- Increased total revenue 421% compared to
fiscal 2015 -
Astrotech Corporation (NASDAQ:ASTC), reported its financial
results for the fourth quarter and fiscal year ended June 30,
2016.
"In fiscal 2016, Astrotech's revenue increased over four times
to $2.7 million compared to fiscal 2015, and we continued to lay
the foundation for future growth," said Thomas B. Pickens III,
Chairman and CEO of Astrotech Corporation. "Our 1st Detect
subsidiary achieved significant milestones with our partners. We
won a key government contract to develop next-gen explosive trace
detection (ETD) systems for aviation security, for which there are
over 15,000 ion mobility spectrometer (IMS) installations worldwide
approaching end of life. We were also awarded the next stage for
the Next Generation Chemical Detection (NGCD) Program, for which
the U.S. military plans to procure an estimated 770 units.
Furthermore, in July, we realigned resources, which reduced costs
and will improve the subsidiary’s bottom line.
"Additionally, we positioned Astral Images to be a technology
leader in automated image correction and enhancement in the digital
media industry. We extended our product line with revolutionary
Ultra-High Definition/High-Dynamic Range (UHD/HDR) technology,
fostered relationships with post-production houses, and hired an
industry leader to drive sales as the new HDR10 standard market
begins to ramp.
"In summary, we advanced Astrotech's primary focus of building
start-up companies for profitable divestiture to market leaders. We
are excited about our market opportunities and our 2017 growth
prospects," concluded Mr. Pickens.
Fiscal Year Financial
Highlights
Revenue, costs of goods sold, SG&A, and R&D are expected
to continue to fluctuate based on the timing of contract
revenue.
- Revenue increased to $2.7 million for
the year ended June 30, 2016, compared to $513 thousand for
the year ended June 30, 2015, primarily reflecting 1st
Detect's income from research-based, fixed-price,
government-related subcontracts.
- Gross profit was $339 thousand for the
year ended June 30, 2016, compared to $89 thousand for the
year ended June 30, 2015.
- Loss from operations was $13.8 million
for the year ended June 30, 2016, compared to $16.1 million
for the year ended June 30, 2015, reflecting reduced SG&A,
partially offset by increased R&D.
- Cash and investments at June 30,
2016 were $25.7 million. In February 2016, the Company received
100% of the $6.1 million indemnity holdback related to the sale of
Astrotech Space Operations to a wholly-owned subsidiary of Lockheed
Martin Corporation in August 2014.
- Astrotech Corporation had no debt at
June 30, 2016.
Highlights of Astrotech's
Subsidiaries
1st Detect
- Advancing Aviation Security with
Smiths Detection Inc.
- Won a contract with Smiths Detection to
develop next generation ETD systems for the Department of Homeland
Security Science and Technology Directorate (DHS S&T) using 1st
Detect’s breakthrough chemical analyzer technology. The ETD
technology development phase is expected to last through September
2017 and yield a solution that delivers far greater accuracy than
the current generation of IMS technology while greatly expanding
the library of detectable explosives and improving passenger and
carry-on baggage screening and other homeland security
operations.
- Smiths Detection Inc., a subsidiary of
Smiths Group (LSE: SMIN, ADR: SMGZY), is the leading incumbent
provider of IMS instrumentation.
- Furthering NGCD with Battelle
Memorial Institute
- Completed the brassboard stage, the
second step of the technology development phase, for its
multi-sample identifier detector (MSID) solution for the U.S.
military's three-phase, multi-year NGCD development program.
- Secured, in August 2016, the award for
the prototype stage, the third and final step of the technology
development phase, for which 1st Detect will sell its chemical
analyzer to Battelle for integration into prototype units for
performance testing in a variety of military operational
environments.
- Battelle Memorial Institute is one of
the leading providers of instrumentation to the military.
- Enhanced Competitive IP
Portfolio
- Granted six U.S. patents during fiscal
2016, bringing total to 16 granted U.S. patents, six granted
foreign patents, eight pending U.S. patent applications, and 10
pending foreign patent applications at June 30, 2016.
- Addressing Large and Diverse
Industrial and Commercial Markets Requiring Customized
Solutions
- Continuing to explore and educate the
market.
- Focusing on customer-funded,
joint-development programs.
Astral Images
- Positioning Astral Images as the
Leading Solution for Automated Image Correction and
Enhancement
- Launched new UHD/HDR color match
conversion software package, Astral HDR ICE™, for upgrading digital
and traditional films to the new HDR10 standard at a fraction of
the cost of competing manual solutions.
- Appointed Rob Hummel, motion picture
technology expert with a successful track record at Disney,
DreamWorks, Sony, and Warner Bros., as SVP of Business Development
to lead sales expansion.
- Selected to perform limited film
restoration by a worldwide technology leader in the media and
entertainment sector.
Astrogenetix
- Continued long-term efforts to use the
unique power of microgravity to develop a novel vaccine and
therapeutic products, including pursuing an investigational drug
application with the Food and Drug Administration for Salmonella in
conjunction with NASA.
