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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Astrotech Corporation | NASDAQ:ASTC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.07 | 9.01 | 9.90 | 0 | 12:00:07 |
|
(Mark One)
|
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Washington
|
|
91-1273737
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
Large accelerated filer
¨
|
Accelerated filer
¨
|
Non-accelerated filer
¨
|
Smaller reporting company
þ
|
|
|
(Do not check if a smaller reporting company)
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
June 30,
2016 |
||||
Assets
|
|
|
|
|
|
|
||
Current assets
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
4,932
|
|
|
$
|
4,399
|
|
Short-term investments
|
|
11,181
|
|
|
17,102
|
|
||
Accounts receivable, net of allowance
|
|
751
|
|
|
156
|
|
||
Costs and estimated revenues in excess of billings
|
|
—
|
|
|
451
|
|
||
Inventory, net
|
|
307
|
|
|
496
|
|
||
Prepaid expenses and other current assets
|
|
479
|
|
|
319
|
|
||
Total current assets
|
|
17,650
|
|
|
22,923
|
|
||
Property and equipment, net
|
|
3,289
|
|
|
3,392
|
|
||
Long-term investments
|
|
3,248
|
|
|
4,208
|
|
||
Total assets
|
|
$
|
24,187
|
|
|
$
|
30,523
|
|
|
|
|
|
|
||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
191
|
|
|
$
|
237
|
|
Accrued liabilities and other
|
|
1,735
|
|
|
1,563
|
|
||
Total current liabilities
|
|
1,926
|
|
|
1,800
|
|
||
Other liabilities
|
|
63
|
|
|
96
|
|
||
Total liabilities
|
|
1,989
|
|
|
1,896
|
|
||
|
|
|
|
|
||||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
|
|
|
||
Preferred stock, no par value, convertible, 2,500,000 shares authorized; no shares issued and outstanding, at December 31, 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 December 31, 2016 and June 30, 2016, respectively; 20,577,356 and 20,627,511 shares outstanding at December 31, 2016 and June 30, 2016, respectively
|
|
190,212
|
|
|
189,294
|
|
||
Treasury stock, 1,977,891 and 1,183,642 shares at cost at December 31, 2016 and June 30, 2016, respectively
|
|
(4,111
|
)
|
|
(2,828
|
)
|
||
Additional paid-in capital
|
|
1,455
|
|
|
1,419
|
|
||
Accumulated deficit
|
|
(165,135
|
)
|
|
(159,117
|
)
|
||
Accumulated other comprehensive loss
|
|
(80
|
)
|
|
(101
|
)
|
||
Equity attributable to stockholders of Astrotech Corporation
|
|
22,341
|
|
|
28,667
|
|
||
Noncontrolling interest
|
|
(143
|
)
|
|
(40
|
)
|
||
Total stockholders’ equity
|
|
22,198
|
|
|
28,627
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
24,187
|
|
|
$
|
30,523
|
|
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenue
|
|
$
|
520
|
|
|
$
|
927
|
|
|
$
|
1,526
|
|
|
$
|
927
|
|
Cost of revenue
|
|
319
|
|
|
632
|
|
|
1,050
|
|
|
632
|
|
||||
Gross profit
|
|
201
|
|
|
295
|
|
|
476
|
|
|
295
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
|
1,636
|
|
|
1,671
|
|
|
4,184
|
|
|
3,957
|
|
||||
Research and development
|
|
1,254
|
|
|
1,326
|
|
|
2,546
|
|
|
2,590
|
|
||||
Total operating expenses
|
|
2,890
|
|
|
2,997
|
|
|
6,730
|
|
|
6,547
|
|
||||
Loss from operations
|
|
(2,689
|
)
|
|
(2,702
|
)
|
|
(6,254
|
