-
The sale of Astrotech Space Operations (“ASO”) to Lockheed Martin
was completed on August 22, 2014 for $59.3 million (after working
capital adjustment).
-
GAAP results: net income of $10.8 million (attributable to
Astrotech Corporation), or $0.52 per diluted share for the year ended
June 30, 2015.
-
1st Detect successfully completed Phase I
and was awarded Phase II for the Next Generation Chemical Detector
(NGCD) program.
-
1st Detect announced orders from new
industrial customers in the petrochemical and food processing
verticals.
-
1st Detect was granted five U.S. patents
and two international patents and filed three U.S. patent applications
and one international patent application during the fiscal year. In
total, as of June 30, 2015, 1st Detect
owns eleven key U.S. patents and seven international patents for its
miniaturized mass spectrometer technology.
-
Astral Images was founded in conjunction with an asset acquisition,
providing another promising commercialization opportunity to Astrotech
Corporation.
Astrotech Corporation (NASDAQ: ASTC), a leader in the commercialization
of government sponsored advanced space technologies, today announced
financial results for its fourth quarter and fiscal year ended June 30,
2015.
“2015 will likely be remembered as one of the best years in the history
of Astrotech. The successful sale of Astrotech Space Operations (“ASO”)
has provided us with the investment in working capital necessary to
finalize the readiness of our products for sale to their target
markets,” said Thomas B. Pickens III, Chairman and CEO of Astrotech
Corporation. "The successful completion of Phase I and the recent award
for Phase II of the NGCD contract further validates our technological
breakthrough in 1st Detect's mini-mass spectrometry platform
for government and commercial markets, as the majority of our industry
peers failed to achieve these milestones. With what we believe are
superior products that target lucrative market opportunities, we are
excited about the prospects for 1st Detect."
Astrotech continued to expand its commercialization initiatives by
successfully completing the acquisition of certain assets of Image
Trends, Inc., a film restoration, enhancement and digitization
technology (originally developed by IBM and Kodak) that uses advanced
image processing software to replace the antiquated industry standard of
manual frame-by-frame manipulation. Located in Austin, Texas, Astral
Images is positioned to be a leader in the digital conversion and repair
of feature films, film based television series, sporting events shot on
film, film libraries, film archives and consumer media to the new
digital HDR Ultra-High Definition 4K standards.
Fiscal Year Results
The Company posted fiscal year 2015 net income of $10.8 million
(comprised of a $9.8 million loss from continuing operations and $20.6
million income from discontinued operations), or $0.52 per diluted
share, on revenue of $513 thousand from continuing operations compared
with fiscal year 2014 net loss of $5.0 million (comprised of a $5.4
million loss from continuing operations and $0.5 million income from
discontinued operations), or $0.26 per diluted share, on revenue of $130
thousand from continuing operations.
Financial Position and Liquidity
Working capital was $30.2 million as of June 30, 2015, which included
$2.3 million in cash and cash equivalents, $6.1 million of indemnity
holdback receivable, $198 thousand of accounts receivable and $23.2
million of short-term investments.
About Astrotech Corporation
Astrotech Corporation is an Austin, TX based technology company that has
evolved from over 30 years in the human spaceflight, Space Shuttle, and
Department of Defense satellite programs. The company has become a
leader in the commercialization of government sponsored advanced space
technologies.
1st Detect Corporation has developed a mass spectrometer that
was designed for use on the International Space Station, but also
revolutionizes the chemical detection and analysis market by delivering
laboratory performance mass spectrometry in a small, affordable, and
portable package. 1st Detect's technology is useful in the
semiconductor, food and beverage processing, laboratory, process
control, explosive detection, and chemical warfare markets.
Astrogenetix Corporation is the result of over $4 billion spent by NASA
over a 25 year period on experiments conducted in sustained
microgravity, where results were only achieved while orbiting in space.
Astrotech designed and flew 1,113 of these experiments and, after an
extensive review, discovered that microgravity greatly enhanced the
discovery of valuable vaccine and therapeutics. The company has
completed 12 successful biomarker discovery missions to the
International Space Station and has identified a salmonella vaccine
candidate, while 10 additional discoveries are in the pipeline. NASA has
awarded Astrogenetix 28 free flights to the $130 billion ISS National
Laboratory, along with full crew support.
