Astrotech Reports Second Quarter of Fiscal Year 2019 Financial Results
Austin, TX - February 12, 2019 -
Astrotech Corporation (NASDAQ: ASTC) reported its financial results for the second quarter of fiscal year 2019 ended December 31, 2018.
The second quarter was a pivotal quarter for Astrotech’s 1st Detect subsidiary, which announced on December 12, 2018 that its TRACER 1000 passed the rigorous European Civil Aviation Conference (ECAC) Common Evaluation Process (CEP) tests for airport checkpoint screening of passengers. Subsequent to the quarter-end, on January 7, 2019, the Company announced that the TRACER 1000 also passed the CEP tests for airport cargo screening. Official ECAC Certification is expected in the near-term, at which point, the Company can begin selling the TRACER 1000 to international airports.
“We are excited to have introduced our revolutionary new product, the TRACER 1000, this quarter as the best solution available to overcome the high false alarm problems with the currently used ion mobility spectrometry technology. Our mass spectrometry technology delivers a valuable near-zero false alarm rate that has the potential to earn airports and airlines hundreds of millions in worldwide savings while making airways safer and moving passengers through the security lanes more efficiently,” stated Thomas B. Pickens III, Chairman and CEO of Astrotech.
About 1st Detect
1st Detect develops, manufactures, and sells chemical analyzers for use in the security, defense, healthcare, and environmental markets. For more information, visit www.1stdetect.com.
Second Quarter Fiscal Year 2019 Financial Highlights
Management continues efforts to optimize our resources while reducing cost and adding financial flexibility.
⦁ Operating expenses decreased $1.0 million, or 31%, during the second quarter of fiscal 2019, compared to the second quarter of fiscal 2018, due to an ongoing emphasis on cost reduction.
⦁ Our monthly cash burn for this quarter was reduced to $705 thousand, a 22% reduction from our run rate in fiscal year 2018.
⦁ On October 9, 2018, Astrotech completed a $3 million private investment from its Chairman and CEO and another long-term investor.
⦁ Astrotech Corporation had no debt at December 31, 2018.
Headquartered in Austin, Texas, 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.
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.
Chief Financial Officer