Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Nov. 06, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ASTROTECH Corp | |
Entity Central Index Key | 1,001,907 | |
Trading Symbol | astc | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 20,700,673 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Current assets | ||
Cash and cash equivalents | $ 1,356 | $ 2,330 |
Short-term investments | 21,193 | 23,161 |
Accounts receivable, net of allowance | 221 | 198 |
Inventory | 783 | 509 |
Indemnity receivable | 6,100 | 6,100 |
Prepaid expenses and other current assets | 580 | 296 |
Total current assets | 30,233 | 32,594 |
Property and equipment, net | 3,631 | 3,108 |
Long-term investments | 6,257 | 8,516 |
Total assets | 40,121 | 44,218 |
Current liabilities | ||
Accounts payable | 261 | 398 |
Accrued liabilities and other | 1,501 | 1,801 |
Income tax payable | 0 | 190 |
Total current liabilities | 1,762 | 2,389 |
Other liabilities | 146 | 101 |
Total liabilities | $ 1,908 | $ 2,490 |
Commitments and contingencies (Note 15) | ||
Stockholders’ equity | ||
Preferred stock, no par value, convertible, 2,500,000 authorized shares; no issued and outstanding shares, at September 30, 2015 and June 30, 2015 | $ 0 | $ 0 |
Common stock, no par value, 75,000,000 shares authorized; 21,864,548 shares issued at September 30, 2015 and June 30, 2015; 20,700,673 and 20,743,973 shares outstanding at September 30, 2015 and June 30, 2015, respectively | 189,096 | 189,007 |
Treasury stock, 1,163,875 and 1,120,575 shares at cost at September 30, 2015 and June 30, 2015, respectively | (2,789) | (2,672) |
Additional paid-in capital | 1,193 | 1,139 |
Accumulated deficit | (149,386) | (146,022) |
Accumulated other comprehensive loss | (111) | (23) |
Equity attributable to stockholders of Astrotech Corporation | 38,003 | 41,429 |
Noncontrolling interest | 210 | 299 |
Total stockholders’ equity | 38,213 | 41,728 |
Total liabilities and stockholders’ equity | $ 40,121 | $ 44,218 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2015 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares outstanding (in shares) | 20,700,673 | 20,743,973 |
Common stock, shares issued (in shares) | 21,864,548 | 21,864,548 |
Treasury stock, shares at cost (in shares) | 1,163,875 | 1,120,575 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 320 |
Cost of revenue | 0 | 277 |
Gross profit | 0 | 43 |
Operating expenses: | ||
Selling, general and administrative | 2,286 | 1,960 |
Research and development | 1,264 | 692 |
Total operating expenses | 3,550 | 2,652 |
Loss from operations | (3,550) | (2,609) |
Interest and other expense, net | 99 | 12 |
Loss from continuing operations before income taxes | (3,451) | (2,597) |
Income tax (expense) benefit | (2) | 1,325 |
Loss from continuing operations | (3,453) | (1,272) |
Discontinued operations (Note 3) | ||
Income from discontinued operations | 0 | 1,303 |
Income tax expense | 0 | (2,378) |
Gain on sale of discontinued operations | 0 | 25,630 |
Income from discontinued operations, net of tax | 0 | 24,555 |
Net (loss) income | (3,453) | 23,283 |
Less: Net loss attributable to noncontrolling interest | (89) | 0 |
Net (loss) income attributable to Astrotech Corporation | (3,364) | 23,283 |
Less: Deemed dividend to State of Texas | 0 | (531) |
Net (loss) income attributable to common stockholders | (3,364) | 22,752 |
Amounts attributable to Astrotech Corporation: | ||
Loss from continuing operations, net of tax | (3,364) | (1,272) |
Net (loss) income attributable to Astrotech Corporation | $ (3,364) | $ 23,283 |
Weighted average common shares outstanding: | ||
Basic and diluted (in shares) | 20,705 | 19,548 |
Basic and diluted net income (loss) per common share: | ||
Net loss attributable to Astrotech Corporation from continuing operations (in dollars per share) | $ (0.16) | $ (0.09) |
Net income from discontinued operations (in dollars per share) | 0 | 1.25 |
Net (loss) income attributable to Astrotech Corporation (in dollars per share) | $ (0.16) | $ 1.16 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Net unrealized loss, net of tax benefit of $33 | $ (61) | $ 0 |
Reclassification adjustment for realized losses included in net (loss) income, net of tax of $2 | 4 | 0 |
Total comprehensive (loss) income | $ (3,421) | $ 23,283 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Income Statement [Abstract] | |
Other comprehensive income, tax effect of reclassification adjustment | $ 33 |
Other Comprehensive Income - Tax Effect of reclassication adjustment | $ 2 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (3,453) | $ 23,283 |
Less: Income from discontinued operations | 0 | (24,555) |
Net loss from continuing operations | (3,453) | (1,272) |
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities: | ||
Stock-based compensation | 143 | 1 |
Amortization | 20 | 0 |
Depreciation | 102 | 85 |
Changes in assets and liabilities: | ||
Accounts receivable | (23) | (267) |
Accounts payable | (137) | (778) |
Other assets and liabilities | (800) | (571) |
Income taxes payable | (190) | 1,053 |
Net cash used in operating activities-continuing operations | (4,338) | (1,749) |
Net cash used in operating activities-discontinued operations | 0 | (1,370) |
Net cash used in operating activities | (4,338) | (3,119) |
Cash flows from investing activities: | ||
Sale of available-for-sale investments | 2,625 | 0 |
Maturities of held-to-maturity securities | 1,494 | 0 |
Purchases of property and equipment | (638) | (46) |
Net cash provided by (used in) investing activities-continuing operations | 3,481 | (46) |
Net cash provided by investing activities-discontinued operations | 0 | 52,591 |
Net cash provided by investing activities | 3,481 | 52,545 |
Cash flows from financing activities: | ||
Repayment of State of Texas funding, including deemed dividend | 0 | (2,331) |
Payments for shares bought back | (117) | 0 |
Net cash used in financing activities-continuing operations | (117) | (2,331) |
Net cash used in financing activities-discontinued operations | 0 | (5,655) |
Net cash used in financing activities | (117) | (7,986) |
Net change in cash and cash equivalents | (974) | 41,440 |
Cash and cash equivalents at beginning of period | 2,330 | 3,831 |
Cash and cash equivalents at end of period | 1,356 | 45,271 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 0 | 63 |
Income taxes paid | $ 198 | $ 0 |
General Information
General Information | 3 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information | General Information Description of the Company – Astrotech Corporation (Nasdaq: ASTC) (“Astrotech,” “the Company,” “we,” “us,” or “our”), a Washington corporation organized in 1984, is an Austin, Texas based holding company that leverages management’s entrepreneurial expertise in turnarounds, start-ups, and mergers and acquisitions to commercialize emerging disruptive technologies through its closely held subsidiaries with a focus on adding value for our shareholders. Basis of Presentation – The accompanying unaudited condensed consolidated financial statements have been prepared by Astrotech Corporation in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending June 30, 2016 . These financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2015 . Accounting Pronouncements – In May 2014, the Financial Accounting Standards Board (“FASB”) issued FASB Accounting Standards Update (“ASU”) No. 2014-9, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition . The core principle of ASU 2014-9 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step process to achieve that core principle. ASU 2014-9 requires disclosures enabling users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. ASU 2014-9 was to be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In 2015, the FASB issued ASU 2015-14 which delayed the required adoption date for public entities to periods beginning after December 15, 2017, although early adoption to the original effective date under ASU 2014-9 is permitted. Once implemented, the Company can use one of two retrospective application methods for prior periods. Earlier application is not permitted. