ASTROTECH REPORTS THIRD QUARTER 2015 FINANCIAL RESULTS
Austin, TX (May 11, 2015) -
1st Detect announced initial orders from new industrial customers in the petrochemical and food processing verticals.
1st Detect received GSA status, expanding the accessibility and ease of procurement of its products to government customers.
1st Detect granted three U.S. patents for core technology enhancements, validating the company's ability to provide breakthrough technological solutions.
Astrotech Corporation launched Astral Images following the acquisition of key assets and intellectual property from Image Trends, Inc. via bankruptcy auction.
Astrotech Corporation (NASDAQ: ASTC), a leader in the commercialization of government sponsored advanced space technologies, today announced financial results for its third quarter ended March 31, 2015
“The third quarter was an exciting period for Astrotech as we have now successfully completed the divesting of our legacy government services assets while we transition to a space technology commercialization company. We are very pleased to announce that 1st Detect is now booking orders as we execute our strategy of being the first full functioning mass spectrometer to serve the industrial processing markets. Additionally, we are also applying space satellite imaging correction technology to our newly formed film scanning company Astral Images which is ideally positioned to convert film to the new Ultra-High Definition 4K standards.” said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation.
Third Quarter Results
The Company posted third quarter fiscal year 2015 net income of $(2.1) million, or $(0.11) per diluted share, compared with a third quarter fiscal year 2014 net income of $(2.8) million or $(0.14) per diluted share. It also posted year to date fiscal year 2015 net income of $18.8 million, or $0.93 per diluted share, which was primarily the result of a $25.6 million gain ($23.7 million after-tax) related to the sale of our former ASO business to Lockheed Martin, compared with a third quarter year to date fiscal year 2014 net income of $(4.1) million or $(0.22) per diluted share.
Financial Position and Liquidity
Working capital was $34.7 million as of March 31, 2015, which primarily consisted of $30.6 million in cash and cash equivalents and short-term investments. Additionally, the Company continues to record a receivable of $6.1 million for an amount held in escrow related to the sale, which is not included in working capital. The Company believes it will fully realize the remaining $6.1 million held in escrow in February 2016.
About Astrotech Corporation
Astrotech Corporation is an Austin, TX based technology company that has evolved from over 30 years in the human spaceflight, Space Shuttle, and Department of Defense satellite programs. The company has become a leader in the commercialization of government sponsored advanced space technologies. In 2014, the company completed the sale of one of its businesses, Astrotech Space Operations, to Lockheed Martin for $61 million.
1st Detect Corporation was create to develop a mass spectrometer that was designed for use on the International Space Station. 1st Detect is a game-changing technology in the chemical detection and analysis market because it delivers laboratory performance of traditional mass spectrometry, but in a small, affordable and portable package. 1st Detect's technology is useful in the semiconductor, food and beverage processing, petrochemical, laboratory, process control, explosive detection, and chemical warfare markets.
Astrogenetix Corporation was formed as a result of over $4 billion spent by NASA over a 25 year period on experiments conducted in sustained microgravity, where results were only achieved while orbiting in space. Astrotech designed and flew 1,113 of these experiments in its Spacehab modules, and after an extensive review, discovered that microgravity greatly enhanced the discovery of valuable vaccines and therapeutics. The company has completed 12 successful biomarker discovery missions to the International Space Station and has identified a salmonella vaccine candidate, while ten additional discoveries are in the pipeline. NASA has awarded Astrogenetix 26 free flights to the $130 billion ISS National Laboratory, along with full crew support.
Astral Images, Inc. was launched to commercialize identified government funded satellite image correction technologies. Along with the acquisition of certain established defect correction technologies, first funded by IBM and Kodak, Astral is positioned to be the world leader in the technology required to convert and repair feature films and film based television series to the new digital Ultra-High Definition 4K standards.
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, our ability to successfully develop our remaining Spacetech business unit, our ability to develop and integrate our miniaturized mass spectrometer, the MMS-1000™, product performance, market acceptance of products and services, and our ability to identify, execute and integrate potential acquisitions, as well as other risk factors and business considerations. 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.
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