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Astrotech Reports Third Quarter 2013 Financial Results

Stocks in this article: ASTC

  • GAAP results: net loss of $ 0.1 million (attributable to Astrotech Corporation), on revenue of $4.6 million, or $(0.01) per diluted share for the quarter ended March 31, 2013.
  • EBITDA of $0.3 million for the quarter ended March 31, 2013.
  • Astrotech Space Operations ("ASO"), the Company's core business, supported two missions which launched in the third quarter 2013: NASA's Landsat Data Continuity Mission (LDCM) and NASA's Tracking and Data Relay Satellite (TDRS-K).
  • 1st Detect received over $0.3 million in collaborative R&D funding from partners and customers.

AUSTIN, Texas, May 15, 2013 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq:ASTC), a leading provider of commercial aerospace services, today announced financial results for its fiscal year 2013 third quarter ended March 31, 2013.

"Similar to many organizations which develop and support long term contracts with federal agencies, we are experiencing and managing through an elongated mission schedule in fiscal 2013. As a result, we are focused on delivering solid gross margins from our in house missions while controlling our operating costs," said Carlisle Kirkpatrick, Chief Financial Officer of Astrotech. "We continue to collaborate with key customers to develop long term relationships that ensure ASO is competitive when future initiatives are funded. I am pleased that we were able to build for the future, adding the previously announced NASA OCO-2 and NASA SMAP contracts to our backlog. I am also encouraged by our progress within Spacetech, and specifically, 1 st Detect. Year to date we have received over $0.8 million in collaborative R&D funding from several key partners and customers. Our OEM-1000 unit is in evaluation testing under a number of different customer requirements. Our success with these evaluations will drive our future strategy and success. It is notable that our recent 'patent harvest' has yielded 11 new patent applications, bringing our current total to 18 (2 of which have been granted); further evidence of our novel application of miniature mass spectrometry."

Third Quarter Results

The Company posted a third quarter fiscal year 2013 net loss of $0.1 million, or $(0.01) per diluted share on revenue of $4.6 million compared with a third quarter fiscal year 2012 net income of $1.0 million, or $0.05 per diluted share on revenue of $10.0 million.

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