)
|
|
(6,252
|
)
|
||||
Interest and other expense, net
|
|
35
|
|
|
94
|
|
|
133
|
|
|
193
|
|
||||
Loss before income taxes
|
|
(2,654
|
)
|
|
(2,608
|
)
|
|
(6,121
|
)
|
|
(6,059
|
)
|
||||
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Net loss
|
|
(2,654
|
)
|
|
(2,608
|
)
|
|
(6,121
|
)
|
|
(6,061
|
)
|
||||
Less: Net loss attributable to noncontrolling interest
|
|
(51
|
)
|
|
(82
|
)
|
|
(103
|
)
|
|
(171
|
)
|
||||
Net loss attributable to Astrotech Corporation
|
|
$
|
(2,603
|
)
|
|
$
|
(2,526
|
)
|
|
$
|
(6,018
|
)
|
|
$
|
(5,890
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
|
20,620
|
|
|
20,701
|
|
|
20,626
|
|
|
20,703
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per common share:
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to Astrotech Corporation
|
|
$
|
(0.13
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.28
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
||||||||
Net unrealized loss
|
|
$
|
(80
|
)
|
|
$
|
(96
|
)
|
|
$
|
(39
|
)
|
|
$
|
(190
|
)
|
Reclassification adjustment for realized losses
|
|
60
|
|
|
8
|
|
|
60
|
|
|
14
|
|
||||
Total comprehensive loss
|
|
$
|
(2,623
|
)
|
|
$
|
(2,614
|
)
|
|
$
|
(5,997
|
)
|
|
$
|
(6,066
|
)
|
|
|
Six Months Ended
December 31, |
||||||
|
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||
Net loss
|
|
$
|
(6,121
|
)
|
|
$
|
(6,061
|
)
|
Adjustments to reconcile net loss from operations to net cash used in operating activities:
|
|
|
|
|
|
|
||
Stock-based compensation
|
|
954
|
|
|
249
|
|
||
Amortization
|
|
8
|
|
|
7
|
|
||
Depreciation
|
|
344
|
|
|
242
|
|
||
Net loss on sale of available-for-sale investments
|
|
60
|
|
|
14
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
|
||
Accounts receivable
|
|
(595
|
)
|
|
55
|
|
||
Cost, estimated earnings and billings, net on uncompleted contracts
|
|
451
|
|
|
—
|
|
||
Accounts payable
|
|
(46
|
)
|
|
11
|
|
||
Other assets and liabilities
|
|
168
|
|
|
(1,191
|
)
|
||
Income taxes payable
|
|
—
|
|
|
(190
|
)
|
||
Net cash used in operating activities
|
|
(4,777
|
)
|
|
(6,864
|
)
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Sale of available-for-sale investments
|
|
3,744
|
|
|
4,314
|
|
||
Maturities of held-to-maturity securities
|
|
3,090
|
|
|
3,188
|
|
||
Purchases of property and equipment
|
|
(241
|
)
|
|
(706
|
)
|
||
Net cash provided by investing activities
|
|
6,593
|
|
|
6,796
|
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Payments for purchase of treasury stock
|
|
(1,283
|
)
|
|
(117
|
)
|
||
Net cash used in financing activities
|
|
(1,283
|
)
|
|
(117
|
)
|
||
|
|
|
|
|
||||
Net change in cash and cash equivalents
|
|
533
|
|
|
(185
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
4,399
|
|
|
2,330
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
4,932
|
|
|
$
|
2,145
|
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
|
||||
Cash paid for interest
|
|
$
|
—
|
|
|
$
|
—
|
|
Income taxes paid
|
|
$
|
—
|
|
|
$
|
198
|
|
Available-for-Sale
|
|
December 31, 2016
|
||||||||||||||
(In thousands)
|
|
Adjusted
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
|
Cost
