Astrotech Corporation (NASDAQ:ASTC) reported its financial
results for the third quarter of fiscal year 2017 ended
March 31, 2017.
“In the third quarter, we took important steps at 1st Detect to
accelerate our strategy to provide a mass spectrometer-based
Explosive Trace Detection solution to the Department of Homeland
Security. Our instrument provides far superior detection
capabilities compared to existing passenger and baggage screening
technologies at airports worldwide,” said Thomas B. Pickens III,
Chairman and CEO of Astrotech Corporation. “We are also pleased
with the progress being made at Astral Images in gaining market
acceptance for its Astral HDR ICE product.”
- Explosive Trace Detection (ETD)
Program: 1st Detect has teamed with the world’s leading supplier of
ETD systems and has completed TSA’s critical design review and the
partnership is operating as anticipated.
- Patents Granted: 1st Detect was awarded
two new U.S. patents: ‘Ionization Within Ion Trap Using
Photoionization and Electron Ionization’ on February 14, and
‘Introducing An Analyte Into A Chemical Analyzer’ on March 21.
- Website: The 1st Detect website has
been redesigned to showcase its technology, applications and
products. Please view at www.1stDetect.com.
Third 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 projects.
- Revenue was $411 thousand, reflecting
1st Detect’s income from research-based, fixed-price,
government-related subcontracts.
- Gross profit was $250 thousand, or 61%,
for the third quarter of fiscal 2017, compared to a gross loss of
$158 thousand, or 81%, for the third quarter of fiscal 2016.
- The Company continues to expect the
July 2016 corporate realignment to save approximately $3.5 million
for the 2017 fiscal year.
- Cash and investments at March 31,
2017 were $17.4 million, and there was no debt.
About Astrotech
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 chemical analyzers for use in the security, defense,
healthcare, food and beverage, and environmental markets. Sourced
from decades of image research from the laboratories of IBM and
Kodak, 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.
Tables follow
ASTROTECH CORPORATION AND SUBSIDIARIES Condensed
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months
Ended March 31, March 31, 2017
2016 2017 2016 Revenue $ 411 $ 196 $
1,937 $ 1,123 Cost of revenue 161 354 1,211
986
Gross profit (loss) 250 (158
) 726 137 Operating expenses:
Selling, general and administrative 1,633 1,875 5,817 5,832
Research and development 1,561 1,903 4,107
4,493 Total operating expenses 3,194 3,778
9,924 10,325
Loss from operations
(2,944 ) (3,936 ) (9,198
) (10,188 ) Interest and other expense, net 99
86 232 279
Loss before income
taxes (2,845 ) (3,850 )
(8,966 ) (9,909 ) Income tax (expense)
benefit (2 ) 11 (2 ) 9
Net loss (2,847
) (3,839 ) (8,968 )
(9,900 ) Less: Net loss attributable to
noncontrolling interest (47 ) (97 ) (150 ) (268 )
Net loss
attributable to Astrotech Corporation $ (2,800
) $ (3,742 ) $ (8,818
) $ (9,632 ) Weighted average
common shares outstanding: Basic and diluted 20,164 20,636 20,474
20,681
Basic and diluted net loss per common share:
Net loss attributable to Astrotech Corporation $ (0.14 ) $ (0.18 )
$ (0.43 ) $ (0.47 )
Other comprehensive loss, net of
tax: Available-for-sale securities: Net unrealized gain (loss)
$ 18 $ 29 $ (21 ) $ (161 ) Reclassification adjustment for realized
losses — — 60 14
Total comprehensive
loss $ (2,782 ) $ (3,713
) $ (8,779 ) $ (9,779
) ASTROTECH CORPORATION AND
SUBSIDIARIES Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
March 31, June 30, 2017
2016 Assets Current assets Cash and cash equivalents
$ 4,453 $ 4,399 Short-term investments 10,798 17,102 Accounts
receivable, net of allowance 183 156 Costs and estimated revenues
in excess of billings — 451 Inventory, net 209 496 Prepaid expenses
and other current assets 467 319
Total current
assets 16,110 22,923 Property and equipment, net
3,354 3,392 Long-term investments 2,186 4,208
Total assets $ 21,650 $
30,523 Liabilities and stockholders’
equity Current liabilities Accounts payable $ 273 $ 237 Accrued
liabilities and other 1,643 1,563
Total current
liabilities 1,918 1,800 Other liabilities 282
96
Total liabilities 2,200
1,896 Commitments and contingencies
Stockholders’ equity Preferred stock, no par value,
convertible, 2,500,000 shares authorized; no shares issued and
outstanding, at March 31, 2017 and June 30, 2016 — — Common stock,
no par value, 75,000,000 shares authorized; 22,555,247 and
21,811,153 shares issued at March 31, 2017 and June 30, 2016,
respectively; 20,577,356 and 20,627,511 shares outstanding at March
31, 2017 and June 30, 2016, respectively 190,279 189,294 Treasury
stock, 1,977,891 and 1,183,642 shares at cost at March 31, 2017 and
June 30, 2016, respectively (4,111 ) (2,828 ) Additional paid-in
capital 1,469 1,419 Accumulated deficit (167,935 ) (159,117 )
Accumulated other comprehensive loss (62 ) (101 )
Equity
attributable to stockholders of Astrotech Corporation
19,640 28,667 Noncontrolling interest (190 ) (40 )
Total stockholders’ equity 19,450
28,627 Total liabilities and stockholders’
equity $ 21,650 $ 30,523
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170509005676/en/
Company Contact:Astrotech CorporationEric Stober,
512-485-9530Chief Financial OfficerorIR ContactLHA Investor
RelationsCathy Mattison and Kirsten Chapman,
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