Washington | 001-34426 | 91-1273737 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
201 West 5th Street, Suite 1275, Austin, Texas | 78701 | |
(Address of principal executive offices) | (Zip Code) |
(Former name or former address, if changed since last report.) |
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)) |
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 September 18, 2017, issued by Astrotech Corporation. | E |
![]() | Astrotech Corporation 201 West 5th Street, Suite 1275 Austin, Texas 78701 o: 512.485.9530 | f: 512.485.9531 www.astrotechcorp.com |
• | Revenue was $2.3 million for the year ended June 30, 2017, reflecting 1st Detect's income from research-based, fixed-price, government-related subcontracts. This is compared to $2.7 million for the year ended June 30, 2016, which included revenue of $0.2 million associated with revenue from a legacy business. |
• | Gross profit was $1.0 million for the year ended June 30, 2017, compared to $0.3 million for the year ended June 30, 2016, due to lower prototype costs. |
• | The July 2016 corporate realignment saved approximately $3.7 million for fiscal year 2017, $0.2 million better than originally anticipated. |
• | Loss from operations was $12.1 million for the year ended June 30, 2017, compared to $13.8 million for the year ended June 30, 2016, reflecting increased gross profit and reduced expenses. |
• | Cash and investments at June 30, 2017 were $15.1 million. |
• | Astrotech Corporation had no debt at June 30, 2017. |
June 30, | ||||||||
2017 | 2016 | |||||||
Revenue | $ | 2,328 | $ | 2,671 | ||||
Cost of revenue | 1,293 | 2,332 | ||||||
Gross profit | 1,035 | 339 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 7,508 | 7,708 | ||||||
Research and development | 5,587 | 6,469 | ||||||
Total operating expenses | 13,095 | 14,177 | ||||||
Loss from operations | (12,060 | ) | (13,838 | ) | ||||
Interest and other income, net | 306 | 379 | ||||||
Loss from operations before income taxes | (11,754 | ) | (13,459 | ) | ||||
Income tax (expense) benefit | (2 | ) | 25 | |||||
Net loss | (11,756 | ) | (13,434 | ) | ||||
Less: Net loss attributable to noncontrolling interest | (174 | ) | (339 | ) | ||||
Net loss attributable to Astrotech Corporation | $ | (11,582 | ) | $ | (13,095 | ) | ||
Weighted average common shares outstanding: | ||||||||
Basic and diluted | 20,418 | 20,388 | ||||||
Basic and diluted net loss per common share: | ||||||||
Net loss attributable to Astrotech Corporation | $ | (0.57 | ) | $ | (0.64 | ) | ||
Other comprehensive loss, net of tax: | ||||||||
Net loss attributable to Astrotech Corporation | $ | (11,582 | ) | $ | (13,095 | ) | ||
Available-for-sale securities | ||||||||
Net unrealized losses, net of zero tax expense | (20 | ) | (92 | ) | ||||
Reclassification adjustment for realized losses included in net loss, net of zero tax expense | 60 | 14 | ||||||
Total comprehensive loss attributable to Astrotech Corporation | $ | (11,542 | ) | $ | (13,173 | ) |
June 30, | |||||||
2017 | 2016 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 2,184 | $ | 4,399 | |||
Short-term investments | 10,900 | 17,102 | |||||
Accounts receivable | 146 | 156 | |||||
Costs and estimated revenues in excess of billings | — | 451 | |||||
Inventory: | |||||||
Raw materials | 109 | 327 | |||||
Work-in-process | 57 | 75 | |||||
Finished goods | — | 94 | |||||
Prepaid expenses and other current assets | 269 | 319 | |||||
Total current assets | 13,665 | 22,923 | |||||
Property and equipment, net | 3,180 | 3,392 | |||||
Long-term investments | 1,990 | 4,208 | |||||
Total assets | $ | 18,835 | $ | 30,523 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 259 | $ | 237 | |||
Payroll related accruals | 907 | 1,000 | |||||
Accrued and other liabilities | 641 | 509 | |||||
Income tax payable | 2 | — | |||||
Total current liabilities | 1,809 | 1,800 | |||||
Other liabilities | 256 | 96 | |||||
Total liabilities | 2,065 | 1,896 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity | |||||||
Preferred stock, no par value, convertible, 2,500,000 shares authorized, no shares issued and outstanding, at June 30, 2017 and June 30, 2016 | — | — | |||||
Common stock, no par value, 75,000,000 shares authorized; 22,542,544 and 21,811,153 shares issued at June 30, 2017 and June 30, 2016, respectively; 20,556,403 and 20,627,511 shares outstanding at June 30, 2017 and June 30, 2016, respectively | 190,382 | 189,294 | |||||
Treasury stock, 1,986,141 and 1,183,642 shares at cost at June 30, 2017 and June 30, 2016, respectively | (4,121 | ) | (2,828 | ) | |||
Additional paid-in capital | 1,483 | 1,419 | |||||
Accumulated deficit | (170,913 | ) | (159,117 | ) | |||
Accumulated other comprehensive loss | (61 | ) | (101 | ) | |||
Equity attributable to stockholders of Astrotech Corporation | 16,770 | 28,667 | |||||
Noncontrolling interest | — | (40 | ) | ||||
Total stockholders’ equity | 16,770 | 28,627 | |||||
Total liabilities and stockholders’ equity | $ | 18,835 | $ | 30,523 |
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