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|401 Congress, Suite 1650|
FOR IMMEDIATE RELEASE
ASTROTECH REPORTS SECOND QUARTER 2015 FINANCIAL RESULTS
|•||Net income of $20.9 million (attributable to Astrotech Corporation), or $1.04 per diluted share for the year to date fiscal 2015.|
|•||Recognized year-to-date EBITDA of $21.9 million from continuing operations, which includes a gain from the sale of our former ASO business.|
|•||Astrotech initiated a $5 million share repurchase program. Through the end of calendar year 2014, we repurchased $0.4 million of Astrotech stock.|
|•||Astrotech recruited leading industry executive Bob Kibler to be CEO of 1st Detect.|
|•||1st Detect released a key new product, the iONTRAC, to the petrochemical industry.|
Austin, Texas, February 17, 2015 – Astrotech Corporation (NASDAQ: ASTC), a leader in commercializing space technology and chemical detection technologies for use in the research, security, industrial, process flow and healthcare markets, today announced financial results for its second quarter ended December 31, 2014.
“This was an important transition quarter for Astrotech Corporation as we prepared for 1st Detect’s evolution from a research and development organization to one that will be focused on commercialization of its technology," said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation. “With ample resources provided by the sale of Astrotech Space Operations (ASO), we have attracted the premier talent necessary to take 1st Detect to the next level. In addition, we are actively seeking acquisitions to complement our 1st Detect technology or technology companies that are positioned to be dominant in their respective industries.”
Second Quarter Results
The Company posted second quarter fiscal year 2015 net loss of ($2.4) million, or ($0.12) per diluted share, compared with a second quarter fiscal year 2014 net loss of ($2.6) million or ($0.13) per diluted share. It also posted year to date fiscal year 2015 net income of $20.9 million, or $1.04 per diluted share, which was primarily the result of a $25.6 million gain ($23.7 million after-tax) related to the sale of our former ASO business to Lockheed Martin, compared with a second quarter year to date fiscal year 2014 net loss of ($1.3) million or ($0.07) per diluted share.
Financial Position and Liquidity
Working capital was $41.5 million as of December 31, 2014, which primarily consisted of $42.4 million in cash and cash equivalents, short-term investments, and a working capital receivable held in escrow of $0.6 million related to the sale of our former ASO business. Additionally, the Company continues to record a receivable of $6.1 million for an amount held in escrow related to the sale, which is not included in working capital. The Company believes it will fully realize $0.6 million in February 2015 and the remaining $6.1 million held in escrow in February 2016.
The following information was filed by Astrotech Corp (ASTC) on Tuesday, February 17, 2015 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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