ASTROTECH REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 FINANCIAL RESULTS

Austin, TX (September 29, 2014) - 
  • GAAP results: net loss of $0.8 million (attributable to Astrotech Corporation), or $(0.04) per diluted share for the quarter ended June 30, 2014 and net loss of $5.0 million (attributable to Astrotech Corporation), or $(0.25) per diluted share, for the year ended June 30, 2014

  • EBITDA loss of $0.4 million for the quarter ended June 30, 2014 and $3.3 million for the year ended June 30, 2014

  • The sale of Astrotech Space Operations (“ASO”) to Lockheed Martin was completed on August 22, 2014 for $61.0 million

  • 1st Detect was awarded a pivotal competitive contract for the Next Generation Chemical Detector (NGCD) program

  • 1st Detect was granted four U.S. patents and filed nine U.S. patent applications during the fiscal year. In total, 1st Detect owns six key U.S. patents for its miniaturized mass spectrometer technology

 

Astrotech Corporation (NASDAQ: ASTC), a leading provider of commercial aerospace services and products and a manufacturer of next generation chemical detection instrumentation, today announced financial results for its fourth quarter and fiscal year ended June 30, 2014.

 

“With the successful completion of the sale of Astrotech Space Operations (“ASO”), we find ourselves with a healthy balance sheet and ideally positioned to execute the next phase of our corporate strategy,” said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation. "The recent award of the NGCD contract further validated our technological breakthrough at 1st Detect and we are eagerly pursuing additional opportunities."

 

The 1st Detect team continues to reinvent the industry with the recent announcement of the strategic alliance with SparkCognition, which will avail real-time predictive analytics to chemical detection, an industry first. This will allow customers to use cutting edge data analytics to solve complex problems by deriving solutions from disparate data sets using sophisticated and predictive algorithms.

 

“Our momentum is building and it is an exciting time to be part of Astrotech,” Pickens added. “We continue to engage with key industry partners to develop compelling solutions that address an expanding variety of lucrative markets.”

 

Fourth Quarter Results
The Company posted fourth quarter fiscal year 2014 net loss of $0.8 million, or $(0.04) per diluted share on revenue of $5.6 million compared with a fourth quarter fiscal year 2013 net income of $2.2 million or $0.11 per diluted share on revenue of $9.2 million.

 

Fiscal Year Results
The Company posted fiscal year 2014 net loss of $5.0 million, or $(0.25) per diluted share on revenue of $16.4 million compared with fiscal year 2013 net loss of $0.2 million, or $(0.01) per diluted share on revenue of $24.0 million.

 

Financial Position and Liquidity
Working capital was $(4.4) million as of June 30, 2014, which included $3.8 million in cash and cash equivalents and $1.3 million of accounts receivable.

 

Financial Tables for Fourth Quarter and Fiscal Year 2014 [PDF 60KB]

 

About Astrotech Corporation


Astrotech is a leader in identifying and commercializing space technology for terrestrial use. 1st Detect Corporation is developing what we believe is a breakthrough miniaturized mass spectrometer, the MMS-1000™, while Astrogenetix, Inc. is a biotechnology company utilizing microgravity as a research platform for drug discovery and development. Astral Images provides an advanced film scanning and digital defect removal solution. All are wholly owned subsidiaries of the parent.

 

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 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.

 

FOR MORE INFORMATION: 

 

Eric Stober
Chief Financial Officer
Astrotech Corporation
512.485.9530