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Astrotech Corp (ASTC) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, June 30, 2015

Astrotech Corp

CIK: 1001907 Ticker: ASTC

 

Exhibit 99.1

 

Astrotech Corporation
401 Congress, Suite 1650
Austin, Texas
512.485.9530
fax: 512.485.9531
www.astrotechcorp.com

 

FOR IMMEDIATE RELEASE

 

ASTROTECH REPORTS SECOND QUARTER 2015 FINANCIAL RESULTS

 

Highlights

 

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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Operations (parenthetical)
Business Risk And Credit Risk Concentration Involving Cash
Business Risk And Credit Risk Concentration Involving Cash (detail Textuals)
Commitments And Contingencies
Commitments And Contingencies (detail Textuals)
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Common Stock Incentive, Stock Purchase Plans And Other Compensation Plans
Common Stock Incentive, Stock Purchase Plans And Other Compensation Plans (detail Textuals)
Common Stock Incentive, Stock Purchase Plans And Other Compensation Plans (details 1)
Common Stock Incentive, Stock Purchase Plans And Other Compensation Plans (details 2)
Common Stock Incentive, Stock Purchase Plans And Other Compensation Plans (details 3)
Common Stock Incentive, Stock Purchase Plans And Other Compensation Plans (details)
Common Stock Incentive, Stock Purchase Plans And Other Compensation Plans (tables)
Debt
Debt (detail Textuals)
Description Of The Company And Operating Environment
Description Of The Company And Operating Environment (details)
Discontinued Operations & Gain On The Sale Of The Aso Business Unit
Discontinued Operations & Gain On The Sale Of The Aso Business Unit (detail Textuals)
Discontinued Operations & Gain On The Sale Of The Aso Business Unit (details 1)
Discontinued Operations & Gain On The Sale Of The Aso Business Unit (details 2)
Discontinued Operations & Gain On The Sale Of The Aso Business Unit (details)
Discontinued Operations & Gain On The Sale Of The Aso Business Unit (tables)
Employee Benefit Plans
Employee Benefit Plans (detail Textuals)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments (tables)
Income Taxes
Income Taxes (detail Textuals)
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details 4)
Income Taxes (details)
Income Taxes (tables)
Income Taxes Income Taxes (details 1)
Investments
Investments (tables)
Investments - Available-for-sale Securities (details)
Investments - Carrying Value (details)
Investments - Held-to-maturity Securities (details)
Net Income (loss) Per Share
Net Income (loss) Per Share (detail Textuals)
Net Income (loss) Per Share (details)
Net Income (loss) Per Share (tables)
Noncontrolling Interest
Noncontrolling Interest (detail Textuals)
Noncontrolling Interest (details)
Noncontrolling Interest (tables)
Noncontrolling Interest - Change In Ownership Interest (details 1)
Property And Equipment
Property And Equipment (detail Textuals)
Property And Equipment (details)
Property And Equipment (tables)
Receivable - Indemnity Holdback Related To The Asset Sale
Receivable - Indemnity Holdback Related To The Asset Sale (detail Textuals)
Related Party Transactions
Related Party Transactions (detail Textuals)
State Of Texas Funding
State Of Texas Funding (detail Textuals)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (detail Textuals)
Summary Of Significant Accounting Policies (policies)
Ticker: ASTC
CIK: 1001907
Form Type: 10-K Annual Report
Accession Number: 0001001907-15-000017
Submitted to the SEC: Tue Sep 22 2015 4:18:03 PM EST
Accepted by the SEC: Tue Sep 22 2015
Period: Tuesday, June 30, 2015
Industry: Laboratory Analytical Instruments

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