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” This ASU requires management to evaluate whether there are conditions or events that raise substantial doubt about the ability of a company to continue as a going concern for one year from the date the financial statements are issued or within one year after the date that the financial statements are available to be issued when applicable. Further, the ASU provides management guidance regarding its responsibility to disclose the ability of a company to continue as a going concern in the notes to the financial statements. This ASU is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The adoption of ASU 2014-15 is not expected to have an impact on our financial statements; we will adopt this ASU in fiscal year 2017. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurements of Inventory.” This ASU requires management to evaluate inventory at the lower of cost and net realizable value. The amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Earlier application is permitted by all entities as of the beginning of an interim or annual reporting period. The Company is in the process of assessing the impact, if any, on its consolidated financial statements. Segment Information – With the sale of the Astrotech Space Operations (“ASO”) business (see Note 3), the Company now operates a single reportable business unit, Astro Scientific (formerly known as Spacetech). Since only one of the Company’s three distinct opportunities has material operations, all financial segment information required by FASB ASC 280 can be found in the consolidated financial statements. Astro Scientific Astro Scientific is a technology incubator designed to commercialize emerging disruptive technologies. This business unit is currently pursuing three distinct opportunities: 1 st Detect 1 st Detect develops, manufactures, and sells chemical analyzers that streamline processes for industrial use in the food and beverage, semiconductor, pharmaceutical, research, and environmental markets as well as for government applications used in explosive and chemical warfare detection for the Department of Homeland Security and the military. Our chemical analyzers can identify chemicals with more accuracy and precision than competing analyzers given their extreme sensitivity and specificity. By leveraging technology initiated by an engagement with the National Aeronautics and Space Administration (“NASA”) to develop a mass spectrometer for the International Space Station (“ISS”), the Company has developed a series of analyzers that enable real time analytics that we believe to be significantly smaller, lighter, faster, and less expensive than competing analyzers. Our product portfolio currently consists of the following products: • MMS-1000™ - the MMS-1000™ is a small, low power desktop analyzer designed for the laboratory market. • OEM-1000 - the OEM-1000 is an original equipment manufacturer (“OEM”) component that is designed to be integrated into customers’ specific packaging and enclosures, and is well suited to be integrated with application specific sampling or separation technology. • iONTRAC - the iONTRAC is a process analyzer utilizing an enhanced version of our core technology, which includes the addition and integration of gas chromatography and continuous 24/7 operational features. Astrogenetix Astrogenetix is a biotechnology company that is applying a fast-track on-orbit discovery platform using the International Space Station to develop vaccines and other therapeutics. NASA has engaged the Center for Vaccine Development at the University of Maryland, one of the leading vaccinology institutions in the world, to aid in the filing of an Investigational New Drug (“IND”) application for Salmonella. NASA is providing much of the necessary funding for this research, meaning little investment is required of Astrogenetix as efforts are concentrated on filing the IND. We have negotiated a Space Act Agreement with NASA for a minimum of twenty-eight additional space flights following the successful filing of the IND application. Astral Images Astral Images (“Astral”) was created to commercialize decades of image research from the laboratories of IBM and Kodak combined with classified satellite technology from government laboratories. Astral sells film-to-digital image enhancement, defect removal and color correction software, and post processing services providing economically feasible conversion of television and feature 35mm and 16mm films to the new 4K ultra-high definition (“UHD”), high-dynamic range (“HDR”) format necessary for the new generation of digital distribution. |
Investments
Investments | 3 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments We use specific identification when determining realized gains and losses on our available-for-sale securities. The following tables summarize unrealized gains and losses related to our investments: Available-for-Sale September 30, 2015 (In thousands) Adjusted Unrealized Unrealized Fair Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 14,619 $ — $ (111 ) $ 14,508 Total $ 14,619 $ — $ (111 ) $ 14,508 For information on the unrealized holding losses on available-for-sale investments reclassified out of accumulated other comprehensive income (loss) into the consolidated statements of income, see “Note 10: Other Comprehensive Income (Loss).” Held-to-Maturity September 30, 2015 (In thousands) Carrying Unrealized Unrealized Fair Value Gain Loss Value Fixed Income Bonds $ 3,515 $ — $ (26 ) $ 3,489 Time Deposits 9,427 10 (7 ) 9,430 Total $ 12,942 $ 10 $ (33 ) $ 12,919 There were no investments at September 30, 2014 . We have certain financial instruments on our condensed consolidated balance sheet related to interest bearing time deposits and fixed income bonds. These held-to-maturity time deposits are included in “Short-term investments” if the maturities at the end of the reporting period were 360 days or less or “Long-term investments” if the maturities at the end of the reporting period were over 360 days. Fixed income bonds, maturing over the next one to four years, are comprised of investments in various corporations with ratings of BBB- or better. Carrying Value Short-Term Investments Long-Term Investments (In thousands) September 30, 2015 June 30, 2015 September 30, 2015 June 30, 2015 Mutual Funds - Corporate & Government Debt $ 14,508 $ 17,227 $ — $ — Time deposits Maturities from 1-90 days 950 1,496 — — Maturities from 91-360 days 5,735 4,438 — — Maturities over 360 days — — 2,742 4,990 Fixed Income Bonds Maturities from 1-3 years — — 2,427 2,073 Maturities from 3-5 years — — 1,088 1,453 Total $ 21,193 $ 23,161 $ 6,257 $ 8,516 |
Discontinued Operations & Gain
