Washington | 001-34426 | 91-1273737 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
201 West 5th Street, Suite 1275, Austin, Texas | 78701 | |||
(Address of Principal Executive Offices) | (Zip Code) |
☐ | Written communication 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 communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
☐ | Pre-commencement communication 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 May 9, 2017 issued by Astrotech Corporation. | E |
• | Explosive Trace Detection (ETD) Program: 1st Detect has teamed with the world’s leading supplier of ETD systems and has completed TSA’s critical design review and the partnership is operating as anticipated. |
• | Patents Granted: 1st Detect was awarded two new U.S. patents: ‘Ionization Within Ion Trap Using Photoionization and Electron Ionization’ on February 14, and ‘Introducing An Analyte Into A Chemical Analyzer’ on March 21. |
• | Website: The 1st Detect website has been redesigned to showcase its technology, applications and products. Please view at www.1stDetect.com. |
• | Revenue was $411 thousand, reflecting 1st Detect’s income from research-based, fixed-price, government-related subcontracts. |
• | Gross profit was $250 thousand, or 61%, for the third quarter of fiscal 2017, compared to a gross loss of $158 thousand, or 81%, for the third quarter of fiscal 2016. |
• | The Company continues to expect the July 2016 corporate realignment to save approximately $3.5 million for the 2017 fiscal year. |
• | Cash and investments at March 31, 2017 were $17.4 million, and there was no debt. |
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenue | $ | 411 | $ | 196 | $ | 1,937 | $ | 1,123 | ||||||||
Cost of revenue | 161 | 354 | 1,211 | 986 | ||||||||||||
Gross profit (loss) | 250 | (158 | ) | 726 | 137 | |||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 1,633 | 1,875 | 5,817 | 5,832 | ||||||||||||
Research and development | 1,561 | 1,903 | 4,107 | 4,493 | ||||||||||||
Total operating expenses | 3,194 | 3,778 | 9,924 | 10,325 | ||||||||||||
Loss from operations | (2,944 | ) | (3,936 | ) | (9,198 | ) | (10,188 | ) | ||||||||
Interest and other expense, net | 99 | 86 | 232 | 279 | ||||||||||||
Loss before income taxes | (2,845 | ) | (3,850 | ) | (8,966 | ) | (9,909 | ) | ||||||||
Income tax (expense) benefit | (2 | ) | 11 | (2 | ) | 9 | ||||||||||
Net loss | (2,847 | ) | (3,839 | ) | (8,968 | ) | (9,900 | ) | ||||||||
Less: Net loss attributable to noncontrolling interest | (47 | ) | (97 | ) | (150 | ) | (268 | ) | ||||||||
Net loss attributable to Astrotech Corporation | $ | (2,800 | ) | $ | (3,742 | ) | $ | (8,818 | ) | $ | (9,632 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic and diluted | 20,164 | 20,636 | 20,474 | 20,681 | ||||||||||||
Basic and diluted net loss per common share: | ||||||||||||||||
Net loss attributable to Astrotech Corporation | $ | (0.14 | ) | $ | (0.18 | ) | $ | (0.43 | ) | $ | (0.47 | ) | ||||
Other comprehensive loss, net of tax: | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||
Net unrealized gain (loss) | $ | 18 | $ | 29 | $ | (21 | ) | $ | (161 | ) | ||||||
Reclassification adjustment for realized losses | — | — | 60 | 14 | ||||||||||||
Total comprehensive loss | $ | (2,782 | ) | $ | (3,713 | ) | $ | (8,779 | ) | $ | (9,779 | ) |
March 31, 2017 | June 30, 2016 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 4,453 | $ | 4,399 | ||||
Short-term investments | 10,798 | 17,102 | ||||||
Accounts receivable, net of allowance | 183 | 156 | ||||||
Costs and estimated revenues in excess of billings | — | 451 | ||||||
Inventory, net | 209 | 496 | ||||||
Prepaid expenses and other current assets | 467 | 319 | ||||||
Total current assets | 16,110 | 22,923 | ||||||
Property and equipment, net | 3,354 | 3,392 | ||||||
Long-term investments | 2,186 | 4,208 | ||||||
Total assets | $ | 21,650 | $ | 30,523 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 273 | $ | 237 | ||||
Accrued liabilities and other | 1,643 | 1,563 | ||||||
Total current liabilities | 1,918 | 1,800 | ||||||
Other liabilities | 282 | 96 | ||||||
Total liabilities | 2,200 | 1,896 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity | ||||||||
Preferred stock, no par value, convertible, 2,500,000 shares authorized; no shares issued and outstanding, at March 31, 2017 and June 30, 2016 | — | — | ||||||
Common stock, no par value, 75,000,000 shares authorized; 22,555,247 and 21,811,153 shares issued at March 31, 2017 and June 30, 2016, respectively; 20,577,356 and 20,627,511 shares outstanding at March 31, 2017 and June 30, 2016, respectively | 190,279 | 189,294 | ||||||
Treasury stock, 1,977,891 and 1,183,642 shares at cost at March 31, 2017 and June 30, 2016, respectively | (4,111 | ) | (2,828 | ) | ||||
Additional paid-in capital | 1,469 | 1,419 | ||||||
Accumulated deficit | (167,935 | ) | (159,117 | ) | ||||
Accumulated other comprehensive loss | (62 | ) | (101 | ) | ||||
Equity attributable to stockholders of Astrotech Corporation | 19,640 | 28,667 | ||||||
Noncontrolling interest | (190 | ) | (40 | ) | ||||
Total stockholders’ equity | 19,450 | 28,627 | ||||||
Total liabilities and stockholders’ equity | $ | 21,650 | $ | 30,523 |
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