Astral Images, Inc. is positioned to be a leader in the technology
required to convert and repair feature films and film based television
series to the new digital HDR Ultra-High Definition 4K standards.
Astral’s IP includes technology from IBM and Kodak and represents the
state-of-the-art defect correction technologies.
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, our ability to finalize
the readiness of our products for sale to their target markets, whether
the patents we filed will be granted, whether there will be continued
government support and funding for key space programs, how our products
perform and whether there will be market acceptance of our products and
services, as well as other risk factors and business considerations
described in Astrotech’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. Astrotech assumes no obligation to update these forward-looking
statements.
|
|
|
ASTROTECH CORPORATION
|
|
Consolidated Statements of Operations and Comprehensive Income
(Loss)
|
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
Revenue
|
|
|
|
$
|
513
|
|
|
|
$
|
130
|
|
|
Cost of revenue
|
|
|
|
424
|
|
|
|
—
|
|
|
Gross profit
|
|
|
|
89
|
|
|
|
130
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
12,966
|
|
|
|
8,109
|
|
|
Research and development
|
|
|
|
3,234
|
|
|
|
2,505
|
|
|
Total operating expenses
|
|
|
|
16,200
|
|
|
|
10,614
|
|
|
Loss from operations
|
|
|
|
(16,111
|
)
|
|
|
(10,484
|
)
|
|
Interest and other income, net
|
|
|
|
224
|
|
|
|
11
|
|
|
Loss from continuing operations before income taxes
|
|
|
|
(15,887
|
)
|
|
|
(10,473
|
)
|
|
Income tax benefit
|
|
|
|
5,941
|
|
|
|
4,148
|
|
|
Loss from continuing operations
|
|
|
|
(9,946
|
)
|
|
|
(6,325
|
)
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
Income from operations of ASO business (including gain from sale of
$25.4 million in 2015)
|
|
|
|
26,739
|
|
|
|
4,611
|
|
|
Income tax expense
|
|
|
|
(6,138
|
)
|
|
|
(4,154
|
)
|
|
Income from discontinued operations
|
|
|
|
20,601
|
|
|
|
457
|
|
|
Net income (loss)
|
|
|
|
10,655
|
|
|
|
(5,868
|
)
|
|
Less: Net loss attributable to noncontrolling interest
|
|
|
|
(123
|
)
|
|
|
(908
|
)
|
|
Net income (loss) attributable to Astrotech Corporation
|
|
|
|
10,778
|
|
|
|
(4,960
|
)
|
|
Less: Deemed dividend to State of Texas Funding
|
|
|
|
531
|
|
|
|
—
|
|
|
Net income (loss) attributable to common stockholders
|
|
|
|
$
|
10,247
|
|
|
|
$
|
(4,960
|
)
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to Astrotech Corporation:
|
|
|
|
|
|
|
|
|
Loss from continuing operations, net of tax
|
|
|
|
$
|
(9,823
|
)
|
|
|
$
|
(5,417
|
)
|
|
Income from discontinued operations, net of tax
|
|
|
|
20,601
|
|
|
|
457
|
|
|
Net income (loss) attributable to Astrotech Corporation
|
|
|
|
$
|
10,778
|
|
|
|
$
|
(4,960
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
19,811
|
|
|
|
19,487
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income (loss) per common share:
|
|
|
|
|
|
|
|
|
Net loss attributable to Astrotech Corporation from continuing
operations
|
|
|
|
$
|
(0.52
|
)
|
|
|
$
|
(0.28
|
)
|
|
Net income from discontinued operations
|
|
|
|
1.04
|
|
|
|
0.02
|
|
|
Net income (loss) attributable to Astrotech Corporation
|
|
|
|
$
|
0.52
|
|
|
|
$
|
(0.26
|
)
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
Net unrealized losses, net of tax benefit of $8
|
|
|
|
$
|
(15
|
)
|
|
|
$
|
—
