Astrotech Corporation (NASDAQ: ASTC) reported its financial
results for the first quarter of fiscal year 2018 ended
September 30, 2017.
“In the first quarter, our subsidiary 1st Detect achieved a
significant milestone toward the deployment of explosives trace
detector systems with the Transportation Security Administration
(TSA),” said Thomas B. Pickens III, Chairman and CEO of Astrotech
Corporation. “In September, we announced that we entered a
Cooperative Research and Development Agreement (CRADA) with the
Department of Homeland Security (DHS) Science and Technology
Directorate (S&T) Transportation Security Laboratory (TSL) for
the development, testing, and evaluation of our TRACER 1000 MS-ETD
system. Using TSL’s credible, unbiased and objective Developmental
Test and Evaluation (DT&E) process, TSL and 1st Detect will
examine ways to improve trace detection capabilities in support of
transportation security.
“1st Detect’s healthcare product for breath analysis, the
BreathDetect 1000, continues to make progress in pre-clinical
trials with cystic fibrosis patients at UT Health San Antonio
(UTHSA). Our partnership with UTHSA is initially focusing on
identifying hospital-acquired pneumonia (HAP), of which there are
over 150,000 cases reported annually. By enabling detection of HAP
and reducing the wait time for a proper diagnosis from several days
to within minutes, the BreathDetect 1000 can significantly enhance
the physician’s ability to administer optimal antibiotics–reducing
the liability exposure for hospitals while saving lives.
“In addition, Astral Images was selected by a post-production
house for the digital conversion of a feature-length film that
included defect correction using our Astral Color ICE proprietary
technology. Astral was chosen for its ability to detect defects in
automation while reducing costs and turnaround time. Astral
continues to be positioned to lead the conversion of digital film
as global adoption of 4K HDR televisions ramps up and demand for 4K
HDR content and services grows,” Mr. Pickens concluded.
First 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.
1st Detect’s income from research-based, fixed-price,
government-related subcontract agreements ended during the last
quarter of fiscal 2017. Therefore, there was no revenue or gross
profit generated in the first quarter of fiscal 2018, compared to
$1.0 million and $275 thousand, respectively, in the first quarter
of fiscal 2017.
Cash and investments at September 30, 2017 were $11.6
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.
ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and
Comprehensive Loss
(In thousands, except per share data)
(Unaudited)
Three Months Ended September 30, 2017
2016 Revenue $ — $ 1,006 Cost of revenue
— 731
Gross profit
— 275 Operating expenses:
Selling, general and administrative 1,407 2,548 Research and
development 1,669 1,292 Total operating
expenses 3,076 3,840
Loss from
operations (3,076 ) (3,565 )
Interest and other income, net 70 98
Loss before income taxes (3,006 )
(3,467 ) Income tax benefit — —
Net loss (3,006 ) (3,467
) Less: Net loss attributable to noncontrolling interest
— (52 )
Net loss attributable to Astrotech
Corporation $ (3,006 ) $
(3,415 ) Weighted average common shares
outstanding: Basic and diluted 4,057 4,126
Basic and
diluted net loss per common share: Net loss attributable to
Astrotech Corporation $ (0.15 ) $ (0.17 )
Other
comprehensive loss, net of tax: Net loss attributable to
Astrotech Corporation $ (3,006 ) $ (3,415 ) Available-for-sale
securities: Net unrealized gain $ 1 $ 41 Reclassification
adjustment for realized loss 1 —
Total comprehensive loss $ (3,004 )
$ (3,374 )
ASTROTECH CORPORATION AND SUBSIDIARIES Condensed
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
September 30,2017
June 30, 2017 Assets Current assets Cash and
cash equivalents $ 95 $ 2,184 Short-term investments 10,062 10,900
Accounts receivable, net of allowance 80 146 Inventory, net 132 166
Prepaid expenses and other current assets 246
269
Total current assets 10,615 13,665
Property and equipment, net 3,001 3,180 Long-term investments 1,428
1,990 Other assets, net 81 —
Total
assets $ 15,125 $ 18,835
Liabilities and stockholders’ equity Current
liabilities Accounts payable $ 200 $ 259 Payroll related accruals
414 907 Accrued liabilities and other 382 641 Income tax payable
2 2
Total current liabilities
998 1,809 Other liabilities 242
256
Total liabilities 1,240
2,065 Stockholders’ equity
Preferred stock, no par value, convertible, 2,500,000 shares
authorized; no shares issued and outstanding, at September 30, 2017
and June 30, 2017, respectively — — Common stock, no par value,
15,000,000 shares authorized; 4,506,473 and 4,508,509 shares issued
at September 30, 2017 and June 30, 2017, respectively; 4,108,573
and 4,111,281 shares outstanding at September 30, 2017 and June 30,
2017, respectively 190,437 190,382 Treasury stock, 397,936 and
397,228 shares at cost at September 30, 2017 and June 30, 2017,
respectively (4,124 ) (4,121 ) Additional paid-in capital 1,550
1,483 Accumulated deficit (173,919 ) (170,913 ) Accumulated other
comprehensive loss (59 ) (61 )
Total stockholders’
equity 13,885 16,770
Total liabilities and stockholders’ equity $
15,125 $ 18,835
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version on businesswire.com: http://www.businesswire.com/news/home/20171108005311/en/
Company Contact:Astrotech CorporationEric Stober,
512-485-9530Chief Financial OfficerorIR Contact:LHA Investor
RelationsCathy Mattison and Kirsten Chapman,
415-433-3777ir@astrotechcorp.com
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