Full Press Release Details
ASTROTECH CORPORATION REPORTS FIRST QUARTER 2010 FINANCIAL RESULTS
| Focus on our core business, Astrotech Space Operations ( ASO ), and impact of the business restructuring resulted in the third consecutive quarter of positive earnings | |||
| Successful completion of our nearly $40.0 million ASO satellite payload processing facility with five-meter high bay at Vandenberg Air Force Base | |||
| Trailing twelve month revenue of $33.8 million |
Austin, Texas, November 12, 2009 Astrotech Corporation (NASDAQ: ASTC), a leading provider of
commercial space services, today announced financial results for the first quarter ended September
30, 2009 of its fiscal year 2010.
First Quarter Results
The Company posted a first quarter fiscal year 2010 net income of $0.8 million, or $0.04 per
diluted share on revenue of $7.8 million, compared with a first quarter fiscal year 2009 net income
of $0.1 million, or $0.00 per diluted share, on revenue of $6.0 million. These results represent a
30% increase in revenue year over year, resulting from consistent execution on a strong launch
Our core business continues to deliver sound results, despite the difficult macro-economic
environment, said Thomas B. Pickens III, Astrotech s Chairman and Chief Executive Officer. We
look forward to building our strong execution of the past three quarters and delivering increased
value for our shareholders.
Update of Ongoing Operations
The Company experienced another strong quarter for ASO, with all $7.8 million of consolidated
revenue generated by that business. ASO supported two successful launches in the first quarter,
including NASA s Space Tracking and Surveillance System (STSS) Demonstrator satellites and a
next-generation satellite, designed and built by Lockheed Martin for the U.S. government,
designated as PAN. In addition to these two launches, ASO provided support for several missions
which are in process at the Company s facilities in Titusville, Florida and Vandenberg Air Force
Base, which are currently operating at full capacity.
The company s contractual backlog and scheduled but uncommitted missions through fiscal year 2011
is $28.5 million. The majority is for ASO pre-launch satellite processing services, which include
hardware launch preparation; advance planning; use of unique satellite preparation facilities; and,
spacecraft checkout, encapsulation, fueling, transport, and remote control through launch.
Financial Position and Liquidity
Working capital reached $9.3 million on September 30, 2009, which included $15.5 million of
accounts receivable. On September 30, 2009, $3.6 million of the term loan and $1.0 million of the
revolving credit facility were outstanding. The Company repaid the $1.0 million draw on the
revolving credit facility in full during October 2009.
About Astrotech Corporation
Astrotech Corporation (Nasdaq: ASTC) is a commercial aerospace company that provides spacecraft
payload processing and government services, designs and manufactures space hardware, and
commercializes space technologies for use on Earth. The Company serves our government and
commercial satellite and spacecraft customers with our pre-launch services from our Astrotech Space
Operations (ASO) subsidiary and incubates space technology businesses now having formed three
companies; the 1st Detect Corporation which is developing a breakthrough mini-mass
spectrometer first developed for the International Space Station; Astrogenetix, Inc. is producing
biotech products in space and has recently developed a vaccine candidate for Salmonella; and
Airward Corporation is drawing on its space heritage of sending cargo to space and is selling
hazardous material containers for the airline industry.
The statements in this document may contain 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.
FOR MORE INFORMATION:
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Astrotech Corporation
ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)
| Three Months | ||||||||
| Ended September 30, | ||||||||
| 2009 | 2008 | |||||||
| Revenue | $ | 7,762 | $ | 5,974 | ||||
| Costs of revenue | 2,928 | 3,518 | ||||||
| Gross profit | 4,834 | 2,456 | ||||||
| Operating expenses: | ||||||||
| Selling, general and administrative | 3,075 | 1,699 | ||||||
| Research and development | 674 | 573 | ||||||
| Total operating expenses | 3,749 | 2,272 | ||||||
| Income from operations | 1,085 | 184 | ||||||
| Interest and other expense, net | (260 | ) | (129 | ) | ||||
| Income before income taxes | 825 | 55 | ||||||
| Income Tax Expense | (25 | ) | ||||||
| Net income | $ | 800 | $ | 55 | ||||
| Net income per share- basic | $ | 0.05 | $ | 0.00 | ||||
| Weighted average common shares outstanding, basic | 17,303 | 16,109 | ||||||
| Net income per share, diluted | $ | 0.04 | $ | 0.00 | ||||
| Weighted average common shares outstanding, diluted | 18,166 | 16,581 |
See accompanying notes to unaudited condensed consolidated financial statements.
ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
| September 30, | June 30, | |||||||
| 2009 | 2009 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 2,697 | $ | 4,730 | ||||
| Accounts receivable, net | 15,539 | 12,279 | ||||||
| Prepaid expenses and other current assets | 570 | 591 | ||||||
| Total current assets | 18,806 | 17,600 | ||||||
| Property, plant, and equipment, net | 40,384 | 40,226 | ||||||
| Other assets, net | 906 | 1,093 | ||||||
| Total assets | $ | 60,096 | $ | 58,919 | ||||
| LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
| Current liabilities | $ | 9,502 | $ | 9,182 | ||||
| Long-term liabilities | 9,070 | 9,189 | ||||||
| Stockholders equity | 41,524 | 40,548 | ||||||
| Total liabilities and stockholders equity | $ | 60,096 | $ | 58,919 |