Astrotech Corp. (ASTC)

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ASTROTECH REPORTS THIRD QUARTER OF FISCAL YEAR 2019 FINANCIAL RESULTS

Austin, Texas – May 13, 2019 – Astrotech Corporation (NASDAQ: ASTC) reported its financial results for the third quarter of fiscal year 2019 ended March 31, 2019.

The third quarter was pivotal for Astrotech’s 1st Detect subsidiary, having announced on February 21 that it received official European Civil Aviation Conference (ECAC) certification for both passenger and cargo screening.
With a near-zero false alarm rate, a virtually unlimited detection library, and near 100% uptime, the TRACER 1000™ is the only certified explosives trace detector (ETD) that can detect more threats than the extremely limited number detected by current ETDs. We believe these features will accelerate airport passenger security line throughput, significantly enhance passenger and cargo security, and position the TRACER 1000 as a market disruptor in explosives and harmful substance trace detection.
“ECAC certification has led to two successful field trials and in both instances, the state-of-the-art TRACER 1000 outperformed the currently deployed ion mobility spectrometry (IMS) based ETDs. We are excited that these field trials confirm the results we have been seeing in testing,” stated Thomas B. Pickens III, Chairman and CEO of Astrotech.
Following the end of the third quarter, in April 2019, Astrotech completed a $2 million private investment from its Chairman and CEO and another long-term investor.
“This investment is expected to provide the resources toward the goal of transitioning from a devoted R&D company to a manufacturing organization after receiving ECAC certification,” continued Pickens.

Third Quarter Fiscal Year 2019 Financial Highlights
Management continues efforts to optimize our resources while reducing cost and adding financial flexibility.
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Operating expenses decreased 27% through the third quarter of fiscal 2019, compared to the third quarter of fiscal 2018, due to an ongoing emphasis on cost reduction.
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Monthly cash burn for the fiscal year has been reduced to $731 thousand, a 25% reduction from our run rate through the third quarter of fiscal year 2018.
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Astrotech Corporation had no debt at March 31, 2019.

https://www.sec.gov/Archives/edgar/data/1001907/000156459019018861/astc-ex991_6.htm