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TheStreet Open House

Astrotech Reports First Quarter 2011 Financial Results

  • Astrotech Space Operations ("ASO"), the Company's core business, supported two Air Force missions which launched in the first quarter 2011, AEHF-1 and SBSS
  • 1 st Detect received a Small Business Innovation Research (SBIR) Phase II contract for $735,000 from the Joint Science and Technology Office for Chemical and Biological Defense
  • GAAP cash flow of $1.6 million the quarter ended September 30, 2010 resulting in $9.7 million in cash and cash equivalents at September 30, 2010

AUSTIN, Texas, Nov. 5, 2010 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq:ASTC), a leading provider of commercial aerospace services, today announced financial results for its fiscal year 2011 first quarter ended September 30, 2010.

"Over the last six months we have worked to improve our competitive position through cost cutting measures, debt restructuring and increasing our cash on hand," said Thomas B. Pickens III, Chairman and Chief Executive Officer of Astrotech. "As a service provider to the U.S. Government, we value the benefits of a solid customer base, both operationally and financially. Our reliance on the launch schedule of our customers causes ASO to experience variability quarterly and from year to year in our financial results. As we begin fiscal 2011, we are entering a period where we expect less launch activity than in previous years and where we no longer have the benefit of revenue from the construction of the facility at Vandenberg Air Force Base. In an effort to keep Astrotech in a strong financial position we are reducing costs and working diligently to increase future business prospects."

First Quarter Results

The Company posted a first quarter fiscal year 2011 net loss of $1.2 million, or $(0.07) per diluted share on revenue of $5.3 million compared with a first quarter fiscal year 2010 net income of $0.8 million, or $0.04 per diluted share on revenue of $7.8 million.

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