- iONTRAC 1st Detect Patents
Strengthen Competitive Position -
Astrotech Corporation (NASDAQ: ASTC) reported its financial
results for the quarter ended September 30, 2015, the first quarter
of fiscal year 2016.
“Astrotech continues to execute our plan to commercialize the
breakthrough technologies of our three subsidiaries,” said Thomas
B. Pickens III, Chairman and CEO of Astrotech Corporation. “1st
Detect is positioned to turn the corner from a research and
development (R&D) focus to an operating company. In the first
quarter of fiscal year 2016, we increased investment in R&D and
sales. In October, we launched our next generation process chemical
analyzer, and the quantity and quality of interest received at the
premier petrochemical and refining industry conference confirmed
1st Detect is developing the right suite of products.
“We believe ongoing successes of our current subsidiaries and
future technologies will bear significant value for our
shareholders,” concluded Pickens.
Highlights
- Astrotech’s first quarter of fiscal
year 2016 loss from continuing operations was $3.5 million,
compared to $1.3 million in the first quarter of fiscal year 2015.
The increase reflects 1st Detect’s larger sales team and R&D
investment.
- At September 30, 2015, the company
had $28.6 million in cash, short term investments, and an indemnity
receivable; there was no debt.
- 1st Detect
develops, manufactures, and sells chemical analyzers for
applications like explosive trace detection, food processing
plants, and clean-room manufacturing lines, among others. Recent
1st Detect highlights are as follows:
- Unveiled the next generation iONTRAC
Process Chemical Analyzer that delivers cost effective laboratory
performance and improves industrial processing efficiencies while
providing customers with “All the Data, All the Time.”
- Received very positive feedback from
the petrochemical and refining industry at the Gulf Coast
Conference which took place October 20th – 22nd.
- Received two U.S. patents during the
third quarter bringing the total issued to 11 U.S. and nine
international and pending to 11 U.S. and 17 international.
- Astral Images, which is setting
the standard for film digital conversion, advanced conversations
with leaders in digital media and entertainment.
- Astrogenetix, which is using the
power of the unique microgravity environment of space to develop
novel therapeutic products, continued in conjunction with NASA the
pursuit of an investigational new drug (“IND”) application with the
Food and Drug Administration for salmonella.
About Astrotech Corporation
Astrotech Corporation (NASDAQ: ASTC) identifies and
commercializes emerging, disruptive technologies through its
closely held subsidiaries. Management employs creativity in
execution as well as sources investment opportunities from various
government laboratories, agencies, universities, and corporations,
as well as through its own internal research. Sourced from Oak
Ridge Laboratory’s mass spectrometer research, 1st
Detect develops, manufactures, and sells chemical analyzers
that streamline processes for industrial use in the food and
beverage, semiconductor, pharmaceutical, research, and
environmental markets as well as for government applications used
in explosive and chemical warfare detection for the Department of
Homeland Security and the military. Sourced from decades of image
research from the laboratories of IBM and Kodak and combined with
classified satellite technology from government laboratories,
Astral Images sells film to digital image enhancement,
defect removal and color correction software, and post processing
services providing economically feasible conversion of television
and feature 35mm and 16mm films to the new 4K ultra-high definition
(“UHD”), high-dynamic range (“HDR”) format necessary for the new
generation of digital distribution. Sourced from NASA’s extensive
microgravity research, Astrogenetix is applying a fast-track
on-orbit discovery platform using the International Space Station
to develop vaccines and other therapeutics. Demonstrating its
entrepreneurial strategy, Astrotech management sold its
state-of-the-art satellite servicing operations to Lockheed Martin
in August 2014. Astrotech has operations throughout Texas and is
headquartered in Austin. For information please visit
www.astrotechcorp.com.
