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Astrotech Reports Second Quarter 2013 Financial Results

Stocks in this article: ASTC

  • GAAP results: net loss of $0.8 million (attributable to Astrotech Corporation), on revenue of $4.1 million, up 55% and 12%, respectively, compared to the same quarter last year.
  • Astrotech Space Operation ("ASO"), the Company's core business unit, supported the successful launch of one mission in the second quarter 2013.
  • 1 st Detect delivered two instruments.

AUSTIN, Texas, Feb. 14, 2013 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq:ASTC), a leading provider of commercial aerospace services, today announced financial results for its fiscal year 2013 second quarter ended December 31, 2012.

"ASO, our core business unit, performed well during the second quarter of fiscal year 2013. We supported the successful launch of one mission and our Vandenberg and Florida facilities were awarded separate Infinite-Delivery/ Indefinite Quantity' ("IDIQ") task order contracts for future commercial payload processing services. ASO's 18-month mission backlog remains stable at $25.3 million," said Carlisle Kirkpatrick, Chief Financial Officer of Astrotech.

"Additionally, our 1 st Detect business unit is achieving notable progress. We are seeing growing interest among equipment manufacturers who want to integrate our instrument into their product line. I am pleased with both our product development and commercial progress at 1 st Detect," noted Mr. Kirkpatrick. "During the second quarter 1 st Detect delivered two instruments, one to NASA/JSC and one to a development partner. We have a team of very talented and dedicated individuals who remain focused on meeting our customer commitments."

Second Quarter Results

The Company posted a second quarter fiscal year 2013 net loss of $0.8 million, or $(0.04) per diluted share on revenue of $4.1 million compared with a second quarter fiscal year 2012 net loss of $1.8 million, or $(0.10) per diluted share on revenue of $3.7 million.

Update of Ongoing Operations

The Company's 18-month rolling backlog, which includes contractual backlog, scheduled but uncommitted missions, and the design and fabrication of GSE, was $25.3 million at December 31, 2012. The majority at ASO consists of pre-launch satellite processing services, which include hardware launch preparation, advance planning, use of unique satellite preparation facilities and spacecraft checkout, encapsulation, fueling, transport, and design and fabrication of equipment and hardware for space launch activities at our Titusville, Florida and VAFB locations.

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