Total Revenue of $1.0 million
1st Detect Patent Strengthens
IP Portfolio
Astrotech Corporation (NASDAQ:ASTC) reported its financial
results for the first quarter of fiscal year 2017, ended
September 30, 2016.
“The foundational achievements of fiscal year 2016 drove our
continued progress on our government-related subcontract agreements
to $1.0 million in revenue for our first quarter of fiscal 2017,”
said Thomas B. Pickens III, Chairman and CEO of Astrotech
Corporation. “Our 1st Detect subsidiary delivered milestones for a
key government contract to develop next-generation explosive trace
detection (ETD) systems for aviation security and began preparing
to deliver multiple prototype units for integration into Battelle’s
Next Generation Chemical Detection (NGCD) prototype solution. We
believe these two achievements continue to bolster future sales
prospects for 1st Detect, while cost reductions implemented in July
helped the bottom line. Also, we remain actively engaged with our
commercial development partners for application specific chemical
detection solutions for opportunities in healthcare, breath
analysis, food and beverage manufacturing quality control.
“Our Astral Images subsidiary continues to receive very positive
results from critical evaluations by leading studios of its
revolutionary automated image correction and enhancement
technology. With more than 6 billion feet of film in the US needing
conversion to remain relevant in the next generation of digital
distribution, we are pursuing the most attractive
opportunities.
“In summary, we continue to create value with our technological
innovations and protect the unique advantages of our products with
a strong IP portfolio,” concluded Mr. Pickens.
First Quarter Fiscal Year 2017 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.
- During the first quarter 2017, revenue
was $1.0 million, reflecting 1st Detect’s income from
research-based, fixed-price, government-related subcontracts.
- Gross profit was $275 thousand for the
first quarter 2017.
- Corporate realignment is expected to
save the Company approximately $3.5 million for the year.
- Cash and investments at
September 30, 2016, were $22.3 million; there was no debt for
each of the periods ended September 30, 2016, and
June 30, 2016.
- Granted one additional U.S. patent and
one international patent during the first quarter 2017, bringing
the total to 17 U.S. patents and seven international patents.
About Astrotech Corporation
Astrotech Corporation (NASDAQ:ASTC) is an innovative science and
technology development and commercialization company that invents,
acquires, and commercializes technological innovations sourced from
internal research, universities, laboratories, and research
institutions, and then funds, manages, and builds 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 chemical analyzers for use in the airport
security, military, food and beverage, research, and breath
analysis markets. 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 AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and
Comprehensive Income (In thousands, except per share data)
(Unaudited)
Three Months Ended September 30,
2016 2015 Revenue $ 1,006 $ — Cost of revenue
731 —
Gross profit 275
— Operating expenses: Selling, general
and administrative 2,548 2,286 Research and development
1,292 1,264 Total operating expenses
3,840 3,550
Loss from operations
(3,565 ) (3,550 ) Interest and other
expense, net 98 99
Loss before
income taxes (3,467 ) (3,451 )
Income tax expense — (2 )
Net loss
(3,467 ) (3,453 ) Less: Net loss
attributable to noncontrolling interest (52 ) (89 )
Net loss attributable to Astrotech Corporation $
(3,415 ) $ (3,364 )
Weighted average common shares outstanding: Basic 20,630 20,705
Basic net loss per common share: Net loss
attributable to Astrotech Corporation $ (0.17 ) $ (0.16 )
Other comprehensive income, net of tax: Available-for-sale
securities: Net unrealized gain (loss) $ 41 $ (94 )
Reclassification adjustment for realized losses —
6
Total comprehensive loss $
(3,374 ) $ (3,452 )
ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (In thousands, except
share data) (Unaudited)
September 30, June 30,
2016 2016 Assets Current assets Cash and cash
equivalents $ 3,543 $ 4,399 Short-term investments 15,198 17,102
Accounts receivable, net of allowance 1,018 156 Costs and estimated
revenues in excess of billings 155 451 Inventory, net 349 496
Prepaid expenses and other current assets 450
319
Total current assets 20,713 22,923
Property and equipment, net 3,245 3,392 Long-term investments
3,545 4,208
Total assets
$ 27,503 $ 30,523
Liabilities and stockholders’ equity Current liabilities
Accounts payable $ 266 $ 237 Accrued liabilities and other
1,402 1,563
Total current liabilities
1,668 1,800 Other liabilities 80
96
Total liabilities 1,748
1,896 Commitments and
contingencies Stockholders’ equity
Preferred stock, no par value,
convertible, 2,500,000 shares authorized; no shares issued and
outstanding, at September 30, 2016, and June 30, 2016
— —
Common stock, no par value, 75,000,000
shares authorized; 22,555,247 and 21,811,153 shares issued at
September 30, 2016, and June 30, 2016, respectively; 21,179,208 and
20,627,511 shares outstanding at September 30, 2016, and June 30,
2016, respectively
190,138 189,294
Treasury stock, 1,376,039 and 1,183,642
shares at cost at September 30, 2016, and June 30, 2016,
respectively
(3,136 ) (2,828 ) Additional paid-in capital 1,437 1,419
Accumulated deficit (162,532 ) (159,117 ) Accumulated other
comprehensive loss (60 ) (101 )
Equity
attributable to stockholders of Astrotech Corporation
25,847 28,667 Noncontrolling interest (92 )
(40 )
Total stockholders’ equity 25,755
28,627 Total liabilities and
stockholders’ equity $ 27,503 $
30,523
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161110005534/en/
Astrotech CorporationEric Stober, 512-485-9530Chief Financial
OfficerorInvestor Relations:LHA Investor RelationsCathy Mattison or
Kirsten Chapman, 415-433-3777ir@astrotechcorp.com
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