Discontinued Operations & Gain on the Sale of the ASO Business Unit | 3 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations & Gain on the Sale of the ASO Business Unit | Discontinued Operations & Gain on the Sale of the ASO Business Unit In August 2014, the Company completed the previously announced sale of substantially all of its assets used in the Company’s former ASO business unit (the “Asset Sale”) to Lockheed Martin Corporation (“the Buyer”) for an agreed upon sales price of $61.0 million , less a working capital adjustment. The sales price was $59.3 million , which includes a working capital adjustment of $1.7 million . As of September 30, 2015 , the Company has received cash of $53.2 million and has recorded a receivable of $6.1 million for the indemnity holdback. The indemnity holdback is being held in escrow under the terms of an escrow agreement until February 2016 (the 18-month anniversary of the consummation of the transaction). The Company believes it will fully realize the indemnity holdback in February 2016. The ASO business consisted of (i) ownership, operation, and maintenance of spacecraft processing facilities in Titusville, Florida and Vandenberg Air Force Base, California (“VAFB”); (ii) supporting government and commercial customers processing complex communication, earth observation, and deep space satellite launches; (iii) designing and building spacecraft processing equipment and facilities; and (iv) providing propellant services including designing, building, and testing propellant service equipment for fueling spacecraft. Additionally, as part of the Asset Sale, the Company used a portion of the proceeds to pay off the outstanding balance of its term loan of $5.7 million , which was secured by certain assets of the ASO business. As such, 100% of the interest expense on the debt was allocated to discontinued operations in the amount of $0 and $62 thousand for the three months ended September 30, 2015 and 2014 , respectively. The sale of our former ASO business, which was previously reported within our former ASO business unit segment, resulted in a pre-tax gain of $25.4 million ( $20.6 million after-tax) for the year ended June 30, 2015. The pre-tax gain on this sale reflects the excess of the sum of the cash proceeds received over the net book value of the net assets of the Company’s former ASO business. The total pre-tax gain on the sale for the year ended June 30, 2015, includes the following (in thousands): Cash proceeds from the sale of the ASO business $ 53,189 Receivable for indemnity holdback 6,100 Liabilities assumed by the Buyer 2,478 Net book value of assets sold (36,175 ) Other (156 ) Gain on sale of our former ASO business $ 25,436 The Company and the Buyer entered into a transition services agreement to which the Company and the Buyer agreed to provide the other party with certain services, including, among others, services related to benefits, human resources and payroll administration, cash management, financial statements, and compliance, each of a type currently provided by or for the Company or our former ASO business unit prior to the Asset Sale. Pursuant to the transition services agreement, the Company agreed to provide services to the Buyer for a period of up to one year , and the Buyer agreed to provide services to the Company for a period of up to six months . Each party had the option to extend the term of the services provided by the other party for a period of one year . No such extension was executed by either party. While we are a party to the transition services agreement, we have determined that the continuing cash flows generated by this agreement did not constitute significant continuing involvement in the operations of our former ASO business. As such, the operating results and cash flows related to our former ASO business have been separately reflected as discontinued operations for the three months ended September 30, 2014 . The following table provides a reconciliation of the major components of income of our former ASO business to the amounts reported in the condensed consolidated statements of operations (in thousands): Three Months Ended 2015 2014 Major line items constituting income of discontinued operations Revenue $ — $ 2,807 Cost of revenue — (1,313 ) Selling, general and administrative — (128 ) Other expense, net — (63 ) Gain on sale of discontinued operations (1) — 25,630 Income tax expense — (2,378 ) Gain on discontinued operations $ — $ 24,555 1. An adjustment of $194 thousand was made during the last quarter of fiscal year 2015. |
Receivables - Indemnity Holdbac
Receivables - Indemnity Holdback Related to the Asset Sale | 3 Months Ended |
Sep. 30, 2015 | |
Working Capital And Indemnity Holdback Related To Asset Sale Receivable [Abstract] | |
Receivables - Indemnity Holdback Related to the Asset Sale | Receivables – Indemnity Holdback Related to the Asset Sale In August 2014, the Company completed the Asset Sale. The net purchase price was $59.3 million , which included a working capital adjustment of $1.7 million . As of September 30, 2015 , the Company received cash of $53.2 million and recorded a receivable of $6.1 million for the indemnity holdback. As of the date of this quarterly report on Form 10-Q, no claims have been asserted against the indemnity holdback. The indemnity holdback amount, minus any amounts previously released in respect of indemnity claims or held back with respect to pending claims, will be released within three days after the 18 th month anniversary of the closing of the Asset Sale pursuant to the terms of an escrow agreement. |
Noncontrolling Interest
Noncontrolling Interest | 3 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest During the third quarter of 2015, Astral Images was created in conjunction with a noncontrolling interest, resulting in Astrotech owning 72% of Astral. The Company applies noncontrolling interest accounting, which requires us to clearly identify the noncontrolling interest in the condensed consolidated balance sheets and condensed consolidated statements of operations. We disclose three measures of net income (loss): net income (loss), net (loss) attributable to noncontrolling interest, and net income (loss) attributable to Astrotech Corporation. Our operating cash flows in our condensed consolidated statements of cash flows reflect net income (loss) while our basic and diluted net income (loss) per share calculations reflect net income (loss) attributable to Astrotech Corporation. On August 28, 2014, we repaid the State of Texas Emerging Technology Fund $2.3 million to settle their $1.8 million interest in 1 st Detect (see Note 12 for more information). The following table breaks down the changes in Stockholders’ Equity in the first quarter of fiscal year 2016 (in thousands): Astrotech Corp Stockholders' Equity Noncontrolling Interest in Subsidiary Total Stockholders' Equity Balance at June 30, 2015 $ 41,429 $ 299 $ 41,728 Stock based compensation 143 — 143 Share repurchases (117 ) — (117 ) Net change in available-for-sale securities (88 ) — (88 ) Net income attributable to Astrotech Corporation (3,364 ) — (3,364 ) Net loss attributable to noncontrolling interest — (89 ) (89 ) Balance at September 30, 2015 $ 38,003 $ 210 $ 38,213 |
Net Income (Loss) per Share
