Full Press Release Details
ASTROTECH REPORTS THIRD QUARTER 2012 FINANCIAL RESULTS
Austin, Texas, May 7, 2012 Astrotech Corporation (NASDAQ: ASTC), a leading provider of commercial aerospace services, today announced
financial results for its fiscal year 2012 third quarter ended March 31, 2012.
We are excited to report the positive financial
results of the third quarter, driven by our core satellite payload processing business, said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation. ASO continued to meet our customer s needs for payload processing while
completing over $5.6 million of work on multiple GSE fabrication contracts.
Additionally, we are pleased
about the introduction of our mini mass spectrometer, the MMS-1000 , at PITTCON, the world s largest
annual conference and exposition for laboratory science. The MMS-1000 represents a technological breakthrough
due to its size and lab quality performance and has been very well received already resulting in a unit sale and in leases to the laboratory and OEM markets. We will continue to expand our product offering by specifically tuning our instrument and
directing our sales force towards established and new markets that can benefit from a more affordable, faster, smaller instrument for the research, security, mobile, and in-situ factory applications.
Third Quarter Results
posted a third quarter fiscal year 2012 net income of $1.0 million, or $0.05 per diluted share on revenue of $10.0 million compared with a third quarter fiscal year 2011 net loss of $0.4 million, or $(0.02) per diluted share on
revenue of $5.7 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 $34.8 million at March 31, 2012.
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.
providing support for missions in process at our facilities in Florida, ASO supported the successful launch of the U.S. Navy s Mobile User Objective System (MUOS-1) and the U.S. Air Force s Wideband Global Satcom (WGS-4).
Our Spacetech business unit introduced the MMS-1000 to market in March 2012, the first commercial product offering of the miniature mass spectrometer initially designed for the sophisticated laboratory professional.
The MMS-1000 is a compact, high performance instrument capable of rapid MS / MS detection of trace levels of
volatile compounds in approximately five seconds. The MMS-1000 provides a versatile platform that can be used
in various applications in the security and industrial markets.
Financial Position and Liquidity
Working capital was $7.4 million as of March 31, 2012, which included $15.8 million in cash and cash equivalents and $1.7 million of accounts receivable.
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.
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, our ability to control costs, 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.
FOR MORE INFORMATION:
Chief Financial Officer
ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
| Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Revenue | $ | 10,013 | $ | 5,720 | $ | 18,529 | $ | 15,667 | ||||||||
| Cost of revenue | 6,770 | 3,142 | 12,804 | 10,066 | ||||||||||||
| Gross profit | 3,243 | 2,578 | 5,725 | 5,601 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 1,814 | 1,941 | 5,451 | 6,367 | ||||||||||||
| Research and development | 475 | 1,256 | 1,979 | 2,962 | ||||||||||||
| Total operating expenses | 2,289 | 3,197 | 7,430 | 9,329 | ||||||||||||
| Income (loss) from operations | 954 | (619 | ) | (1,705 | ) | (3,728 | ) | |||||||||
| Interest and other expense, net | (69 | ) | (70 | ) | (202 | ) | (208 | ) | ||||||||
| Income (loss) before income taxes | 885 | (689 | ) | (1,907 | ) | (3,936 | ) | |||||||||
| Income tax expense | (5 | ) | (5 | ) | (17 | ) | (16 | ) | ||||||||
| Net income (loss) | 880 | (694 | ) | (1,924 | ) | (3,952 | ) | |||||||||
| Less: Net loss attributable to noncontrolling interest* | (134 | ) | (248 | ) | (486 | ) | (781 | ) | ||||||||
| Net income (loss) attributable to Astrotech Corporation | $ | 1,014 | $ | (446 | ) | $ | (1,438 | ) | $ | (3,171 | ) | |||||
| Net income (loss) per share attributable to Astrotech Corporation, basic | $ | 0.05 | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.18 | ) | |||||
| Net income (loss) per share attributable to Astrotech Corporation, diluted | $ | 0.05 | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.18 | ) |
ASTROTECH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
| March 31, 2012 | June 30, 2011 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 15,840 | $ | 14,994 | ||||
| Accounts receivable, net | 1,704 | 2,429 | ||||||
| Prepaid expenses and other current assets | 1,080 | 963 | ||||||
| Short-term note receivable | 675 | |||||||
| Total current assets | 19,299 | 18,386 | ||||||
| Property, plant, and equipment, net | 36,903 | 38,418 | ||||||
| Long-term note receivable | 675 | |||||||
| Other assets, net | 113 | 141 | ||||||
| Total assets | $ | 56,315 | $ | 57,620 | ||||
| Liabilities and stockholders equity | ||||||||
| Current liabilities | $ | 11,940 | 13,366 | |||||
| Long-term liabilities | 7,026 | 6,696 | ||||||
| Stockholders equity | 37,349 | 37,558 | ||||||
| Total liabilities and stockholders equity | $ | 56,315 | $ | 57,620 |
ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Reconciliation of Non-GAAP Measures
Earnings Before Interest, Taxes, Depreciation and
| Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| EBITDA | $ | 1,508 | $ | (49 | ) | $ | 240 | $ | (2,054 | ) | ||||||
| Depreciation & amortization | 556 | 570 | 1,942 | 1,674 | ||||||||||||
| Interest expense | 67 | 70 | 205 | 208 | ||||||||||||
| Income tax expense | 5 | 5 | 17 | 16 | ||||||||||||
| Net income (loss) | 880 | (694 | ) | (1,924 | ) | (3,952 | ) | |||||||||
| Net loss attributable to noncontrolling interest | (134 | ) | (248 | ) | (486 | ) | (781 | ) | ||||||||
| Net income (loss) attributable to Astrotech Corporation | $ | 1,014 | $ | (446 | ) | $ | (1,438 | ) | $ | (3,171 | ) |
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 earnings (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 earnings (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 measures of
operations and the ability to meet debt service requirements by other companies, our use of this financial measure is not necessarily comparable to such other similarly titled captions of other companies.