Astrotech Reports First Quarter 2014 Financial Results

Astrotech Reports First Quarter 2014 Financial Results

  *GAAP results: net income of $1.3 million (attributable to Astrotech
    Corporation), on revenue of $6.7 million, or $0.06 per diluted share for
    the quarter ended September 30, 2013
  *EBITDA of $1.6 million for the quarter ended September 30, 2013
  *Astrotech Space Operations ("ASO"), the Company's core business, supported
    four missions which launched in the first quarter of 2014: Advanced
    Extremely High Frequency – 3 (AEHF-3), Mobile User Objective System – 2
    (MUOS-2), Wideband Global SATCOM – 6 (WGS-6), and a classified mission.

AUSTIN, Texas, Nov. 14, 2013 (GLOBE NEWSWIRE) -- Astrotech Corporation
(Nasdaq:ASTC), a leading provider of commercial aerospace services, today
announced financial results for its fiscal year 2014 first quarter ended
September 30, 2013.

"Our core satellite processing business, Astrotech Space Operations, performed
well this quarter as we benefited from a relatively active launch schedule. We
continue to deliver on our commitments to our customers and are very pleased
with the performance of our team as we finalize the design and fabrication of
the GSE project," said Thomas B. Pickens III, Chairman and CEO of Astrotech.
"While our 18-month rolling backlog reflects the final stages in the
completion the GSE project, we remain committed to serving our valued
customers in delivering the best satellite processing services in the
industry."

First Quarter Results

The Company posted a first quarter fiscal year 2014 net income of $1.3
million, or $0.06 per diluted share on revenue of $6.7 million compared with a
first quarter fiscal year 2013 net loss of $1.4 million, or $(0.07) per
diluted share on revenue of $6.1 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, was
$23.2 million at September 30, 2013. The majority of the revenue 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.

Financial Position and Liquidity

Working capital was $6.5 million as of September 30, 2013, which included $4.4
million in cash and cash equivalents and $6.4 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, the MMS-1000™, 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, 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
ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
                                                           
                                           Three Months Ended
                                           September 30,
                                           2013             2012
                                           (unaudited)
Revenue                                     $6,689         $6,128
Cost of revenue                             3,086            4,907
Gross profit                                3,603            1,221
Operating expenses:                                         
Selling, general and administrative         1,738            2,099
Research and development                    805              642
Total operating expenses                    2,543            2,741
Income (loss) from operations               1,060            (1,520)
Interest and other expense, net             (52)             (38)
Income (loss) before income taxes           1,008            (1,558)
Income tax expense                          —                —
Net income (loss)                           1,008            (1,558)
Less: Net loss attributable to              (245)            (141)
noncontrolling interest*
Net income (loss) attributable to Astrotech $1,253         $(1,417)
Corporation
                                                           
Net income (loss) per share attributable to $0.06          $(0.07)
Astrotech Corporation, basic
Weighted average common shares outstanding, 19,470           18,951
basic
Net income (loss) per share attributable to $0.06          $(0.07)
Astrotech Corporation, diluted
Weighted average common shares outstanding, 19,578           18,951
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 September30, 2013 10-Q filed with the Securities and Exchange
Commission for further detail.

ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
                                                       
                                          September 30, June 30,
                                          2013          2013
                                          (unaudited)   
Assets                                                  
Cash and cash equivalents                  $4,418      $5,096
Accounts receivable, net                   6,407         5,317
Prepaid expenses and other current assets  571           503
Total current assets                       11,396        10,916
Property and equipment, net                36,494        37,035
Other assets, net                          46            51
                                                       
Total assets                               $47,936     $48,002
                                                       
                                                       
Liabilities and stockholders' equity                    
Current liabilities                        $4,868      $6,609
Long-term liabilities                      6,564         5,913
Stockholders' equity                       36,504        35,480
Total liabilities and stockholders' equity $47,936     $48,002


ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Reconciliation of Non-GAAP Measures
(In thousands)
Earnings Before Interest, Taxes, Depreciation and Amortization
                                                               
                                                       Three Months
                                                       Ended September 30,
                                                       2013     2012
EBITDA                                                  $1,649 $(987)
Depreciation & amortization                             589      507
Interest and other expense, net                         52       64
Income tax expense                                      —        —
Net income (loss)                                       1,008    (1,558)
Net loss attributable to noncontrolling interest        (245)    (141)
Net income (loss) attributable to Astrotech Corporation $1,253 $(1,417)

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: FOR MORE INFORMATION:
         Eric Stober
         Astrotech Corporation
         512.485.9530

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