Net Income (Loss) per Share | 3 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Net Income (Loss) per Share Basic net income (loss) per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method and the if-converted method. Dilutive potential common shares include outstanding stock options and share-based awards. The following table reconciles the numerators and denominators used in the computations of both basic and diluted net income (loss) per share (in thousands, except per share data): Three Months Ended 2015 2014 Numerator: Amounts attributable to Astrotech Corporation, basic and diluted: Loss from continuing operations before income taxes $ (3,451 ) $ (2,597 ) Income tax (expense) benefit (2 ) 1,325 Loss from continuing operations, net of tax (3,453 ) (1,272 ) Less: Net loss attributable to noncontrolling interest (89 ) — Income from discontinued operations, net of tax — 24,555 Net (loss) income attributable to Astrotech Corporation (3,364 ) 23,283 Less: State of Texas deemed dividend (Note 12) — 531 Net (loss) income attributable to Astrotech Corporation applicable to common shareholders $ (3,364 ) $ 22,752 Denominator: Denominator for basic and diluted net income (loss) per share attributable to Astrotech Corporation — weighted average common stock outstanding 20,705 19,548 Basic and diluted net income (loss) per common share: Net loss attributable to Astrotech Corporation from continuing operations $ (0.16 ) $ (0.09 ) Net income from discontinued operations — 1.25 Net (loss) income attributable to Astrotech Corporation applicable to common shareholders $ (0.16 ) $ 1.16 Options to purchase 1,117,750 shares of common stock at exercise prices ranging from $0.32 to $3.20 per share outstanding for the three months ended September 30, 2015 were not included in diluted net loss per share, as the inclusion of the potential common shares would have had an anti-dilutive effect on the loss from continuing operations. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Sep. 30, 2015 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition Astrotech recognizes revenue employing several generally accepted revenue recognition methodologies. The methodology used is based on contract type and the manner in which products and services are provided. Revenue is recognized when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when pervasive evidence of an arrangement exists, delivery has occurred or services have been provided, and collectability is reasonably assured. |
Debt
Debt | 3 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt In October 2010, our former ASO business entered into a financing facility with a commercial bank providing a $7.0 million term loan and a $3.0 million revolving credit facility. The $7.0 million term loan was to terminate in October 2015 and the $3.0 million revolving credit facility expired in October 2012 . The bank financing facilities were secured by the assets of our former ASO business, including accounts receivable, and required us to comply with designated covenants. On August 22, 2014, the Company used a portion of the proceeds from the Asset Sale to pay off the outstanding balance of its term loan of $5.7 million which is reported in the statement of cash flows as discontinued operations. The Company has no outstanding debt as of September 30, 2015 . |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The accounting standard for fair value measurements defines fair value, establishes a market-based framework or hierarchy for measuring fair value, and expands disclosures about fair value measurements. The standard is applicable whenever assets and liabilities are measured and included in the financial statements at fair value. The fair value hierarchy established in the standard prioritizes the inputs used in valuation techniques into three levels as follows: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. The following table presents the carrying amounts, estimated fair values, and valuation input levels of certain financial instruments as of September 30, 2015 and June 30, 2015 : September 30, 2015 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 $ 14,508 $ 14,508 $ — $ — $ 14,508 Held-to-Maturity Securities Bonds: 1-3 years 2,427 — 2,410 — 2,410 Bonds: 3-5 years 1,088 — 1,079 — 1,079 Time deposits: 1-90 days 950 — 949 — 949 Time deposits: 91-360 days 5,735 — 5,740 — 5,740 Time deposits: over 360 days 2,742 — 2,741 — 2,741 Total $ 27,450 $ 14,508 $ 12,919 $ — $ 27,427 June 30, 2015 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 $ 17,227 $ 17,227 $ — $ — $ 17,227 Held-to-Maturity Securities Bonds: 1-3 years 2,073 — 2,057 — 2,057 Bonds: 3-5 years 1,453 — 1,438 — 1,438 Time deposits: 1-90 days 1,496 — 1,496 — 1,496 Time deposits: 91-360 days 4,438 — 4,440 — 4,440 Time deposits: over 360 days 4,990 — 4,993 — 4,993 Total $ 31,677 $ 17,227 $ 14,424 $ — $ 31,651 The value of our available-for-sale investments is based on pricing from third party pricing vendors, who may use quoted prices in active markets for identical assets (Level 1 inputs). Our held-to-maturity investments are recorded at amortized costs, as management’s intent is to hold such investments until maturity. The fair value of our held-to-maturity investments with maturities less than 90 days is considered the amortized value; the fair value measurements used for bonds and time deposits with maturities greater than 90 days is considered Level 2 and uses pricing from third party pricing vendors who use quoted prices for identical or similar securities in both active and inactive markets. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Changes in the balances of each component included in accumulated other comprehensive income (loss) (“accumulated OCI”) for the three months ended September 30, 2015 , are presented below. The amounts below are pre-tax. (In thousands) Accumulated Other Comprehensive Income (Loss) Unrealized Gain in Mutual Fund Investments Balance at June 30, 2015 $ (23 ) Current period change in other comprehensive income (loss) before reclassifications (94 ) Reclassification to net (loss) income for realized losses 6 Balance at September 30, 2015 $ (111 ) |
Business Risk and Credit Risk C
Business Risk and Credit Risk Concentration Involving Cash | 3 Months Ended |
Sep. 30, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Business Risk and Credit Risk Concentration Involving Cash | Business Risk and Credit Risk Concentration Involving Cash All of the Company’s revenue during the previous fiscal year came from one customer. The Company maintains funds in bank accounts that may exceed the limit insured by the Federal Deposit Insurance Corporation (“FDIC”) of $250,000 per depositor. The risk of loss attributable to these uninsured balances is mitigated by depositing funds in what we believe to be high credit quality financial institutions. The Company has not experienced any losses in such accounts. |
State of Texas Funding
State of Texas Funding | 3 Months Ended |
Sep. 30, 2015 | |
State Of Texas Funding [Abstract] | |
State of Texas Funding | State of Texas Funding In March 2010, the Texas Emerging Technology Fund awarded 1 st Detect $1.8 million for the development and marketing of the Miniature Chemical Detector, a portable mass spectrometer designed to provide mass spectrometry analytics in real time for explosive device detection in airports and the battlefield, industrial quality and process control, environmental field applications, and laboratory research. In exchange for the award, 1 st Detect granted a common stock purchase right and a note payable to the State of Texas. The economic substance of the transaction was that the State of Texas had purchased shares of 1 st Detect in exchange for the granted award. The note, which was treated economically as purchased shares and reflected in the equity section of the condensed consolidated balance sheet, equaled the disbursements to 1 st Detect to date and accrued interest at 8% per year. On August 28, 2014, 1 st Detect settled the funding and common stock repurchase right with a payment of $2.3 million . The Company has accounted for the difference between the $2.3 million paid and the $1.8 million received as a deemed dividend in its calculation of earnings per share. |
