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


The following information was filed by Astrotech Corp (ASTC) on Tuesday, February 12, 2019 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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