Astrotech Corporation (NASDAQ: ASTC) reported its financial
results for the third quarter of fiscal year 2019 ended March 31,
2019.
The third quarter was pivotal for Astrotech’s 1st Detect
subsidiary, having announced on February 21 that it received
official European Civil Aviation Conference (ECAC) certification
for both passenger and cargo screening.
With a near-zero false alarm rate, a virtually unlimited
detection library, and near 100% uptime, the TRACER 1000™ is the
only certified explosives trace detector (ETD) that can detect more
threats than the extremely limited number detected by current ETDs.
We believe these features will accelerate airport passenger
security line throughput, significantly enhance passenger and cargo
security, and position the TRACER 1000 as a market disruptor in
explosives and harmful substance trace detection.
“ECAC certification has led to two successful field trials and
in both instances, the state-of-the-art TRACER 1000 outperformed
the currently deployed ion mobility spectrometry (IMS) based ETDs.
We are excited that these field trials confirm the results we have
been seeing in testing,” stated Thomas B. Pickens III, Chairman and
CEO of Astrotech.
Following the end of the third quarter, in April 2019, Astrotech
completed a $2 million private investment from its Chairman and CEO
and another long-term investor.
“This investment is expected to provide the resources toward the
goal of transitioning from a devoted R&D company to a
manufacturing organization after receiving ECAC certification,”
continued Pickens.
Third Quarter Fiscal Year 2019 Financial Highlights
Management continues efforts to optimize our resources while
reducing cost and adding financial flexibility.
- Operating expenses decreased 27%
through the third quarter of fiscal 2019, compared to the third
quarter of fiscal 2018, due to an ongoing emphasis on cost
reduction.
- Monthly cash burn for the fiscal year
has been reduced to $731 thousand, a 25% reduction from our run
rate through the third quarter of fiscal year 2018.
- Astrotech Corporation had no debt at
March 31, 2019.
About Astrotech
Astrotech (NASDAQ: ASTC) is a science and technology
development and commercialization company that launches, manages,
and builds scalable companies based on innovative technology in
order to maximize shareholder value. 1st
Detect develops, manufactures, and sells chemical
analyzers for use in the security, defense, healthcare, and
environmental markets. Astral Images sells
film-to-digital image enhancement, defect removal, color
correction, and post processing software, providing economically
feasible conversion of film to the new 4K ultra-high definition
(UHD), high-dynamic range (HDR) format. Astrotech is headquartered
in Austin, Texas. 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, the Company’s use of proceeds from the private
placement transaction, 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 for the
fiscal year ended June 30, 2018. Any forward-looking statements in
this document should be evaluated in light of these important risk
factors. In addition, any forward-looking statements included in
this press release represent the Company’s views only as of the
date of its publication and should not be relied upon as
representing its views as of any subsequent date. 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
March 31,
Nine Months Ended
March 31,
2019 2018 2019 2018
Revenue $ — $ — $ 40 $ 41 Cost of revenue — —
11 24
Gross profit
— — 29
17 Operating expenses: Selling, general and
administrative 1,238 1,363 3,667 4,397 Research and development
1,026 1,495 3,027
4,721 Total operating expenses 2,264
2,858 6,694 9,118
Loss from
operations (2,264 ) (2,858 )
(6,665 ) (9,101 ) Interest and other
income, net 12 3 15
103
Loss before income taxes (2,252
) (2,855 ) (6,650 )
(8,998 ) Income tax benefit 858
— 858 —
Net loss $
(1,394 ) $ (2,855 ) $
(5,792 ) $ (8,998 ) Weighted
average common shares outstanding: Basic and diluted 5,467 4,060
4,734 4,059
Basic and diluted net loss per common share: Net
loss $ (0.25 ) $ (0.70 ) $ (1.22 ) $ (2.22 )
Other comprehensive
loss, net of tax: Net loss $ (1,394 ) $ (2,855 ) $ (5,792 ) $
(8,998 ) Available-for-sale securities: Net unrealized gain — (32 )
— (67 ) Reclassification adjustment for realized loss —
42 31 76
Total
comprehensive loss $ (1,394 ) $
(2,845 ) $ (5,761 ) $
(8,989 )
ASTROTECH CORPORATION AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(In thousands, except share data)
(Unaudited)
March 31,
2019
June 30,
2018
Assets Current assets Cash and cash equivalents $ 1,524 $
552 Short-term investments — 3,551 Accounts receivable, net of
allowance 41 12 Income tax receivable 429 — Prepaid expenses and
other current assets 328 161
Total
current assets 2,322 4,276 Property and
equipment, net 531 733 Deferred tax asset 429 — Long-term
investments — 50 Other assets, net 81 81
Total assets $ 3,363 $
5,140 Liabilities and stockholders’ equity
Current liabilities Accounts payable 139 112 Payroll-related
accruals 312 412 Accrued liabilities and other 393 434 Income tax
payable 2 2
Total current
liabilities 846 960 Other liabilities 156
188
Total liabilities
1,002 1,148 Commitments and
contingencies Stockholders’ equity Preferred stock,
$0.001 par value, convertible, 2,500,000 shares authorized; no
shares issued and outstanding at March 31, 2019 and June 30, 2018,
respectively — — Common stock, $0.001 par value, 15,000,000 shares
authorized; 6,176,425 and 4,496,873 shares issued at March 31, 2019
and June 30, 2018, respectively; 5,776,509 and 4,097,346 shares
outstanding at March 31, 2019 and June 30, 2018, respectively
190,648 190,570 Treasury stock, 399,916 and 399,527 shares at cost
at March 31, 2019 and June 30, 2018, respectively (4,129 ) (4,128 )
Additional paid-in capital 5,798 1,745 Accumulated deficit (189,956
) (184,164 ) Accumulated other comprehensive loss —
(31 )
Total stockholders’ equity 2,361
3,992 Total liabilities and
stockholders’ equity $ 3,363 $
5,140
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190513005874/en/
Eric Stober, Chief Financial Officer, Astrotech Corporation,
(512) 485-9530
Astrotech (NASDAQ:ASTC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Astrotech (NASDAQ:ASTC)
Historical Stock Chart
From Sep 2023 to Sep 2024