Exhibit 99.1

 

ASTROTECH REPORTS SECOND QUARTER OF FISCAL YEAR 2019 FINANCIAL RESULTS

Austin, Texas – February 12, 2019 Astrotech Corporation (NASDAQ: ASTC) reported its financial results for the second quarter of fiscal year 2019 ended December 31, 2018.

 

The second quarter was a pivotal quarter for Astrotech’s 1st

Detect subsidiary, which announced on December 12, 2018 that its TRACER 1000 passed the rigorous European Civil Aviation Conference (ECAC) Common Evaluation Process (CEP) tests for airport checkpoint screening of passengers. Subsequent to the quarter-end, on January 7, 2019, the Company announced that the TRACER 1000 also passed the CEP tests for airport cargo screening. Official ECAC Certification is expected in the near-term, at which point, the Company can begin selling the TRACER 1000 to international airports.

 

“We are excited to have introduced our revolutionary new product, the TRACER 1000, this quarter as the best solution available to overcome the high false alarm problems with the currently used ion mobility spectrometry technology.  Our mass spectrometry technology delivers a valuable near-zero false alarm rate that has the potential to earn airports and airlines hundreds of millions in worldwide savings while making airways safer and moving passengers through the security lanes more efficiently,” stated Thomas B. Pickens III, Chairman and CEO of Astrotech.

 

Second Quarter Fiscal Year 2019 Financial Highlights

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

 

Operating expenses decreased $1.0 million, or 31%, during the second quarter of fiscal 2019, compared to the second quarter of fiscal 2018, due to an ongoing emphasis on cost reduction.

 

Our monthly cash burn for this quarter was reduced to $705 thousand, a 22% reduction from our run rate in fiscal year 2018.

 

On October 9, 2018, Astrotech completed a $3 million private investment from its Chairman and CEO and another long-term investor.

 

Astrotech Corporation had no debt at December 31, 2018.

 

About Astrotech

Astrotech (NASDAQ: ASTC) is a science and technology development and commercialization company that launches, manages, and builds scalable companies based on innovative technology in order to maximize shareholder value. 1st Detect develops, manufactures, and sells chemical analyzers for use in the security, defense, healthcare, and environmental markets. Astral Images sells film-to-digital image enhancement, defect removal, color correction, and post processing software, providing


economically feasible conversion of film to the new 4K ultra-high definition (UHD), high-dynamic range (HDR) format. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.

 

This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, the Company’s use of proceeds from the private placement transaction, whether we can successfully develop our proprietary technologies and whether the market will accept our products and services, as well as other risk factors and business considerations described in the Company’s Securities and Exchange Commission filings including the annual report on Form 10-K for the fiscal year ended June 30, 2018. Any forward-looking statements in this document should be evaluated in light of these important risk factors. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of its publication and should not be relied upon as representing its views as of any subsequent date. The Company assumes no obligation to update these forward-looking statements.

 

Company Contact: Eric Stober, Chief Financial Officer, Astrotech Corporation, (512) 485-9530

Tables follow



ASTROTECH CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

December 31,

 

 

Six Months Ended

December 31,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenue

 

$

7

 

 

$

41

 

 

$

40

 

 

$

41

 

Cost of revenue

 

 

 

 

 

24

 

 

 

11

 

 

 

24

 

Gross profit

 

 

7

 

 

 

17

 

 

 

29

 

 

 

17

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

1,286

 

 

 

1,602

 

 

 

2,430

 

 

 

3,034

 

Research and development

 

 

897

 

 

 

1,582

 

 

 

2,000

 

 

 

3,226

 

Total operating expenses

 

 

2,183

 

 

 

3,184

 

 

 

4,430

 

 

 

6,260

 

Loss from operations

 

 

(2,176

)

 

 

(3,167

)

 

 

(4,401

)

 

 

(6,243

)

Interest and other income, net

 

 

16

 

 

 

30

 

 

 

3

 

 

 

100

 

Loss before income taxes

 

 

(2,160

)

 

 

(3,137

)

 

 

(4,398

)

 

 

(6,143

)

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(2,160

)

 

$

(3,137

)

 

$

(4,398

)

 

$

(6,143

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

4,678

 

 

 

4,060

 

 

 

4,374

 

 

 

4,059

 

Basic and diluted net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(0.46

)

 

$

(0.77

)

 

$

(1.01

)

 

$

(1.51

)

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(2,160

)

 

$

(3,137

)

 

$

(4,398

)

 

$

(6,143

)

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain

 

 

 

 

 

(36

)

 

 

 

 

 

(35

)

Reclassification adjustment for realized loss

 

 

 

 

 

33

 

 

 

31

 

 

 

34

 

Total comprehensive loss

 

$

(2,160

)

 

$

(3,140

)

 

$

(4,367

)

 

$

(6,144

)

 


ASTROTECH CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

 

 

 

December 31,

2018

 

 

June 30,

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,846

 

 

$

552

 

Short-term investments

 

 

 

 

 

3,551

 

Accounts receivable, net of allowance

 

 

8

 

 

 

12

 

Prepaid expenses and other current assets

 

 

236

 

 

 

161

 

Total current assets

 

 

3,090

 

 

 

4,276

 

Property and equipment, net

 

 

595

 

 

 

733

 

Long-term investments

 

 

 

 

 

50

 

Other assets, net

 

 

81

 

 

 

81

 

Total assets

 

$

3,766

 

 

$

5,140

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

219

 

 

$

112

 

Payroll-related accruals

 

 

392

 

 

 

412

 

Accrued liabilities and other

 

 

336

 

 

 

434

 

Income tax payable

 

 

2

 

 

 

2

 

Total current liabilities

 

 

949

 

 

 

960

 

Other liabilities

 

 

167

 

 

 

188

 

Total liabilities

 

 

1,116

 

 

 

1,148

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, convertible, 2,500,000 shares authorized; no shares issued and outstanding at December 31, 2018 and June 30, 2018, respectively

 

 

 

 

 

 

Common stock, $0.001 par value, 15,000,000 shares authorized; 5,970,885 and 4,496,873 shares issued at December 31, 2018 and June 30, 2018, respectively; 5,570,969 and 4,097,346 shares outstanding at December 31, 2018 and June 30, 2018, respectively

 

 

190,584

 

 

 

190,570

 

Treasury stock, 399,916 and 399,527 shares at cost at December 31, 2018 and June 30, 2018, respectively

 

 

(4,129

)

 

 

(4,128

)

Additional paid-in capital

 

 

4,757

 

 

 

1,745

 

Accumulated deficit

 

 

(188,562

)

 

 

(184,164

)

Accumulated other comprehensive loss

 

 

 

 

 

(31

)

Total stockholders’ equity

 

 

2,650

 

 

 

3,992

 

Total liabilities and stockholders’ equity

 

$

3,766

 

 

$

5,140

 

 

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