Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 11, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'ASTROTECH Corp \WA\ | ' |
Entity Central Index Key | '0001001907 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 19,486,727 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $4,418 | $5,096 |
Accounts receivable, net | 6,407 | 5,317 |
Prepaid expenses and other current assets | 571 | 503 |
Total current assets | 11,396 | 10,916 |
Property and equipment, net | 36,494 | 37,035 |
Other assets, net | 46 | 51 |
Total assets | 47,936 | 48,002 |
Current liabilites | ' | ' |
Accounts payable | 328 | 2,488 |
Accrued liabilities and other | 2,563 | 2,430 |
Deferred revenue | 1,586 | 1,304 |
Term note payable | 391 | 387 |
Total current liabilities | 4,868 | 6,609 |
Deferred revenue | 814 | 64 |
Other liabilities | 194 | 194 |
Term note payable, net of current portion | 5,556 | 5,655 |
Total liabilities | 11,432 | 12,522 |
Stockholders' equity | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 183,782 | 183,782 |
Treasury stock | -237 | -237 |
Additional paid-in capital | 705 | 987 |
Accumulated deficit | -150,588 | -151,840 |
Noncontrolling interest | 2,842 | 2,788 |
Total stockholders' equity | 36,504 | 35,480 |
Total liabilities and stockholders' equity | $47,936 | $48,002 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value in dollars | $0 | $0 |
Preferred stock, shares authorized | 2,500,000 | 2,500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value in dollars | $0 | $0 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 19,781,721 | 19,781,721 |
Treasury stock, shares at cost | 311,660 | 311,660 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' |
Revenue | $6,689 | $6,128 |
Cost of revenue | 3,086 | 4,907 |
Gross profit | 3,603 | 1,221 |
Operating expenses: | ' | ' |
Selling, general and administrative | 1,738 | 2,099 |
Research and development | 805 | 642 |
Total operating expenses | 2,543 | 2,741 |
Income (loss) from operations | 1,060 | -1,520 |
Interest and other expense, net | -52 | -38 |
Income (loss) before income taxes | 1,008 | -1,558 |
Income tax expense | 0 | 0 |
Net income (loss) | 1,008 | -1,558 |
Less: Net loss attributable to noncontrolling interest | -245 | -141 |
Net income (loss) attributable to Astrotech Corporation | $1,253 | ($1,417) |
Net income (loss) per share attributable to Astrotech Corporation, basic | $0.06 | ($0.07) |
Weighted average common shares outstanding, basic | 19,470,000 | 18,951,000 |
Net income (loss) per share attributable to Astrotech Corporation, diluted | $0.06 | ($0.07) |
Weighted average common shares outstanding, diluted | 19,578,000 | 18,951,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income (loss) | $1,008 | ($1,558) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' |
Stock-based compensation | 16 | -18 |
Depreciation and amortization | 594 | 507 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -1,090 | -2,795 |
Accounts payable | -2,160 | -1,913 |
Deferred revenue | 1,032 | 186 |
Other assets and liabilities | 65 | 761 |
Net cash used in operating activities | -535 | -4,830 |
Cash flows from investing activities | ' | ' |
Purchases of property, equipment and leasehold improvements | -48 | -212 |
Net cash used in investing activities | -48 | -212 |
Cash flows from financing activities | ' | ' |
Term loan payment | -95 | -92 |
Proceeds from common stock issuance | 0 | 35 |
Net cash used in financing activities | -95 | -57 |
Net change in cash and cash equivalents | -678 | -5,099 |
Cash and cash equivalents at beginning of period | 5,096 | 10,177 |
Cash and cash equivalents at end of period | 4,418 | 5,078 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest | $61 | $64 |
Description_of_the_Company_and
Description of the Company and Liquidity | 3 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Description of the Company and Liquidity | ' | |||||||||
(1) Description of the Company and Liquidity | ||||||||||
Astrotech Corporation (Nasdaq: ASTC) (“Astrotech,” “the Company,” “we,” “us” or “our”), a State of Washington corporation, is a commercial aerospace company that was formed in 1984 to leverage the environment of space for commercial purposes. For nearly 30 years, the Company has remained a crucial player in space commerce activities. We have supported the launch of 23 shuttle missions and more than 300 spacecraft. We have designed, operated and built space hardware and processing facilities. We currently own, operate and maintain world-class spacecraft processing facilities; prepare and process scientific research from microgravity and develop and manufacture sophisticated chemical sensor equipment. | ||||||||||
Our Business Units | ||||||||||
Astrotech Space Operations (“ASO”) | ||||||||||
ASO provides support to its government and commercial customers as they successfully process complex communication, earth observation and deep space satellites in preparation for their launch on a variety of launch vehicles. Processing activities include satellite ground transportation; pre-launch hardware integration and testing; satellite encapsulation, fueling and launch pad delivery; and communication linked launch control. Our ASO facilities can accommodate up to five meter class satellites, which includes almost all U.S. based satellites. ASO’s service capabilities include designing and building spacecraft processing equipment and facilities. In addition, ASO provides propellant services including designing, building and testing propellant service equipment for fueling spacecraft. ASO accounted for 100% of our consolidated revenues for the three months ended September 30, 2013. Revenue for our ASO business unit is generated primarily from various fixed-priced contracts with launch service providers in both government and commercial markets and from the design, fabrication and use of critical space launch equipment. The services and facilities we provide to our customers support the final assembly, checkout, and countdown functions required to launch a spacecraft. The revenue and cash flows generated by ASO are primarily driven by the number of spacecraft launches and the fabrication of Ground Support Equipment (“GSE”) for the U.S. Government. | ||||||||||
Spacetech | ||||||||||
Our other business unit is a technology incubator designed to commercialize space-industry technologies. This business unit is currently pursuing two distinct opportunities: | ||||||||||
1st Detect | ||||||||||
