[May 09, 2017] |
|
Astrotech Reports Third Quarter of Fiscal Year 2017 Financial Results
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 (News - Alert) 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 (News - Alert) 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 (News - Alert) 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
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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
|
|
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170509005676/en/
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