About Astrotech Corporation
Astrotech Corporation (NASDAQ:ASTC) is an innovative science and
technology company that invents, acquires, and commercializes
technological innovations sourced from research institutions,
laboratories, universities, and internally, and then funds,
manages, and builds proprietary, scalable start-up companies for
profitable divestiture to market leaders to maximize shareholder
value. Sourced from Oak Ridge Laboratory’s chemical analyzer
research, 1st Detect develops, manufactures,
and sells powerful, highly sensitive, and accurate mass
spectrometers that can be 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 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.
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 can successfully develop our proprietary
technologies and whether the market will accept our 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
Consolidated Statements of Operations and
Comprehensive Income (Loss)
(In thousands, except per share data)
June 30, 2016
2015 Revenue $ 2,671 $ 513 Cost of revenue 2,332 424
Gross profit 339 89
Operating expenses: Selling, general and administrative 7,708
12,966 Research and development 6,469 3,234 Total
operating expenses 14,177 16,200
Loss from
operations (13,838 ) (16,111 )
Interest and other income, net 379 224
Loss from
continuing operations before income taxes (13,459
) (15,887 ) Income tax benefit 25 5,941
Loss from continuing operations (13,434
) (9,946 ) Discontinued operations
Income from operations of ASO business (including gain from sale of
$25.4 million in 2015) — 26,739 Income tax expense — (6,138
)
Income from discontinued operations —
20,601 Net (loss) income (13,434
) 10,655 Less: Net loss attributable to
noncontrolling interest (339 ) (123 )
Net (loss) income
attributable to Astrotech Corporation (13,095 )
10,778 Less: Deemed dividend to State of Texas Funding
— 531 Net (loss) income attributable
to common stockholders $ (13,095 )
$ 10,247 Amounts attributable to
Astrotech Corporation: Loss from continuing operations, net of
tax $ (13,095 ) $ (9,823 ) Income from discontinued operations, net
of tax — 20,601
Net (loss) income attributable to
Astrotech Corporation $ (13,095 ) $
10,778 Weighted average common shares
outstanding: Basic and diluted 20,388 19,811 Basic and
diluted net (loss) income per common share: Net loss attributable
to Astrotech Corporation from continuing operations $ (0.64 ) $
(0.52 ) Net income from discontinued operations — 1.04
Net (loss) income attributable to Astrotech Corporation $
(0.64 ) $ 0.52 Other comprehensive (loss) income, net
of tax: Available-for-sale securities Net unrealized losses, net of
tax benefit of $0 and $8 $ (92 ) $ (15 ) Reclassification
adjustment for realized losses included in net (loss) income 14
—
Total comprehensive (loss) income attributable
to Astrotech Corporation $ (13,173 )
$ 10,763
ASTROTECH CORPORATION
Consolidated Balance Sheets
(In thousands, except share data)
June 30, 2016 2015 Assets
Current assets Cash and cash equivalents $ 4,399 $ 2,330 Short-term
investments 17,102 23,161 Accounts receivable 156 198 Costs and
estimated revenues in excess of billings 451 — Inventory: Raw
materials 327 245 Work-in-process 75 30 Finished goods 94 234
Indemnity receivable — 6,100 Prepaid expenses and other current
assets 319 296
Total current assets
22,923 32,594 Property and equipment, net 3,392 3,108
Long-term investments 4,208 8,516
Total assets
$ 30,523 $ 44,218
Liabilities and stockholders’ equity Current liabilities
Accounts payable $ 237 $ 398 Accrued liabilities and other
liabilities 1,563 1,741 Income tax payable — 190
Total current liabilities 1,800 2,389 Other
liabilities 96 101
Total liabilities
1,896 2,490 Commitments and
contingencies Stockholders’ equity
Preferred stock, no par value,
convertible, 2,500,000 shares authorized, no shares issued and
outstanding, at June 30, 2016 and June 30, 2015, respectively
— —
Common stock, no par value, 75,000,000
shares authorized; 21,811,153 and 21,864,548 shares issued at June
30, 2016 and June 30, 2015, respectively; 20,627,511 and 20,743,973
shares outstanding at June 30, 2016 and June 30, 2015,
respectively
189,294 189,007 Treasury stock, 1,183,642 and 1,120,575 shares at
cost at June 30, 2016 and June 30, 2015, respectively (2,828 )
(2,672 ) Additional paid-in capital 1,419 1,139 Accumulated deficit
(159,117 ) (146,022 ) Accumulated other comprehensive loss (101 )
(23 )
Equity attributable to stockholders of Astrotech
Corporation 28,667 41,429 Noncontrolling interest
(40 ) 299
Total stockholders’ equity 28,627
41,728 Total liabilities and stockholders’
equity $ 30,523 $ 44,218
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160926005376/en/
Company Contact:Astrotech CorporationEric Stober,
512-485-9530Chief Financial OfficerorIR Contact:LHA Investor
RelationsCathy Mattison, 415-433-3777ir@astrotechcorp.com
Astrotech (NASDAQ:ASTC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Astrotech (NASDAQ:ASTC)
Historical Stock Chart
From Apr 2023 to Apr 2024