The Company develops, manufactures and sells ultra-small mass spectrometers and related equipment. Mass spectrometers, in general, measure the mass and relative abundance of ions in a sample to create a “mass spectrum”. This resulting mass spectrum is a unique fingerprint for each chemical that can be compared to a reference library of mass spectra to verify the identity of a sample. Mass spectrometers can identify chemicals with more accuracy and precision than competing instruments given their extreme sensitivity and specificity and they are a staple of almost all analytical laboratories. 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 instruments that are significantly smaller, lighter, faster and less expensive than competing mass spectrometers, and significantly more sensitive and accurate than other competing chemical detectors. Our efforts have resulted in a technology that can provide mass spectrometry performance in real-time or in the field. | ||||||||||
The MMS-1000TM is a small, low power mass spectrometer designed initially for the laboratory market. The unique design of this unit enables mass spectrometric quality chemical analysis in a small package (about the size of a shoebox) that operates off less power than a typical light bulb. This allows high quality chemical analysis to be performed in locations where mass spectrometers have not been used before, such as directly on the factory floor or in the battlefield, without compromising the quality of the analysis. | ||||||||||
The OEM-1000 is a mass spectrometer component that was developed for applications where customers need the high quality analysis provided by a mass spectrometer but in a platform that can be integrated into customer specific packages. The OEM-1000 uses the same high performance analyzer as the MMS-1000TM but is provided as an open platform for customers and development partners to integrate with their complementary technologies, with application-specific sample preparation, inlets and software. | ||||||||||
Astrogenetix | ||||||||||
Astrogenetix is a biotechnology company formed to commercialize products processed in the unique environment of microgravity. Astrogenetix pursued an aggressive space access strategy to take advantage of the Space Shuttle program prior to its retirement in 2011. This strategy gave Astrogenetix unprecedented access to research in microgravity, as the Company flew experiments twelve times over a three year period. Astrogenetix and the team are currently researching a Salmonella vaccine as part of its ongoing commercialization strategy. Concurrently, the team is evaluating a vaccine target for Methicillin-Resistant Staphylococcus Aureus (“MRSA”) based on discoveries made in microgravity. In December 2011, the Company negotiated a Space Act Agreement with NASA for a minimum of twenty eight additional space flights. | ||||||||||
Liquidity and Capital Resources | ||||||||||
Our future capital requirements will depend on a number of factors, including our success in developing and expanding markets for our products, payments under possible future strategic arrangements, continued progress of our research and development of potential products, the need to acquire licenses to new technology, costs associated with increasing our manufacturing and development facilities, costs associated with strategic acquisitions including integration costs and assumed liabilities, litigation expense, the status of competitive products and potential cost associated with both protecting and defending our intellectual property. Additionally, actions taken as a result of the ongoing internal evaluation of our business could result in expenditures not currently contemplated in our estimates for 2014. We believe, however, that our existing cash and cash equivalents are sufficient to fund our operating expenses, capital equipment requirements and other expected liquidity requirements for the coming year. Factors that could affect our capital requirements, in addition to those listed above include continued collections of accounts receivable consistent with our historical experience, uncertainty surrounding mission launch schedules, and our ability to manage product development efforts. | ||||||||||
At September 30, 2013, we had cash and cash equivalents of $4.4 million and our working capital was approximately $6.8 million. | ||||||||||
The Company’s remaining debt repayments are due as follows (in thousands): | ||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||
2014 | 2015 | 2016 | ||||||||
Term Note | $ | 292 | $ | 403 | $ | 5,252 | ||||
Our bank financing facilities contain certain affirmative and negative covenants with which we must comply, including the maintenance by us of a debt service coverage ratio of not less than 1.00 to 1.00, maintaining a tangible net worth of not less than $32.50 million, and maintaining a leverage ratio of not greater than .50 to 1.00. These financial covenants are applicable to the results of ASO. In the event we are not in compliance with a covenant, the bank may, among other things, accelerate all outstanding borrowings, cease extending credit or foreclose on collateral. As of September 30, 2013, we were in compliance with our affirmative and negative debt covenants. However, our financial projections for fiscal year 2014 indicated that we would likely not be in compliance with our debt service coverage ratio and minimum tangible net worth covenants by the third quarter ended March 31, 2014. As such, on October 11, 2013, we amended the debt agreement with our bank that updated the following with respect to our debt covenants: 1) provided a credit of $0.50 million and $2.25 million for the third and fourth quarter of fiscal year 2014, respectively, to our debt service coverage calculation, 2) reduced our minimum tangible net worth requirement to $32.0 million for the third and fourth fiscal quarter of fiscal year 2014, and 3) required that we maintain a minimum cash balance at the bank of $2.0 million through June 30, 2014 and $0.75 million thereafter. Under the terms of the amendment, we expect to be compliant with our affirmative and negative covenants through June 30, 2014. Therefore, we have classified our debt as noncurrent for any principal payments due after September 30, 2014. | ||||||||||
In October, 2014 we were notified by a customer that a previously booked payload processing contract would be deferred several weeks. As a result of this deferral, we updated our financial projections for fiscal year 2014 which indicated that it is possible that we may not meet the minimum tangible net worth covenant in the third quarter of 2014. We will continue to monitor this matter during the remainder of fiscal year 2014 and if necessary pursue a debt amendment with our bank. | ||||||||||
We believe we have sufficient liquidity and backlog to fund ongoing operations for at least the next fiscal year. We expect to utilize existing cash and proceeds from operations to grow our core business offering in ASO and to support strategies for Spacetech. | ||||||||||
