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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

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    

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