Astrotech Corporation (NASDAQ:ASTC) reported its financial
results for the third quarter of fiscal year 2018 ended March 31,
2018.
“In the third quarter, we made progress at 1st Detect,
announcing two key milestones regarding our newly developed TRACER
1000, which detects trace amounts of military, commercial, and
homemade explosives, plus narcotic substances such as fentanyl,”
said Thomas B. Pickens III, Chairman and CEO of Astrotech.
- TSA Cargo Qualification: The
TRACER 1000 was accepted into the Transportation Security
Administration (TSA)’s Air Cargo Screening Qualification Test
(ACSQT) program to address the needs of airports and cargo
facilities worldwide as they endeavor to screen 100% of checked
luggage and other cargo that is transported on passenger aircraft,
as mandated by the 9/11 Commission Act.
- TSA Checkpoint Qualification:
The TRACER 1000 began testing for passenger screening at airport
security checkpoints, entering the Developmental Test &
Evaluation (DT&E) phase of TSA’s qualification process. A
successful DT&E phase will lead to Transportation Security
Laboratory (TSL) Certification, a significant endorsement that
foreign governments and other U.S. government agencies consider
before procuring ETDs. Certification is also a major step towards
being listed on TSA’s Qualified Products List (QPL), and
subsequently being deployed in airports worldwide.
“We believe our mass spectrometry-based instrumentation provides
far superior detection capabilities compared to existing screening
technologies, and we are excited about its continued positive
feedback from TSA and its market potential,” continued Pickens. “We
are also pleased with the progress being made at Astral Images in
gaining market acceptance for its Astral ICE product suite,
including the granting of a key patent.”
Astral Images was awarded one new US patent: ‘UHD High Dynamic
Range Aesthetic Match (Continuation)’ (US), and 1st Detect was
awarded two new patents: ‘Mass Spectrometers Having Real Time Ion
Isolation Signal Generators’ (US), and ‘End Cap Voltage Control of
Ion Traps’ (international).
Third Quarter Fiscal Year 2018 Financial Highlights
Revenue, costs of goods sold, SG&A, and R&D are expected
to continue to fluctuate based on the timing of projects.
- Total operating expenses have been cut
by $336 thousand, or 10.5%, from the prior year third quarter. For
the nine months ended March 31, 2018, total operating expenses have
decreased $806 thousand, or 8.1%, compared to the nine months ended
March 31, 2017, as we focus on securing certification for the
TRACER 1000 and marketing Astral ICE™.
- During the current fiscal year, the
Company has spent a total of $9.1 million on all projects and
SG&A, compared to $11.1 million during the same period in the
prior fiscal year. This represents a decrease of 18.0% in total
spending. The Company has realigned its resources to focus on the
TRACER 1000, as opposed to the government subcontracts and R&D
hybrid of the previous year. This has allowed the Company to
streamline its operations, which has resulted in the aforementioned
savings.
- At March 31, 2018, cash and investments
were $6.3 million, and there was no debt.
About Astrotech
Astrotech (NASDAQ: ASTC) is an innovative science and technology
company that invents, acquires, and commercializes technological
innovations sourced from research institutions, laboratories,
universities, and internally, and then funds, manages, and builds
proprietary, scalable start-up companies for profitable divestiture
to market leaders to maximize shareholder value. 1st
Detect develops, manufactures, and sells chemical analyzers
for use in the security, defense, healthcare, food and beverage,
and environmental markets. Sourced from decades of image research
from IBM and Kodak laboratories, Astral Images sells
film-to-digital image enhancement, defect removal and color
correction software, as well as post-processing services providing
economically feasible conversion of television and feature 35mm and
16mm films to the new 4K ultra-high definition (UHD), high-dynamic
range (HDR) format necessary for the new generation of digital
distribution. Sourced from NASA’s extensive microgravity research,
Astrogenetix is applying a fast-track, on-orbit discovery
platform using the International Space Station to develop vaccines
and other therapeutics. Demonstrating its entrepreneurial strategy,
Astrotech management sold its state-of-the-art satellite servicing
operations to Lockheed Martin in August 2014. Astrotech has
operations throughout Texas and is headquartered in Austin. For
information, please visit www.astrotechcorp.com.