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
(2) 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. 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 (consisting of normal recurring entries) considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending June 30, 2014. 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, 2013. |
Noncontrolling_Interest
Noncontrolling Interest | 3 Months Ended | ||
Sep. 30, 2013 | |||
Noncontrolling Interest [Abstract] | ' | ||
Noncontrolling Interest | ' | ||
(3) Noncontrolling Interest | |||
In January 2010, restricted shares of Astrotech subsidiaries, 1st Detect and Astrogenetix, were granted to certain employees, directors and officers, resulting in Astrotech owning less than 100% of the subsidiaries. The Company applied noncontrolling interest accounting for the period ended September 30, 2013, which requires us to clearly identify the noncontrolling interest in the balance sheets and income statements. We disclose three measures of net income (loss): net income (loss), net income (loss) attributable to noncontrolling interest, and net loss attributable to Astrotech Corporation. Our operating cash flows in our 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. | |||
(In thousands) | |||
Beginning balance at June 30, 2013 | $ | 2,788 | |
Net loss attributable to noncontrolling interest | -245 | ||
Capital contribution | 299 | ||
Stock based compensation | - | ||
Ending balance at September 30, 2013 | $ | 2,842 | |
As of September 30, 2013, the Company’s share of income and losses is 86% for 1st Detect and 84% for Astrogenetix. |
Net_Income_Loss_per_Share
Net Income (Loss) per Share | 3 Months Ended | |||||
Sep. 30, 2013 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Net Income (Loss) per Share | ' | |||||
(4) 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 on the basis of the weighted average number of shares of common stock 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 shared-based awards. Reconciliation and the components of basic and diluted net loss per share are as follows (in thousands, except per share data): | ||||||
Three Months Ended | ||||||
September 30, | ||||||
2013 | 2012 | |||||
Numerator: | ||||||
Net income (loss) attributable to Astrotech Corporation, basic and diluted | $ | 1,253 | $ | -1,417 | ||
Denominator: | ||||||
Denominator for basic net income (loss) per share attributable to Astrotech Corporation — weighted average common stock outstanding | 19,470 | 18,951 | ||||
Dilutive common stock equivalents — common stock options and share-based awards | 108 | — | ||||
Denominator for diluted net income (loss) per share attributable to Astrotech Corporation — weighted average common stock outstanding and dilutive common stock equivalents | 19,578 | 18,951 | ||||
Basic net income (loss) per share attributable to Astrotech Corporation | $ | 0.06 | $ | -0.07 | ||
Diluted net income (loss) per share attributable to Astrotech Corporation | $ | 0.06 | $ | -0.07 | ||
Options to purchase 539,500 shares of common stock at exercise prices ranging from $1.03 to $24.10 per share outstanding for the three months ended September 30, 2013 were not included in diluted net income per share, as the impact to diluted net income per share is anti-dilutive. Stock options are included in the calculation of diluted EPS based on the treasury-stock method. Under the treasury-stock method, options will have a dilutive effect only when the average market price of the common stock during the respective period, $0.73 for the three months ended September 30, 2013, exceeds the exercise price of the options. Options to purchase 1,205,900 shares of common stock at exercise prices ranging from $0.30 to $24.10 per share outstanding for the three months ended September 30, 2012, were not included in diluted net loss per share, as the impact to net loss per share is anti-dilutive. |
Revenue_Recognition
Revenue Recognition | 3 Months Ended | ||||
Sep. 30, 2013 | |||||
Revenue Recognition [Abstract] | ' | ||||
Revenue Recognition | ' | ||||
(5) Revenue Recognition | |||||
Astrotech recognizes revenue employing several generally accepted revenue recognition methodologies across its business units. The methodology used is based on contract type and the manner in which products and services are provided. | |||||
Revenue generated by Astrotech’s payload processing facilities is recognized ratably over the occupancy period of the satellite while in the Astrotech facilities. The percentage-of-completion method is used for all contracts where incurred costs can be reasonably estimated and successful completion can be reasonably assured at inception. Changes in estimated costs to complete and provisions for contract losses are recognized in the period they become known. Revenue for the sale of commercial products is recognized at shipment. | |||||
A Summary of Revenue Recognition Methods | |||||
Services/Products Provided | Contract Type | Method of Revenue Recognition | |||
Payload Processing Facilities | Firm Fixed Price — Mission Specific | Ratably, over the occupancy period of a satellite | |||
within the facility from arrival through launch | |||||
Construction Contracts | Firm Fixed Price | Percentage-of-completion based on costs incurred | |||
Engineering Services | Cost Reimbursable | Reimbursable costs incurred plus award/fixed fee | |||
Award/Fixed Fee | |||||
Commercial Products | Specific Purchase | At shipment | |||
Order Based | |||||
Grant | Cost Reimbursable | As costs are incurred for related research and | |||
Award | development expenses | ||||
Under certain contracts, we make expenditures for specific enhancements and/or additions to our facilities where the customer agrees to pay a fixed fee to deliver the enhancement or addition. We account for such agreements as a reduction in the cost of such investments and recognize any excess of amounts collected above the expenditure as revenue. |
Debt
Debt | 3 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
(6) Debt | |
In October 2010, we entered into a financing facility with a commercial bank providing a $7.0 million term loan note and a $3.0 million revolving credit facility. The $7.0 million term loan terminates in October 2015, and the $3.0 million revolving credit facility expired in October 2012. The Company had no outstanding balance on the revolving credit facility. The term loan requires monthly payments of principal plus interest at the rate of prime plus 0.25%, but not less than 4.0%. The bank financing facilities are secured by the assets of ASO, including accounts receivable, and require us to comply with designated covenants. The balance of the $7.0 million term loan at September 30, 2013 and 2012 was $5.9 million and $6.3 million, respectively. | |
