Astrotech Corporation (NASDAQ: ASTC) reported its financial
results for the second quarter of fiscal year 2019 ended December
31, 2018.
The second quarter was a pivotal quarter for Astrotech’s 1st
Detect subsidiary, which announced on December 12, 2018 that its
TRACER 1000 passed the rigorous European Civil Aviation Conference
(ECAC) Common Evaluation Process (CEP) tests for airport checkpoint
screening of passengers. Subsequent to the quarter-end, on January
7, 2019, the Company announced that the TRACER 1000 also passed the
CEP tests for airport cargo screening. Official ECAC Certification
is expected in the near-term, at which point, the Company can begin
selling the TRACER 1000 to international airports.
“We are excited to have introduced our revolutionary new
product, the TRACER 1000, this quarter as the best solution
available to overcome the high false alarm problems with the
currently used ion mobility spectrometry technology. Our mass
spectrometry technology delivers a valuable near-zero false alarm
rate that has the potential to earn airports and airlines hundreds
of millions in worldwide savings while making airways safer and
moving passengers through the security lanes more efficiently,”
stated Thomas B. Pickens III, Chairman and CEO of Astrotech.
Second Quarter Fiscal Year 2019 Financial Highlights
Management continues efforts to optimize our resources while
reducing cost and adding financial flexibility.
- Operating expenses decreased $1.0
million, or 31%, during the second quarter of fiscal 2019, compared
to the second quarter of fiscal 2018, due to an ongoing emphasis on
cost reduction.
- Our monthly cash burn for this quarter
was reduced to $705 thousand, a 22% reduction from our run rate in
fiscal year 2018.
- On October 9, 2018, Astrotech completed
a $3 million private investment from its Chairman and CEO and
another long-term investor.
- Astrotech Corporation had no debt at
December 31, 2018.
About Astrotech
Astrotech (NASDAQ: ASTC) is a science and technology
development and commercialization company that launches, manages,
and builds scalable companies based on innovative technology in
order to maximize shareholder value. 1st
Detect develops, manufactures, and sells chemical
analyzers for use in the security, defense, healthcare, and
environmental markets. Astral Images sells
film-to-digital image enhancement, defect removal, color
correction, and post processing software, providing economically
feasible conversion of film to the new 4K ultra-high definition
(UHD), high-dynamic range (HDR) format. Astrotech is headquartered
in Austin, Texas. For information, please visit
www.astrotechcorp.com.
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, the Company’s use of proceeds from the private
placement transaction, whether we can successfully develop our
proprietary technologies and whether the market will accept our
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 for the
fiscal year ended June 30, 2018. Any forward-looking statements in
this document should be evaluated in light of these important risk
factors. In addition, any forward-looking statements included in
this press release represent the Company’s views only as of the
date of its publication and should not be relied upon as
representing its views as of any subsequent date. The Company
assumes no obligation to update these forward-looking
statements.
ASTROTECH CORPORATION
AND SUBSIDIARIES Condensed Consolidated Statements of
Operations and Comprehensive Loss
(In thousands, except per share data)
(Unaudited)
Three Months EndedDecember
31,
Six Months EndedDecember
31,
2018 2017 2018
2017 Revenue $ 7 $ 41 $ 40 $ 41 Cost of revenue —
24 11 24
Gross
profit 7 17
29 17 Operating expenses:
Selling, general and administrative 1,286 1,602 2,430 3,034
Research and development 897 1,582
2,000 3,226 Total operating expenses
2,183 3,184 4,430
6,260
Loss from operations (2,176 )
(3,167 ) (4,401 ) (6,243
) Interest and other income, net 16 30
3 100
Loss before income
taxes (2,160 ) (3,137 )
(4,398 ) (6,143 ) Income tax benefit
— — — —
Net loss $ (2,160 ) $
(3,137 ) $ (4,398 ) $
(6,143 ) Weighted average common shares outstanding:
Basic and diluted 4,678 4,060 4,374 4,059
Basic and diluted net
loss per common share: Net loss $ (0.46 ) $ (0.77 ) $ (1.01 ) $
(1.51 )
Other comprehensive loss, net of tax: Net loss $
(2,160 ) $ (3,137 ) $ (4,398 ) $ (6,143 ) Available-for-sale
securities: Net unrealized gain — (36 ) — (35 ) Reclassification
adjustment for realized loss — 33
31 34
Total comprehensive loss
$ (2,160 ) $ (3,140 )
$ (4,367 ) $ (6,144 )
ASTROTECH CORPORATION AND
SUBSIDIARIES Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
December 31,2018
June 30,2018
Assets Current assets Cash and cash equivalents $ 2,846 $
552 Short-term investments — 3,551 Accounts receivable, net of
allowance 8 12 Prepaid expenses and other current assets 236
161
Total current assets 3,090
4,276 Property and equipment, net 595 733 Long-term
investments — 50 Other assets, net 81 81
Total assets $ 3,766 $
5,140 Liabilities and stockholders’ equity
Current liabilities Accounts payable $ 219 $ 112 Payroll-related
accruals 392 412 Accrued liabilities and other 336 434 Income tax
payable 2 2
Total current
liabilities 949 960 Other liabilities 167
188
Total liabilities
1,116 1,148 Commitments and
contingencies Stockholders’ equity Preferred stock,
$0.001 par value, convertible, 2,500,000 shares authorized; no
shares issued and outstanding at December 31, 2018 and June 30,
2018, respectively — — Common stock, $0.001 par value, 15,000,000
shares authorized; 5,970,885 and 4,496,873 shares issued at
December 31, 2018 and June 30, 2018, respectively; 5,570,969 and
4,097,346 shares outstanding at December 31, 2018 and June 30,
2018, respectively 190,584 190,570 Treasury stock, 399,916 and
399,527 shares at cost at December 31, 2018 and June 30, 2018,
respectively (4,129 ) (4,128 ) Additional paid-in capital 4,757
1,745 Accumulated deficit (188,562 ) (184,164 ) Accumulated other
comprehensive loss — (31 )
Total
stockholders’ equity 2,650
3,992 Total liabilities and stockholders’
equity $ 3,766 $ 5,140
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190212005221/en/
Eric Stober, Chief Financial Officer, Astrotech Corporation,
(512) 485-9530
Astrotech (NASDAQ:ASTC)
Historical Stock Chart
From Apr 2024 to May 2024
Astrotech (NASDAQ:ASTC)
Historical Stock Chart
From May 2023 to May 2024