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, whether we can successfully develop our proprietary
technologies and whether the market will accept our 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.
Tables follow
ASTROTECH CORPORATION AND
SUBSIDIARIES
Condensed Consolidated Statements of
Operations and Comprehensive Loss
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
Nine Months Ended
March 31,
2018 2017 2018 2017
Revenue $ — $ 411 $ 41 $ 1,937 Cost of revenue — 161
24 1,211
Gross profit —
250 17 726 Operating expenses:
Selling, general and administrative 1,363 1,633 4,397 5,817
Research and development 1,495 1,561 4,721
4,107 Total operating expenses 2,858 3,194
9,118 9,924
Loss from operations (2,858
) (2,944 ) (9,101 )
(9,198 ) Interest and other income, net 3
99 103 232
Loss before income taxes
(2,855 ) (2,845 ) (8,998
) (8,966 ) Income tax benefit —
(2 ) — (2 )
Net loss (2,855 )
(2,847 ) (8,998 ) (8,968
) Less: Net loss attributable to noncontrolling interest
— (47 ) — (150 )
Net loss
attributable to Astrotech Corporation $ (2,855
) $ (2,800 ) $ (8,998
) $ (8,818 ) Weighted average common
shares outstanding: Basic and diluted 4,060 4,033 4,059 4,095
Basic and diluted net loss per common share: Net loss
attributable to Astrotech Corporation $ (0.70 ) $ (0.69 ) $ (2.22 )
$ (2.15 )
Other comprehensive loss, net of tax: Net loss
attributable to Astrotech Corporation $ (2,855 ) $ (2,800 ) $
(8,998 ) $ (8,818 ) Available-for-sale securities: Net unrealized
(loss) gain (32 ) 18 (67 ) (21 ) Reclassification adjustment for
realized loss 42 — 76 60
Total
comprehensive loss $ (2,845 ) $
(2,782 ) $ (8,989 ) $
(8,779 )
ASTROTECH CORPORATION AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(In thousands, except share data)
(Unaudited)
March 31,
2018
June 30,
2017
Assets Current assets Cash and cash equivalents $ 633 $
2,184 Short-term investments 5,647 10,900 Accounts receivable, net
of allowance 4 146 Inventory, net 9 166 Prepaid expenses and other
current assets 269 269
Total current assets
6,562 13,665 Property and equipment, net 2,618 3,180
Long-term investments 50 1,990 Other assets, net 81 —
Total assets $ 9,311 $ 18,835
Liabilities and stockholders’ equity Current liabilities
Accounts payable $ 124 $ 259 Payroll related accruals 398 907
Accrued liabilities and other 406 641 Income tax payable 2
2
Total current liabilities 930 1,809
Other liabilities 216 256
Total liabilities
1,146 2,065 Commitments and
contingencies Stockholders’ equity
Preferred stock, no par value,
convertible, 2,500,000 shares authorized, noshares issued and
outstanding, at March 31, 2018 and June 30, 2017,respectively
— —
Common stock, no par value, 15,000,000
shares authorized; 4,505,473 and4,508,509 shares issued at March
31, 2018 and June 30, 2017, respectively;4,107,538 and 4,111,281
shares outstanding at March 31, 2018 and June 30,2017,
respectively
190,544 190,382
Treasury stock, 397,935 and 397,228 shares
at cost at March 31, 2018 andJune 30, 2017, respectively
(4,124 ) (4,121 ) Additional paid-in capital 1,708 1,483
Accumulated deficit (179,911 ) (170,913 ) Accumulated other
comprehensive loss (52 ) (61 )
Total stockholders’
equity 8,165 16,770 Total
liabilities and stockholders’ equity $ 9,311
$ 18,835
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version on businesswire.com: https://www.businesswire.com/news/home/20180514005316/en/
Astrotech Corporation:Eric Stober, 512-485-9530Chief
Financial OfficerorIR Contact:Nicole Conser,
512-485-9530Marketing Director
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