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Astrotech Reports Second Quarter 2011 Financial Results

  • Astrotech Space Operations ("ASO"), the Company's core business, supported one mission which launched in the second quarter 2011, COSMO – SkyMed 4.
  • The Company retired its outstanding $5.1 million par value senior convertible notes, plus accrued interest, at maturity. Additionally, a new financing arrangement is in place, which includes a $7.0 million term loan and $3.0 million revolving credit facility.
  • GAAP net loss of $1.6 million for the second quarter 2011 on revenue of $4.6 million, down 34% and 13%, respectively, as compared to the first quarter of 2011.

AUSTIN, Texas, Feb. 4, 2011 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq:ASTC), a leading provider of commercial aerospace services, today announced financial results for its fiscal year 2011 second quarter ended December 31, 2010.

Second Quarter Results

The Company posted a second quarter fiscal year 2011 net loss of $1.6 million, or $(0.09) per diluted share on revenue of $4.6 million compared with a second quarter fiscal year 2010 net income of $1.7 million, or $0.09 per diluted share on revenue of $8.1 million.

"While we navigate through a slower launch schedule in fiscal 2011, we continue to maintain focus on controlling costs," said Thomas B. Pickens III, Chairman and Chief Executive Officer of Astrotech. "I am pleased that we were able to build for the future, adding the previously announced NASA NPOESS and Navy MUOS contracts to our backlog."

Update of Ongoing Operations

The Company's 18-month rolling backlog, which includes contractual backlog and scheduled but uncommitted missions, was $24.4 million at December 31, 2010. The majority of the backlog is for ASO pre-launch satellite processing services, which include hardware launch preparation; advanced planning; use of unique satellite preparation facilities; and spacecraft checkout, encapsulation, fueling, transport, and command and control through launch.

In addition to providing support for missions in process at our facilities in Florida and California, ASO supported the successful launch of COSMO-SkyMed 4; the final satellite of the Italian built Constellation of Small Satellites for Mediterranean Basin Observation. The successful launch was conducted on a United Launch Alliance Delta II rocket on November 5, 2010.

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