Our bank financing facilities contain certain affirmative and negative covenants with which we must comply, including the maintenance by us of a debt service coverage ratio of not less than 1.00 to 1.00, maintaining a tangible net worth of not less than $32.50 million, and maintaining a leverage ratio of not greater than .50 to 1.00. These financial covenants are applicable to the results of ASO. In the event we are not in compliance with a covenant, the bank may, among other things, accelerate all outstanding borrowings, cease extending credit or foreclose on collateral. As of September 30, 2013, we were in compliance with our affirmative and negative debt covenants. However, our financial projections for fiscal year 2014 indicated that we would likely not be in compliance with our debt service coverage ratio and minimum tangible net worth covenants by the third quarter ended March 31, 2014. As such, on October 11, 2013, we amended the debt agreement with our bank that updated the following with respect to our debt covenants: 1) provided a credit of $0.50 million and $2.25 million for the third and fourth quarter of fiscal year 2014, respectively, to our debt service coverage calculation, 2) reduced our minimum tangible net worth requirement to $32.0 million for the third and fourth fiscal quarter of fiscal year 2014, and 3) required that we maintain a minimum cash balance at the bank of $2.0 million through June 30, 2014 and $0.75 million thereafter. | |
In October, 2014 we were notified by a customer that a previously booked payload processing contract would be deferred several weeks. As a result of this deferral, we updated our financial projections for fiscal year 2014 which indicated that it is possible that we may not meet the minimum tangible net worth covenant in the third quarter of 2014. We will continue to monitor this matter during the remainder of fiscal year 2014 and if necessary pursue a debt amendment with our bank. | |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Measurement | ' | |||||||||||||
(7) 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 of the Company’s financial instruments as of September 30, 2013 and June 30, 2013 (in thousands): | ||||||||||||||
30-Sep-13 | 30-Jun-13 | |||||||||||||
Carrying | Fair | Carrying | Fair | Valuation | ||||||||||
Amount | Value | Amount | Value | Inputs | ||||||||||
Debt | $ | 5,947 | $ | 5,947 | $ | 6,042 | $ | 6,042 | Level 2 | |||||
The carrying value of the Company’s debt at September 30, 2013 approximates fair value based on rates available for similar debt available to comparable companies in the marketplace. The carrying amounts of the Company’s Level 1 securities include cash and cash equivalents. |
Business_and_Credit_Risk_Conce
Business and Credit Risk Concentration | 3 Months Ended |
Sep. 30, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Business and Credit Risk Concentration | ' |
(8) Business and Credit Risk Concentration | |
A substantial portion of our revenue has been generated under contracts with the U.S. Government. During the three months ended September 30, 2013 and 2012, approximately 43% and 60%, respectively, of our revenues were generated under U.S. Government contracts. Accounts receivable totaled $6.4 million at September 30, 2013, of which 72% was attributable to the U.S. Government. | |
The Company maintains funds in bank accounts that may exceed the limit insured by the Federal Deposit Insurance Corporation, or “FDIC.” In October 2008, the FDIC increased its insurance to $250,000 per depositor, and to an unlimited amount for non-interest bearing accounts. 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. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
(9) Segment Information | |||||||||||||
Management’s primary financial and operating reviews focus on ASO, the core business unit. All intercompany transactions between business units have been eliminated in consolidation. | |||||||||||||
Key financial metrics for the three months ended September 30, 2013 and 2012 are as follows (in thousands): | |||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||
Income (loss) | Income (loss) | ||||||||||||
before | before | ||||||||||||
Revenue and Income | Revenue | income taxes | Revenue | income taxes | |||||||||
ASO | $ | 6,689 | $ | 2,802 | $ | 5,996 | $ | -538 | |||||
Spacetech | $ | - | $ | -1,794 | $ | 132 | $ | -1,020 | |||||
$ | 6,689 | $ | 1,008 | $ | 6,128 | $ | -1,558 | ||||||
Key financial metrics for the balance sheet are as follows (in thousands): | |||||||||||||
30-Sep-13 | 30-Jun-13 | ||||||||||||
Assets | Fixed | Total Assets | Fixed | Total Assets | |||||||||
Assets, net | Assets, net | ||||||||||||
ASO | $ | 35,127 | $ | 45,787 | $ | 35,625 | $ | 46,159 | |||||
Spacetech | $ | 1,367 | $ | 2,149 | $ | 1,410 | $ | 1,843 | |||||
$ | 36,494 | $ | 47,936 | $ | 37,035 | $ | 48,002 | ||||||
State_of_Texas_Funding
State of Texas Funding | 3 Months Ended |
Sep. 30, 2013 | |
State Of Texas Funding | ' |
State of Texas Funding | ' |
(10) State of Texas Funding | |
In March 2010, the Texas Emerging Technology Fund awarded 1st Detect $1.8 million for the development and marketing of the Miniature Chemical Detector, a portable mass spectrometer designed to serve the security, healthcare and industrial markets. In exchange for the award, 1st Detect granted a common stock purchase right and a note payable to the State of Texas. As of September 30, 2013, 1st Detect has received $1.8 million in disbursements. The proceeds from the award can only be used to fund development of the Miniature Chemical Detector at 1st Detect, not for repaying existing debt or for use in other Company subsidiaries. | |
The common stock purchase right is exercisable at the first Qualifying Financing Event (“QFE”), which is essentially a change in control or third party equity investment in 1st Detect. The number of shares available to the State of Texas, at the price of par value, is calculated as the total disbursements (numerator) divided by the stock price established in the QFE (denominator). If the first QFE did not occur within 18 months of the agreement’s effective date, which has been extended to June 30, 2014 as a result of extensions granted by the State of Texas, the number of shares available for purchase would equal the total disbursements (numerator) divided by $100 (denominator). As of September 30, 2013 no QFE has occurred. | |
