Full Press Release Details
ASTROTECH CORPORATION REPORTS SECOND QUARTER 2010 FINANCIAL RESULTS
| The Company s core business, Astrotech Space Operations ( ASO ), supported five successful launches in the current quarter | |||
| Revenue and diluted EPS grow sequentially to $8.1 million and $0.09 per share, respectively | |||
| Trailing twelve month revenue of $38.1 million, up 70% over the previous twelve month period ended December 31, 2008 |
Austin, Texas, February 1, 2010 Astrotech Corporation (NASDAQ: ASTC), a leading provider of
commercial space services, today announced financial results for the second quarter ended December
31, 2009 of its fiscal year 2010.
Second Quarter Results
The Company posted a second quarter fiscal year 2010 net income of $1.7 million, or $0.09 per
diluted share on revenue of $8.1 million, compared with a second quarter fiscal year 2009 net loss
of $1.6 million, or $(0.09) per diluted share, on revenue of $3.8 million.
We continue to deliver on our commitments to our customers, said Thomas B. Pickens III,
Astrotech s Chairman and Chief Executive Officer. The outstanding performance of the past four
quarters shows our core business, ASO, is as strong as ever.
Astrotech s net income for the first six months of 2010 was $2.5 million, or $0.14 per diluted
share, on revenue of $15.8 million. This compares to a net loss of $1.5 million, or $(0.09) per
diluted share, on revenue of $9.8 million for first six months fiscal year 2009. The reported
financials represent a 61% increase in revenue year over year, and results in a cash position of
Update of Ongoing Operations
The Company experienced another strong quarter for ASO, with all $8.1 million of consolidated
revenue generated by that business. ASO supported five successful launches in the second quarter,
including WorldView-2, ARES IX, Intelsat 14, WGS-3 and WISE. In addition to these launches, ASO
provided support for several missions which are in process at the Company s facilities in
Titusville, Florida and Vandenberg Air Force Base.
The Company s 18-month rolling backlog at December 31, 2009, which includes contractual backlog and
scheduled but uncommitted missions, is $27.2 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 $6.9 million on December 31, 2009, which included $7.0 million in cash and
$9.4 million of accounts receivable.
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. which is
producing biotech products in space and has recently developed a vaccine candidate for Salmonella;
and Airward Corporation which 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:
Corporate Marketing and Communications
Astrotech Corporation
ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)
| Three Months | Six Months | |||||||||||||||
| Ended December 31, | Ended December 31, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Revenue | $ | 8,080 | $ | 3,786 | $ | 15,842 | $ | 9,760 | ||||||||
| Costs of revenue | 2,674 | 3,250 | 5,602 | 6,768 | ||||||||||||
| Gross profit | 5,406 | 536 | 10,240 | 2,992 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 3,270 | 2,150 | 6,345 | 3,849 | ||||||||||||
| Research and development | 328 | 510 | 1,002 | 1,083 | ||||||||||||
| Total operating expenses | 3,598 | 2,660 | 7,347 | 4,932 | ||||||||||||
| Income (loss) from operations | 1,808 | (2,124 | ) | 2,893 | (1,940 | ) | ||||||||||
| Interest and other expense, net | (79 | ) | 570 | (339 | ) | 441 | ||||||||||
| Income (loss) before income taxes | 1,729 | (1,554 | ) | 2,554 | (1,499 | ) | ||||||||||
| Income tax expense | (50 | ) | (75 | ) | ||||||||||||
| Net income (loss) | $ | 1,679 | $ | (1,554 | ) | $ | 2,479 | $ | (1,499 | ) | ||||||
| Net income (loss) per share- basic | $ | 0.10 | $ | (0.09 | ) | $ | 0.15 | $ | (0.09 | ) | ||||||
| Weighted average common shares outstanding, basic | 16,534 | 16,393 | 16,504 | 16,251 | ||||||||||||
| Net income (loss) per share, diluted | $ | 0.09 | $ | (0.09 | ) | $ | 0.14 | $ | (0.09 | ) | ||||||
| Weighted average common shares outstanding, diluted | 18,590 | 16,393 | 17,897 | 16,251 |
See accompanying notes to unaudited condensed consolidated financial statements.
ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
| December 31, | June 30, | |||||||
| 2009 | 2009 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 7,046 | $ | 4,730 | ||||
| Accounts receivable, net | 9,408 | 12,279 | ||||||
| Short-term note receivable, net | 675 | |||||||
| Prepaid expenses and other current assets | 646 | 591 | ||||||
| Total current assets | 17,775 | 17,600 | ||||||
| Property, plant, and equipment, net | 40,345 | 40,266 | ||||||
| Other assets, net | 53 | 1,093 | ||||||
| Total assets | $ | 58,173 | $ | 58,919 | ||||
| LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
| Current liabilities | $ | 10,906 | $ | 9,182 | ||||
| Long-term liabilities | 3,880 | 9,189 | ||||||
| Stockholders equity | 43,387 | 40,548 | ||||||
| Total liabilities and stockholders equity | $ | 58,173 | $ | 58,919 |