Dépêches
Astrotech Corporation Reports First Quarter 2010 Financial Results
Dépèche transmise le 13 novembre 2009 par Business Wire
Astrotech Corporation Reports First Quarter 2010 Financial Results
AUSTIN, Texas--(BUSINESS WIRE)--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 schedule.
“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.
Tables follow
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 (In thousands) |
||||||||||||
September 30, 2009 |
June 30, 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 |
- 26/04 Norse Atlantic Airways s'envole vers Las Vegas
- 26/04 easyJet a réceptionné son 400e Airbus
- 26/04 Icelandair : résultats mars 2024
- 26/04 Air France dévoile une nouvelle campagne publicitaire
- 26/04 Volotea inaugure sa liaison entre Vérone et Bordeaux
- 26/04 Ryanair célèbre ses 25 ans à l'aéroport de Biarritz
- 24/04Ibis Styles London Heathrow : l'hôtel géré par un passionné d'aviation pour les passionnés d'aviation (photos + vidéos)
- 23/04 SkyUp renouvelle son partenariat avec Wizz Air
- 23/04 Play : résultats de mars 2024
- 23/04 Les garde-côtes japonais commande trois Airbus H225 supplémentaires
- 23/04 Vueling et Make-A-Wish France signent un partenariat
- 23/04 TUI annonce ses destinations au départ de Deauville pour l'été 2024.
- 23/04 Twin Jet renforce son programme de vols sur la ligne Toulouse/Rennes
- 23/04 Norse Atlantic Airways : résultats du mois de mars 2024
- 23/04 Volotea renforce son offre entre Lille et le Maroc
- 22/04 Finnair a dévoilé son programme de vol pour les saisons hiver 2024 et été 2025
- 22/04 Qatar Airways annonce le lancement de vols à destination de Kinshasa
- 22/04 Vietnam Airlines et CAE prolongent leur accord
- 22/04 Mermoz Academy de Tours commande des Tecnam P-Mentor
- 22/04 Transavia France reçoit son 2e Airbus A320neo