The note equals the disbursements to 1st Detect to date, accrues interest at 8% per year and cancels automatically at the earlier of (1) selling substantially all of the assets of 1st Detect, (2) selling more than 50% of common stock of 1st Detect or (3) March 2020. No payments of interest or principal are due on the note unless there is a default, which would occur if 1st Detect moves its operations or headquarters outside of Texas at any time before March 2020. 1st Detect has the option to pay back the principal plus accrued interest by June 30, 2014, but repayment does not cancel the State of Texas’ common stock purchase right. | |
Management considers the likelihood of voluntarily repaying the note or of a default event as remote due to the fact that the covenants that would necessitate repayment are within the control of the Company. As such, the $1.8 million, which was received in two installments of $0.9 million and $0.9 million prior to the period ended September 30, 2013, was accounted for as a contribution to equity. As of September 30, 2013, no default events have occurred. |
Equity_and_Other_Long_Term_Inc
Equity and Other Long Term Incentive Plans | 3 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Equity and Other Long Term Incentive Plans | ' |
(11) Equity and Other Long Term Incentive Plans | |
The 1994 Plan (“1994 Plan”) | |
Under the terms of the 1994 Plan, the number and price of the stock incentive awards granted to employees is determined by the Board of Directors and such grants vest, in most cases, incrementally over a period of four years and expire no more than ten years after the date of grant. At the time of approval, 395,000 shares of our common stock were reserved for issuance under this plan. As of September 30, 2013, there are no shares available for grant. Based on the Articles of the 1994 stock incentive plan, no awards shall be granted more than ten years after the effective date of the plan unless amended. | |
The Directors’ Stock Option Plan (“Director’s Plan”) | |
Options under the Director’s Plan vest after one year and expire seven years from the date of grant. At the time of approval, 50,000 shares of our common stock were reserved for issuance under this plan. As of September 30, 2013, there are 41,500 shares available for future grant. | |
2008 Stock Incentive Plan (“2008 Plan”) | |
The 2008 Plan was created to promote growth of the Company by aligning the long-term financial success of the Company with the employees, consultants and directors. At the time of approval, 5,500,000 shares of our common stock were reserved for issuance under this plan. The 2008 Plan, administered by the Compensation Committee of the Board of Directors, provides for granting of incentive awards in the form of stock options, stock appreciation rights (SARs) and restricted stock to employees, directors and consultants of the Company. Stock options awarded will vest upon the Company’s stock achieving a closing price of $1.50 and expire ten years from grant date or upon employee or director termination. Restricted shares awarded will vest 33.33% a year over a three year period and expire upon employee or director termination. There have been no SARs granted from the 2008 Plan. As of September 30, 2013, there are 342,501 shares available for grant under the 2008 Plan. | |
2011 Stock Incentive Plan (“2011 Plan”) | |
The 2011 Plan was designed to increase shareholder value by compensating employees over the long term. The plan is to be used to promote long-term financial success and execution of our business strategy. At the time of approval, 1,750,000 shares of our common stock were reserved for issuance under this plan. The 2011 Plan, administered by the Compensation Committee of the Board of Directors, provides for granting of incentive awards in the form of stock options, stock appreciation rights (SARs) and restricted stock to employees, directors and consultants of the Company. Stock options awarded will vest upon the Company’s stock achieving a closing price of $1.50 and expire ten years from the grant date or upon employee or director termination. Additionally, a single 200,000 stock option grant was awarded to a third party consultant intended to provide incentive which is aligned with management and the shareholders. Vesting for these option shares will occur once certain performance conditions have been fulfilled. There have been no SARs or restricted stock granted from the 2011 Plan. As of September 30, 2013, there are 1,056,000 shares available for grant under the 2011 Plan. | |
At September 30, 2013, 1,440,001 shares of Common Stock were reserved for future grants of stock incentive grants under the Company’s four stock incentive plans. | |
1st Detect 2011 Stock Incentive Plan | |
The 2011 Plan was designed to increase shareholder value by compensating employees over the long term. The plan is to be used to promote long-term financial success and execution of our business strategy. At the time of approval, 2,500 shares of 1st Detect stock were reserved for issuance under this plan. The 2011 Plan, administered by the Board of Directors of 1st Detect, provides for granting of incentive awards in the form of stock options to certain directors, officers and employees of 1st Detect. The awards vest upon certain performance conditions being met and expire ten years from the grant date. The stock options have an exercise price equal to the fair market value of 1st Detect’s common stock on the date of grant as determined by an independent valuation firm. As of September 30, 2013, there are 1,800 shares available for grant under the 2011 Plan. |
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
(12) 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, 2013, the Company has established a full valuation allowance against all of its net deferred tax assets. | |
FASB ASC 740, Income Taxes (FASB ASC 740) addresses the accounting for uncertainty in income taxes 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, 2013 and 2012. | |
For the three months ended September 30, 2013 and 2012, 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. | |
The Company is currently under examination by the Internal Revenue Service for the fiscal years ended June 30, 2008 through 2010. Loss carryovers are generally subject to modification by tax authorities until 3 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. | |
Purchase_of_Common_Stock
Purchase of Common Stock | 3 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Purchase of Common Stock | ' |
(13) Purchase of Common Stock | |
Common stock repurchases under the Company’s securities repurchase program may be made from time to time, in the open market, through block trades or otherwise in accordance with applicable regulations of the Securities and Exchange Commission. Depending on market conditions and other factors, these purchases may be commenced or suspended at any time or from time to time without prior notice. Additionally, the timing of such transactions will depend on other corporate strategies and will be at the discretion of the management of the Company. | |
