ASTROTECH REPORTS FOURTH QUARTER AND FISCAL YEAR 2013 FINANCIAL RESULTS
Austin, TX (October 15, 2013) -
EBITDA income of $2.6 million for the quarter ended June 30, 2013 and $1.6 million for the year ended June 30, 2013
GAAP results: net income of $2.2 million (attributable to Astrotech Corporation), or $0.11 per diluted share for the quarter ended June 30, 2013 and net loss of $0.2 million (attributable to Astrotech Corporation), or $(0.01) per diluted share, for the year ended June 30, 2013
Astrotech Space Operations (“ASO”), the Company’s core business, supported the processing of eight missions during fiscal year ended June 30, 2013
1st Detect was granted one patent and filed eleven patent applications. The Company now has two patents granted, sixteen additional patent applications pending and a number of patent opportunities in the draft or research stage.
Astrotech Corporation (NASDAQ: ASTC), a leading provider of commercial aerospace services and products, today announced financial results for its fourth quarter and fiscal year ended June 30, 2013.
“Our long held strategy to fully support our ASO subsidiary, by meeting the needs of our customers with state-of-the-art facilities, continues to perform as expected. We are also growing ASTC value by investing in our Spacetech initiatives by partnering with key industry participants to develop compelling solutions that address imminent and compelling economic needs” said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation. “We are also very proud to announce the completion of our new development facility in Webster, TX, where 1st Detect is ramping up its manufacturing capabilities in anticipation of maturing joint development partnerships. We are educating a number of high value markets with the opportunity to sell solutions that meet the general needs of quantitative analysis on the factory floor."
“Our fourth quarter performance has been exceptional, and we are proud to release the best earnings report in over three years” said Carlisle Kirkpatrick, CFO of Astrotech Corporation. “During the quarter, Astrotech Space Operations processed two very important U.S. government missions and we are nearly complete on our multi-year Ground Support Equipment contract. Our backlog remains strong and we are encouraged by the diversity we are seeing in new programs now under contract. This diversity allows the Company to enhance its portfolio of future repeat customers. Our financial performance has been remarkable both this quarter and for the year just ending. EBITDA for the year was a very strong $1.6 million, achieved primarily through consistent delivery of high value payload services and cost controls within our SG&A functions.
It is important to also note that we have successfully concluded our negotiations with the lender under our financing facilities and we are pleased to report a mutual resolution that enables Astrotech to continue building its businesses while satisfying our obligations with the lender. ”
Fourth Quarter Results
The Company posted fourth quarter fiscal year 2013 net income of $2.2 million, or $0.11 per diluted share on revenue of $9.2 million compared with a fourth quarter fiscal year 2012 net loss of $1.3 million, or $(0.07) per diluted share on revenue of $7.6 million.
Fiscal Year Results
The Company posted fiscal year 2013 net loss of $0.2 million, or $(0.01) per diluted share on revenue of $24.0 million compared with fiscal year 2012 net loss of $2.7 million, or $(0.15) per diluted share on revenue of $26.1 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, is $25.5 million at June 30, 2013. The 18-month rolling backlog for 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.
Financial Position and Liquidity
Working capital was $4.3 million as of June 30, 2013, which included $5.1 million in cash and cash equivalents and $5.3 million of accounts receivable.
Financial Tables for Fourth Quarter and Fiscal Year 2013 [PDF 56KB]
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 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 mass spectrometer, the MMS-1000™, while Astrogenetix, Inc. is a biotechnology company utilizing microgravity as a research platform for drug discovery and development.
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