updated 5/2/2011 7:16:00 AM ET 2011-05-02T11:16:00

  • Astrotech Space Operations ("ASO"), the Company's core business, supported three missions which launched in the third quarter 2011; a U.S. government payload, Glory and X37-B
  • GAAP net loss of $0.4 million (attributable to Astrotech Corporation) on revenue of $5.7 million, up 71% and 23%, respectively, compared to the prior quarter
  • Astrogenetix flew its eleventh scientific payload in microgravity aboard STS-133 with research targeted on discovering a vaccine candidate for methicillin-resistant Staphylococcus aureus (MRSA)

AUSTIN, Texas, May 2, 2011 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq:ASTC), a leading provider of commercial aerospace services, today announced financial results for its fiscal year 2011 third quarter ended March 31, 2011.

Third Quarter Results

The Company posted a third quarter fiscal year 2011 net loss of $0.4 million, or $(0.02) per diluted share, on revenue of $5.7 million compared with a third quarter fiscal year 2010 net loss of $0.6 million, or $(0.04) per diluted share on revenue of $6.6 million.

"We supported critical missions for the U.S. government during the third quarter of 2011 in Titusville, FL and at Vandenberg Air Force Base in California," said Thomas B. Pickens III, Chairman and Chief Executive Officer of Astrotech. "As we operate through a slower launch schedule in the fourth quarter, we will continue working to control SG&A expenses, which we have reduced by more than $3.1 million for the nine months ended March 31, 2011(as compared to the nine months ended March 31, 2010)."

Update of Ongoing Operations

The Company's 18-month rolling backlog, which includes contractual backlog and scheduled but uncommitted missions, was $24.5 million as of March 31, 2011. The majority of the backlog is for ASO pre-launch satellite processing services, which include hardware launch preparation; advanced planning; use of unique satellite preparation facilities; and spacecraft checkout, encapsulation, fueling, transport, and command and control through launch.

In addition to providing support for missions in process at our facilities in Florida and California, ASO supported the launches of a U.S. Government payload, NASA's Glory spacecraft and the second launch of the Air Force's X37-B during the quarter.

Additionally, the Company's Astrogenetix subsidiary completed its eleventh scientific research mission in microgravity. This unprecedented access to the unique environment of space has provided the Company an opportunity to identify genetic targets for the development of vaccines for Salmonella and MRSA. Astrogenetix has focused its efforts on the flight based research that has been made available through the shuttle program over the last three years.

Financial Position and Liquidity

Working capital was $6.6 million as of March 31, 2011, which included $7.5 million in cash and $3.0 million of accounts receivable. The commercial bank debt included $0.3 million classified in short term liabilities, and $6.5 million in long term liabilities as of March 31, 2011. The $3.0 million line of credit was not used during the fiscal third quarter 2011. 

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.

The Astrotech Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7456

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, the ability to expand ASO, the availability of capital for reinvestment in growth initiatives, 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.

 

ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)
 
   Three Months  Nine Months
  Ended March 31, Ended March 31,
   2011  2010  2011 2010
 Revenue  $5,720  $6,647  $15,667  $22,489
 Cost of revenue  3,142  3,360  10,066  8,962
 Gross profit  2,578  3,287  5,601  13,527
 Operating expenses:        
 Selling, general and administrative  1,941  3,170  6,367  9,515
 Research and development  1,256  1,117  2,962  2,119
 Total operating expenses  3,197  4,287  9,329  11,634
         
 Income (loss) from operations  (619)  (1,000)  (3,728)  1,893
 Interest and other expense, net  (70)  (26)  (208)  (366)
         
 Income (loss) before income taxes  (689)  (1,026)  (3,936)  1,527
 Income tax (expense) benefit  (5)  53  (16)  (22)
 Net income (loss)  (694) ( 973)  (3,952)  1,505
 Less: Net loss attributable to noncontrolling interest*  (248)  (326)  (781)  (326) 
         
 Net income (loss) attributable to Astrotech Corporation  $(446)  $(647)  $(3,171)  $1,831
         
 Net income (loss) attributable to Astrotech Corporation per share, basic  $(0.02)  $(0.04)  $(0.18)  $0.11
 Net income (loss) attributable to Astrotech Corporation per share, diluted  $(0.02)  $(0.04)  $(0.18)  $0.10
 
*Noncontrolling interest resulted from grants of restricted stock in 1st Detect and Astrogenetix to certain employees, officers and directors. Please refer to the March 31, 2011 Form 10-Q filed with the Securities and Exchange Commission for further detail.

 

ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
 
  March 31, June 30,
  2011 2010
 Assets    
     
 Cash and cash equivalents $7,489  $8,085  
 Accounts receivable, net  3,018   5,676 
 Prepaid expenses and other current assets  1,098   1,203 
 Total current assets  11,605   14,964 
 Property, plant, and equipment, net  38,867   39,920 
 Other assets, net  887   19 
     
 Total assets $51,359  $54,903 
     
 Liabilities and stockholders' equity    
 Current liabilities $4,999   12,341 
 Long-term liabilities  7,041   350 
 Stockholders' equity  39,319   42,212 
 Total liabilities and stockholders' equity $51,359  $54,903 

 

 
ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Reconciliation of Non-GAAP Measures
(In thousands)
Earnings Before Interest, Taxes, Depreciation and Amortization
 
   Three Months  Nine Months
   Ended March 31,  Ended March 31,
   2011  2010  2011  2010
 EBITDA  $(49)  $(359)  $(2,054)  $3,494 
         
 Depreciation & amortization  570  535  1,674  1,601 
 Interest and other expense, net  70  26  208  366 
 Income tax expense  5  53  16  22
         
 Net income (loss)  (694)  (973)  (3,952)  1,505
         
 Net loss attributable to noncontrolling interest  (248) (326)  (781)  (326) 
         
 Net income (loss) attributable to Astrotech Corporation  $(446)   $(647)  $(3,171)   $1,831
 
EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-U.S. GAAP financial measure. We included information concerning EBITDA because we use such information when evaluating operating income (loss) to better evaluate the underlying performance of the Company. EBITDA does not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by U.S. GAAP and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. While EBITDA is frequently used as a measure of operations and/or as a measure of the Company's ability to meet debt service requirements, our use of this financial measure is not necessarily comparable to other similarly titled captions of other companies.
CONTACT: Scott Haywood
         Corporate Marketing and Communications
         Astrotech Corporation
         512.485.9520
         shaywood@astrotechcorp.com

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