Astrotech sees widening losses in its 4Q results but gains ground in the explosives detection market
Astrotech Corporation (NASDAQ:ASTC) shares sank after seeing widening losses and a sharp drop in revenue in its fiscal fourth-quarter results.
The aerospace technology company reported a net loss of US$3.26 per share on revenue of US$86mln compared with a net loss of US$2.84 per share on revenue of US$2.32bn in the previous year’s fourth quarter.
Shares of the Austin-based company soared more than 70% by Friday’s closing bell, but its disappointing results sent its shares falling more than 26% to US$4.11 in Monday pre-market trading.
The tech company outlined the milestones it reached regarding its products in the explosives trace detector market, but noted that the approval of the products was not yet set in stone.
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“We believe these three programs represent the airport security and detection industry’s most rigorous technology review programs,” said CEO Thomas B. Pickens III.
“Government and commercial customers throughout the world consider certifications under these programs in their procurement decisions and investment strategies.”
While the company has no debt on its books, its monthly cash burn amounts to US$750,000, a 15% decrease compared to the previous fiscal year.
Astrotech, formerly known as Spacehab Inc, provides commercial aerospace services, including experimentation and equipment services to NASA during the Space Shuttle area.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/205548/astrotech-sees-widening-losses-in-its-4q-results-but-gains-ground-in-the-explosives-detection-market-205548.html
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