659)
operations
Interest and other expense,  (46)        (59)         (85)         (133)
net
Income (loss) before income  (926)       (1,945)      (2,484)      (2,792)
taxes
Income tax expense           —           (7)          —            (12)
Net income (loss)            (926)       (1,952)      (2,484)      (2,804)
Less: Net loss attributable  (116)       (166)        (257)        (352)
to noncontrolling interest*
Net income (loss)
attributable to Astrotech    $  (810)    $  (1,786)   $  (2,227)   $  (2,452)
Corporation
                                                                    
Net income (loss) per share
attributable to Astrotech    $  (0.04)   $  (0.10)    $  (0.12)    $  (0.13)
Corporation, basic
Net income (loss) per share
attributable to Astrotech    $  (0.04)   $  (0.10)    $  (0.12)    $  (0.13)
Corporation, diluted
 
*Noncontrolling interest resulted from grants of restricted stock in 1^st
Detect and Astrogenetix to certain employees, officers and directors. Please
refer to the December 31, 2012 10-Q filed with the Securities and Exchange
Commission for further detail.

 
 
ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
 
                                           December 31, June 30,
                                           2012         2012
                                           (unaudited)   
Assets                                                   
Cash and cash equivalents                  $ 4,938      $ 10,177 
Accounts receivable, net                   3,727        1,926 
Prepaid expenses and other current assets  797          592 
Total current assets                       9,462        12,695 
Property & equipment, net                  36,848       37,270 
Other assets, net                          62           84 
Total assets                               $ 46,372     $ 50,049 
                                                         
Liabilities and Stockholders' Equity                     
Current liabilities                        $ 6,836      $ 7,875 
Long-term liabilities                      5,849        6,042 
Stockholders' equity                       33,687       36,132 
Total liabilities and stockholders' equity $ 46,372     $ 50,049 

 
 
ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Reconciliation of Non-GAAP Measures
(In thousands)
Earnings Before Interest, Taxes, Depreciation and Amortization
 
                                        Three Months       Six Months
                                        Ended December 31, Ended December 31,
                                        2012     2011      2012      2011
EBITDA                                  $ (338)  $ (1,083) $ (1,325) $ (1,268)
Depreciation & amortization             525      793       1,032     1,386 
Interest and other expense, net         63       69        127       139 
Income tax expense                      --       7         --        12 
Net income (loss)                       (926)    (1,952)   (2,484)   (2,804)
Net loss attributable to noncontrolling (116)    (166)     (257)     (352)
interest
Net income (loss) attributable to       $ (810)  $ (1,786) $ (2,227) $ (2,452)
Astrotech Corporation

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.

CONTACT: Carlisle Kirkpatrick
         Chief Financial Officer
         Astrotech Corporation
         512.485.9530

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