Common Stock Incentive, Stock P
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans | 3 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans | Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans Stock Option Activity Summary The Company’s stock option activity for three months ended September 30, 2015 was as follows: Shares (in thousands) Weighted Average Exercise Price Outstanding at June 30, 2015 1,128 $ 1.53 Granted — — Exercised — — Canceled or expired (10 ) 0.45 Outstanding at September 30, 2015 1,118 $ 1.54 The aggregate fair value of options exercisable at September 30, 2015 was $0.5 million as the fair value of the Company’s common stock is more than the exercise prices of these options. The aggregate fair value of all options outstanding at September 30, 2015 was $0.9 million . The table below details the Company’s stock options outstanding as of September 30, 2015 : 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 – 0.71 438,750 4.91 $ 0.60 438,750 $ 0.60 $1.20 – 2.60 570,000 8.10 1.94 282,500 1.20 $3.20 – 3.20 109,000 9.52 3.20 — — $0.32 – 3.20 1,117,750 6.57 $ 1.54 721,250 $ 0.83 Compensation costs recognized related to stock option awards were $54 thousand and $0 for the three months ended September 30, 2015 and 2014 , respectively. There were no options granted during the three months ended September 30, 2015 and 2014 . Restricted Stock No restricted stock was granted, vested, canceled, or expired during the three months ended September 30, 2015 . Stock compensation expense related to restricted stock was $89 thousand and $1 thousand for the three months ended September 30, 2015 and 2014 , respectively. Treasury Stock On December 12, 2014, the Board of Directors amended the stock repurchase program to allow for the repurchase of up to $5 million more treasury shares until December 31, 2015. During the three months ended September 30, 2015 , the Company repurchased 43 thousand shares at a cost of $117 thousand . As of September 30, 2015 we have repurchased 1.2 million shares at a cost of $2.8 million . There were no stock repurchases during the three months ended September 30, 2014 . |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are more likely than not to be realized. As of September 30, 2015 , the Company established a full valuation allowance against all of its net deferred tax assets. To the extent that a loss from continuing operations can be utilized to offset the income otherwise resulting from discontinued operations, it has been recognized as a tax benefit from continuing operations. To the extent that a loss or credit carryover can be utilized to offset the income from discontinued operations, it has been recognized as a tax benefit from discontinued operations. For the three months ended September 30, 2015 and 2014 , the Company incurred pre-tax losses from continuing operations in the amount of $3.5 million and $2.6 million , respectively. The total effective tax rate for continuing operations was approximately 0% and 51% for the three months ended September 30, 2015 and 2014 , respectively. For the three months ended September 30, 2015 and 2014 , the Company’s effective tax rate differed from the federal statutory rate of 35% , primarily due to recording changes to the valuation allowance placed against its net deferred tax assets. FASB ASC 740, Income Taxes (“FASB ASC 740”) addresses the accounting for uncertainty in income tax recognized in an entity’s financial statements and prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken on a tax return. The Company has an unrecognized tax benefit of $0.1 million for the three months ended September 30, 2015 and 2014 . Loss carryovers are generally subject to modification by tax authorities until three years after they have been utilized; as such, the Company is subject to examination for the fiscal years ended 2000 through present for federal purposes and fiscal years ended 2006 through present for state purposes. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to various lawsuits and other claims in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. The Company establishes reserves for the estimated losses on specific contingent liabilities, for regulatory and legal actions where the Company deems a loss to be probable and the amount of the loss can be reasonably estimated. In other instances, the Company is not able to make a reasonable estimate of liability because of the uncertainties related to the outcome or the amount or range of potential loss. Litigation, Investigations and Audits – We are not party to, nor are our properties the subject of, any material pending legal proceedings, other than as set forth below: Astrotech was previously named as a party to a suit filed in the Circuit Court of the Eighteenth Judicial Circuit for Brevard County, Florida. This is an action for foreclosure of certain real estate and for debt. The Company was named as a party because it held an inferior lien against the property at issue and had to be named in the foreclosure action. No monetary relief was requested from Astrotech. In July 2014, the Company received a lump sum payment of $50 thousand , less legal fees, along with a release of liability in exchange for a release of its inferior mortgage. In October 2014, the underlying lawsuit was voluntarily dismissed and the case was closed. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of available-for-sale securities | The following tables summarize unrealized gains and losses related to our investments: Available-for-Sale September 30, 2015 (In thousands) Adjusted Unrealized Unrealized Fair Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 14,619 $ — $ (111 ) $ 14,508 Total $ 14,619 $ — $ (111 ) $ 14,508 |
Schedule of held-to-maturity securities | Held-to-Maturity September 30, 2015 (In thousands) Carrying Unrealized Unrealized Fair Value Gain Loss Value Fixed Income Bonds $ 3,515 $ — $ (26 ) $ 3,489 Time Deposits 9,427 10 (7 ) 9,430 Total $ 12,942 $ 10 $ (33 ) $ 12,919 Carrying Value Short-Term Investments Long-Term Investments (In thousands) September 30, 2015 June 30, 2015 September 30, 2015 June 30, 2015 Mutual Funds - Corporate & Government Debt $ 14,508 $ 17,227 $ — $ — Time deposits Maturities from 1-90 days 950 1,496 — — Maturities from 91-360 days 5,735 4,438 — — Maturities over 360 days — — 2,742 4,990 Fixed Income Bonds Maturities from 1-3 years — — 2,427 2,073 Maturities from 3-5 years — — 1,088 1,453 Total $ 21,193 $ 23,161 $ 6,257 $ 8,516 |
Discontinued Operations & Gai23