|
|
Gain
|
|
Loss
|
|
Value
|
||||||||
Mutual Funds - Corporate & Government Debt
|
|
$
|
9,105
|
|
|
$
|
—
|
|
|
$
|
(80
|
)
|
|
$
|
9,025
|
|
Total
|
|
$
|
9,105
|
|
|
$
|
—
|
|
|
$
|
(80
|
)
|
|
$
|
9,025
|
|
|
|
June 30, 2016
|
||||||||||||||
|
|
Adjusted
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
|
Cost
|
|
Gain
|
|
Loss
|
|
Value
|
||||||||
Mutual Funds - Corporate & Government Debt
|
|
$
|
12,908
|
|
|
$
|
—
|
|
|
$
|
(101
|
)
|
|
$
|
12,807
|
|
Total
|
|
$
|
12,908
|
|
|
$
|
—
|
|
|
$
|
(101
|
)
|
|
$
|
12,807
|
|
Held-to-Maturity
|
|
December 31, 2016
|
||||||||||||||
(In thousands)
|
|
Carrying
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
|
Value
|
|
Gain
|
|
Loss
|
|
Value
|
||||||||
Fixed Income Bonds
|
|
$
|
3,404
|
|
|
$
|
1
|
|
|
$
|
(12
|
)
|
|
$
|
3,393
|
|
Time Deposits
|
|
2,000
|
|
|
1
|
|
|
—
|
|
|
2,001
|
|
||||
Total
|
|
$
|
5,404
|
|
|
$
|
2
|
|
|
$
|
(12
|
)
|
|
$
|
5,394
|
|
|
|
June 30, 2016
|
||||||||||||||
|
|
Carrying
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
|
Value
|
|
Gain
|
|
Loss
|
|
Value
|
||||||||
Fixed Income Bonds
|
|
$
|
3,513
|
|
|
$
|
11
|
|
|
$
|
(6
|
)
|
|
$
|
3,518
|
|
Time Deposits
|
|
4,990
|
|
|
7
|
|
|
—
|
|
|
4,997
|
|
||||
Total
|
|
$
|
8,503
|
|
|
$
|
18
|
|
|
$
|
(6
|
)
|
|
$
|
8,515
|
|
|
|
Carrying Value
|
||||||||||||||
|
|
Short-Term Investments
|
|
Long-Term Investments
|
||||||||||||
(In thousands)
|
|
December 31, 2016
|
|
June 30, 2016
|
|
December 31, 2016
|
|
June 30, 2016
|
||||||||
Mutual Funds - Corporate & Government Debt
|
|
$
|
9,025
|
|
|
$
|
12,807
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Time deposits
|
|
|
|
|
|
|
|
|
||||||||
Maturities from 1-90 days
|
|
1,002
|
|
|
2,243
|
|
|
—
|
|
|
—
|
|
||||
Maturities from 91-360 days
|
|
199
|
|
|
1,699
|
|
|
—
|
|
|
—
|
|
||||
Maturities over 360 days
|
|
—
|
|
|
—
|
|
|
799
|
|
|
1,048
|
|
||||
Fixed Income Bonds
|
|
|
|
|
|
|
|
|
||||||||
Maturities less than 1 year
|
|
955
|
|
|
353
|
|
|
—
|
|
|
—
|
|
||||
Maturities from 1-3 years
|
|
—
|
|
|
—
|
|
|
2,449
|
|
|
3,160
|
|
||||
Maturities from 3-5 years
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
11,181
|
|
|
$
|
17,102
|
|
|
$
|
3,248
|
|
|
$
|
4,208
|
|
(In thousands)
|
|
December 31, 2016
|
|
June 30, 2016
|
||||
Raw materials
|
|
$
|
194
|
|
|
$
|
327
|
|
Work in process
|
|
57
|
|
|
75
|
|
||
Finished goods
|
|
56
|
|
|
94
|
|
||
Total inventory
|
|
$
|
307
|
|
|
$
|
496
|
|
(In thousands)
|
ASTC Contribution
|
|
Minority Owner Contribution
|
|
ASTC Ownership
|
|||||
Initial investment
|
$
|
1,422
|
|
|
$
|
422
|
|
|
72
|
%
|
Contributions through June 30, 2016
|
4,000
|
|
|
—
|
|
|
92
|
%
|
||
Total Contributions
|
$
|
5,422
|
|
|
$
|
422
|
|
|
|
|
|
Astrotech Corp Stockholders' Equity
|
|
Noncontrolling Interest in Subsidiary
|
|
Total Stockholders' Equity
|
||||||
Balance at June 30, 2016
|
|
$
|
28,667
|
|
|
$
|
(40
|
)
|
|
$
|
28,627
|
|
Stock based compensation
|
|
954
|
|
|
—
|
|
|
954
|
|
|||
Shares repurchases
|
|
(1,283
|
)
|
|
—
|
|
|
(1,283
|
)
|
|||
Net change in available-for-sale securities
|
|
21
|
|
|
—
|
|
|
21
|
|
|||
