Astrotech (NASDAQ: ASTC) reported its financial results for the
second quarter of fiscal year 2018 ended December 31,
2017.
“In the second quarter of fiscal year 2018, we made further
progress under the Cooperative Research and Development Agreement
we previously signed with the Department of Homeland Security
Science and Technology Directorate Transportation Security
Laboratory by demonstrating 1st Detect’s mass spectrometry-based
explosives and narcotics detector, the TRACER 1000, to government
personnel,” said Thomas B. Pickens, III, Chairman and CEO of
Astrotech. “We also showcased the product at the Border Security
Expo to our target audience of government, border, immigration, and
law enforcement agencies. The TRACER 1000, we believe, will be a
considerable improvement over the current generation of ion
mobility spectrometry-based explosives trace detector
instrumentation. We anticipate deploying in airport security, to
keep our borders safe from terroristic threats, and to help combat
the opioid epidemic. We are currently working on attaining
certification of our product with the Transportation Security
Administration.
“In addition, in the fiscal second quarter, Astral Images was
chosen by a large post-production film company to remove defects
and restore a motion picture. Astral continues to be positioned to
lead the 4K UHD/HDR conversion and restoration of film as global
adoption of 4K UHD/HDR televisions ramps up and demand for 4K HDR
content and services grows,” Mr. Pickens concluded.
Second Quarter Fiscal Year 2018 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 $41 thousand, which was
generated from a software license agreement with a large
post-production film company to correct defects and restore one
film.
- Gross profit was $17 thousand, or 41%,
for the second quarter of fiscal 2018.
- At December 31, 2017, cash and
investments were $9.2 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 EndedDecember
31,
Six Months EndedDecember
31,
2017 2016 2017
2016 Revenue $ 41 $ 520 $ 41 $ 1,526 Cost of revenue
24 319 24 1,050
Gross profit 17 201
17 476 Operating
expenses: Selling, general and administrative 1,602 1,636 3,034
4,184 Research and development 1,582 1,254
3,226 2,546 Total operating
expenses 3,184 2,890 6,260
6,730
Loss from operations
(3,167 ) (2,689 ) (6,243
) (6,254 ) Interest and other income, net
30 35 100 133
Loss before income taxes (3,137 )
(2,654 ) (6,143 ) (6,121
) Income tax benefit — —
— —
Net loss (3,137 )
(2,654 ) (6,143 ) (6,121
) Less: Net loss attributable to noncontrolling interest
— (51 ) — (103 )
Net
loss attributable to Astrotech Corporation $
(3,137 ) $ (2,603 ) $
(6,143 ) $ (6,018 )
Weighted average common shares outstanding: Basic and diluted 4,060
4,124 4,059 4,125
Basic and diluted net loss per common
share: Net loss attributable to Astrotech Corporation $ (0.77 )
$ (0.63 ) $ (1.51 ) $ (1.46 )
Other comprehensive loss,
net of tax: Net loss attributable to Astrotech Corporation $
(3,137 ) $ (2,603 ) $ (6,143 ) $ (6,018 ) Available-for-sale
securities: Net unrealized loss (36 ) (80 ) (35 ) (39 )
Reclassification adjustment for realized loss 33
60 34 60
Total
comprehensive loss $ (3,140 ) $
(2,623 ) $ (6,144 ) $
(5,997 ) ASTROTECH CORPORATION AND
SUBSIDIARIES Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
December 31,2017
June 30,2017
Assets Current assets Cash and cash equivalents $ 633 $
2,184 Short-term investments 7,278 10,900 Accounts receivable, net
of allowance 10 146 Inventory, net 10 166 Prepaid expenses and
other current assets 272 269
Total
current assets 8,203 13,665 Property and
equipment, net 2,808 3,180 Long-term investments 1,255 1,990 Other
assets, net 81 —
Total assets
$ 12,347 $ 18,835
Liabilities and stockholders’ equity Current liabilities
Accounts payable $ 285 $ 259 Payroll related accruals 549 907
Accrued liabilities and other 418 641 Income tax payable 2
2
Total current liabilities
1,254 1,809 Other liabilities 228
256
Total liabilities 1,482
2,065 Commitments and
contingencies Stockholders’ equity Preferred
stock, no par value, convertible, 2,500,000 shares authorized; no
shares issued and outstanding, at December 31, 2017 and June 30,
2017, respectively — — Common stock, no par value, 15,000,000
shares authorized; 4,505,473 and 4,508,509 shares issued at
December 31, 2017 and June 30, 2017, respectively; 4,107,538 and
4,111,281 shares outstanding at December 31, 2017 and June 30,
2017, respectively 190,491 190,382 Treasury stock, 397,935 and
397,228 shares at cost at December 31, 2017 and June 30, 2017,
respectively (4,124 ) (4,121 ) Additional paid-in capital 1,616
1,483 Accumulated deficit (177,056 ) (170,913 ) Accumulated other
comprehensive loss (62 ) (61 )
Total stockholders’
equity 10,865 16,770
Total liabilities and stockholders’ equity $
12,347 $ 18,835
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version on businesswire.com: http://www.businesswire.com/news/home/20180208005408/en/
Astrotech CorporationCompany Contact:Eric Stober,
512-485-9530Chief Financial OfficerorIR Contact:Nicole
Conser, 512-485-9530Marketing Director
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