8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 1, 2010

Astrotech Corporation

(Exact name of registrant as specified in its charter)

Washington	001-34426	91-1273737
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

401 Congress Ave. Suite 1650 Austin, Texas	78701
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (512) 485-9530

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On February 1, 2010, Astrotech Corporation issued a press release announcing its results of operations for its second quarter ended December 31, 2009. A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press release, dated February 1, 2010, issued by Astrotech Corporation.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ASTROTECH CORPORATION
By:	/s/ Thomas B. Pickens, III
	Name:	Thomas B. Pickens, III
	Title:	Chairman of the Board and Chief Executive Officer

Date: February 1, 2010

EXHIBIT INDEX

		Paper (P) or
Exhibit No.	Description	Electronic (E)
99.1	Press release, dated February 1, 2010, issued by Astrotech Corporation.	E

EX-99.1

Exhibit 99.1

Astrotech Corporation
401 Congress, Suite 1650
Austin, Texas 78701
512.485.9530
fax: 512.485.9531
www.astrotechcorp.com

FOR IMMEDIATE RELEASE

ASTROTECH CORPORATION REPORTS SECOND QUARTER 2010 FINANCIAL RESULTS

• The Company’s core business, Astrotech Space Operations (“ASO”), supported five successful launches in the current quarter

• Revenue and diluted EPS grow sequentially to $8.1 million and $0.09 per share, respectively

• Trailing twelve month revenue of $38.1 million, up 70% over the previous twelve month period ended December 31, 2008

Austin, Texas, February 1, 2010 — Astrotech Corporation (NASDAQ: ASTC), a leading provider of commercial space services, today announced financial results for the second quarter ended December 31, 2009 of its fiscal year 2010.

Second Quarter Results

The Company posted a second quarter fiscal year 2010 net income of $1.7 million, or $0.09 per diluted share on revenue of $8.1 million, compared with a second quarter fiscal year 2009 net loss of $1.6 million, or $(0.09) per diluted share, on revenue of $3.8 million.

“We continue to deliver on our commitments to our customers,” said Thomas B. Pickens III, Astrotech’s Chairman and Chief Executive Officer. “The outstanding performance of the past four quarters shows our core business, ASO, is as strong as ever.”

Six Months Results

Astrotech’s net income for the first six months of 2010 was $2.5 million, or $0.14 per diluted share, on revenue of $15.8 million. This compares to a net loss of $1.5 million, or $(0.09) per diluted share, on revenue of $9.8 million for first six months fiscal year 2009. The reported financials represent a 61% increase in revenue year over year, and results in a cash position of over $7.0 million.

Update of Ongoing Operations

The Company experienced another strong quarter for ASO, with all $8.1 million of consolidated revenue generated by that business. ASO supported five successful launches in the second quarter, including WorldView-2, ARES IX, Intelsat 14, WGS-3 and WISE. In addition to these launches, ASO provided support for several missions which are in process at the Company’s facilities in Titusville, Florida and Vandenberg Air Force Base.

The Company’s 18-month rolling backlog at December 31, 2009, which includes contractual backlog and scheduled but uncommitted missions, is $27.2 million. The majority is for ASO 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 remote control through launch.

Financial Position and Liquidity

Working capital reached $6.9 million on December 31, 2009, which included $7.0 million in cash and $9.4 million of accounts receivable.

About Astrotech Corporation

Astrotech Corporation (Nasdaq: ASTC) is a commercial aerospace company that provides spacecraft payload processing and government services, designs and manufactures space hardware, and commercializes space technologies for use on Earth. The Company serves our government and commercial satellite and spacecraft customers with our pre-launch services from our Astrotech Space Operations (ASO) subsidiary and incubates space technology businesses now having formed three companies; the 1^st Detect Corporation which is developing a breakthrough mini-mass spectrometer first developed for the International Space Station; Astrogenetix, Inc. which is producing biotech products in space and has recently developed a vaccine candidate for Salmonella; and Airward Corporation which is drawing on its space heritage of sending cargo to space and is selling hazardous material containers for the airline industry.

The statements in this document may contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, continued government support and funding for key space programs, product performance and market acceptance of products and services, as well as other risk factors and business considerations described in the company’s Securities & Exchange Commission filings including the annual report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. The Company assumes no obligation to update these forward-looking statements.

FOR MORE INFORMATION:
Scott Haywood
Corporate Marketing and Communications
Astrotech Corporation
512-485-9520
shaywood@astrotechcorp.com

Tables follow

ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)

	Three Months						Six Months
	Ended December 31,						Ended December 31,
	2009			2008			2009			2008
Revenue	$	8,080		$	3,786		$	15,842		$	9,760
Costs of revenue		2,674			3,250			5,602			6,768
Gross profit		5,406			536			10,240			2,992
Operating expenses:
Selling, general and administrative		3,270			2,150			6,345			3,849
Research and development		328			510			1,002			1,083
Total operating expenses		3,598			2,660			7,347			4,932
Income (loss) from operations		1,808			(2,124	)		2,893			(1,940	)
Interest and other expense, net		(79	)		570			(339	)		441
Income (loss) before income taxes		1,729			(1,554	)		2,554			(1,499	)
Income tax expense		(50	)		—			(75	)		—
Net income (loss)	$	1,679		$	(1,554	)	$	2,479		$	(1,499	)
Net income (loss) per share- basic	$	0.10		$	(0.09	)	$	0.15		$	(0.09	)
Weighted average common shares outstanding, basic		16,534			16,393			16,504			16,251
Net income (loss) per share, diluted	$	0.09		$	(0.09	)	$	0.14		$	(0.09	)
Weighted average common shares outstanding, diluted		18,590			16,393			17,897			16,251

See accompanying notes to unaudited condensed consolidated financial statements.

ASTROTECH CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)

	December 31,		June 30,
	2009		2009
ASSETS
Cash and cash equivalents	$	7,046	$	4,730
Accounts receivable, net		9,408		12,279
Short-term note receivable, net		675		—
Prepaid expenses and other current assets		646		591
Total current assets		17,775		17,600
Property, plant, and equipment, net		40,345		40,266
Other assets, net		53		1,093
Total assets	$	58,173	$	58,919
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	10,906	$	9,182
Long-term liabilities		3,880		9,189
Stockholders’ equity		43,387		40,548
Total liabilities and stockholders’ equity	$	58,173	$	58,919

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