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GAAP results: net loss of $0.7 million, or $(0.04) per diluted share for the quarter ended September 30, 2011
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Astrotech Space Operations ("ASO"), the Company's core business, supported three missions which launched in the first quarter 2012: Juno, HTV-2 and GRAIL
- GAAP cash flow of $1.4 million for the quarter ended September 30, 2011 resulting in a cash increase to $16.4 million in cash and cash equivalents at September 30, 2011
AUSTIN, Texas, Nov. 14, 2011 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq:ASTC), a leading provider of commercial aerospace services, today announced financial results for its fiscal year 2012 first quarter ended September 30, 2011.
"We are, and will continue to be, focused on cost reduction and cost avoidance in order to advance ASO and fund corporate growth and shareholder value," said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation. "Moreover, we continue to see future demand for our payload processing services coupled with opportunities for the design and fabrication of GSE. This results in our 18-month rolling backlog of nearly $39 million."
First Quarter Results
The Company posted a first quarter fiscal year 2012 net loss of $0.7 million, or $(0.04) per diluted share on revenue of $4.8 million compared with a first quarter fiscal year 2011 net loss of $1.2 million, or $(0.07) per diluted share on revenue of $5.3 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 $38.9 million at September 30, 2011. 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.
In addition to providing support for missions in process at our facilities in Florida and California, ASO supported three successful launches during the first quarter, including NASA's Juno mission to Jupiter, DARPA's Falcon Hypersonic Technology Vehicle 2 (HTV-2) and NASA's Gravity Recovery and Interior Laboratory (GRAIL) mission.
Financial Position and Liquidity
Working capital was $5.8 million as of September 30, 2011, which included $16.4 million in cash and cash equivalents and $1.4 million of accounts receivable. Of the $16.4 million in cash at September 30, 2011, $0.7 million was obligated to fund the 1st Detect Miniature Mass Spectrometer under the funding received from the Texas Enterprise Technology Fund.
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 Chemical Detector, while Astrogenetix, Inc. is a biotechnology company utilizing microgravity as a research platform for drug discovery and development.
The Astrotech Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7456
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, 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.
| Tables follow | ||||
| ASTROTECH CORPORATION AND SUBSIDIARIES | ||||
| Condensed Consolidated Statements of Operations | ||||
| (In thousands, except per share data) | ||||
| Three Months Ended | ||||
| September 30, | ||||
| 2011 | 2010 | |||
| (unaudited) | ||||
| Revenue | $4,840 | $5,306 | ||
| Cost of revenue | 2,926 | 3,486 | ||
| Gross profit | 1,914 | 1,820 | ||
| Operating expenses: | ||||
| Selling, general and administrative | 1,929 | 2,307 | ||
| Research and development | 758 | 823 | ||
| Total operating expenses | 2,687 | 3,130 | ||
| Loss from operations | (773) | (1,310) | ||
| Interest and other expense, net | (74) | (103) | ||
| Loss before income taxes | (847) | (1,413) | ||
| Income tax expense | (5) | (6) | ||
| Net loss | (852) | (1,419) | ||
| Less: Net loss attributable to noncontrolling interest | (186) | (256) | ||
| Net loss attributable to Astrotech Corporation | $(666) | $(1,163) | ||
| Net loss per share attributable to Astrotech Corporation, basic | $(0.04) | $(0.07) | ||
| Weighted average common shares outstanding, basic | 18,120 | 17,362 | ||
| Net loss per share attributable to Astrotech Corporation, diluted | $(0.04) | $(0.07) | ||
| Weighted average common shares outstanding, diluted | 18,120 | 17,362 | ||
| *Noncontrolling interest resulted from grants of restricted stock in 1st Detect and Astrogenetix to certain employees, officers and directors. Please refer to the September 30, 2011 10-Q filed with the Securities and Exchange Commission for further detail. | ||||
| ASTROTECH CORPORATION AND SUBSIDIARIES | ||
| Condensed Consolidated Balance Sheets | ||
| (In thousands) | ||
| September 30, | June 30, | |
| 2011 | 2011 | |
| (unaudited) | ||
| Assets | ||
| Cash and cash equivalents | $16,386 | $14,994 |
| Accounts receivable, net | 1,423 | 2,429 |
| Prepaid expenses and other current assets | 1,069 | 963 |
| Total current assets | 18,878 | 18,386 |
| Property, plant, and equipment, net | 37,968 | 38,418 |
| Long-term note receivable | 675 | 675 |
| Other assets, net | 126 | 141 |
| Total assets | $57,647 | $57,620 |
| Liabilities and stockholders' equity | ||
| Current liabilities | $13,102 | 13,366 |
| Long-term liabilities | 6,595 | 6,696 |
| Stockholders' equity | 37,950 | 37,558 |
| Total liabilities and stockholders' equity | $57,647 | $57,620 |
| ASTROTECH CORPORATION AND SUBSIDIARIES | ||||
| Unaudited Reconciliation of Non-GAAP Measures | ||||
| (In thousands) | ||||
| Earnings Before Interest, Taxes, Depreciation and Amortization | ||||
| Three Months | ||||
| Ended September 30, | ||||
| 2011 | 2010 | |||
| EBITDA | $(195) | $(760) | ||
| Depreciation & amortization | 592 | 550 | ||
| Interest and other expense, net | 60 | 103 | ||
| Income tax expense | 5 | 6 | ||
| Net loss | (852) | (1,419) | ||
| Net loss attributable to noncontrolling interest | (186) | (256) | ||
| Net loss attributable to Astrotech Corporation | $(666) | $(1,163) | ||
| 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. | ||||