Washington | 001-34426 | 91-1273737 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
5914 W. Courtyard Dr., Suite 340, Austin, Texas | 78730 | |
(Address of principal executive offices) | (Zip Code) |
(Former name or former address, if changed since last report.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Astrotech Corporation | |||
By: | /s/ Thomas B. Pickens III |
Name: | Thomas B. Pickens III | ||
Title: | Chairman of the Board and Chief | ||
Executive Officer |
Exhibit No. | Description | Paper (P) or Electronic (E) | ||
99.1 | Press release, dated November 10, 2016 issued by Astrotech Corporation. | E |
• | During the first quarter 2017, revenue was $1.0 million, reflecting 1st Detect’s income from research-based, fixed-price, government-related subcontracts. |
• | Gross profit was $275 thousand for the first quarter 2017. |
• | Corporate realignment is expected to save the Company approximately $3.5 million for the year. |
• | Cash and investments at September 30, 2016 were $22.3 million; there was no debt for each of the periods ended September 30, 2016 and June 30, 2016. |
• | Granted one additional U.S. patent and one international patent during the first quarter 2017, bringing the total to 17 U.S. patents and seven international patents. |
Three Months Ended September 30, | ||||||||
2016 | 2015 | |||||||
Revenue | $ | 1,006 | $ | — | ||||
Cost of revenue | 731 | — | ||||||
Gross profit | 275 | — | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 2,548 | 2,286 | ||||||
Research and development | 1,292 | 1,264 | ||||||
Total operating expenses | 3,840 | 3,550 | ||||||
Loss from operations | (3,565 | ) | (3,550 | ) | ||||
Interest and other expense, net | 98 | 99 | ||||||
Loss before income taxes | (3,467 | ) | (3,451 | ) | ||||
Income tax expense | — | (2 | ) | |||||
Net loss | (3,467 | ) | (3,453 | ) | ||||
Less: Net loss attributable to noncontrolling interest | (52 | ) | (89 | ) | ||||
Net loss attributable to Astrotech Corporation | $ | (3,415 | ) | $ | (3,364 | ) | ||
Weighted average common shares outstanding: | ||||||||
Basic | 20,630 | 20,705 | ||||||
Basic net loss per common share: | ||||||||
Net loss attributable to Astrotech Corporation | $ | (0.17 | ) | $ | (0.16 | ) | ||
Other comprehensive income, net of tax: | ||||||||
Available-for-sale securities: | ||||||||
Net unrealized gain (loss) | $ | 41 | $ | (94 | ) | |||
Reclassification adjustment for realized losses | — | 6 | ||||||
Total comprehensive loss | $ | (3,374 | ) | $ | (3,452 | ) |
September 30, 2016 | June 30, 2016 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 3,543 | $ | 4,399 | ||||
Short-term investments | 15,198 | 17,102 | ||||||
Accounts receivable, net of allowance | 1,018 | 156 | ||||||
Costs and estimated revenues in excess of billings | 155 | 451 | ||||||
Inventory, net | 349 | 496 | ||||||
Prepaid expenses and other current assets | 450 | 319 | ||||||
Total current assets | 20,713 | 22,923 | ||||||
Property and equipment, net | 3,245 | 3,392 | ||||||
Long-term investments | 3,545 | 4,208 | ||||||
Total assets | $ | 27,503 | $ | 30,523 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 266 | $ | 237 | ||||
Accrued liabilities and other | 1,402 | 1,563 | ||||||
Total current liabilities | 1,668 | 1,800 | ||||||
Other liabilities | 80 | 96 | ||||||
Total liabilities | 1,748 | 1,896 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity | ||||||||
Preferred stock, no par value, convertible, 2,500,000 shares authorized; no shares issued and outstanding, at September 30, 2016 and June 30, 2016 | — | — | ||||||
Common stock, no par value, 75,000,000 shares authorized; 22,555,247 and 21,811,153 shares issued at September 30, 2016 and June 30, 2016, respectively; 21,179,208 and 20,627,511 shares outstanding at September 30, 2016 and June 30, 2016, respectively | 190,138 | 189,294 | ||||||
Treasury stock, 1,376,039 and 1,183,642 shares at cost at September 30, 2016 and June 30, 2016, respectively | (3,136 | ) | (2,828 | ) | ||||
Additional paid-in capital | 1,437 | 1,419 | ||||||
Accumulated deficit | (162,532 | ) | (159,117 | ) | ||||
Accumulated other comprehensive loss | (60 | ) | (101 | ) | ||||
Equity attributable to stockholders of Astrotech Corporation | 25,847 | 28,667 | ||||||
Noncontrolling interest | (92 | ) | (40 | ) | ||||
Total stockholders’ equity | 25,755 | 28,627 | ||||||
Total liabilities and stockholders’ equity | $ | 27,503 | $ | 30,523 |
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