Astrotech Reports Second Quarter 2012 Financial Results
Austin, TX (February 3, 2012) -
GAAP results: net loss of $1.8 million, or $(0.10) per diluted share for the quarter ended December 31, 2011
Astrotech Space Operations ("ASO"), the Company's core business, supported one mission which launched in the second quarter 2012, the NPOESS Preparatory Project (NPP)
1st Detect reached a key development milestone when it delivered pre-production miniature mass spectrometers to selected customers for evaluation
Astrotech Corporation (Nasdaq:ASTC), a leading provider of commercial aerospace services, today announced financial results for its fiscal year 2012 second quarter ended December 31, 2011.
"While the 18-month rolling backlog of $43.2 million demonstrates our future pipeline of business remains at its strongest in years, the timing of missions and of work performed on the fabrication of the GSE led to a slower second quarter. Fortunately, we believe that we will see a top-line increase in the coming fiscal quarter," said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation. "Additionally, I'm pleased to have reached a key development milestone at 1st Detect, where we shipped evaluation units of our mini-mass spectrometer to selected customers which we expect to lead to a new source of revenue in the near future."
Second Quarter Results
The Company posted a second quarter fiscal year 2012 net loss of $1.8 million, or $(0.10) per diluted share on revenue of $3.7 million compared with a second quarter fiscal year 2011 net loss of $1.6 million, or $(0.09) per diluted share on revenue of $4.6 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 $43.2 million at December 31, 2011. 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.
In addition to providing support for missions in process at our facilities in Florida and California, ASO supported the successful launch of the NPOESS Preparatory Project (NPP) at VAFB during the second quarter.
Our Spacetech business unit reached an important development milestone when 1st Detect delivered evaluation units of its miniature mass spectrometer to leading analytical equipment vendors. The 1st Detect proprietary mini-mass spectrometry technology provides a broad and versatile platform that we plan to integrate with follow-on products optimized for the security and industrial markets.
Financial Position and Liquidity
Working capital was $5.9 million as of December 31, 2011, which included $14.5 million in cash and cash equivalents and $4.2 million of accounts receivable. Of the $14.5 million in cash at December 31, 2011, $0.2 million was obligated to funding the development of 1st Detect.
Financial Tables for FY2012 2nd Quarter [PDF 244KB]
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 Astrotech Space Operations 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, while Astrogenetix, Inc. is a biotechnology company utilizing microgravity as a research platform for drug discovery and development.
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, the ability to expand ASO, the availability of capital for reinvestment in growth initiatives, product performance and market acceptance of 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.
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Chief Financial Officer