Exhibit 99.1

 

ASTROTECH REPORTS FIRST QUARTER OF FISCAL YEAR 2019 FINANCIAL RESULTS

Austin, Texas – November 14, 2018

Astrotech Corporation (NASDAQ: ASTC) reported its financial results for the first quarter of fiscal year 2019 ended September 30, 2018.

 

Astrotech’s 1st Detect subsidiary recently accomplished significant milestones by being accepted by both the U.S. Transportation Security Agency (TSA) and the European Civil Aviation Conference (ECAC) for testing of its mass spectrometry-based explosives trace detector, the TRACER 1000. To be accepted for testing, the TRACER 1000 completed a stringent pre-test requirement that verifies the instrument’s viability and performance. During this quarter, the TRACER 1000 has been undergoing TSA and ECAC testing in both the U.S. and Europe.

 

“In anticipation of our expected growth, Astrotech is overseeing the transition of 1st Detect from a devoted R&D company to a manufacturing organization. The Company is able to use its existing facilities to accommodate the near-term manufacturing requirements and does not expect to incur any additional facilities costs,” stated Thomas B. Pickens III, Chairman and CEO of Astrotech.

 

In October, Astrotech completed a $3 million private investment from its Chairman and CEO and another long-term investor.

 

“These investments are expected to provide the necessary resources to continue working uninterrupted toward the goal of securing TSA and ECAC certification for the TRACER 1000,” continued Pickens.

 

There is no assurance that TSA or ECAC certifications will be granted.

 

Finally, Astrotech filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission, in anticipation of accessing the capital markets for growth capital, which became effective on August 20.

 

First Quarter Fiscal Year 2019 Financial Highlights

Management continues efforts to optimize our resources while reducing cost and adding financial flexibility.

 

Operating expenses decreased $829 thousand, or 27%, during the first quarter of fiscal 2019, compared to the first quarter of fiscal 2018, due to an ongoing emphasis on cost reduction.

 

Our monthly cash burn for this quarter has been reduced to $749 thousand, a 17% reduction from our run rate in fiscal year 2018.


The following information was filed by Astrotech Corp (ASTC) on Wednesday, November 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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