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FOR IMMEDIATE RELEASE
ASTROTECH REPORTS FOURTH QUARTER AND FISCAL YEAR 2013 FINANCIAL RESULTS
EBITDA income of $2.6 million for the quarter ended June 30, 2013 and $1.6 million for the year ended June 30, 2013
GAAP results: net income of $2.2 million (attributable to Astrotech Corporation), or $0.11 per diluted share for the quarter ended June 30, 2013 and net loss of $0.2 million (attributable to Astrotech Corporation), or $(0.01) per diluted share, for the year ended June 30, 2013
Astrotech Space Operations (ASO), the Companys core business, supported the processing of eight missions during fiscal year ended June 30, 2013
1st Detect was granted one patent and filed eleven patent applications. The Company now has two patents granted, sixteen additional patent applications pending and a number of patent opportunities in the draft or research stage.
Austin, Texas, October 15, 2013 Astrotech Corporation (NASDAQ: ASTC), a leading provider of commercial aerospace services and products, today announced financial results for its fourth quarter and fiscal year ended June 30, 2013.
Our long held strategy to fully support our ASO subsidiary, by meeting the needs of our customers with state-of-the-art facilities, continues to perform as expected. We are also growing ASTC value by investing in our Spacetech initiatives by partnering with key industry participants to develop compelling solutions that address imminent and compelling economic needs said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation. We are also very proud to announce the completion of our new development facility in Webster, TX, where 1st Detect is ramping up its manufacturing capabilities in anticipation of maturing joint development partnerships. We are educating a number of high value markets with the opportunity to sell solutions that meet the general needs of quantitative analysis on the factory floor."
Our fourth quarter performance has been exceptional, and we are proud to release the best earnings report in over three years said Carlisle Kirkpatrick, CFO of Astrotech Corporation. During the quarter, Astrotech Space Operations processed two very important U.S. government missions and we are nearly complete on our multi-year Ground Support Equipment contract. Our backlog remains strong and we are encouraged by the diversity we are seeing in new programs now under contract. This diversity allows the Company to enhance its portfolio of future repeat customers. Our financial performance has been remarkable both this quarter and for the year just ending. EBITDA for the year was a very strong $1.6 million, achieved primarily through consistent delivery of high value payload services and cost controls within our SG&A functions.
It is important to also note that we have successfully concluded our negotiations with the lender under our financing facilities and we are pleased to report a mutual resolution that enables Astrotech to continue building its businesses while satisfying our obligations with the lender.
The following information was filed by Astrotech Corp (ASTC) on Tuesday, October 15, 2013 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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