ASTROTECH REPORTS THIRD QUARTER 2014 FINANCIAL RESULTS
Austin, TX (May 14, 2014) -
Astrotech Corporation (NASDAQ: ASTC), a leading provider of commercial aerospace services, today announced financial results for its fiscal year 2014 third quarter ended March 31, 2014.
“Our core satellite processing business, Astrotech Space Operations, had a slow third quarter due to a relatively light launch schedule. However, the 18-month backlog at ASO looks relatively healthy as we continue to attract valued customers by delivering the best satellite processing services in the industry. Additionally, we are very excited about the prospects at 1st Detect now that we have signed our first significant commercial OEM agreement with Rigaku,” said Thomas B. Pickens III, Chairman and CEO of Astrotech.
Third Quarter Results
The Company posted a third quarter fiscal year 2014 net loss of $2.8 million, or $(0.15) per diluted share on revenue of $1.6 million compared with a third quarter fiscal year 2013 net loss of $0.1 million, or $(0.01) per diluted share on revenue of $4.6 million.
Update of Ongoing Operations
ASO’s 18-month rolling backlog, which includes contractual backlog and scheduled but uncommitted missions was $27.0 million at March 31, 2014. The majority of the revenue 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 Vandenberg Air Force Base locations.
1st Detect is the leading commercial developer of miniature mass spectrometry technology. We are paving the way with next generation chemical detection instrumentation and we are aggressively pursuing new strategic partnerships as we move to drive a paradigm shift in this marketplace.
Financial Position and Liquidity
Working capital was $(3.9) million as of March 31, 2014, which included $4.6 million in cash and cash equivalents. During the quarter, the Company did not meet its negotiated covenants, for which the Company received a waiver. This was primarily due to the delay of a mission and required the reclassification of our long-term debt to current.
Financial Tables for Third Quarter and Fiscal Year 2014 [PDF 23KB]
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 has developed 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, product performance and market acceptance of products and services, as well as other risk factors and business considerations described in Astrotech’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. Astrotech assumes no obligation to update these forward-looking statements.
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