Exhibit 99.1

 

ASTROTECH REPORTS THIRD QUARTER OF FISCAL YEAR 2019 FINANCIAL RESULTS

Austin, Texas – May 13, 2019 Astrotech Corporation (NASDAQ: ASTC) reported its financial results for the third quarter of fiscal year 2019 ended

March 31, 2019.

 

The third quarter was pivotal for Astrotech’s 1st Detect subsidiary, having announced on February 21 that it received official European Civil Aviation Conference (ECAC) certification for both passenger and cargo screening.

 

With a near-zero false alarm rate, a virtually unlimited detection library, and near 100% uptime, the TRACER 1000™ is the only certified explosives trace detector (ETD) that can detect more threats than the extremely limited number detected by current ETDs. We believe these features will accelerate airport passenger security line throughput, significantly enhance passenger and cargo security, and position the TRACER 1000 as a market disruptor in explosives and harmful substance trace detection.

 

“ECAC certification has led to two successful field trials and in both instances, the state-of-the-art TRACER 1000 outperformed the currently deployed ion mobility spectrometry (IMS) based ETDs. We are excited that these field trials confirm the results we have been seeing in testing,” stated Thomas B. Pickens III, Chairman and CEO of Astrotech.

 

Following the end of the third quarter, in April 2019, Astrotech completed a $2 million private investment from its Chairman and CEO and another long-term investor.

 

“This investment is expected to provide the resources toward the goal of transitioning from a devoted R&D company to a manufacturing organization after receiving ECAC certification,” continued Pickens.

 

Third Quarter Fiscal Year 2019 Financial Highlights

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

 

Operating expenses decreased 27% through the third quarter of fiscal 2019, compared to the third quarter of fiscal 2018, due to an ongoing emphasis on cost reduction.

 

Monthly cash burn for the fiscal year has been reduced to $731 thousand, a 25% reduction from our run rate through the third quarter of fiscal year 2018.

 

Astrotech Corporation had no debt at March 31, 2019.

 


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

March 31,

 

 

Nine Months Ended

March 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

 

 

$

 

 

$

40

 

 

$

41

 

Cost of revenue

 

 

 

 

 

 

 

 

11

 

 

 

24

 

Gross profit

 

 

 

 

 

 

 

 

29

 

 

 

17

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

1,238

 

 

 

1,363

 

 

 

3,667

 

 

 

4,397

 

Research and development

 

 

1,026

 

 

 

1,495

 

 

 

3,027

 

 

 

4,721

 

Total operating expenses

 

 

2,264

 

 

 

2,858

 

 

 

6,694

 

 

 

9,118

 

Loss from operations

 

 

(2,264

)

 

 

(2,858

)

 

 

(6,665

)

 

 

(9,101

)

Interest and other income, net

 

 

12

 

 

 

3

 

 

 

15

 

 

 

103

 

Loss before income taxes

 

 

(2,252

)

 

 

(2,855

)

 

 

(6,650

)

 

 

(8,998

)

Income tax benefit

 

 

858

 

 

 

 

 

 

858

 

 

 

 

Net loss

 

$

(1,394

)

 

$

(2,855

)

 

$

(5,792

)

 

$

(8,998

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

5,467

 

 

 

4,060

 

 

 

4,734

 

 

 

4,059

 

Basic and diluted net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(0.25

)

 

$

(0.70

)

 

$

(1.22

)

 

$

(2.22

)

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(1,394

)

 

$

(2,855

)

 

$

(5,792

)

 

$

(8,998

)

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain

 

 

 

 

 

(32

)

 

 

 

 

 

(67

)

Reclassification adjustment for realized loss

 

 

 

 

 

42

 

 

 

31

 

 

 

76

 

Total comprehensive loss

 

$

(1,394

)

 

$

(2,845

)

 

$

(5,761

)

 

$

(8,989

)

 


ASTROTECH CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

 

 

 

March 31,

2019

 

 

June 30,

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,524

 

 

$

552

 

Short-term investments

 

 

 

 

 

3,551

 

Accounts receivable, net of allowance

 

 

41

 

 

 

12

 

Income tax receivable

 

 

429

 

 

 

 

Prepaid expenses and other current assets

 

 

328

 

 

 

161

 

Total current assets

 

 

2,322

 

 

 

4,276

 

Property and equipment, net

 

 

531

 

 

 

733

 

Deferred tax asset

 

 

429

 

 

 

 

Long-term investments

 

 

 

 

 

50

 

Other assets, net

 

 

81

 

 

 

81

 

Total assets

 

$

3,363

 

 

$

5,140

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

 

139

 

 

 

112

 

Payroll-related accruals

 

 

312

 

 

 

412

 

Accrued liabilities and other

 

 

393

 

 

 

434

 

Income tax payable

 

 

2

 

 

 

2

 

Total current liabilities

 

 

846

 

 

 

960

 

Other liabilities

 

 

156

 

 

 

188

 

Total liabilities

 

 

1,002

 

 

 

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 March 31, 2019 and June 30, 2018, respectively

 

 

 

 

 

 

Common stock, $0.001 par value, 15,000,000 shares authorized; 6,176,425 and 4,496,873 shares issued at March 31, 2019 and June 30, 2018, respectively; 5,776,509 and 4,097,346 shares outstanding at March 31, 2019 and June 30, 2018, respectively

 

 

190,648

 

 

 

190,570

 

Treasury stock, 399,916 and 399,527 shares at cost at March 31, 2019 and June 30, 2018, respectively

 

 

(4,129

)

 

 

(4,128

)

Additional paid-in capital

 

 

5,798

 

 

 

1,745

 

Accumulated deficit

 

 

(189,956

)

 

 

(184,164

)

Accumulated other comprehensive loss

 

 

 

 

 

(31

)

Total stockholders’ equity

 

 

2,361

 

 

 

3,992

 

Total liabilities and stockholders’ equity

 

$

3,363

 

 

$

5,140

 

 

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