As of September 30, 2013, we had repurchased 311,660 shares of common stock at a cost of $0.2 million, which represents an average cost of $0.76 per share, and $1.1 million of Senior Convertible Notes payable. All of these repurchases were made prior to the period ended September 30, 2013. As a result, the Company is authorized to repurchase an additional $5.7 million of securities under this program. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
(14) Commitments and Contingencies | |
Legal Proceedings | |
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. | |
On January 10, 2013, a lawsuit was filed against Astrotech Corporation by John Porter, the former Senior Vice President, Chief Financial Officer, Treasurer and Secretary of the Company. In the lawsuit, Mr. Porter alleges various breaches of contract claims in connection with his termination from the Company on August 3, 2012. Mr. Porter seeks monetary damages of at least $639,808. The Company is vigorously defending the lawsuit filed by Mr. Porter. | |
On February 20, 2013, a shareholder derivative lawsuit was filed in the District Court of Travis County, Texas against the current directors and chief executive officer of Astrotech Corporation and against the Company, as nominal defendant. The complaint alleges, among other things, that the directors and chief executive officer breached fiduciary duties to the Company in connection with certain corporate transactions, including loans to subsidiaries and purchases of outstanding shares of the Company’s common stock. The Company intends to vigorously defend the lawsuit. | |
State of Texas Funding | |
In March 2010, the Texas Emerging Technology Fund awarded 1st Detect $1.8 million for the development and marketing of the Miniature Chemical Detector, a portable mass spectrometer designed to serve the industrial, environmental, security and healthcare markets (See Note 10). As of June 30, 2012, 1st Detect had received $1.8 million in disbursements. The disbursed amount of $1.8 million represents a contingency through March 2020, the date of cancellation. If an event of default should occur, the Company would calculate and expense accrued interest and reclassify principal from equity to notes payable in the consolidated financial statements as amounts due to the State of Texas. Management considers the likelihood of an event of default to be remote. As of September 30, 2013, no default events have occurred. |
NASDAQ_Listing_Qualifications
NASDAQ Listing Qualifications | 3 Months Ended |
Sep. 30, 2013 | |
Nasdaq Listing Qualifications | ' |
NASDAQ Listing Qualifications | ' |
(15) NASDAQ Listing Qualifications | |
On November 13, 2012, we received written notification from NASDAQ indicating that the minimum bid price of our common stock had fallen below $1.00 for 30 consecutive trading days and that we were therefore not in compliance with NASDAQ Listing Rule 5550(a)(2). On October 30, 2013, we received written notification from NASDAQ that for the previous ten business days, from October 16, 2013 to October 29, 2013, the closing bid price of the Company’s common stock had been at $1.00 per share or greater and the Company has regained compliance with Listing Rule 5550(a)(2). |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(16) Subsequent Events | |
On October 11, 2013, we amended the debt agreement with our bank that updated the following with respect to our debt covenants: 1) provided a credit of $0.50 million and $2.25 million for the third and fourth quarter of fiscal year 2014, respectively, to our debt service coverage calculation, 2) reduced our minimum tangible net worth requirement to $32.0 million for the third and fourth fiscal quarter of fiscal year 2014, and 3) required that we maintain a minimum cash balance at the bank of $2.0 million through June 30, 2014 and $0.75 million thereafter. Under the terms of the amendment, we expect to be compliant with our affirmative and negative covenants through June 30, 2014. | |
On October 30, 2013, we received written notification from NASDAQ that for the previous ten business days, from October 16, 2013 to October 29, 2013, the closing bid price of the Company’s common stock had been at $1.00 per share or greater and the Company has regained compliance with Listing Rule 5550(a)(2). | |
Carlisle Kirkpatrick resigned as the Chief Financial Officer, Treasurer and Secretary of the Company effective October 30, 2013. The Company has entered into a separation and consulting agreement with Mr. Kirkpatrick, the terms of which were disclosed in a Form 8-K on October 30, 2013. | |
On November 13, 2013, the Board of Directors of the Company elected and appointed Eric Stober, 36, to serve as Chief Financial Officer, Treasurer and Secretary of the Company. Mr. Stober (i) is eligible to receive a cash and stock performance bonus to be determined by the Company’s compensation committee, based on the achievement of performance criteria established by the Company’s compensation committee, and (ii) is entitled to participate in the Company’s eligible customary health, welfare and fringe benefit plans. Mr. Stober joined Astrotech Corporation in August of 2008 as a Senior Staff Financial Analyst. In the same year, he was promoted to Principal Financial Analyst and from 2012 to the present, Mr. Stober served as Vice President of Corporate Development. Mr. Stober brings 14 years of experience in private equity, finance and business start-ups. Prior to joining Astrotech Corporation, he worked at the private equity firm Virtus Financial Group, analyzing prospective middle market private equity investments. Additionally, Mr. Stober founded or co-founded several companies, including a web advertising company, a small business tax and financial advisory firm, a sports-based media and entertainment company, and a service provider sourcing company. He has helped numerous companies prepare business plans and raise start-up or growth capital. Mr. Stober began his professional career working for both The Ayco Company, a Goldman Sachs Company, and Lehman Brothers, where he helped wealthy individuals and families manage their investments, taxes, insurance, estate plans, and compensation and benefits. Mr. Stober has an MBA from the McCombs School of Business at the University of Texas where he was the President of the MBA Entrepreneur Society. He also has an undergraduate degree in finance from the University of Illinois where he graduated with honors. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