Net loss attributable to Astrotech Corporation
|
|
(6,018
|
)
|
|
—
|
|
|
(6,018
|
)
|
|||
Net loss attributable to noncontrolling interest
|
|
—
|
|
|
(103
|
)
|
|
(103
|
)
|
|||
Balance at December 31, 2016
|
|
$
|
22,341
|
|
|
$
|
(143
|
)
|
|
$
|
22,198
|
|
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Amounts attributable to Astrotech Corporation, basic and diluted:
|
|
|
|
|
|
|
|
|
||||||||
Loss before income taxes
|
|
$
|
(2,654
|
)
|
|
$
|
(2,608
|
)
|
|
$
|
(6,121
|
)
|
|
$
|
(6,059
|
)
|
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Net loss
|
|
(2,654
|
)
|
|
(2,608
|
)
|
|
(6,121
|
)
|
|
(6,061
|
)
|
||||
Less: Net loss attributable to noncontrolling interest
|
|
(51
|
)
|
|
(82
|
)
|
|
(103
|
)
|
|
(171
|
)
|
||||
Net loss attributable to Astrotech Corporation
|
|
$
|
(2,603
|
)
|
|
$
|
(2,526
|
)
|
|
$
|
(6,018
|
)
|
|
$
|
(5,890
|
)
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Denominator for basic and diluted net loss per share attributable to Astrotech Corporation — weighted average common stock outstanding
|
|
20,620
|
|
|
20,701
|
|
|
20,626
|
|
|
20,703
|
|
||||
Basic and diluted net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||
Net loss attributable to Astrotech Corporation
|
|
$
|
(0.13
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.28
|
)
|
|
|
December 31, 2016
|
||||||||||||||||||
|
|
Carrying
|
|
Fair Value Measured Using
|
|
Fair
|
||||||||||||||
(in thousands)
|
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Value
|
||||||||||
Available-for-Sale Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mutual Funds - Corporate & Government Debt
|
|
$
|
9,025
|
|
|
$
|
9,025
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,025
|
|
Held-to-Maturity Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bonds: 0-1 year
|
|
955
|
|
|
—
|
|
|
954
|
|
|
—
|
|
|
954
|
|
|||||
Bonds: 1-3 years
|
|
2,449
|
|
|
—
|
|
|
2,439
|
|
|
—
|
|
|
2,439
|
|
|||||
Bonds: 3-5 years
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Time deposits: 1-90 days
|
|
1,002
|
|
|
—
|
|
|
1,002
|
|
|
—
|
|
|
1,002
|
|
|||||
Time deposits: 91-360 days
|
|
199
|
|
|
—
|
|
|
199
|
|
|
—
|
|
|
199
|
|
|||||
Time deposits: over 360 days
|
|
799
|
|
|
—
|
|
|
800
|
|
|
—
|
|
|
800
|
|
|||||
Total
|
|
$
|
14,429
|
|
|
$
|
9,025
|
|
|
$
|
5,394
|
|
|
$
|
—
|
|
|
$
|
14,419
|
|
|
|
June 30, 2016
|
||||||||||||||||||
|
|
Carrying
|
|
Fair Value Measured Using
|
|
Fair
|
||||||||||||||
(in thousands)
|
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Value
|
||||||||||
Available-for-Sale Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mutual Funds - Corporate & Government Debt
|
|
$
|
12,807
|
|
|
$
|
12,807
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,807
|
|
Held-to-Maturity Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bonds: 0-1 year
|
|
353
|
|
|
—
|
|
|
352
|
|
|
|
|
352
|
|
||||||
Bonds: 1-3 years
|
|
3,160
|
|
|
—
|
|
|
3,166
|
|
|
—
|
|
|
3,166
|
|
|||||
Bonds: 3-5 years
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Time deposits: 1-90 days
|
|
2,243
|
|
|
—
|
|
|
2,244
|
|
|
—
|
|
|
2,244
|
|
|||||
Time deposits: 91-360 days
