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 Fourth Quarter and Fiscal Year 2013 Financial Results



Astrotech Reports Fourth Quarter and Fiscal Year 2013 Financial Results

  * EBITDA income of $2.6 million for the quarter ended June 30, 2013 and $1.6
    million for the year ended June 30, 2013
  * GAAP results: net income of $2.2 million (attributable to Astrotech
    Corporation), or $0.11 per diluted share for the quarter ended June 30,
    2013 and net loss of $0.2 million (attributable to Astrotech Corporation),
    or $(0.01) per diluted share, for the year ended June 30, 2013
  * Astrotech Space Operations ("ASO"), the Company's core business, supported
    the processing of eight missions during fiscal year ended June 30, 2013
  * 1^st Detect was granted one patent and filed eleven patent applications.
    The Company now has two patents granted, sixteen additional patent
    applications pending and a number of patent opportunities in the draft or
    research stage.

AUSTIN, Texas, Oct. 15, 2013 (GLOBE NEWSWIRE) -- Astrotech Corporation
(Nasdaq:ASTC), a leading provider of commercial aerospace services and
products, today announced financial results for its fourth quarter and fiscal
year ended June 30, 2013.

"Our long held strategy to fully support our ASO subsidiary, by meeting the
needs of our customers with state-of-the-art facilities, continues to perform
as expected. We are also growing ASTC value by investing in our Spacetech
initiatives by partnering with key industry participants to develop compelling
solutions that address imminent and compelling economic needs," said Thomas B.
Pickens III, Chairman and CEO of Astrotech Corporation. "We are also very
proud to announce the completion of our new development facility in Webster,
TX, where 1st Detect is ramping up its manufacturing capabilities in
anticipation of maturing joint development partnerships. We are educating a
number of high value markets with the opportunity to sell solutions that meet
the general needs of quantitative analysis on the factory floor."

"Our fourth quarter performance has been exceptional, and we are proud to
release the best earnings report in over three years," said Carlisle
Kirkpatrick, CFO of Astrotech Corporation. "During the quarter, Astrotech
Space Operations processed two very important U.S. government missions and we
are nearly complete on our multi-year Ground Support Equipment contract. Our
backlog remains strong and we are encouraged by the diversity we are seeing in
new programs now under contract. This diversity allows the Company to enhance
its portfolio of future repeat customers. Our financial performance has been
remarkable both this quarter and for the year just ending. EBITDA for the year
was a very strong $1.6 million, achieved primarily through consistent delivery
of high value payload services and cost controls within our SG&A functions.

"It is important to also note that we have successfully concluded our
negotiations with the lender under our financing facilities and we are pleased
to report a mutual resolution that enables Astrotech to continue building its
businesses while satisfying our obligations with the lender."

Fourth Quarter Results

The Company posted fourth quarter fiscal year 2013 net income of $2.2 million,
or $0.11 per diluted share on revenue of $9.2 million compared with a fourth
quarter fiscal year 2012 net loss of $1.3 million, or $(0.07) per diluted
share on revenue of $7.6 million.

Fiscal Year Results

The Company posted fiscal year 2013 net loss of $0.2 million, or $(0.01) per
diluted share on revenue of $24.0 million compared with fiscal year 2012 net
loss of $2.7 million, or $(0.15) per diluted share on revenue of $26.1
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, is
$25.5 million at June 30, 2013. The 18-month rolling backlog for 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.

Financial Position and Liquidity

Working capital was $4.3 million as of June 30, 2013, which included $5.1
million in cash and cash equivalents and $5.3 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.

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.

 
 
ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
 
                                  Three Months          Twelve Months
                                  Ended June 30,        Ended June 30,
                                  2013      2012        2013       2012
Revenue                           $ 9,180   $ 7,609     $ 23,995   $ 26,138
Cost of revenue                   5,102     5,986       15,684     18,790
Gross profit                      4,078     1,623       8,311      7,348
Operating expenses:                                                 
Selling, general and              1,449     1,616       6,790      7,067
administrative
Research and development          586       592         2,080      2,571
Total operating expenses          2,035     2,208       8,870      9,638
Income (loss) from operations     2,043     (585)       (559)      (2,290)
Interest and other expense, net   (44)      (824)       (164)      (1,026)
Income (loss) before income taxes 1,999     (1,409)     (723)      (3,316)
Income tax benefit (expense)      —         —           —          (17)
Net income (loss)                 1,999     (1,409)     (723)      (3,333)
Less: Net loss attributable to    (156)     (134)       (538)      (620)
noncontrolling interest*
Net income (loss) attributable to $ 2,155   $ (1,275)   $ (185)    $ (2,713)
Astrotech Corporation
                                                                    
Net income (loss) per share
attributable to Astrotech         $ 0.11    $ (0.07)    $ (0.01)   $ (0.15)
Corporation, basic and 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 June 30, 2013 10-K filed with the Securities and Exchange
Commission for further detail.

 
 
ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
 
                                           June 30,
                                           2013     2012
Assets                                               
Cash and cash equivalents                  $ 5,096  $ 10,177
Accounts receivable, net of allowance      5,317    1,926
Prepaid expenses and other current assets  503      592
Total current assets                       10,916   12,695
Property, plant, and equipment, net        37,035   37,270
Long-term note receivable, net of reserve  —        — 
Other assets, net                          51       84
Total assets                               $ 48,002 $ 50,049
                                                     
Liabilities and stockholders' equity                 
Current liabilities                        $ 6,609  $ 7,875
Long-term liabilities                      5,913    6,042
Stockholders' equity                       35,480   36,132
Total liabilities and stockholders' equity $ 48,002 $ 50,049

 
 
ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Reconciliation of Non-GAAP Measures
Earnings Before Interest, Taxes, Depreciation and Amortization
 (In thousands)
 
                                           Three Months      Twelve Months
                                           Ended June 30,    Ended June 30,
                                           2013    2012      2013    2012
EBITDA                                     $ 2,623 $ (829)   $ 1,642 $ (589)
Depreciation & amortization                563     514       2,115   2,456
Interest expense                           61      66        250     271
Income tax expense                         —       —         —       17
Net income (loss)                          1,999   (1,409)   (723)   (3,333)
Net loss attributable to noncontrolling    (156)   (134)     (538)   (620)
interest
Net income (loss) attributable to          $ 2,155 $ (1,275) $ (185) $ (2,713)
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