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Astrotech Reports Results For Fourth Quarter And Fiscal Year 2010

  • Astrotech Space Operations ("ASO"), the Company's core business, supported three missions which launched in the fourth quarter 2010, notably RSC-Energia's Mini Research Module 1 ("MRM-1") which launched on STS-132 and the Air Force's X-37B OTV
  • Positive GAAP earnings for the second consecutive fiscal year
  • GAAP cash flow of $3.4 million the year ended June 30, 2010 resulting in $8.1 million in cash and cash equivalents at June 30, 2010
  • EBITDA of $3.3 million for the year ended June 30, 2010

AUSTIN, Texas, Aug. 30, 2010 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq:ASTC), a leading provider of commercial space services, today announced financial results for its fourth quarter and fiscal year ended June 30, 2010.

"Astrotech has completed another strong year, supporting our customers on twelve missions at our facilities near Cape Canaveral and on Vandenberg Air Force Base," said Thomas B. Pickens III, Chairman and CEO of Astrotech. "Additionally, we progressed steadily in the development of 1 st Detect's Miniature Chemical Detector, while furthering our experience processing experiments in space utilizing the Astrogenetix Microgravity Processing Platform ("AMPP"). I am pleased that the Company begins fiscal year 2011 in solid financial position, with more than $8 million in cash on hand."

Fourth Quarter Results

The Company posted a fourth quarter fiscal year 2010 net loss of $1.6 million, or $(0.10) per diluted share on revenue of $5.5 million compared with a fourth quarter fiscal year 2009 net income of $2.6 million, or $0.15 per diluted share on revenue of $10.4 million.

Fiscal Year Results

Astrotech's net income for the fiscal year ended June 30, 2010 was $0.3 million, or $0.01 per diluted share on revenue of $28.0 million compared to net income of $4.7 million, or $0.28 per diluted share on revenue of $32.0 million for the prior fiscal year.

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