|
|
1,699
|
|
|
—
|
|
|
1,703
|
|
|
—
|
|
|
1,703
|
|
|||||
Time deposits: over 360 days
|
|
1,048
|
|
|
—
|
|
|
1,050
|
|
|
—
|
|
|
1,050
|
|
|||||
Total
|
|
$
|
21,310
|
|
|
$
|
12,807
|
|
|
$
|
8,515
|
|
|
$
|
—
|
|
|
$
|
21,322
|
|
(In thousands)
|
|
Accumulated Other Comprehensive Loss
|
||
Unrealized Gain in Mutual Fund Investments
|
|
|
||
Balance at June 30, 2016
|
|
$
|
(101
|
)
|
Current period change in other comprehensive loss before reclassifications
|
|
(39
|
)
|
|
Reclassification to net loss for realized losses
|
|
60
|
|
|
Balance at December 31, 2016
|
|
$
|
(80
|
)
|
|
|
Three Months Ended
December 31, 2016 |
|
Three Months Ended
December 31, 2015 |
||
|
|
Percentage of Total Sales
|
|
Percentage of Total Sales
|
||
Next Generation Chemical Detector Partner
|
|
37
|
%
|
|
74
|
%
|
Department of Homeland Security Science and Technology Directorate Partner
|
|
63
|
%
|
|
—
|
%
|
A Japanese Aerospace Company
|
|
—
|
%
|
|
26
|
%
|
|
|
Six Months Ended
December 31, 2016 |
|
Six Months Ended
December 31, 2015 |
||
|
|
Percentage of Total Sales
|
|
Percentage of Total Sales
|
||
Next Generation Chemical Detector Partner
|
|
53
|
%
|
|
74
|
%
|
Department of Homeland Security Science and Technology Directorate Partner
|
|
47
|
%
|
|
—
|
%
|
A Japanese Aerospace Company
|
|
—
|
%
|
|
26
|
%
|
|
|
December 31, 2016
|
|
June 30, 2016
|
||
|
|
Percentage of Trade A/R
|
|
Percentage of Trade A/R
|
||
Next Generation Chemical Detector Partner
|
|
83
|
%
|
|
—
|
%
|
Department of Homeland Security Science and Technology Directorate Partner
|
|
17
|
%
|
|
100
|
%
|
|
Shares
|
|
Weighted Average
Exercise Price
|
|||
Outstanding at June 30, 2016
|
957,750
|
|
|
$
|
1.18
|
|
Granted
|
220,000
|
|
|
1.67
|
|
|
Exercised
|
—
|
|
|
—
|
|
|
Canceled or expired
|
(8,666
|
)
|
|
3.20
|
|
|
Outstanding at December 31, 2016
|
1,169,084
|
|
|
$
|
1.26
|
|
Range of exercise prices
|
|
Number
Outstanding
|
|
Options
Outstanding
Weighted-
Average
Remaining
Contractual
Life (years)
|
|
Weighted-
Average
Exercise
Price
|
|
Number
Exercisable
|
|
Options
Exercisable
Weighted-
Average
Exercise
Price
|
||||||
$0.32 – 0.71
|
|
432,750
|
|
|
3.64
|
|
$
|
0.60
|
|
|
432,750
|
|
|
$
|
0.60
|
|
$1.20 – 1.67
|
|
650,000
|
|
|
7.89
|
|
1.44
|
|
|
430,000
|
|
|
1.32
|
|
||
$3.20 – 3.20
|
|
86,334
|
|
|
8.27
|
|
3.20
|
|
|
39,003
|
|
|
3.20
|
|
||
$0.32 – 3.20
|
|
1,169,084
|
|
|
6.35
|
|
$
|
1.26
|
|
|
901,753
|
|
|
$
|
1.06
|
|
|
|
Shares
(in thousands) |
|
Weighted
Average Grant-Date Fair Value |
|||
Outstanding at June 30, 2016
|
|
155
|
|
|
$
|
3.15
|
|
Granted
|
|
258
|
|
|
1.73
|
|
|
Vested
|
|
—
|
|
|
—
|
|
|
Canceled or expired
|
|
6
|
|
|
1.66
|
|
|
Outstanding at December 31, 2016
|
|
407
|
|
|
$
|
2.32
|
|
|
|
Three Months Ended
December 31, 2016 |
|
Three Months Ended
December 31, 2015 |
||||||||||||||||||||
|
|
|
||||||||||||||||||||||
Revenue, Depreciation, and Income
(In thousands) |
|
Revenue
|
|
Depreciation
|
|
Loss before Income Taxes
|
|
Revenue
|
|
Depreciation
|
|
Loss before Income Taxes
|
||||||||||||
Astro Scientific
|
|
$
|
520
|
|
|
$
|
93
|
|
|
$
|
(1,976