|
|
|
Total comprehensive income (loss) attributable to Astrotech
Corporation
|
|
|
|
$
|
10,763
|
|
|
|
$
|
(4,960
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTROTECH CORPORATION
|
|
Consolidated Balance Sheets
|
|
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
2,330
|
|
|
|
$
|
3,831
|
|
|
Short-term investments
|
|
|
|
23,161
|
|
|
|
—
|
|
|
Accounts receivable
|
|
|
|
198
|
|
|
|
59
|
|
|
Inventory
|
|
|
|
509
|
|
|
|
—
|
|
|
Indemnity receivable
|
|
|
|
6,100
|
|
|
|
—
|
|
|
Prepaid expenses and other current assets
|
|
|
|
296
|
|
|
|
389
|
|
|
Discontinued operations – current assets
|
|
|
|
—
|
|
|
|
1,405
|
|
|
Total current assets
|
|
|
|
32,594
|
|
|
|
5,684
|
|
|
Property and equipment, net
|
|
|
|
3,108
|
|
|
|
1,211
|
|
|
Long-term investments
|
|
|
|
8,516
|
|
|
|
—
|
|
|
Discontinued operations – net of current assets
|
|
|
|
—
|
|
|
|
33,887
|
|
|
Total assets
|
|
|
|
$
|
44,218
|
|
|
|
$
|
40,782
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
398
|
|
|
|
$
|
996
|
|
|
Accrued liabilities and other
|
|
|
|
1,801
|
|
|
|
1,753
|
|
|
Income tax payable
|
|
|
|
190
|
|
|
|
—
|
|
|
Discontinued operations – current liabilities
|
|
|
|
—
|
|
|
|
7,344
|
|
|
Total current liabilities
|
|
|
|
2,389
|
|
|
|
10,093
|
|
|
Other liabilities
|
|
|
|
101
|
|
|
|
152
|
|
|
Discontinued operations – net of current liabilities
|
|
|
|
—
|
|
|
|
237
|
|
|
Total liabilities
|
|
|
|
2,490
|
|
|
|
10,482
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
|
|
|
|
Preferred stock, no par value, convertible, 2,500,000 authorized
shares, no issued and outstanding shares at June 30, 2015 and June
30, 2014
|
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, no par value, 75,000,000 shares authorized; 21,864,548
and 19,856,454 shares issued at June 30, 2015 and June 30, 2014,
respectively; 20,743,973 and 19,544,794 shares outstanding at June
30, 2015 and June 30, 2014, respectively
|
|
|
|
189,007
|
|
|
|
183,866
|
|
|
Treasury stock, 1,120,575 and 311,660 shares at cost at June 30,
2015 and June 30, 2014, respectively
|
|
|
|
(2,672
|
)
|
|
|
(237
|
)
|
|
Additional paid-in capital
|
|
|
|
1,139
|
|
|
|
1,671
|
|
|
Accumulated deficit
|
|
|
|
(146,022
|
)
|
|
|
(156,800
|
)
|
|
Accumulated other comprehensive loss
|
|
|
|
(23
|
)
|
|
|
—
|
|
|
Equity attributable to stockholders of Astrotech Corporation
|
|
|
|
41,429
|
|
|
|
28,500
|
|
|
Noncontrolling interest
|
|
|
|
299
|
|
|
|
1,800
|
|
|
Total stockholders’ equity
|
|
|
|
41,728
|
|
|
|
30,300
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
$
|
44,218
|
|
|
|
$
|
40,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTROTECH CORPORATION AND SUBSIDIARIES
|
|
Unaudited Reconciliation of Non-GAAP Measures
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
June 30,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
EBITDA
|
|
|
|
$
|
11,010
|
|
|
|
$
|
(5,374
|
)
|
|
Depreciation & amortization
|
|
|
|
320
|
|
|
|
306
|
|
|
Interest (income) expense, net
|
|
|
|
(162
|
)
|
|
|
182
|
|
|
Income tax expense, net
|
|
|
|
197
|
|
|
|
6
|
|
|
Net income (loss)
|
|
|
|
10,655
|
|
|
|
(5,868
|
)
|
|
Less: Net loss attributable to NCI
|
|
|
|
(123
|
)
|
|
|
(908
|
)
|
|
Net income (loss) attributable to ASTC
|
|
|
|
$
|
10,778
|
|
|
|
$
|
(4,960
|
)
|
|
|
|
|
|
|
|
|
|
|
|
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.
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