Discontinued Operations & Gain on the Sale of the ASO Business Unit (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of disposed of major amounts reported in consolidated statements of operation | The following table provides a reconciliation of the major components of income of our former ASO business to the amounts reported in the condensed consolidated statements of operations (in thousands): Three Months Ended 2015 2014 Major line items constituting income of discontinued operations Revenue $ — $ 2,807 Cost of revenue — (1,313 ) Selling, general and administrative — (128 ) Other expense, net — (63 ) Gain on sale of discontinued operations (1) — 25,630 Income tax expense — (2,378 ) Gain on discontinued operations $ — $ 24,555 1. An adjustment of $194 thousand was made during the last quarter of fiscal year 2015. The total pre-tax gain on the sale for the year ended June 30, 2015, includes the following (in thousands): Cash proceeds from the sale of the ASO business $ 53,189 Receivable for indemnity holdback 6,100 Liabilities assumed by the Buyer 2,478 Net book value of assets sold (36,175 ) Other (156 ) Gain on sale of our former ASO business $ 25,436 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Schedule of changes in stockholders equity | The following table breaks down the changes in Stockholders’ Equity in the first quarter of fiscal year 2016 (in thousands): Astrotech Corp Stockholders' Equity Noncontrolling Interest in Subsidiary Total Stockholders' Equity Balance at June 30, 2015 $ 41,429 $ 299 $ 41,728 Stock based compensation 143 — 143 Share repurchases (117 ) — (117 ) Net change in available-for-sale securities (88 ) — (88 ) Net income attributable to Astrotech Corporation (3,364 ) — (3,364 ) Net loss attributable to noncontrolling interest — (89 ) (89 ) Balance at September 30, 2015 $ 38,003 $ 210 $ 38,213 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share basic and diluted | The following table reconciles the numerators and denominators used in the computations of both basic and diluted net income (loss) per share (in thousands, except per share data): Three Months Ended 2015 2014 Numerator: Amounts attributable to Astrotech Corporation, basic and diluted: Loss from continuing operations before income taxes $ (3,451 ) $ (2,597 ) Income tax (expense) benefit (2 ) 1,325 Loss from continuing operations, net of tax (3,453 ) (1,272 ) Less: Net loss attributable to noncontrolling interest (89 ) — Income from discontinued operations, net of tax — 24,555 Net (loss) income attributable to Astrotech Corporation (3,364 ) 23,283 Less: State of Texas deemed dividend (Note 12) — 531 Net (loss) income attributable to Astrotech Corporation applicable to common shareholders $ (3,364 ) $ 22,752 Denominator: Denominator for basic and diluted net income (loss) per share attributable to Astrotech Corporation — weighted average common stock outstanding 20,705 19,548 Basic and diluted net income (loss) per common share: Net loss attributable to Astrotech Corporation from continuing operations $ (0.16 ) $ (0.09 ) Net income from discontinued operations — 1.25 Net (loss) income attributable to Astrotech Corporation applicable to common shareholders $ (0.16 ) $ 1.16 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of financial instruments | The following table presents the carrying amounts, estimated fair values, and valuation input levels of certain financial instruments as of September 30, 2015 and June 30, 2015 : September 30, 2015 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 $ 14,508 $ 14,508 $ — $ — $ 14,508 Held-to-Maturity Securities Bonds: 1-3 years 2,427 — 2,410 — 2,410 Bonds: 3-5 years 1,088 — 1,079 — 1,079 Time deposits: 1-90 days 950 — 949 — 949 Time deposits: 91-360 days 5,735 — 5,740 — 5,740 Time deposits: over 360 days 2,742 — 2,741 — 2,741 Total $ 27,450 $ 14,508 $ 12,919 $ — $ 27,427 June 30, 2015 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 $ 17,227 $ 17,227 $ — $ — $ 17,227 Held-to-Maturity Securities Bonds: 1-3 years 2,073 — 2,057 — 2,057 Bonds: 3-5 years 1,453 — 1,438 — 1,438 Time deposits: 1-90 days 1,496 — 1,496 — 1,496 Time deposits: 91-360 days 4,438 — 4,440 — 4,440 Time deposits: over 360 days 4,990 — 4,993 — 4,993 Total $ 31,677 $ 17,227 $ 14,424 $ — $ 31,651 |
Other Comprehensive Income (L27
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | (In thousands) Accumulated Other Comprehensive Income (Loss) Unrealized Gain in Mutual Fund Investments Balance at June 30, 2015 $ (23 ) Current period change in other comprehensive income (loss) before reclassifications (94 ) Reclassification to net (loss) income for realized losses 6 Balance at September 30, 2015 $ (111 ) |
Common Stock Incentive, Stock28
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock option activity | The Company’s stock option activity for three months ended September 30, 2015 was as follows: Shares (in thousands) Weighted Average Exercise Price Outstanding at June 30, 2015 1,128 $ 1.53 Granted — — Exercised — — Canceled or expired (10 ) 0.45 Outstanding at September 30, 2015 1,118 $ 1.54 |
Schedule of stock options by exercise price | The table below details the Company’s stock options outstanding as of September 30, 2015 : 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 – 0.71 438,750 4.91 $ 0.60 438,750 $ 0.60 $1.20 – 2.60 570,000 8.10 1.94 282,500 1.20 $3.20 – 3.20 109,000 9.52 3.20 — — $0.32 – 3.20 1,117,750 6.57 $ 1.54 721,250 $ 0.83 |
General Information (Detail Tex
General Information (Detail Textuals) | 3 Months Ended |
Sep. 30, 2015Shuttle_Mission | |
Astrogenetix | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Minimum number of space flights negotiated | 28 |
Investments - Available for Sal
Investments - Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 |
Available-for-sale Securities [Abstract] | |||
Adjusted Cost | $ 14,619 | ||
Unrealized Gain | 0 | ||
Unrealized Loss | (111) | ||
Fair Value | 14,508 | ||
Held-to-maturity Securities [Abstract] | |||
Carrying Value | 12,942 | $ 0 | |
Unrealized Gain | 10 | ||
Unrealized Loss | (33) | ||
Fair Value | 12,919 | ||
Mutual Funds - Corporate & Government Debt | |||
Available-for-sale Securities [Abstract] | |||
Adjusted Cost | 14,619 | ||
Unrealized Gain | 0 | ||
Unrealized Loss | (111) | ||
Fair Value | 14,508 | $ 17,227 | |
Fixed Income Bonds | |||
Held-to-maturity Securities [Abstract] | |||
Carrying Value | 3,515 | ||
Unrealized Gain | 0 | ||
Unrealized Loss | (26) | ||
Fair Value | 3,489 | ||
Time Deposits | |||
Held-to-maturity Securities [Abstract] | |||
Carrying Value | 9,427 | ||
Unrealized Gain | 10 | ||
Unrealized Loss | (7) | ||
Fair Value | $ 9,430 |
Investments - Carrying Value (D
Investments - Carrying Value (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | |||
Available-for-sale securities, current | $ 14,508 | ||
Held-to-maturity securities, maturities from 1-90 days | 950 | $ 1,496 | |
Held-to-maturity securities, maturities from 91-360 days | 5,735 | 4,438 | |
Held-to-maturity securities, maturities over 360 days | 2,742 | 4,990 | |
Held-to-maturity securities, remaining maturities from 1-3 years | 2,427 | 2,073 | |
Held-to-maturity securities, remaining maturities from 3-5 years | 1,088 | 1,453 | |
Held-to-maturity securities | 12,942 | $ 0 | |
Short-Term Investments | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Total available-for-sale and held-to-maturity securities | 21,193 | 23,161 | |
Long-Term Investments | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | 6,257 | 8,516 | |
Mutual Funds - Corporate & Government Debt | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Available-for-sale securities, current | 14,508 | 17,227 | |
Time Deposits | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | 9,427 | ||
Time Deposits | Short-Term Investments | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, maturities from 1-90 days | 1,496 | ||
Held-to-maturity securities, maturities from 91-360 days | 4,438 | ||
Time Deposits | Long-Term Investments | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, maturities over 360 days | 4,990 | ||
Fixed Income Bonds | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | $ 3,515 | ||
Fixed Income Bonds | Long-Term Investments | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, remaining maturities from 1-3 years | 2,073 | ||
