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) |
(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)) |
99.1 | Press release, dated May 11, 2015, issued by Astrotech Corporation. |
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 11, 2015 issued by Astrotech Corporation. | E |
![]() | Astrotech Corporation 401 Congress, Suite 1650 Austin, Texas 512.485.9530 fax: 512.485.9531 www.astrotechcorp.com |
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue | $ | 12 | $ | 48 | $ | 336 | $ | 130 | ||||||||
Cost of revenue | — | — | 281 | — | ||||||||||||
Gross profit | 12 | 48 | 55 | 130 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 1,681 | 1,432 | 5,653 | 5,007 | ||||||||||||
Research and development | 659 | 645 | 2,335 | 1,800 | ||||||||||||
Total operating expenses | 2,340 | 2,077 | 7,988 | 6,807 | ||||||||||||
Loss from operations | (2,328 | ) | (2,029 | ) | (7,933 | ) | (6,677 | ) | ||||||||
Interest and other income (expense), net | 76 | — | 112 | 9 | ||||||||||||
Loss from continuing operations before income taxes | (2,252 | ) | (2,029 | ) | (7,821 | ) | (6,668 | ) | ||||||||
Income tax benefit (expense) | 894 | (360 | ) | 2,953 | 1,371 | |||||||||||
Loss from continuing operations | (1,358 | ) | (2,389 | ) | (4,868 | ) | (5,297 | ) | ||||||||
Discontinued operations (Note 3) | ||||||||||||||||
Income (loss) from operations of ASO business (including gain from sale of $25.6 million) | — | (1,022 | ) | 26,933 | 1,855 | |||||||||||
Income tax expense | (753 | ) | 358 | (3,315 | ) | (1,379 | ) | |||||||||
Income (loss) on discontinued operations | (753 | ) | (664 | ) | 23,618 | 476 | ||||||||||
Net (loss) income | (2,111 | ) | (3,053 | ) | 18,750 | (4,821 | ) | |||||||||
Less: Net loss attributable to noncontrolling interest | (11 | ) | (216 | ) | (11 | ) | (681 | ) | ||||||||
Net (loss) income attributable to Astrotech Corporation | $ | (2,100 | ) | $ | (2,837 | ) | $ | 18,761 | $ | (4,140 | ) | |||||
Amounts attributable to Astrotech Corporation: | ||||||||||||||||
Loss from continuing operations, net of tax | $ | (1,347 | ) | $ | (2,173 | ) | $ | (4,857 | ) | $ | (4,616 | ) | ||||
Income (loss) from discontinued operations, net of tax | (753 | ) | (664 | ) | 23,618 | 476 | ||||||||||
Net (loss) income attributable to Astrotech Corporation | $ | (2,100 | ) | $ | (2,837 | ) | $ | 18,761 | $ | (4,140 | ) | |||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic and diluted | 19,497 | 19,486 | 19,561 | 19,479 | ||||||||||||
Basic and diluted net income (loss) per common share: | ||||||||||||||||
Net loss attributable to Astrotech Corporation from continuing operations | $ | (0.07 | ) | $ | (0.11 | ) | $ | (0.28 | ) | $ | (0.24 | ) | ||||
Net (loss) income from discontinued operations | (0.04 | ) | (0.03 | ) | 1.21 | 0.02 | ||||||||||
Net (loss) income attributable to Astrotech Corporation | $ | (0.11 | ) | $ | (0.14 | ) | $ | 0.93 | $ | (0.22 | ) |
* | Noncontrolling interest resulted from grants of restricted stock in 1st Detect and Astrogenetix to certain employees, officers and directors. Please refer to the September 30, 2014 10-Q filed with the Securities and Exchange Commission for further detail. |
March 31, 2015 | June 30, 2014 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 6,666 | $ | 3,831 | ||||
Short-term investments | 23,946 | — | ||||||
Accounts receivable, net of allowance | 95 | 59 | ||||||
Income tax receivable | — | — | ||||||
Indemnity receivable | 6,100 | — | ||||||
Prepaid expenses and other current assets | 725 | 389 | ||||||
Discontinued operations – current assets | — | 1,405 | ||||||
Total current assets | 37,532 | 5,684 | ||||||
Property and equipment, net | 2,699 | 1,211 | ||||||
Long-term investments | 9,255 | — | ||||||
Discontinued operations – net of current assets | — | 33,887 | ||||||
Total assets | $ | 49,486 | $ | 40,782 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 462 | $ | 996 | ||||
Accrued liabilities and other | 2,082 | 1,753 | ||||||
Income tax payable | 300 | — | ||||||
Discontinued operations – current liabilities | — | 7,344 | ||||||
Total current liabilities | 2,844 | 10,093 | ||||||
Other liabilities | 114 | 152 | ||||||
Discontinued operations – net of current liabilities | — | 237 | ||||||
Total liabilities | 2,958 | 10,482 | ||||||
Commitments and Contingencies | ||||||||
Stockholders’ equity | ||||||||
Preferred stock, no par value, convertible, 2,500,000 authorized shares; no issued and outstanding shares, at March 31, 2015 and June 30, 2014 | — | — | ||||||
Common stock, no par value, 75,000,000 authorized shares; 20,013,787 and 19,856,454 shares issued at March 31, 2015 and June 30, 2014 | 184,088 | 183,866 | ||||||
Treasury stock, 524,285 and 311,660 at March 31, 2015 and at June 30, 2014, at cost | (775 | ) | (237 | ) | ||||
Additional paid-in capital | 1,087 | 1,671 | ||||||
Accumulated deficit | (138,039 | ) | (156,800 | ) | ||||
Accumulated other comprehensive income | 13 | — | ||||||
Noncontrolling interest | 154 | 1,800 | ||||||
Total stockholders’ equity | 46,528 | 30,300 | ||||||
Total liabilities and stockholders’ equity | $ | 49,486 | $ | 40,782 |
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
EBITDA | $ | (2,160 | ) | $ | (2,414 | ) | $ | 19,724 | $ | (2,881 | ) | |||||
Depreciation & amortization | 92 | 574 | 549 | 1,739 | ||||||||||||
Interest expense | — | 63 | 63 | 193 | ||||||||||||
Income tax (benefit) expense | (141 | ) | 2 | 362 | 8 | |||||||||||
Net (loss) income | (2,111 | ) | (3,053 | ) | 18,750 | (4,821 | ) | |||||||||
Less: Net loss attributable to NCI | (11 | ) | (216 | ) | (11 | ) | (681 | ) | ||||||||
Net (loss) income attributable to ASTC | $ | (2,100 | ) | $ | (2,837 | ) | $ | 18,761 | $ | (4,140 | ) |
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