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FOR IMMEDIATE RELEASE
ASTROTECH REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 FINANCIAL RESULTS
|•||GAAP results: net loss of $0.8 million (attributable to Astrotech Corporation), or $(0.04) per diluted share for the quarter ended June 30, 2014 and net loss of $5.0 million (attributable to Astrotech Corporation), or $(0.25) per diluted share, for the year ended June 30, 2014|
|•||EBITDA loss of $0.4 million for the quarter ended June 30, 2014 and $3.3 million for the year ended June 30, 2014|
|•||The sale of Astrotech Space Operations (“ASO”) to Lockheed Martin was completed on August 22, 2014 for $61.0 million|
|•||1st Detect was awarded a pivotal competitive contract for the Next Generation Chemical Detector (NGCD) program|
|•||1st Detect was granted four U.S. patents and filed nine U.S. patent applications during the fiscal year. In total, 1st Detect owns six key U.S. patents for its miniaturized mass spectrometer technology|
Austin, Texas, September 29, 2014 – Astrotech Corporation (NASDAQ: ASTC), a leading provider of commercial aerospace services and products and a manufacturer of next generation chemical detection instrumentation, today announced financial results for its fourth quarter and fiscal year ended June 30, 2014.
“With the successful completion of the sale of Astrotech Space Operations (“ASO”), we find ourselves with a healthy balance sheet and ideally positioned to execute the next phase of our corporate strategy,” said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation. "The recent award of the NGCD contract further validated our technological breakthrough at 1st Detect and we are eagerly pursuing additional opportunities."
The 1st Detect team continues to reinvent the industry with the recent announcement of the strategic alliance with SparkCognition, which will avail real-time predictive analytics to chemical detection, an industry first. This will allow customers to use cutting edge data analytics to solve complex problems by deriving solutions from disparate data sets using sophisticated and predictive algorithms.
“Our momentum is building and it is an exciting time to be part of Astrotech,” Pickens added. “We continue to engage with key industry partners to develop compelling solutions that address an expanding variety of lucrative markets.”
Fourth Quarter Results
The Company posted fourth quarter fiscal year 2014 net loss of $0.8 million, or $(0.04) per diluted share on revenue of $5.6 million compared with a fourth quarter fiscal year 2013 net income of $2.2 million or $0.11 per diluted share on revenue of $9.2 million.
The following information was filed by Astrotech Corp (ASTC) on Tuesday, September 30, 2014 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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