Full Press Release Details
ASTROTECH REPORTS FISCAL YEAR 2018 FINANCIAL RESULTS
Austin, Texas - September 24, 2018 - Astrotech Corporation (NASDAQ: ASTC) reported its financial results for the fourth quarter and fiscal year ended June 30, 2018.
Thomas B. Pickens III, Chairman and CEO of Astrotech, stated, "Fiscal 2018 was an excellent year in terms of product endorsement at 1st Detect. We achieved three major milestones toward our goal of securing airports, borders, package distribution centers, and other public venues from explosive threats, as we strive to modernize the explosives trace detector (ETD) market." The three milestones include:
There is no assurance that any of the further steps detailed in the milestones mentioned above will be achieved or that our technology will be approved by any of the programs listed.
"We believe these three programs represent the airport security and detection industry's most rigorous technology review programs," continued Pickens. "Government and commercial customers throughout the world consider certifications under these programs in their procurement decisions and investment strategies.
"The TRACER 1000 would be the first certified ETD driven by mass spectrometry, a technology that we believe offers far superior detection as compared to the currently-deployed, ion-mobility spectrometry (IMS)-based ETDs. With a near-zero false alarm rate, very high levels of specificity, and a considerably expanded library of compounds, our solution is expected to fill critical security gaps by improving screening efficiency, increasing throughput, and enabling officials to stay ahead of evolving threats.
"At Astral Images, we entered into a partnership with ColorTime, a leading post-production house, to incorporate our proprietary Image Correction and Enhancement (ICE ) software and scanner hardware into their workflow. With ColorTime's customer base comprised of many major film studios, we are encouraged by the potential for our products to gain exposure on a larger scale," concluded Pickens.
Fiscal Year Financial Highlights
Management continues efforts to optimize our resources while reducing cost and adding financial flexibility.
Astrotech (NASDAQ: ASTC) is a science and technology development and commercialization company that launches, manages, and builds scalable companies based on innovative technology in order to maximize shareholder value. 1st Detect develops, manufactures, and sells chemical analyzers for use in the security, defense, healthcare, and environmental markets. Astral Images sells film-to-digital image enhancement, defect removal, color correction, and post processing software, providing economically feasible conversion of film to the new 4K ultra-high definition (UHD), high-dynamic range (HDR) format. Astrotech is headquartered in Austin, Texas. 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.
Company Contact: Eric Stober, Chief Financial Officer, Astrotech Corporation, (512) 485-9530
IR Contact: Nicole Conser, Marketing Director, Astrotech Corporation, (512) 485-9530
ASTROTECH CORPORATION
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share data)
| June 30, | ||||||||
| 2018 | 2017 | |||||||
| Revenue | $ | 86 | $ | 2,328 | ||||
| Cost of revenue | 36 | 1,293 | ||||||
| Gross profit | 50 | 1,035 | ||||||
| Operating expenses: | ||||||||
| Selling, general and administrative | 5,629 | 7,508 | ||||||
| Research and development | 6,065 | 5,587 | ||||||
| Loss on impairment of long-lived assets | 1,693 | - | ||||||
| Total operating expenses | 13,387 | 13,095 | ||||||
| Loss from operations | (13,337 | ) | (12,060 | ) | ||||
| Interest and other income, net | 86 | 306 | ||||||
| Loss from operations before income taxes | (13,251 | ) | (11,754 | ) | ||||
| Income tax expense | - | (2 | ) | |||||
| Net loss | (13,251 | ) | (11,756 | ) | ||||
| Less: Net loss attributable to noncontrolling interest | - | (174 | ) | |||||
| Net loss attributable to Astrotech Corporation | $ | (13,251 | ) | $ | (11,582 | ) | ||
| Weighted average common shares outstanding: | ||||||||
| Basic and diluted | 4,061 | 4,084 | ||||||
| Basic and diluted net loss per common share: | ||||||||
| Net loss attributable to Astrotech Corporation | $ | (3.26 | ) | $ | (2.84 | ) | ||
| Other comprehensive loss, net of tax: | ||||||||
| Net loss attributable to Astrotech Corporation | $ | (13,251 | ) | $ | (11,582 | ) | ||
| Available-for-sale securities | ||||||||
| Net unrealized losses, net of zero tax expense | (94 | ) | (20 | ) | ||||
| Reclassification adjustment for realized losses included in net loss, net of zero tax expense | 124 | 60 | ||||||
| Total comprehensive loss attributable to Astrotech Corporation | $ | (13,221 | ) | $ | (11,542 | ) |
ASTROTECH CORPORATION
Consolidated Balance Sheets
(In thousands, except share data)
| June 30, | ||||||||
| 2018 | 2017 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 552 | $ | 2,184 | ||||
| Short-term investments | 3,551 | 10,900 | ||||||
| Accounts receivable | 12 | 146 | ||||||
| Inventory, net | 7 | 166 | ||||||
| Prepaid expenses and other current assets | 154 | 269 | ||||||
| Total current assets | 4,276 | 13,665 | ||||||
| Property and equipment, net | 733 | 3,180 | ||||||
| Long-term investments | 50 | 1,990 | ||||||
| Other assets, net | 81 | - | ||||||
| Total assets | $ | 5,140 | $ | 18,835 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 112 | $ | 259 | ||||
| Payroll related accruals | 412 | 907 | ||||||
| Accrued and other liabilities | 434 | 641 | ||||||
| Income tax payable | 2 | 2 | ||||||
| Total current liabilities | 960 | 1,809 | ||||||
| Other liabilities | 188 | 256 | ||||||
| Total liabilities | 1,148 | 2,065 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, $0.001 par value, convertible, 2,500,000 shares authorized, no shares issued and outstanding at June 30, 2018 and June 30, 2017 | - | - | ||||||
| Common stock, $0.001 par value, 15,000,000 shares authorized; 4,496,873 and 4,508,509 shares issued at June 30, 2018 and June 30, 2017, respectively; 4,097,346 and 4,111,281 shares outstanding at June 30, 2018 and June 30, 2017, respectively | 190,570 | 190,382 | ||||||
| Treasury stock, 399,527 and 397,228 shares at cost at June 30, 2018 and June 30, 2017, respectively | (4,128 | ) | (4,121 | ) | ||||
| Additional paid-in capital | 1,745 | 1,483 | ||||||
| Accumulated deficit | (184,164 | ) | (170,913 | ) | ||||
| Accumulated other comprehensive loss | (31 | ) | (61 | ) | ||||
| Total stockholders' equity | 3,992 | 16,770 | ||||||
| Total liabilities and stockholders' equity | $ | 5,140 | $ | 18,835 |