- The sale of Astrotech Space
Operations (“ASO”) to Lockheed Martin was completed on August 22,
2014 for $59.3 million (after working capital adjustment).
- GAAP results: net income of $10.8
million (attributable to Astrotech Corporation), or $0.52 per
diluted share for the year ended June 30, 2015.
- 1st Detect
successfully completed Phase I and was awarded Phase II for the
Next Generation Chemical Detector (NGCD) program.
- 1st Detect announced
orders from new industrial customers in the petrochemical and food
processing verticals.
- 1st Detect was granted
five U.S. patents and two international patents and filed three
U.S. patent applications and one international patent application
during the fiscal year. In total, as of June 30, 2015,
1st Detect owns eleven key U.S. patents and seven
international patents for its miniaturized mass spectrometer
technology.
- Astral Images was founded in
conjunction with an asset acquisition, providing another promising
commercialization opportunity to Astrotech Corporation.
Astrotech Corporation (NASDAQ: ASTC), a leader in the
commercialization of government sponsored advanced space
technologies, today announced financial results for its fourth
quarter and fiscal year ended June 30, 2015.
“2015 will likely be remembered as one of the best years in the
history of Astrotech. The successful sale of Astrotech Space
Operations (“ASO”) has provided us with the investment in working
capital necessary to finalize the readiness of our products for
sale to their target markets,” said Thomas B. Pickens III, Chairman
and CEO of Astrotech Corporation. "The successful completion of
Phase I and the recent award for Phase II of the NGCD contract
further validates our technological breakthrough in 1st Detect's
mini-mass spectrometry platform for government and commercial
markets, as the majority of our industry peers failed to achieve
these milestones. With what we believe are superior products that
target lucrative market opportunities, we are excited about the
prospects for 1st Detect."
Astrotech continued to expand its commercialization initiatives
by successfully completing the acquisition of certain assets of
Image Trends, Inc., a film restoration, enhancement and
digitization technology (originally developed by IBM and Kodak)
that uses advanced image processing software to replace the
antiquated industry standard of manual frame-by-frame manipulation.
Located in Austin, Texas, Astral Images is positioned to be a
leader in the digital conversion and repair of feature films, film
based television series, sporting events shot on film, film
libraries, film archives and consumer media to the new digital HDR
Ultra-High Definition 4K standards.
Fiscal Year Results
The Company posted fiscal year 2015 net income of $10.8 million
(comprised of a $9.8 million loss from continuing operations and
$20.6 million income from discontinued operations), or $0.52 per
diluted share, on revenue of $513 thousand from continuing
operations compared with fiscal year 2014 net loss of $5.0 million
(comprised of a $5.4 million loss from continuing operations and
$0.5 million income from discontinued operations), or $0.26 per
diluted share, on revenue of $130 thousand from continuing
operations.
Financial Position and Liquidity
Working capital was $30.2 million as of June 30, 2015,
which included $2.3 million in cash and cash equivalents, $6.1
million of indemnity holdback receivable, $198 thousand of accounts
receivable and $23.2 million of short-term investments.
About Astrotech Corporation
Astrotech Corporation is an Austin, TX based technology company
that has evolved from over 30 years in the human spaceflight, Space
Shuttle, and Department of Defense satellite programs. The company
has become a leader in the commercialization of government
sponsored advanced space technologies.
1st Detect Corporation has developed a mass spectrometer that
was designed for use on the International Space Station, but also
revolutionizes the chemical detection and analysis market by
delivering laboratory performance mass spectrometry in a small,
affordable, and portable package. 1st Detect's technology is useful
in the semiconductor, food and beverage processing, laboratory,
process control, explosive detection, and chemical warfare
markets.
Astrogenetix Corporation is the result of over $4 billion spent
by NASA over a 25 year period on experiments conducted in sustained
microgravity, where results were only achieved while orbiting in
space. Astrotech designed and flew 1,113 of these experiments and,
after an extensive review, discovered that microgravity greatly
enhanced the discovery of valuable vaccine and therapeutics. The
company has completed 12 successful biomarker discovery missions to
the International Space Station and has identified a salmonella
vaccine candidate, while 10 additional discoveries are in the
pipeline. NASA has awarded Astrogenetix 28 free flights to the $130
billion ISS National Laboratory, along with full crew support.
Astral Images, Inc. is positioned to be a leader in the
technology required to convert and repair feature films and film
based television series to the new digital HDR Ultra-High
Definition 4K standards. Astral’s IP includes technology from IBM
and Kodak and represents the state-of-the-art defect correction
technologies.
