- GAAP results: net loss of $0.8
million (attributable to Astrotech Corporation), or $(0.04) per
diluted share for the quarter ended June 30, 2014 and net loss of
$5.0 million (attributable to Astrotech Corporation), or $(0.25)
per diluted share, for the year ended June 30, 2014
- EBITDA loss of $0.4 million for the
quarter ended June 30, 2014 and $3.3 million for the year ended
June 30, 2014
- The sale of Astrotech Space
Operations (“ASO”) to Lockheed Martin was completed on August 22,
2014 for $61.0 million
- 1st Detect was awarded
a pivotal competitive contract for the Next Generation Chemical
Detector (NGCD) program
- 1st Detect was granted
four U.S. patents and filed nine U.S. patent applications during
the fiscal year. In total, 1st Detect owns six
key U.S. patents for its miniaturized mass spectrometer
technology
Astrotech Corporation (NASDAQ: ASTC), a leading provider of
commercial aerospace services and products and a manufacturer of
next generation chemical detection instrumentation, today announced
financial results for its fourth quarter and fiscal year ended June
30, 2014.
“With the successful completion of the sale of Astrotech Space
Operations (“ASO”), we find ourselves with a healthy balance sheet
and ideally positioned to execute the next phase of our corporate
strategy,” said Thomas B. Pickens III, Chairman and CEO of
Astrotech Corporation. "The recent award of the NGCD contract
further validated our technological breakthrough at 1st Detect and
we are eagerly pursuing additional opportunities."
The 1st Detect team continues to reinvent the industry with the
recent announcement of the strategic alliance with SparkCognition,
which will avail real-time predictive analytics to chemical
detection, an industry first. This will allow customers to use
cutting edge data analytics to solve complex problems by deriving
solutions from disparate data sets using sophisticated and
predictive algorithms.
“Our momentum is building and it is an exciting time to be part
of Astrotech,” Pickens added. “We continue to engage with key
industry partners to develop compelling solutions that address an
expanding variety of lucrative markets.”
Fourth Quarter Results
The Company posted fourth quarter fiscal year 2014 net loss of
$0.8 million, or $(0.04) per diluted share on revenue of
$5.6 million compared with a fourth quarter fiscal year 2013
net income of $2.2 million or $0.11 per diluted share on
revenue of $9.2 million.
Fiscal Year Results
The Company posted fiscal year 2014 net loss of
$5.0 million, or $(0.25) per diluted share on revenue of
$16.4 million compared with fiscal year 2013 net loss of
$0.2 million, or $(0.01) per diluted share on revenue of $24.0
million.
Financial Position and Liquidity
Working capital was $(4.4) million as of June 30, 2014,
which included $3.8 million in cash and cash equivalents and $1.3
million of accounts receivable.
About Astrotech Corporation
Astrotech is a leader in identifying and commercializing space
technology for terrestrial use. 1st Detect Corporation is
developing a breakthrough miniaturized mass spectrometer, the
MMS-1000™, while Astrogenetix, Inc. is a biotechnology company
utilizing microgravity as a research platform for drug discovery
and development. Both are wholly owned subsidiaries of the
parent.
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, our ability to successfully develop our remaining
Spacetech business unit, our ability to develop and integrate our
miniaturized mass spectrometer, the MMS-1000™, 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.
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,
2014 2013
2014 2013 Revenue $ 5,640
$ 9,180 $ 16,423 $ 23,995 Cost of revenue 2,629
5,102 10,705 15,684
Gross profit 3,011 4,078
5,718 8,311
Operating expenses: Selling, general and administrative 3,352 1,449
8,893 6,790 Research and development 704 586
2,505 2,080 Total operating
expenses 4,056 2,035 11,398
8,870
Income (loss) from operations
(1,045 ) 2,043 (5,680 )
(559 ) Interest and other expense, net (5 )
(44 ) (182 ) (164 )
Income (loss) before
income taxes
(1,050
) 1,999 (5,862 )
(723 ) Income tax benefit (expense) 2
— (6 ) —
Net income
(loss) (1,048 ) 1,999
(5,868 ) (723 ) Less: Net
loss attributable to noncontrolling interest* (226 )
(156 ) (908 ) (538 )
Net income (loss)
attributable to Astrotech Corporation $ (822
) $ 2,155 $ (4,960
) $ (185 ) Net income (loss) per
share attributable to Astrotech Corporation, basic and diluted $
(0.04 ) $ 0.11 $ (0.25 ) $ (0.01 )
* 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, 2014 10-K filed
with the Securities and Exchange Commission for further detail.
ASTROTECH CORPORATION AND SUBSIDIARIES Condensed
Consolidated Balance Sheets
(In thousands)
June 30, 2014 2013
Assets Cash and cash equivalents $ 3,831 $ 5,096 Accounts
receivable, net of allowance 1,279 5,317 Prepaid expenses and other
current assets 574 503
Total current assets
5,684 10,916 Property, plant, and
equipment, net 35,069 37,035 Other assets, net 29 51
Total assets $ 40,782 $ 48,002
Liabilities and stockholders’ equity Current
liabilities $
10,093
$ 6,609 Long-term liabilities
389
5,913 Stockholders’ equity 30,300 35,480
Total
liabilities and stockholders’ equity $ 40,782
$ 48,002 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,
2014 2013
2014 2013 EBITDA
$
(405
) $ 2,623 $
(3,273
) $ 1,642 Depreciation &
amortization
589
563
2,356
2,115 Interest expense 56 61 233 250
Income tax benefit (expense)
2
—
(6
)
—
Net income (loss) (1,048 )
1,999 (5,868 )
(723 ) Net loss attributable to noncontrolling
interest (226 ) (156 ) (908 ) (538 )
Net income (loss) attributable to Astrotech Corporation
$ (822 ) $ 2,155 $
(4,960 ) $ (185 )
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.
Astrotech CorporationEric Stober, 512-485-9530Chief Financial
Officer
Astrotech (NASDAQ:ASTC)
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