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. 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 (consisting of normal recurring entries) considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending June 30, 2014. 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, 2013. |
Description_of_the_Company_and1
Description of the Company and Liquidity (Tables) | 3 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Schedule of Maturities of Long Term Debt | ' | |||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||
2014 | 2015 | 2016 | ||||||||
Term Note | $ | 292 | $ | 403 | $ | 5,252 |
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 3 Months Ended | ||
Sep. 30, 2013 | |||
Noncontrolling Interest [Abstract] | ' | ||
Noncontrolling Interest | ' | ||
(In thousands) | |||
Beginning balance at June 30, 2013 | $ | 2,788 | |
Net loss attributable to noncontrolling interest | -245 | ||
Capital contribution | 299 | ||
Stock based compensation | - | ||
Ending balance at September 30, 2013 | $ | 2,842 |
Net_Income_Loss_per_Share_Tabl
Net Income (Loss) per Share (Tables) | 3 Months Ended | |||||
Sep. 30, 2013 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Schedule of Earnings per Share Basic and Diluted | ' | |||||
Three Months Ended | ||||||
September 30, | ||||||
2013 | 2012 | |||||
Numerator: | ||||||
Net income (loss) attributable to Astrotech Corporation, basic and diluted | $ | 1,253 | $ | -1,417 | ||
Denominator: | ||||||
Denominator for basic net income (loss) per share attributable to Astrotech Corporation — weighted average common stock outstanding | 19,470 | 18,951 | ||||
Dilutive common stock equivalents — common stock options and share-based awards | 108 | — | ||||
Denominator for diluted net income (loss) per share attributable to Astrotech Corporation — weighted average common stock outstanding and dilutive common stock equivalents | 19,578 | 18,951 | ||||
Basic net income (loss) per share attributable to Astrotech Corporation | $ | 0.06 | $ | -0.07 | ||
Diluted net income (loss) per share attributable to Astrotech Corporation | $ | 0.06 | $ | -0.07 |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||
30-Sep-13 | 30-Jun-13 | |||||||||||||
Carrying | Fair | Carrying | Fair | Valuation | ||||||||||
Amount | Value | Amount | Value | Inputs | ||||||||||
Debt | $ | 5,947 | $ | 5,947 | $ | 6,042 | $ | 6,042 | Level 2 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information by Segment | ' | ||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||
Income (loss) | Income (loss) | ||||||||||||
before | before | ||||||||||||
Revenue and Income | Revenue | income taxes | Revenue | income taxes | |||||||||
ASO | $ | 6,689 | $ | 2,802 | $ | 5,996 | $ | -538 | |||||
Spacetech | $ | - | $ | -1,794 | $ | 132 | $ | -1,020 | |||||
$ | 6,689 | $ | 1,008 | $ | 6,128 | $ | -1,558 | ||||||
30-Sep-13 | 30-Jun-13 | ||||||||||||
Assets | Fixed | Total Assets | Fixed | Total Assets | |||||||||
Assets, net | Assets, net | ||||||||||||
ASO | $ | 35,127 | $ | 45,787 | $ | 35,625 | $ | 46,159 | |||||
Spacetech | $ | 1,367 | $ | 2,149 | $ | 1,410 | $ | 1,843 | |||||
$ | 36,494 | $ | 47,936 | $ | 37,035 | $ | 48,002 |
Description_of_the_Company_and2
Description of the Company and Liquidity (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Long-Term Debt, Rolling Maturity | ' |
Term Note repayments due fiscal year ended June 30, 2014 | $292 |
Term Note repayments due fiscal year ended June 30, 2015 | 403 |
Term Note repayments due fiscal year ended June 30, 2016 | $5,252 |
Description_of_the_Company_and3
Description of the Company and Liquidity (Details Narrative) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Successful launch processing support projects | 'More than 300 projects |
Launch support for shuttle missions | '23 projects |
Approximate working capital | $6,800,000 |
Debt instrument covenant compliance | 'As of September 30, 2013, we were in compliance with our affirmative and negative debt covenants. However, our financial projections for fiscal year 2014 indicated that we will likely not be in compliance with our debt service coverage ratio and minimum tangible net worth covenants by the third quarter ended March 31, 2014. October 11, 2013, we amended the debt agreement with our bank that updated the following with respect to our debt covenants: 1) provided a credit of $0.50 million and $2.25 million for the third and fourth quarter of fiscal year 2014, respectively, to our debt service coverage calculation, 2) reduced our minimum tangible net worth requirement to $32.0 million for the third and fourth fiscal quarter of fiscal year 2014, and 3) required that we maintain a minimum cash balance at the bank of $2.0 million through June 30, 2014 and $0.75 million thereafter. Under the terms of the amendment, we expect to be compliant with our affirmative and negative covenants through June 30, 2014. |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Movement In Minority Interest [Roll Forward] | ' | ' |
Noncontrolling interest, beginning balance | $2,788 | ' |
Net loss attributable to noncontrolling interest | -245 | -141 |
Capital contribution | 299 | ' |
Noncontrolling interest, ending balance | $2,842 | ' |
Noncontrolling_Interest_Detail1
Noncontrolling Interest (Details Narrative) | Sep. 30, 2013 |
Controlling Interest - 1st Detect | ' |
Minority Interest [Line Items] | ' |
Company share of income and losses of subsidiaries | 86.00% |
Controlling Interest - Astrogenetix | ' |
Minority Interest [Line Items] | ' |
Company share of income and losses of subsidiaries | 84.00% |
Net_Income_Loss_per_Share_Deta
Net Income (Loss) per Share (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Numerator: | ' | ' |
Net income (loss) attributable to Astrotech Corporation, basic and diluted | $1,253 | ($1,417) |
Denominator: | ' | ' |
Denominator for basic net income (loss) per share attributable to Astrotech Corporation - weighted average common stock outstanding | 19,470,000 | 18,951,000 |
Dilutive common stock equivalents - common stock options and share-based awards | 108,000 | 0 |
Denominator for diluted net income (loss) per share attributable to Astrotech Corporation - weighted average common stock outstanding and dilutive common stock equivalents | 19,578,000 | 18,951,000 |
Basic net loss per share attributable to Astrotech Corporation | $0.06 | ($0.07) |
Diluted net loss per share attributable to Astrotech Corporation | $0.06 | ($0.07) |
Net_Income_Loss_per_Share_Deta1
Net Income (Loss) per Share (Details Narrative) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' |
Anti-dilutive options to purchase shares of common stock | 539,500 | 1,205,900 |
Exercise price lower range | $1.03 | $0.30 |
Exercise price upper range | $24.10 | $24.10 |
Debt_Details_Narrative
Debt (Details Narrative) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Term Loan Note | ' | ' |
