Exhibit 99.1

 

GRAPHIC

 

Astrotech Corporation

 

907 Gemini Street

 

Houston, Texas 77058-2762

 

1.713.558.5000

 

fax:  1.713.558.5960

 

www.astrotechcorp.com

 

 

FOR IMMEDIATE RELEASE

 

ASTROTECH CORPORATION REPORTS FINANCIAL RESULTS FOR THIRD QUARTER FISCAL YEAR 2009

Restructured Company Leads to Profitable Quarter

 

Houston, Texas, May 12, 2009

— Astrotech Corporation (NASDAQ: ASTC), a leading provider of commercial space services, today announced financial results for the third quarter ended March 31, 2009 of its fiscal year 2009.

 

Third Quarter Results

The Company posted a third quarter fiscal year 2009 net income of $3.6 million, or $0.21 per diluted share on revenue of $11.8 million compared with a third quarter fiscal year 2008 net loss of $0.8 million, or $0.06 per diluted share, on revenue of $6.6 million.

 

Nine Months Results

Astrotech Corporation’s net income for the nine months ended March 31, 2009 was $2.1 million, or $0.12 per diluted share on revenue of $21.6 million compared to a net loss of $34.5 million, or ($4.92) per diluted share, on revenue of $19.5 million for first nine months of the prior fiscal year. The Company’s results for the nine months ended March 31, 2008 include $30.2 million of non-cash debt conversion expense upon consummation of the exchange of its Convertible Subordinated Notes and Senior Convertible Notes into shares of common stock in October 2007.

 

Liquidity
As of March 31, 2009 the Company had cash and restricted cash-on-hand of $4.5 million and our working capital was approximately $3.3 million. Restricted cash, which consists of advance payments on a government contract to modify certain spacecraft processing facilities and restricted deposits relating to bank covenants, totaled $3.2 million at March 31, 2009. The Company carries a liability of $0.3 million for obligations under this construction contract.

 

On March 24, 2009, the Company repurchased 300,000 shares at a price of $0.40 per share pursuant to its previously announced program to repurchase up to $6.0 million of the Company’s common stock and outstanding convertible notes due October 2010. As of March 31, 2009, including the shares repurchased on March 24, 2009, the Company had repurchased 311,660 shares of common stock at a cost of $237,320 under the program, which represents an average cost of $0.76 per share. In October 2008, the Company purchased $1,750,000 principal amount of its outstanding convertible notes at a price of $1,085,000 plus accrued interest.

 

The Company maintains a $6.0 million financing facility with Green Bank, N.A., consisting of a $4.0 million term loan and a $2.0 million revolving credit facility. On March 31, 2009, $3.6 million of the term loan, which was outstanding, expires in February 2011. During fiscal Q3 2009, the Company renewed the

 


The following information was filed by Astrotech Corp (ASTC) on Monday, May 18, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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