Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Astrotech Reports Third Quarter 2013 Financial Results



Astrotech Reports Third Quarter 2013 Financial Results

  * GAAP results: net loss of $ 0.1 million (attributable to Astrotech
    Corporation), on revenue of $4.6 million, or $(0.01) per diluted share for
    the quarter ended March 31, 2013.
  * EBITDA of $0.3 million for the quarter ended March 31, 2013.
  * Astrotech Space Operations ("ASO"), the Company's core business, supported
    two missions which launched in the third quarter 2013: NASA's Landsat Data
    Continuity Mission (LDCM) and NASA's Tracking and Data Relay Satellite
    (TDRS-K).
  * 1st Detect received over $0.3 million in collaborative R&D funding from
    partners and customers.

AUSTIN, Texas, May 15, 2013 (GLOBE NEWSWIRE) -- Astrotech Corporation
(Nasdaq:ASTC), a leading provider of commercial aerospace services, today
announced financial results for its fiscal year 2013 third quarter ended March
31, 2013.

"Similar to many organizations which develop and support long term contracts
with federal agencies, we are experiencing and managing through an elongated
mission schedule in fiscal 2013. As a result, we are focused on delivering
solid gross margins from our in house missions while controlling our operating
costs," said Carlisle Kirkpatrick, Chief Financial Officer of Astrotech. "We
continue to collaborate with key customers to develop long term relationships
that ensure ASO is competitive when future initiatives are funded. I am
pleased that we were able to build for the future, adding the previously
announced NASA OCO-2 and NASA SMAP contracts to our backlog. I am also
encouraged by our progress within Spacetech, and specifically, 1^st Detect.
Year to date we have received over $0.8 million in collaborative R&D funding
from several key partners and customers. Our OEM-1000 unit is in evaluation
testing under a number of different customer requirements. Our success with
these evaluations will drive our future strategy and success. It is notable
that our recent 'patent harvest' has yielded 11 new patent applications,
bringing our current total to 18 (2 of which have been granted); further
evidence of our novel application of miniature mass spectrometry."

Third Quarter Results

The Company posted a third quarter fiscal year 2013 net loss of $0.1 million,
or $(0.01) per diluted share on revenue of $4.6 million compared with a third
quarter fiscal year 2012 net income of $1.0 million, or $0.05 per diluted
share on revenue of $10.0 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
$28.1 million at March 31, 2013. ASO holds the majority of backlog for future
payload processing services and fabrication of GSE.

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 a number of industrial
markets and the security and defense industries.

Financial Position and Liquidity

Working capital was $2.8 million as of March 31, 2013.

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.

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       Nine Months Ended
                            March 31,                March 31,
                            2013          2012       2013         2012
                            (unaudited)              (unaudited)
Revenue                     $ 4,565       $ 10,013   $ 14,815     $ 18,529
Cost of revenue             2,550         6,770      10,581       12,804
Gross profit                2,015         3,243      4,234        5,725
Operating expenses:                                                
Selling, general and        1,758         1,814      5,341        5,451
administrative
Research and development    459           475        1,494        1,979
Total operating expenses    2,217         2,289      6,835        7,430
Income (loss) from          (202)         954        (2,601)      (1,705)
operations
Interest and other expense, (36)          (69)       (121)        (202)
net
Loss before income taxes    (238)         885        (2,722)      (1,907)
Income tax expense          —             (5)        —            (17)
Net income(loss)            (238)         880        (2,722)      (1,924)
Less: Net loss attributable (125)         (134)      (382)        (486)
to noncontrolling interest*
Net income (loss)
attributable to Astrotech    $ (113)      $ 1,014     $ (2,340)    $ (1,438)
Corporation
                                                                   
Net income (loss) per share
attributable to Astrotech    $ (0.01)     $ 0.05      $ (0.12)     $ (0.08)
Corporation, basic
Weighted average common     19,463        18,764     19,279       18,448
shares outstanding, basic
                                                                   
Net income (loss) per share
attributable to Astrotech    $ (0.01)     $ 0.05      $ (0.12)     $ (0.08)
Corporation, diluted
Weighted average common     19,463        19,152     19,279       18,448
shares outstanding, 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 March 31, 2013 10-Q filed with the Securities and Exchange
Commission for further detail. 

 
ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets 
(In thousands) 
                                                        
                                           March 31,   June 30,
                                           2013        2012
                                           (unaudited)
Assets                                                  
Cash and cash equivalents                   $ 8,034     $ 10,177
Accounts receivable, net                   731         1,926
Prepaid expenses and other current assets  976         592
Total current assets                       9,741       12,695
Property, plant, and equipment, net        36,681      37,270
Long-term note receivable                  —           —
Other assets, net                          57          84
Total assets                                $ 46,479    $ 50,049
                                                        
Liabilities and stockholders' equity                    
Current liabilities                         $ 6,905     $ 7,875
Long-term liabilities                      6,109       6,042
Stockholders' equity                       33,465      36,132
Total liabilities and stockholders' equity  $ 46,479    $ 50,049

 
ASTROTECH CORPORATION AND SUBSIDIARIES 
Unaudited Reconciliation of Non-GAAP Measures 
(In thousands) 
Earnings Before Interest, Taxes, Depreciation and Amortization 
                                                                   
                            Three Months            Nine Months
                            Ended March 31,         Ended March 31,
                            2013        2012        2013          2012
EBITDA                       $ 342       $ 1,508     $ (983)       $ 240
Depreciation & amortization 520         556         1,552         1,942
Interest expense            62          67          189           205
Income tax expense           —          5            —            17
Net income (loss)           (240)       880          (2,724)      (1,924)
Net loss attributable to    (125)       (134)        (382)        (486)
noncontrolling interest
Net income
(loss) attributable to       $ (115)     $ 1,014     $ (2,342)     $ (1,438)
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

Astrotech Corporation Logo
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement