Astrotech Reports Third Quarter 2011 Financial Results
Austin, TX (May 2, 2011) -
Astrotech Corporation (Nasdaq:ASTC), a leading provider of commercial aerospace services, today announced financial results for its fiscal year 2011 third quarter ended March 31, 2011.
Third Quarter Results
The Company posted a third quarter fiscal year 2011 net loss of $0.4 million, or $(0.02) per diluted share, on revenue of $5.7 million compared with a third quarter fiscal year 2010 net loss of $0.6 million, or $(0.04) per diluted share on revenue of $6.6 million.
"We supported critical missions for the U.S. government during the third quarter of 2011 in Titusville, FL and at Vandenberg Air Force Base in California," said Thomas B. Pickens III, Chairman and Chief Executive Officer of Astrotech. "As we operate through a slower launch schedule in the fourth quarter, we will continue working to control SG&A expenses, which we have reduced by more than $3.1 million for the nine months ended March 31, 2011(as compared to the nine months ended March 31, 2010)."
Update of Ongoing Operations
The Company's 18-month rolling backlog, which includes contractual backlog and scheduled but uncommitted missions, was $24.5 million as of March 31, 2011. The majority of the backlog is for ASO pre-launch satellite processing services, which include hardware launch preparation; advanced planning; use of unique satellite preparation facilities; and spacecraft checkout, encapsulation, fueling, transport, and command and control through launch.
In addition to providing support for missions in process at our facilities in Florida and California, ASO supported the launches of a U.S. Government payload, NASA's Glory spacecraft and the second launch of the Air Force's X37-B during the quarter.
Additionally, the Company's Astrogenetix subsidiary completed its eleventh scientific research mission in microgravity. This unprecedented access to the unique environment of space has provided the Company an opportunity to identify genetic targets for the development of vaccines for Salmonella and MRSA. Astrogenetix has focused its efforts on the flight based research that has been made available through the shuttle program over the last three years.
Financial Position and Liquidity
Working capital was $6.6 million as of March 31, 2011, which included $7.5 million in cash and $3.0 million of accounts receivable. The commercial bank debt included $0.3 million classified in short term liabilities, and $6.5 million in long term liabilities as of March 31, 2011. The $3.0 million line of credit was not used during the fiscal third quarter 2011.
Financial Tables for FY2011 3rd Quarter [PDF 254KB]
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 (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 chemical detector, 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, product performance and market acceptance of products and services, as well as other risk factors and business considerations described in the company's Securities & 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.