|
)
|
|
$
|
927
|
|
|
$
|
121
|
|
|
$
|
(1,999
|
)
|
Astral
|
|
—
|
|
|
80
|
|
|
(678
|
)
|
|
—
|
|
|
19
|
|
|
(609
|
)
|
||||||
Total
|
|
$
|
520
|
|
|
$
|
173
|
|
|
$
|
(2,654
|
)
|
|
$
|
927
|
|
|
$
|
140
|
|
|
$
|
(2,608
|
)
|
|
|
Six Months Ended
December 31, 2016 |
|
Six Months Ended
December 31, 2015 |
||||||||||||||||||||
|
|
|
||||||||||||||||||||||
Revenue, Depreciation, and Income
(In thousands) |
|
Revenue
|
|
Depreciation
|
|
Loss before Income Taxes
|
|
Revenue
|
|
Depreciation
|
|
Loss before Income Taxes
|
||||||||||||
Astro Scientific
|
|
$
|
1,526
|
|
|
$
|
184
|
|
|
$
|
(4,762
|
)
|
|
$
|
927
|
|
|
$
|
211
|
|
|
$
|
(4,923
|
)
|
Astral
|
|
—
|
|
|
160
|
|
|
(1,359
|
)
|
|
—
|
|
|
31
|
|
|
(1,136
|
)
|
||||||
Total
|
|
$
|
1,526
|
|
|
$
|
344
|
|
|
$
|
(6,121
|
)
|
|
$
|
927
|
|
|
$
|
242
|
|
|
$
|
(6,059
|
)
|
|
|
December 31, 2016
|
|
June 30, 2016
|
||||||||||||||||||||
Assets (In thousands)
|
|
Fixed Assets, Net
|
|
Total Capital Expenditures (1)
|
|
Total Assets
|
|
Fixed Assets, Net
|
|
Total Capital Expenditures (2)
|
|
Total Assets
|
||||||||||||
Astro Scientific
|
|
$
|
1,186
|
|
|
$
|
224
|
|
|
$
|
22,039
|
|
|
$
|
1,146
|
|
|
$
|
322
|
|
|
$
|
28,125
|
|
Astral
|
|
2,103
|
|
|
17
|
|
|
2,148
|
|
|
2,246
|
|
|
487
|
|
|
2,398
|
|
||||||
Total
|
|
$
|
3,289
|
|
|
$
|
241
|
|
|
$
|
24,187
|
|
|
$
|
3,392
|
|
|
$
|
809
|
|
|
$
|
30,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Total capital expenditures are for the six months ended December 31, 2016.
|
||||||||||||||||||||||||
(2) Total capital expenditures are for the twelve months ended June 30, 2016.
|
•
|
The effect of economic conditions in the United States or other nations that could impact our ability to sell our products and services or gain customers;
|
•
|
Our ability to raise sufficient capital to meet our long- and short-term liquidity requirements;
|
•
|
Our ability to successfully pursue our business plan and execute our strategy;
|
•
|
Whether we will fully realize the economic benefits under our customer contracts;
|
•
|
Technological difficulties and potential legal claims arising from any technological difficulties;
|
•
|
Product demand and market acceptance risks, including our ability to develop and sell products and services to be used by governmental or commercial customers;
|
•
|
Uncertainty in government funding and support for key programs, grant opportunities, or procurements;
|
•
|
The impact of competition on our ability to win new contracts;
|
•
|
Delays in the timing of performance under our contracts; and
|
•
|
Our ability to meet technological development milestones and overcome development challenges.
|
•
|
1
st
Detect Corporation (“1
st
Detect”) is a leading supplier of chemical detection and analysis instrumentation. Our next-generation solutions enable high-performance trace detection of critical threats or compounds of interest to the security and industrial markets using a small, fast, and inexpensive platform.
|
•
|
Astrogenetix, Inc. (“Astrogenetix”) is developing next-generation vaccines and therapeutics using the unique environment of microgravity.