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 finalize the readiness of our products
for sale to their target markets, whether the patents we filed will
be granted, whether there will be continued government support and
funding for key space programs, how our products perform and
whether there will be market acceptance of our 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
Consolidated Statements of Operations and
Comprehensive Income (Loss)
(In thousands, except per share data)
June 30, 2015
2014 Revenue $ 513 $ 130 Cost of revenue 424 —
Gross profit 89 130 Operating
expenses: Selling, general and administrative 12,966 8,109 Research
and development 3,234 2,505 Total operating expenses
16,200 10,614
Loss from operations
(16,111 ) (10,484 ) Interest and other
income, net 224 11
Loss from continuing operations
before income taxes (15,887 ) (10,473
) Income tax benefit 5,941 4,148
Loss from
continuing operations (9,946 ) (6,325
) Discontinued operations Income from operations of
ASO business (including gain from sale of $25.4 million in 2015)
26,739 4,611 Income tax expense (6,138 ) (4,154 )
Income from
discontinued operations 20,601 457
Net income (loss) 10,655 (5,868 ) Less:
Net loss attributable to noncontrolling interest (123 ) (908 )
Net income (loss) attributable to Astrotech Corporation
10,778 (4,960 ) Less: Deemed dividend to State
of Texas Funding
531 — Net income
(loss) attributable to common stockholders $
10,247 $ (4,960 )
Amounts attributable to Astrotech Corporation: Loss from
continuing operations, net of tax $ (9,823 ) $ (5,417 ) Income from
discontinued operations, net of tax 20,601 457
Net
income (loss) attributable to Astrotech Corporation $
10,778 $ (4,960 )
Weighted average common shares outstanding: Basic and diluted
19,811 19,487 Basic and diluted net income (loss) per common
share: Net loss attributable to Astrotech Corporation from
continuing operations $ (0.52 ) $ (0.28 ) Net income from
discontinued operations 1.04 0.02 Net income (loss)
attributable to Astrotech Corporation $ 0.52 $ (0.26 )
Other comprehensive income (loss), net of tax:
Available-for-sale securities Net unrealized losses, net of tax
benefit of $8 $ (15 ) $ — Total comprehensive income (loss)
attributable to Astrotech Corporation
$ 10,763
$ (4,960 )
ASTROTECH CORPORATION
Consolidated Balance Sheets
(In thousands, except share data)
June 30, 2015 2014
Assets Current assets Cash and cash equivalents $ 2,330 $
3,831 Short-term investments 23,161 — Accounts receivable 198 59
Inventory 509 — Indemnity receivable 6,100 — Prepaid expenses and
other current assets 296 389 Discontinued operations – current
assets — 1,405
Total current assets
32,594 5,684 Property and equipment, net 3,108 1,211
Long-term investments 8,516 — Discontinued operations – net of
current assets — 33,887
Total assets $
44,218 $ 40,782
Liabilities and Stockholders’ Equity Current liabilities
Accounts payable $ 398 $ 996 Accrued liabilities and other 1,801
1,753 Income tax payable 190 — Discontinued operations – current
liabilities — 7,344
Total current liabilities
2,389 10,093 Other liabilities 101 152 Discontinued
operations – net of current liabilities — 237
Total liabilities 2,490 10,482
Commitments and contingencies Stockholders’
equity Preferred stock, no par value, convertible, 2,500,000
authorized shares, no issued and outstanding shares at June 30,
2015 and June 30, 2014 — — Common stock, no par value, 75,000,000
shares authorized; 21,864,548 and 19,856,454 shares issued at June
30, 2015 and June 30, 2014, respectively; 20,743,973 and 19,544,794
shares outstanding at June 30, 2015 and June 30, 2014, respectively
189,007 183,866 Treasury stock, 1,120,575 and 311,660 shares at
cost at June 30, 2015 and June 30, 2014, respectively (2,672 ) (237
) Additional paid-in capital 1,139 1,671 Accumulated deficit
(146,022 ) (156,800 ) Accumulated other comprehensive loss (23 ) —
Equity attributable to stockholders of Astrotech
Corporation 41,429 28,500 Noncontrolling interest
299 1,800
Total stockholders’ equity
41,728 30,300 Total liabilities and
stockholders’ equity $ 44,218 $
40,782 ASTROTECH
CORPORATION AND SUBSIDIARIES Unaudited Reconciliation of
Non-GAAP Measures Earnings Before Interest, Taxes,
Depreciation and Amortization (In thousands)
Year Ended June 30, 2015
2014 EBITDA $ 11,010 $ (5,374 ) Depreciation &
amortization 320 306 Interest (income) expense, net (162 ) 182
Income tax expense, net 197 6
Net income
(loss) 10,655 (5,868 ) Less: Net loss attributable to NCI (123
) (908 )
Net income (loss) attributable to ASTC $
10,778 $ (4,960 )
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150923005246/en/
Astrotech CorporationEric Stober, 512-485-9530Chief Financial
Officer
Astrotech (NASDAQ:ASTC)
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