Astrotech Reports Third Quarter 2014 Financial Results
May 14 2014 - 5:36PM
- GAAP results: net loss of $2.8 million (attributable to
Astrotech Corporation), on revenue of $1.6 million, or $(0.15) per
diluted share for the quarter ended March 31, 2014
- Astrotech Space Operations ("ASO"), the Company's core
business, supported the Tracking and Data Relay Satellite System
(TDRS-L) mission which launched during the third quarter of fiscal
year 2014
- 1st Detect received another key patent during its
fiscal year 2014 for the Company's unique ion trap used for
chemical analysis and detection, further protecting our ground
breaking miniature mass spectrometer technology
Astrotech Corporation (Nasdaq:ASTC), a leading provider of
commercial aerospace services, today announced financial results
for its fiscal year 2014 third quarter ended March 31, 2014.
"Our core satellite processing business, Astrotech Space
Operations, had a slow third quarter due to a relatively light
launch schedule. However, the 18-month backlog at ASO looks
relatively healthy as we continue to attract valued customers by
delivering the best satellite processing services in the industry.
Additionally, we are very excited about the prospects at 1st Detect
now that we have signed our first significant commercial OEM
agreement with Rigaku," said Thomas B. Pickens III, Chairman and
CEO of Astrotech.
Third Quarter Results
The Company posted a third quarter fiscal year 2014 net loss of
$2.8 million, or $(0.15) per diluted share on revenue of $1.6
million compared with a third quarter fiscal year 2013 net loss of
$0.1 million, or $(0.01) per diluted share on revenue of $4.6
million.
Update of Ongoing Operations
ASO's 18-month rolling backlog, which includes contractual
backlog and scheduled but uncommitted missions was $27.0 million at
March 31, 2014. 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
Vandenberg Air Force Base locations.
1st Detect is the leading commercial developer of miniature mass
spectrometry technology. We are paving the way with next generation
chemical detection instrumentation and we are aggressively pursuing
new strategic partnerships as we move to drive a paradigm shift in
this marketplace.
Financial Position and Liquidity
Working capital was $(3.9) million as of March 31, 2014, which
included $4.6 million in cash and cash equivalents. During the
quarter, the Company did not meet its negotiated covenants, for
which the Company received a waiver. This was primarily due to the
delay of a mission and required the reclassification of our
long-term debt to current.
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, 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 March 31, |
Nine Months Ended
March 31, |
|
2014 |
2013 |
2014 |
2013 |
|
(unaudited) |
(unaudited) |
Revenue |
$ 1,556 |
$ 4,565 |
$ 10,783 |
$ 14,815 |
Cost of revenue |
2,308 |
2,550 |
8,076 |
10,581 |
Gross profit (loss) |
(752) |
2,015 |
2,707 |
4,234 |
Operating expenses: |
|
|
|
|
Selling, general and
administrative |
1,593 |
1,758 |
5,540 |
5,341 |
Research and development |
645 |
459 |
1,801 |
1,494 |
Total operating expenses |
2,238 |
2,217 |
7,341 |
6,835 |
Loss from operations |
(2,990) |
(202) |
(4,634) |
(2,601) |
Interest and other expense,
net |
(61) |
(36) |
(178) |
(121) |
Loss before income
taxes |
(3,051) |
(238) |
(4,812) |
(2,722) |
Income tax expense |
(2) |
— |
(9) |
— |
Net loss |
(3,053) |
(238) |
(4,821) |
(2,722) |
Less: Net loss attributable to
noncontrolling interest* |
(216) |
(125) |
(681) |
(382) |
Net loss attributable to Astrotech
Corporation |
$ (2,837) |
$ (113) |
$ (4,140) |
$ (2,340) |
|
|
|
|
|
Net loss per share attributable to Astrotech
Corporation, basic |
$ (0.15) |
$ (0.01) |
$ (0.21) |
$ (0.12) |
Weighted average common shares outstanding,
basic |
19,486 |
19,463 |
19,479 |
19,279 |
|
|
|
|
|
Net loss per share attributable to Astrotech
Corporation, diluted |
$ (0.15) |
$ (0.01) |
$ (0.21) |
$ (0.12) |
Weighted average common shares outstanding,
diluted |
19,486 |
19,463 |
19,479 |
19,279 |
|
|
|
|
|
* Noncontrolling
interest resulted from grants of restricted stock in 1st Detect and
Astrogenetix to certain employees, officers and directors. Please
refer to the March 31, 2014 10-Q filed with the Securities and
Exchange Commission for further detail. |
|
ASTROTECH CORPORATION
AND SUBSIDIARIES |
Condensed Consolidated
Balance Sheets |
(In
thousands) |
|
|
|
|
March 31,
2014 |
June 30,
2013 |
|
(unaudited) |
Assets |
|
|
Cash and cash equivalents |
$ 4,552 |
$ 5,096 |
Accounts receivable, net |
2,146 |
5,317 |
Prepaid expenses and other
current assets |
540 |
503 |
Total current assets |
7,238 |
10,916 |
Property, plant, and equipment,
net |
35,590 |
37,035 |
Other assets, net |
35 |
51 |
Total assets |
$ 42,863 |
$ 48,002 |
|
|
|
Liabilities and stockholders'
equity |
|
|
Current liabilities |
$ 11,182 |
$ 6,609 |
Long-term liabilities |
401 |
5,913 |
Stockholders' equity |
31,280 |
35,480 |
Total liabilities and stockholders'
equity |
$ 42,863 |
$ 48,002 |
|
ASTROTECH CORPORATION
AND SUBSIDIARIES |
Unaudited
Reconciliation of Non-GAAP Measures |
(In
thousands) |
Earnings Before
Interest, Taxes, Depreciation and Amortization |
|
|
|
|
|
|
Three Months
Ended March 31, |
Nine Months
Ended March 31, |
|
2014 |
2013 |
2014 |
2013 |
EBITDA |
$ (2,414) |
$ 344 |
$ (2,868) |
$ (981) |
Depreciation & amortization |
580 |
520 |
1,767 |
1,552 |
Interest expense |
57 |
62 |
177 |
189 |
Income tax expense |
2 |
— |
9 |
— |
Net loss |
(3,053) |
(238) |
(4,821) |
(2,722) |
Net loss attributable to noncontrolling
interest |
(216) |
(125) |
(681) |
(382) |
Net loss attributable to
Astrotech Corporation |
$ (2,837) |
$ (113) |
$ (4,140) |
$ (2,340) |
|
|
|
|
|
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
Astrotech (NASDAQ:ASTC)
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