|
•
|
Astral is enabling film restoration, enhancement, and digitization using an automated process that algorithmically removes dust, scratches, and defects to restore it to its original condition. Astral also uses advanced algorithms to convert film or digital content to high-dynamic range (“HDR”). We are facilitating the shift from 2K resolution to ultra-high definition (“UHD”), HDR 4K resolution (“4K”), the format in which the next generation of digital video content will be distributed to the home.
|
•
|
Explosive device detection in airports
- mass spectrometers, like 1
st
Detect’s, function at a level of specificity significantly exceeding the current generation of screening devices in airports, meaning significantly fewer false alarms and a higher probability of threat detection. Our solution also has better resolution, translating into the detection of a broader range of compounds, whereas the current technology is only able to detect a small number of traditional explosives. We recently announced that 1
st
Detect has partnered with an incumbent provider of ion mobility spectrometer instrumentation of the current generation of screening devices in airports, to develop next-generation explosive trace detection (“ETD”) systems for the Department of Homeland Security Science and Technology Directorate (“DHS S&T”) using 1
st
Detect’s breakthrough chemical analyzer technology. Additionally, 1
st
Detect is scheduled to introduce its own private-label, high-performance mass spectrometer that would be offered at the same price as the low-performance ion mobility spectrometers.
|
•
|
Military
- our technology is extremely sensitive, so we believe we can detect chemical warfare agents in much lower concentrations compared to incumbent technologies. The high level of specificity of our instrumentation not only improves detection of traditional threats, but also detects next-generation chemical agents not easily detectable by current instrumentation. 1
st
Detect had joined with a partner and was awarded a competitive prototype contract for the Next Generation Chemical Detector (“NGCD”) program of the Department of Defense’s Joint Program Executive Office for Chemical and Biological Defense (“JPEO-CBD”) to develop our technology for use with the military. Our product was developed to be used for the following purposes:
|
◦
|
Evaluating the presence of chemicals after suspected chemical release incidents;
|
◦
|
Continuously evaluating surface contamination following a chemical release to characterize contamination levels;
|
◦
|
Evaluating the presence of contamination at a sample site; and
|
◦
|
Confirming decontamination of potentially contaminated personnel and equipment.
|
•
|
Food and beverage
- we are also enabling cost-effective real-time, in-situ analysis with mass spectrometry for what we believe to be the first time in food and beverage manufacturing. Not only does our instrumentation provide a full set of information to more thoroughly analyze results when there is a deviation in quality, but we provide objectivity that is not possible with the status quo - human taste testers.
|
•
|
Environmental
- our mass spectrometers are built to continuously operate, monitor, detect, and record any unexpected excursions in the environment, while offering performance comparable to lab-quality instruments. Our solutions offer autonomous monitoring of the environment along the perimeter of manufacturing plants and air quality monitoring at critical infrastructure sites, such as mass transit stations.
|
•
|
Breath analysis
- we have partnered with the University of Texas Health Science Center (“UTHSC”) in the development of a bedside mass spectrometer to analyze human breath in real-time and to detect volatiles emanating from bacteria. Our robust, fast, and sensitive instrument will enable medical professionals to quickly screen with precision that is usually not possible with other slower and sometimes inaccurate alternative solutions that are in use today. Early results of our collaboration with UTHSC are encouraging as we continue to develop and refine our product offering for the breath analysis market segment.
|
|
|
Quarter Ended December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Revenue
|
|
$
|
520
|
|
|
$
|
927
|
|
Cost of revenue
|
|
319
|
|
|
632
|
|
||
Gross profit
|
|
201
|
|
|
295
|
|
||
Gross margin
|
|
39
|
%
|
|
32
|
%
|
||
Operating expenses:
|
|
|
|
|
||||
Selling, general and administrative
|
|
1,636
|
|
|
1,671
|
|
||
Research and development
|
|
1,254
|
|
|
1,326
|
|
||
Total operating expenses
|
|
2,890
|
|
|
2,997
|
|
||
Loss from operations
|
|
(2,689
|
)
|
|
(2,702
|
)
|
||
Interest and other expense, net
|
|
35
|
|
|
94
|
|
||
Income tax expense
|
|
—
|
|
|
—
|
|
||
Net loss
|
|
(2,654
|
)
|
|
(2,608
|
)
|
||
Less: Net loss attributable to noncontrolling interest
|
|
(51
|
)
|
|
(82
|
)
|
||
Net loss attributable to Astrotech Corporation
|
|
$
|
(2,603
|
)
|
|
$
|
(2,526
|
)
|
•
|
Selling, general and administrative expense
decreased
by
$35 thousand
, primarily driven by a reduction in workforce related to 1
st
Detect realignment.
