ASTROTECH REPORTS FIRST QUARTER 2014 FINANCIAL RESULTS
GAAP results: net income of $1.3 million (attributable to Astrotech Corporation), on revenue of $6.7 million, or $0.06 per diluted share for the quarter ended September 30, 2013
EBITDA of $1.6 million for the quarter ended September 30, 2013
Astrotech Space Operations (“ASO”), the Company’s core business, supported four missions which launched in the first quarter of 2014: Advanced Extremely High
Frequency – 3 (AEHF-3), Mobile User Objective System – 2 (MUOS-2), Wideband Global
SATCOM – 6 (WGS-6), and a classified mission.
Austin, Texas, November 14, 2013– Astrotech Corporation (NASDAQ: ASTC), a leading provider of commercial aerospace services, today announced financial results for its fiscal year 2014 first quarter ended September 30, 2013.
“Our core satellite processing business, Astrotech Space Operations, performed well this quarter as we benefited from a relatively active launch schedule. We continue to deliver on our commitments to our customers and are very pleased with the performance of our team as we finalize the design and fabrication of the GSE project,” said Thomas B. Pickens III, Chairman and CEO of Astrotech. “While our 18-month rolling backlog reflects the final stages in the completion the GSE project, we remain committed to serving our valued customers in delivering the best satellite processing services in the industry.”
First Quarter Results
The Company posted a first quarter fiscal year 2014 net income of $1.3 million, or $0.06 per diluted share on revenue of $6.7 million compared with a first quarter fiscal year 2013 net loss of $1.4 million, or $(0.07) per diluted share on revenue of $6.1 million.
Update of Ongoing Operations
The Company’s 18-month rolling backlog, which includes contractual backlog, scheduled but uncommitted missions, and the design and fabrication of GSE, was $23.2 million at September 30, 2013. The majority of the revenue at ASO consists of pre-launch satellite processing services, which include hardware launch preparation, advance planning, use of unique satellite preparation facilities and spacecraft checkout, encapsulation, fueling, and transport and design and fabrication of equipment and hardware for space launch activities at our Titusville, Florida and VAFB locations.
Financial Position and Liquidity
Working capital was $6.5 million as of September 30, 2013, which included $4.4 million in cash and cash equivalents and $6.4 million of accounts receivable.