Held-to-maturity securities, remaining maturities from 3-5 years | $ 1,453 |
Discontinued Operations & Gai32
Discontinued Operations & Gain on the Sale of the ASO Business Unit (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Receivable for indemnity holdback | $ 6,100 | $ 6,100 | |
Astrotech Space Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash proceeds from the sale of the ASO business | 53,200 | 53,189 | |
Receivable for indemnity holdback | 6,100 | 6,100 | |
Liabilities assumed by the Buyer | 2,478 | ||
Net book value of assets sold | (36,175) | ||
Other | (156) | ||
Gain on sale of our former ASO business | $ 0 | $ 25,630 | $ 25,436 |
Discontinued Operations & Gai33
Discontinued Operations & Gain on the Sale of the ASO Business Unit (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income tax expense | $ 0 | $ (2,378) | ||
Income from discontinued operations, net of tax | 0 | 24,555 | ||
Astrotech Space Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue | 0 | 2,807 | ||
Cost of revenue | 0 | (1,313) | ||
Selling, general and administrative | 0 | (128) | ||
Other expense, net | 0 | (63) | ||
Gain on sale of discontinued operations (1) | 0 | 25,630 | $ 25,436 | |
Income tax expense | 0 | (2,378) | ||
Income from discontinued operations, net of tax | $ 0 | $ 24,555 | ||
Adjustment | Astrotech Space Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of tax | $ 194 |
Discontinued Operations & Gai34
Discontinued Operations & Gain on the Sale of the ASO Business Unit (Detail Textuals) - USD ($) $ in Thousands | Aug. 22, 2014 | Aug. 31, 2014 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income from discontinued operations, net of tax | $ 0 | $ 24,555 | ||||
Indemnity holdback | 6,100 | $ 6,100 | $ 6,100 | |||
Interest expense, debt | 0 | 62 | ||||
Gain on sale of discontinued operations, net of tax | 0 | 25,630 | ||||
Astrotech Space Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income from discontinued operations, net of tax | 0 | 24,555 | ||||
Sale of business unit | $ 61,000 | 59,300 | ||||
Working capital | $ 1,700 | 1,700 | ||||
Received cash for working capital holdback | 53,200 | 53,189 | ||||
Indemnity holdback | 6,100 | 6,100 | 6,100 | |||
Gain on sale of discontinued operations (1) | $ 0 | $ 25,630 | 25,436 | |||
Gain on sale of discontinued operations, net of tax | $ 20,600 | |||||
Service agreement, term | 1 year | |||||
Service agreement, extension term | 1 year | |||||
Astrotech Space Operations | Lockheed Martin Corporation | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Service agreement, term | 6 months | |||||
Astrotech Space Operations | Term Loan | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Payment of outstanding balance of term loan | $ 5,700 | $ 5,700 | ||||
Adjustment | Astrotech Space Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income from discontinued operations, net of tax | $ 194 |
Receivables - Indemnity Holdb35
Receivables - Indemnity Holdback Related to the Asset Sale (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | Aug. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnity holdback | $ 6,100 | $ 6,100 | |
Astrotech Space Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Estimated purchase price | $ 59,300 | ||
Working capital | 1,700 | $ 1,700 | |
Received cash for working capital holdback | 53,200 | 53,189 | |
Indemnity holdback | $ 6,100 | $ 6,100 |
Noncontrolling Interest (Detail
Noncontrolling Interest (Detail Textuals) - USD ($) $ in Thousands | Aug. 28, 2014 | Aug. 22, 2014 | Sep. 30, 2015 | Jun. 30, 2015 |
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | $ 210 | $ 299 | ||
Payment of common stock repurchase right | $ 2,300 | |||
Texas emerging technology fund | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | $ 1,800 | |||
1st Detect | Texas emerging technology fund | ||||
Noncontrolling Interest [Line Items] | ||||
Payment of common stock repurchase right | $ 2,300 | $ 2,300 | ||
Astral Images, Inc | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership percentage | 72.00% |
Noncontrolling Interest - Chang
Noncontrolling Interest - Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at June 30, 2015 | $ 41,728 | |
Stock based compensation | 143 | |
Share repurchases | (117) | |
Net change in available-for-sale securities | (88) | |
Net (loss) income attributable to Astrotech Corporation | (3,364) | $ 23,283 |
Net loss attributable to noncontrolling interest | (89) | $ 0 |
Balance at September 30, 2015 | 38,213 | |
Astrotech Corp Stockholders' Equity | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at June 30, 2015 | 41,429 | |
Stock based compensation | 143 | |
Share repurchases | (117) | |
Net change in available-for-sale securities | (88) | |
Net (loss) income attributable to Astrotech Corporation | (3,364) | |
Balance at September 30, 2015 | 38,003 | |
Noncontrolling Interest in Subsidiary | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at June 30, 2015 | 299 | |
Net loss attributable to noncontrolling interest | (89) | |
Balance at September 30, 2015 | $ 210 |
Net Income (Loss) per Share (De
Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Amounts attributable to Astrotech Corporation, basic and diluted: | ||
Loss from continuing operations before income taxes | $ (3,451) | $ (2,597) |
Income tax (expense) benefit | (2) | 1,325 |
Net loss from continuing operations | (3,453) | (1,272) |
Loss from continuing operations, net of tax | (3,364) | (1,272) |
Less: Net loss attributable to noncontrolling interest | (89) | 0 |
Income from discontinued operations, net of tax | 0 | 24,555 |
Net (loss) income attributable to Astrotech Corporation | (3,364) | 23,283 |
Less: State of Texas deemed dividend (Note 12) | 0 | 531 |
Net (loss) income attributable to Astrotech Corporation applicable to common shareholders | $ (3,364) | $ 22,752 |
Denominator: | ||
Denominator for basic net (loss) income per share attributable to Astrotech Corporation — weighted average common stock outstanding (in shares) | 20,705 | 19,548 |
Basic and diluted net income (loss) per common share: | ||
Net loss attributable to Astrotech Corporation from continuing operations (in dollars per share) | $ (0.16) | $ (0.09) |
Net income from discontinued operations (in dollars per share) | 0 | 1.25 |
Net (loss) income attributable to Astrotech Corporation (in dollars per share) | $ (0.16) | $ 1.16 |
Net Income (Loss) per Share (39
Net Income (Loss) per Share (Detail Textuals) | 3 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Earnings Per Share [Abstract] | |
Options to purchase shares (in shares) | shares | 1,117,750 |
Exercise price lower range (in dollars per share) | $ 0.32 |
Exercise price upper range (in dollars per share) | $ 3.20 |
Debt (Detail Textuals)
Debt (Detail Textuals) - USD ($) | Aug. 22, 2014 | Aug. 31, 2014 | Sep. 30, 2015 | Oct. 31, 2010 |
Credit Facility [Line Items] | ||||
Outstanding debt | $ 0 | |||
Term Loan | ||||
Credit Facility [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 7,000,000 | |||
Credit facility expiration date | Oct. 31, 2015 | |||
Term Loan | Astrotech Space Operations | ||||
Credit Facility [Line Items] | ||||
Payment of outstanding balance of term loan | $ 5,700,000 | $ 5,700,000 | ||
Revolving Credit Facility | ||||
Credit Facility [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 3,000,000 | |||
Credit facility expiration date | Oct. 31, 2012 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual Funds | $ 14,508 | $ 17,227 |
Mutual Funds, fair value | 14,508 | 17,227 |
