Astrotech Reports First Quarter 2012 Financial Results
Austin, TX (November 14, 2011) -
Astrotech Corporation (NASDAQ: ASTC), a leading provider of commercial aerospace services, today announced financial results for its fiscal year 2012 first quarter ended September 30, 2011.
“We are, and will continue to be, focused on cost reduction and cost avoidance in order to advance ASO and fund corporate growth and shareholder value,” said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation. “Moreover, we continue to see future demand for our payload processing services coupled with opportunities for the design and fabrication of GSE. This results in our 18-month rolling backlog of nearly $39 million.”
First Quarter Results
The Company posted a first quarter fiscal year 2012 net loss of $0.7 million, or $(0.04) per diluted share on revenue of $4.8 million compared with a first quarter fiscal year 2011 net loss of $1.2 million, or $(0.07) per diluted share on revenue of $5.3 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, was $38.9 million at September 30, 2011. The majority 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 VAFB locations.
In addition to providing support for missions in process at our facilities in Florida and California, ASO supported three successful launches during the first quarter, including NASA’s Juno mission to Jupiter, DARPA’s Falcon Hypersonic Technology Vehicle 2 (HTV-2) and NASA’s Gravity Recovery and Interior Laboratory (GRAIL) mission.
Financial Position and Liquidity
Working capital was $5.8 million as of September 30, 2011, which included $16.4 million in cash and cash equivalents and $1.4 million of accounts receivable. Of the $16.4 million in cash at September 30, 2011, $0.7 million was obligated to fund the 1st Detect Miniature Mass Spectrometer under the funding received from the Texas Emerging Technology Fund.
Financial Tables for First Quarter and Fiscal Year 2012 [PDF 244KB]
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.
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Chief Financial Officer