|
•
|
Research and development expense
decreased
$72 thousand
, primarily driven by a reduction in workforce related to 1
st
Detect realignment.
|
|
|
Six Months Ended
December 31, |
||||||
|
|
2016
|
|
2015
|
||||
Revenue
|
|
$
|
1,526
|
|
|
$
|
927
|
|
Cost of revenue
|
|
1,050
|
|
|
632
|
|
||
Gross profit
|
|
476
|
|
|
295
|
|
||
Gross margin
|
|
31
|
%
|
|
32
|
%
|
||
Operating expenses:
|
|
|
|
|
||||
Selling, general and administrative
|
|
4,184
|
|
|
3,957
|
|
||
Research and development
|
|
2,546
|
|
|
2,590
|
|
||
Total operating expenses
|
|
6,730
|
|
|
6,547
|
|
||
Loss from operations
|
|
(6,254
|
)
|
|
(6,252
|
)
|
||
Interest and other expense, net
|
|
133
|
|
|
193
|
|
||
Income tax expense
|
|
—
|
|
|
(2
|
)
|
||
Net loss
|
|
(6,121
|
)
|
|
(6,061
|
)
|
||
Less: Net loss attributable to noncontrolling interest
|
|
(103
|
)
|
|
(171
|
)
|
||
Net loss attributable to Astrotech Corporation
|
|
$
|
(6,018
|
)
|
|
$
|
(5,890
|
)
|
•
|
Selling, general and administrative expense
increased
by
$227 thousand
, primarily driven by an increase in equity compensation granted during the
six months ended December 31, 2016
, partially offset by decreases related to a reduction in workforce.
|
•
|
Research and development expense
decreased
$44 thousand
, primarily driven by a reduction in workforce for the
six months ended December 31, 2016
.
|
|
|
Six Months Ended
December 31, |
||||||||||
|
|
2016
|
|
2015
|
|
change
|
||||||
Cash flows from operations:
|
|
|
|
|
|
|
|
|
|
|||
Net cash used in operating activities
|
|
$
|
(4,777
|
)
|
|
$
|
(6,864
|
)
|
|
$
|
2,087
|
|
Net cash provided by investing activities
|
|
6,593
|
|
|
6,796
|
|
|
(203
|
)
|
|||
Net cash used in financing activities
|
|
(1,283
|
)
|
|
(117
|
)
|
|
(1,166
|
)
|
|||
Net change in cash and cash equivalents
|
|
$
|
533
|
|
|
$
|
(185
|
)
|
|
$
|
718
|
|
Exhibit No.
|
|
Description
|
|
Incorporation by Reference
|
|
|
|
|
|
|
|
10.1
|
|
|
Stock Purchase Agreement, dated December 9, 2016 issued by Astrotech Corporation.
|
|
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed December 13, 2016.
|
|
|
|
|
|
|
31.1
|
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
|
|
Filed herewith.
|
|
|
|
|
|
|
31.2
|
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
|
|
Filed herewith.
|
|
|
|
|
|
|
32.1
|
|
|
Certification pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934.
|
|
Filed herewith.
|
|
|
|
|
|
|
101
|
|
|
The following financial information from the Company’s Quarterly Report on Form 10-Q, for the period ended December 31, 2016, formatted in eXtensible Business Reporting Language: (i) Unaudited Condensed Consolidated Balance Sheets, (ii) Unaudited Condensed Consolidated Statements of Operations, (iii) Unaudited Condensed Consolidated Statements of Cash Flows, (iv) Notes to Unaudited Condensed Consolidated Financial Statements.(1)
|
|
Filed herewith.
|
|
|
Astrotech Corporation
|
|
|
|
|
|
Date: February 13, 2017
|
|
/s/ Eric Stober
|
|
|
|
Eric Stober
|
|
|
|
Chief Financial Officer and Principal Accounting Officer
|
|
1 Year Astrotech Chart |
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