Held-to-maturity securities, remaining maturities from 1-3 years | 2,427 | 2,073 |
Held-to-maturity securities, remaining maturities from 1-3 years, fair value | 2,410 | 2,057 |
Held-to-maturity securities, remaining maturities from 3-5 years | 1,088 | 1,453 |
Held-to-maturity securities, remaining maturities from 3-5 years, fair value | 1,079 | 1,438 |
Held-to-maturity securities, maturities from 1-90 days | 950 | 1,496 |
Held-to-maturity securities, maturities from 1-90 days, fair value | 949 | 1,496 |
Held-to-maturity securities, maturities from 91-360 days | 5,735 | 4,438 |
Held-to-maturity securities, maturities from 91-360 days, fair value | 5,740 | 4,440 |
Held-to-maturity securities, maturities over 360 days | 2,742 | 4,990 |
Held-to-maturity securities, maturities over 360 days, fair value | 2,741 | 4,993 |
Investments | 27,450 | 31,677 |
Investments, fair value | 27,427 | 31,651 |
Fair Value Inputs Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual Funds, fair value | 14,508 | 17,227 |
Investments, fair value | 14,508 | 17,227 |
Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, remaining maturities from 1-3 years, fair value | 2,410 | 2,057 |
Held-to-maturity securities, remaining maturities from 3-5 years, fair value | 1,079 | 1,438 |
Held-to-maturity securities, maturities from 1-90 days, fair value | 949 | 1,496 |
Held-to-maturity securities, maturities from 91-360 days, fair value | 5,740 | 4,440 |
Held-to-maturity securities, maturities over 360 days, fair value | 2,741 | 4,993 |
Investments, fair value | $ 12,919 | $ 14,424 |
Other Comprehensive Income (L42
Other Comprehensive Income (Loss) (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance at June 30, 2015 | $ (23) |
Current period change in other comprehensive income (loss) before reclassifications | (94) |
Reclassification to net (loss) income for realized losses | 6 |
Balance at September 30, 2015 | $ (111) |
Business Risk and Credit Risk43
Business Risk and Credit Risk Concentration Involving Cash (Detail Textuals) | 3 Months Ended |
Sep. 30, 2015USD ($)customer | |
Cash and Cash Equivalents [Abstract] | |
Number of customers | customer | 1 |
FDIC insurance amount per depositor | $ 250,000 |
State of Texas Funding (Detail
State of Texas Funding (Detail Textuals) - USD ($) $ in Millions | Aug. 28, 2014 | Aug. 22, 2014 | Mar. 10, 2010 | Sep. 30, 2015 |
State Of Texas Funding [Line Items] | ||||
Payment Of Common Stock Repurchase Right | $ 2.3 | |||
Texas emerging technology fund | 1st Detect | ||||
State Of Texas Funding [Line Items] | ||||
Funds awarded for development and marketing | $ 1.8 | |||
Note payable interest rate | 8.00% | |||
Payment Of Common Stock Repurchase Right | $ 2.3 | $ 2.3 |
Common Stock Incentive, Stock45
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans - Stock Option Activity (Details) shares in Thousands | 3 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share activity: | |
Outstanding, beginning of period (in shares) | 1,128 |
Granted (in shares) | 0 |
Exercised (in shares) | 0 |
Canceled or expired (in shares) | (10) |
Outstanding, end of period (in shares) | 1,118 |
Weighted Average Exercise Price: | |
Outstanding weighted average exercise price, beginning of period (in dollars per share) | $ / shares | $ 1.53 |
Granted weighted average exercise price (in dollars per share) | $ / shares | 0 |
Exercised weighted average exercise price (in dollars per share) | $ / shares | 0 |
Canceled or expired weighted average exercise price (in dollars per share) | $ / shares | 0.45 |
Outstanding weighted average exercise price, end of period (in dollars per share) | $ / shares | $ 1.54 |
Common Stock Incentive, Stock46
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans - Stock Options by Exercise Price (Details) | 3 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | $ 0.32 |
Exercise price upper range (in dollars per share) | 3.20 |
$0.32 - 0.71 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 0.32 |
Exercise price upper range (in dollars per share) | $ 0.71 |
Number outstanding (in shares) | shares | 438,750 |
Options Outstanding Weighted- Average Remaining Contractual Life (years) | 4 years 10 months 28 days |
Weighted average exercise price (in dollars per share) | $ 0.60 |
Number exercisable (in shares) | shares | 438,750 |
Options exercisable weighted average exercise price (in dollars per share) | $ 0.60 |
$1.20 - 2.60 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 1.20 |
Exercise price upper range (in dollars per share) | $ 2.60 |
Number outstanding (in shares) | shares | 570,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (years) | 8 years 1 month 6 days |
Weighted average exercise price (in dollars per share) | $ 1.94 |
Number exercisable (in shares) | shares | 282,500 |
Options exercisable weighted average exercise price (in dollars per share) | $ 1.20 |
$3.20 - 3.20 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 3.20 |
Exercise price upper range (in dollars per share) | $ 3.20 |
Number outstanding (in shares) | shares | 109,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (years) | 9 years 6 months 7 days |
Weighted average exercise price (in dollars per share) | $ 3.20 |
Number exercisable (in shares) | shares | 0 |
Options exercisable weighted average exercise price (in dollars per share) | $ 0 |
$0.32 - 3.20 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 0.32 |
Exercise price upper range (in dollars per share) | $ 3.20 |
Number outstanding (in shares) | shares | 1,117,750 |
Options Outstanding Weighted- Average Remaining Contractual Life (years) | 6 years 6 months 27 days |
Weighted average exercise price (in dollars per share) | $ 1.54 |
Number exercisable (in shares) | shares | 721,250 |
Options exercisable weighted average exercise price (in dollars per share) | $ 0.83 |
Common Stock Incentive, Stock47
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans - Narrative (Details) - USD ($) | 3 Months Ended | 10 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 12, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value of options exercisable | $ 500,000 | $ 500,000 | ||
Aggregate intrinsic value of options | $ 900,000 | $ 900,000 | ||
Granted (in shares) | 0 | |||
Common stock repurchased - value | $ 117,000 | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation costs recognized related to stock options | $ 54,000 | $ 0 | ||
Granted (in shares) | 0 | 0 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation costs recognized related to stock options | $ 89,000 | $ 1,000 | ||
Shares granted (in shares) | 0 | |||
Shares vested (in shares) | 0 | |||
Shares canceled or expired | 0 | |||
Securities Repurchase Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock repurchase - authorized amount | $ 5,000,000 | |||
Share repurchases (in shares) | 43,000 | 0 | 1,200,000 | |
Common stock repurchased - value | $ 117,000 | $ 2,800,000 |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Net loss from continuing operations | $ (3,453) | $ (1,272) |
Loss from continuing operations before income taxes | (3,451) | (2,597) |
Net (loss) income attributable to Astrotech Corporation | $ (3,364) | $ 23,283 |
Effective tax rate for continuing operations | 0.00% | 51.00% |
Federal statutory effective tax rate | 35.00% | 35.00% |
Unrecognized tax benefits | $ 100 | $ 100 |
Commitments and Contingencies (
Commitments and Contingencies (Detail Textuals) | 1 Months Ended |
Jul. 31, 2014USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Lump sum payment received | $ 50,000 |