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Exhibit 99.1
 | Astrotech Corporation 5914 W. Courtyard Dr., Suite 340 Austin, Texas 512.485.9530 fax: 512.485.9531 www.astrotechcorp.com | |
ASTROTECH REPORTS FISCAL YEAR 2016 FINANCIAL RESULTS
- Increased total revenue 421% compared to fiscal 2015 -
Austin, Texas, September 26, 2016 – Astrotech Corporation (NASDAQ: ASTC), reported its financial results for the fourth quarter and fiscal year ended June 30, 2016.
"In fiscal 2016, Astrotech's revenue increased over four times to $2.7 million compared to fiscal 2015, and we continued to lay the foundation for future growth," said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation. "Our 1st Detect subsidiary achieved significant milestones with our partners. We won a key government contract to develop next-gen explosive trace detection (ETD) systems for aviation security, for which there are over 15,000 ion mobility spectrometer (IMS) installations worldwide approaching end of life. We were also awarded the next stage for the Next Generation Chemical Detection (NGCD) Program, for which the U.S. military plans to procure an estimated 770 units. Furthermore, in July, we realigned resources, which reduced costs and will improve the subsidiary’s bottom line.
"Additionally, we positioned Astral Images to be a technology leader in automated image correction and enhancement in the digital media industry. We extended our product line with revolutionary Ultra-High Definition/High-Dynamic Range (UHD/HDR) technology, fostered relationships with post-production houses, and hired an industry leader to drive sales as the new HDR10 standard market begins to ramp.
"In summary, we advanced Astrotech's primary focus of building start-up companies for profitable divestiture to market leaders. We are excited about our market opportunities and our 2017 growth prospects," concluded Mr. Pickens.
Fiscal Year Financial Highlights
Revenue, costs of goods sold, SG&A, and R&D are expected to continue to fluctuate based on the timing of contract revenue.
Revenue increased to $2.7 million for the year ended June 30, 2016, compared to $513 thousand for the year ended June 30, 2015, primarily reflecting 1st Detect's income from research-based, fixed-price, government-related subcontracts.
• | Gross profit was $339 thousand for the year ended June 30, 2016, compared to $89 thousand for the year ended June 30, 2015. |
• | Loss from operations was $13.8 million for the year ended June 30, 2016, compared to $16.1 million for the year ended June 30, 2015, reflecting reduced SG&A, partially offset by increased R&D. |
• | Cash and investments at June 30, 2016 were $25.7 million. In February 2016, the Company received 100% of the $6.1 million indemnity holdback related to the sale of Astrotech Space Operations to a wholly-owned subsidiary of Lockheed Martin Corporation in August 2014. |
• | Astrotech Corporation had no debt at June 30, 2016. |
Highlights of Astrotech's Subsidiaries
1st Detect
• | Advancing Aviation Security with Smiths Detection Inc. |
◦ | Won a contract with Smiths Detection to develop next generation ETD systems for the Department of Homeland Security Science and Technology Directorate (DHS S&T) using 1st Detect’s breakthrough chemical analyzer technology. The ETD technology development phase is expected to last through |
The following information was filed by Astrotech Corp (ASTC) on Monday, September 26, 2016 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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