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Astrotech Reports First Quarter 2013 Financial Results

Wednesday, November 14, 2012 7:00 AM


  • Astrotech Space Operations ("ASO"), the Company's core business, supported the successful launch of The Radiation Belt Storm Probes (RBSP) mission in the first quarter 2013

  • GAAP net loss of $1.4 million, or $(0.07) per diluted share, for the first quarter of fiscal 2013, on revenue of $6.1 million

  • 1st Detect delivered two MMS-1000TM units

AUSTIN, Texas, Nov. 14, 2012 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq:ASTC), a leading provider of commercial aerospace services, today announced financial results for its fiscal year 2013 first quarter ended September 30, 2012.

"Our core business, ASO, performed well this quarter as it navigates through a slower than anticipated launch schedule. We continue to deliver on our commitments to our customers and I am pleased to see the progress we have made on the design and fabrication of the GSE project," said Carlisle Kirkpatrick, Chief Financial Officer of Astrotech. "While our 18-month rolling backlog reflects the completion of the GSE project, we remain committed to delivering the best satellite processing services in the industry and the ASO backlog reflects consistent growth in both programs and the missions supporting these programs."

"1st Detect delivered two MMS-1000™ units during the first quarter. These units give 1st Detect an important platform for enhancing key relationships into the future," said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation. "The 1st Detect team is focused on opening new industrial markets by delivering lab quality equipment that meets the unique needs of our customers and development partners. I am pleased with our progress and the ongoing support and interest from our development partners as we continue to build important relationships that will enhance future demand."

First Quarter Results

The Company posted a first quarter fiscal year 2013 net loss of $1.4 million, or $(0.07) per diluted share on revenue of $6.1 million compared with a first quarter fiscal year 2012 net loss of $0.7 million, or $(0.04) per diluted share on revenue of $4.8 million.  

Update of Ongoing Operations

The Company's 18-month rolling backlog, which includes contractual backlog, scheduled but uncommitted missions, and the design and fabrication of GSE, was $27.5 million at September 30, 2012. The majority at ASO consists of pre-launch satellite processing services, which include hardware launch preparation, advance planning, use of unique satellite preparation facilities and spacecraft checkout, encapsulation, fueling, and transport and design and fabrication of equipment and hardware for space launch activities at our Titusville, Florida and VAFB locations.

Our Spacetech business unit delivered two MMS-1000™ units to customers during the first quarter. MMS-1000TM is the first commercial product offering of the miniature mass spectrometer initially designed for the sophisticated laboratory professional.  The MMS-1000™ is a compact, high performance instrument capable of rapid MS/MS detection of trace levels of volatile compounds in less than five seconds and provides a versatile platform that can be used in various applications in the security and industrial markets.

Financial Position and Liquidity

Working capital was $3.6 million as of September 30, 2012, which included $5.1 million in cash and cash equivalents and $4.7 million of accounts receivable.

About Astrotech Corporation

Astrotech is one of the first space commerce companies and remains a strong entrepreneurial force in the aerospace industry. We are leaders in identifying, developing and marketing space technology for commercial use. Our ASO business unit serves our government and commercial satellite and spacecraft customers with pre-launch services on the eastern and western range. 1st Detect Corporation is developing what we believe is a breakthrough miniature mass spectrometer, the MMS-1000™, while Astrogenetix, Inc. is a biotechnology company utilizing microgravity as a research platform for drug discovery and development. 

The Astrotech Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7456

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, continued government support and funding for key space programs, product performance and market acceptance of products and services, as well as other risk factors and business considerations described in Astrotech'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. Astrotech assumes no obligation to update these forward-looking statements.

Tables follow

ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations 
(In thousands, except per share data)
     
  Three Months Ended
  September 30,
  2012 2011
  (unaudited)
Revenue  $ 6,128  $ 4,840
Cost of revenue  4,907  2,926
Gross profit  1,221  1,914
Operating expenses:    
Selling, general and administrative  2,099  1,929
Research and development  642  758
Total operating expenses  2,741  2,687
Loss from operations  (1,520)  (773)
Interest and other expense, net  (38)  (74)
Loss before income taxes  (1,558)  (847)
Income tax expense --  (5)
Net loss  (1,558)  (852)
Less: Net loss attributable to noncontrolling interest*  (141)  (186)
Net loss attributable to Astrotech Corporation  $ (1,417)  $ (666)
     
Net loss per share attributable to Astrotech Corporation, basic  $ (0.07)  $ (0.04)
Weighted average common shares outstanding, basic 18,951 18,120
Net loss per share attributable to Astrotech Corporation, diluted  $ (0.07)  $ (0.04)
Weighted average common shares outstanding, diluted 18,951 18,120
     
*Noncontrolling interest resulted from grants of restricted stock in 1st Detect and Astrogenetix to certain employees, officers and directors. Please refer to the September 30, 2012 10-Q filed with the Securities and Exchange Commission for further detail.
 
 
ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
     
  September 30, June 30,
  2012 2012
  (unaudited)  
Assets    
Cash and cash equivalents  $ 5,078  $ 10,177
Accounts receivable, net 4,721 1,926
Prepaid expenses and other current assets 863 592
Total current assets 10,662 12,695
Property, plant, and equipment, net 36,986 37,270
Other assets, net 70 84
     
Total assets  $ 47,718  $ 50,049
     
Liabilities and stockholders' equity    
Current liabilities  $ 7,078  $ 7,875
Long-term liabilities 6,049 6,042
Stockholders' equity 34,591 36,132
Total liabilities and stockholders' equity  $ 47,718  $ 50,049
 
 
ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Reconciliation of Non-GAAP Measures
(In thousands)
Earnings Before Interest, Taxes, Depreciation and Amortization
     
  Three Months
  Ended September 30,
  2012 2011
EBITDA  $ (987)  $ (195)
Depreciation & amortization 507 592
Interest and other expense, net 64 60
Income tax expense -- 5
Net loss  (1,558)  (852)
Net loss attributable to noncontrolling interest  (141)  (186)
Net loss attributable to Astrotech Corporation  $ (1,417)  $ (666)
     
 
EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-U.S. GAAP financial measure. We included information concerning EBITDA because we use such information when evaluating operating earnings (loss) to better evaluate the underlying performance of the Company. EBITDA does not represent, and should not be considered an alternative to, net income (loss), operating earnings (loss), or cash flow from operations as those terms are defined by U.S. GAAP and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. While EBITDA is frequently used as measures of operations and the ability to meet debt service requirements by other companies, our use of this financial measure is not necessarily comparable to such other similarly titled captions of other companies.
CONTACT: FOR MORE INFORMATION:
         Carlisle Kirkpatrick
         Chief Financial Officer
         Astrotech Corporation
         512.485.9530

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(Source: PrimeZone )
(Source: Quotemedia)

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