Astrotech Reports Fourth Quarter and Fiscal Year 2013 Financial Results
October 15 2013 - 7:00AM
- 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
- 1st 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.
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. 1st 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
Ended June 30, |
Twelve Months
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
administrative |
1,449 |
1,616 |
6,790 |
7,067 |
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
noncontrolling interest* |
(156) |
(134) |
(538) |
(620) |
Net income (loss) attributable
to Astrotech Corporation |
$ 2,155 |
$ (1,275) |
$ (185) |
$ (2,713) |
|
|
|
|
|
Net income (loss) per share attributable
to Astrotech Corporation, basic and diluted |
$ 0.11 |
$ (0.07) |
$ (0.01) |
$ (0.15) |
|
* Noncontrolling interest resulted from grants of restricted
stock in 1st 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
Ended June 30, |
Twelve Months 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 interest |
(156) |
(134) |
(538) |
(620) |
Net income (loss) attributable
to Astrotech Corporation |
$ 2,155 |
$ (1,275) |
$ (185) |
$ (2,713) |
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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