Exhibit 99.1

 

ASTROTECH REPORTS THIRD QUARTER OF FISCAL YEAR 2018 FINANCIAL RESULTS

Austin, Texas - May 14, 2018 -

Astrotech Corporation (NASDAQ: ASTC) reported its financial results for the third quarter of fiscal year 2018 ended March 31, 2018.

“In the third quarter, we made progress at 1st Detect, announcing two key milestones regarding our newly developed TRACER 1000, which detects trace amounts of military, commercial, and homemade explosives, plus narcotic substances such as fentanyl,” said Thomas B. Pickens III, Chairman and CEO of Astrotech.

 

TSA Cargo Qualification: The TRACER 1000 was accepted into the Transportation Security Administration (TSA)’s Air Cargo Screening Qualification Test (ACSQT) program to address the needs of airports and cargo facilities worldwide as they endeavor to screen 100% of checked luggage and other cargo that is transported on passenger aircraft, as mandated by the 9/11 Commission Act.  

 

TSA Checkpoint Qualification: The TRACER 1000 began testing for passenger screening at airport security checkpoints, entering the Developmental Test & Evaluation (DT&E) phase of TSA’s qualification process. A successful DT&E phase will lead to Transportation Security Laboratory (TSL) Certification, a significant endorsement that foreign governments and other U.S. government agencies consider before procuring ETDs. Certification is also a major step towards being listed on TSA’s Qualified Products List (QPL), and subsequently being deployed in airports worldwide.

“We believe our mass spectrometry-based instrumentation provides far superior detection capabilities compared to existing screening technologies, and we are excited about its continued positive feedback from TSA and its market potential,” continued Pickens. “We are also pleased with the progress being made at Astral Images in gaining market acceptance for its Astral ICE product suite, including the granting of a key patent.”  

Astral Images was awarded one new US patent: ‘UHD High Dynamic Range Aesthetic Match (Continuation)’ (US)., and 1st Detect was awarded two new patents: ‘Mass Spectrometers Having Real Time Ion Isolation Signal Generators’ (US), and ‘End Cap Voltage Control of Ion Traps’ (international).

Third Quarter Fiscal Year 2018 Financial Highlights

Revenue, costs of goods sold, SG&A, and R&D are expected to continue to fluctuate based on the timing of projects.

 

Total operating expenses have been cut by $336 thousand, or 10.5%, from the prior year third quarter. For the nine months ended March 31, 2018, total operating expenses have decreased $806 thousand, or 8.1%, compared to the nine months ended March 31, 2017, as we focus on securing certification for the Tracer 1000 and marketing Astral ICETM.

 

During the current fiscal year, the Company has spent a total of $9.1 million on all projects and SG&A, compared to $11.1 million during the same period in the prior fiscal year. This represents a decrease of 18.0% in total spending. The Company has realigned its resources to


The following information was filed by Astrotech Corp (ASTC) on Monday, May 14, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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