“Safe Harbor” Statement
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, whether we are able to commercialize our products,
whether the market will accept our products, whether our products
will perform as expected and whether we will obtain the approvals
and licenses necessary to commercialize our products, 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 and Comprehensive Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended September 30,
2015 2014 Revenue $ — $ 320 Cost of
revenue — 277
Gross profit —
43 Operating expenses: Selling, general and
administrative 2,286 1,960 Research and development 1,264
692 Total operating expenses 3,550 2,652
Loss from operations (3,550 ) (2,609
) Interest and other expense, net 99 12
Loss from continuing operations before income taxes
(3,451 ) (2,597 ) Income tax (expense)
benefit (2 ) 1,325
Loss from continuing operations
(3,453 ) (1,272 ) Discontinued
operations Income from discontinued operations — 1,303 Income
tax expense — (2,378 ) Gain on sale of discontinued operations —
25,630
Income from discontinued operations
— 24,555 Net (loss) income
(3,453 ) 23,283 Less: Net loss attributable to
noncontrolling interest (89 ) —
Net (loss) income
attributable to Astrotech Corporation (3,364 )
23,283 Less: Deemed dividend to State of Texas — 531
Net (loss) income attributable to common stockholders
$ (3,364 ) $ 22,752
Amounts attributable to Astrotech Corporation: Loss
from continuing operations, net of tax $ (3,364 ) $ (1,272 ) Income
from discontinued operations, net of tax — 24,555
Net (loss) income attributable to Astrotech Corporation
$ (3,364 ) $ 23,283
Weighted average common shares outstanding: Basic and
diluted 20,705 19,548
Basic and diluted net (loss) income
per common share: Net loss attributable to Astrotech
Corporation from continuing operations $ (0.16 ) $ (0.09 ) Net
income from discontinued operations — 1.25 Net (loss)
income attributable to Astrotech Corporation $ (0.16 ) $ 1.16
ASTROTECH CORPORATION AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(In thousands, except share data)
(Unaudited)
September 30,2015
June 30, 2015
Assets Current assets Cash and cash equivalents $
1,356 $ 2,330 Short-term investments 21,193 23,161 Accounts
receivable, net of allowance 221 198 Inventory 783 509 Indemnity
receivable 6,100 6,100 Prepaid expenses and other current assets
580 296
Total current assets 30,233
32,594 Property and equipment, net 3,631 3,108 Long-term
investments 6,257 8,516
Total assets $
40,121 $ 44,218
Liabilities and stockholders’ equity Current liabilities
Accounts payable $ 261 $ 398 Accrued liabilities and other 1,501
1,801 Income tax payable — 190
Total current
liabilities 1,762 2,389 Other liabilities 146
101
Total liabilities 1,908
2,490 Commitments and contingencies
Stockholders’ equity Preferred stock, no par value,
convertible, 2,500,000 authorized shares; no issued and outstanding
shares, at September 30, 2015 and June 30, 2015 — — Common stock,
no par value, 75,000,000 shares authorized; 21,864,548 shares
issued at September 30, 2015 and June 30, 2015; 20,700,673 and
20,743,973 shares outstanding at September 30, 2015 and June 30,
2015, respectively 189,096 189,007 Treasury stock, 1,163,875 and
1,120,575 shares at cost at September 30, 2015 and June 30, 2015,
respectively (2,789 ) (2,672 ) Additional paid-in capital 1,193
1,139 Accumulated deficit (149,386 ) (146,022 ) Accumulated other
comprehensive loss (111 ) (23 )
Equity attributable to
stockholders of Astrotech Corporation 38,003 41,429
Noncontrolling interest 210 299
Total
stockholders’ equity 38,213 41,728
Total liabilities and stockholders’ equity $
40,121 $ 44,218
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151109005496/en/
Company ContactAstrotech CorporationEric Stober,
512-485-9530Chief Financial OfficerorInvestor Relations
ContactLHACathy Mattison and Kirsten
Chapman415-433-3777ir@astrotechcorp.com
Astrotech (NASDAQ:ASTC)
Historical Stock Chart
From Apr 2024 to May 2024
Astrotech (NASDAQ:ASTC)
Historical Stock Chart
From May 2023 to May 2024