Credit Facility [Line Items] | ' | ' |
Credit facility | $7,000,000 | ' |
Credit facility balance | 5,900,000 | 6,300,000 |
Credit facilities financing arrangements | 'Term loan requires monthly payments of principal plus interest. Secured by the assets of ASO, including accounts receivable and require us to comply with designated covenants. | ' |
Credit facilities interest rate | 'Prime plus 0.25%, but not less than 4.0% | ' |
Credit facility initiation date | 31-Oct-10 | ' |
Credit facility expiration date | 31-Oct-15 | ' |
Credit facility compliance | 'The Company was compliance with covenants as of September, 2013 | ' |
Revolving Credit Facility | ' | ' |
Credit Facility [Line Items] | ' | ' |
Credit facility | 3,000,000 | ' |
Credit facility balance | $0 | ' |
Credit facility initiation date | 31-Oct-10 | ' |
Credit facility expiration date | 31-Oct-12 | ' |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (Fair Value Inputs Level 2, USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs Level 2 | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Note payable, carrying amount | $5,947 | $6,042 |
Note payable, fair value | $5,947 | $6,042 |
Business_and_Credit_Risk_Conce1
Business and Credit Risk Concentration (Details Narrative) (Government Contracts) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Government Contracts | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Government contracts, revenue, percent | 43.00% | 60.00% |
Government contracts, account receivable, percent | 72.00% | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | $6,689 | $6,128 | ' |
Income (loss) before income taxes | 1,008 | -1,558 | ' |
Fixed assets, net | 36,494 | ' | 37,035 |
Total assets | 47,936 | ' | 48,002 |
ASO | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 6,689 | 5,996 | ' |
Income (loss) before income taxes | 2,802 | -538 | ' |
Fixed assets, net | 35,127 | ' | 35,625 |
Total assets | 45,787 | ' | 46,159 |
Spacetech | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 0 | 132 | ' |
Income (loss) before income taxes | -1,794 | -1,020 | ' |
Fixed assets, net | 1,367 | ' | 1,410 |
Total assets | $2,149 | ' | $1,843 |
State_of_Texas_Funding_Details
State of Texas Funding (Details Narrative) (USD $) | 1 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2010 | Sep. 30, 2013 |
State Of Texas Funding | ' | ' |
Texas Emerging Technology Fund, proceeds | ' | $1,800 |
Texas Emerging Technology Fund, research and development arrangement | 'In MarchB 2010, the Texas Emerging Technology Fund awarded 1st Detect $1.8B million for the development and marketing of the Miniature Chemical Detector, a portable mass spectrometer designed to serve the security, healthcare and industrial markets. As of September 30, 2013, 1st Detect has received $1.8B million in disbursements. | ' |
Texas Emerging Technology Fund, accrued interest | 8.00% | ' |
Equity_and_Other_Long_Term_Inc1
Equity and Other Long Term Incentive Plans (Details Narrative) | 3 Months Ended |
Sep. 30, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Common stock shares available for future issuance | 1,440,001 |
Astrotech - 1994 Plan | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Common stock shares available for future issuance | 395,000 |
Astrotech - Director's Plan | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Number of common shares authorized | 50,000 |
Common stock shares available for future issuance | 41,500 |
Vesting rights - stock options | 'Vest after one year and expire seven years from the date of grant |
Astrotech - 2008 Plan | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Number of common shares authorized | 5,500,000 |
Common stock shares available for future issuance | 342,501 |
Vesting rights - stock options | 'Vest upon the CompanyBs stock achieving a closing price of $1.50 and expire ten years from grant date or upon employee or director termination |
Vesting rights - restricted stock | 'Vest 33.33% a year over a three year period and expire upon employee or director termination |
Astrotech - 2011 Plan | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Number of common shares authorized | 1,750,000 |
Common stock shares available for future issuance | 1,056,000 |
Vesting rights - stock options | 'Vest upon the CompanyBs stock achieving a closing price of $1.50 and expire ten years from the grant date or upon employee or director termination. Vesting for the 200,000 stock option grant will occur once certain performance conditions have been fulfilled. |
Stock option and warrants awards granted | 200,000 |
1st Detect - 2011 Stock Incentive Plan | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Number of common shares authorized | 2,500 |
Common stock shares available for future issuance | 1,800 |
Vesting rights - stock options | 'Vest upon certain performance conditions being met and expire ten years from the grant date |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Uncertainties | ' | ' |
IRS years under tax examination | 'The Company is currently under examination by the Internal Revenue Service for the fiscal years ended June 30, 2008 through 2010. | ' |
Unrecognized tax benefits | $100,000 | $100,000 |
Purchase_of_Common_Stock_Detai
Purchase of Common Stock (Details Narrative) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Common Stock Purchases | ' |
Common stock repurchased, shares | 311,660 |
Common stock repurchased, value | $200,000 |
Common stock repurchased, average cost per share | $0.76 |
Senior convertible notes payable | 1,100,000 |
Remaining authorized repurchase amount | $5,700,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Narrative) (USD $) | 1 Months Ended | |
Feb. 28, 2013 | Jan. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Loss contingency, allegations | 'On February 20, 2013, a shareholder derivative lawsuit was filed in the District Court of Travis County, Texas against the current directors and chief executive officer of Astrotech Corporation and against the Company, as nominal defendant. The complaint alleges, among other things, that the directors and chief executive officer breached fiduciary duties to the Company in connection with certain corporate transactions, including loans to subsidiaries and purchases of outstanding shares of the Company's common stock. | 'On January 10, 2013, a lawsuit was filed against Astrotech Corporation by John Porter, the former Senior Vice President, Chief Financial Officer, Treasurer and Secretary of the Company. Mr. Porter alleges various breaches of contract claims in connection with his termination from the Company on August 3, 2012. |
Loss contingency, damages sought | ' | $639,808 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (Subsequent Event, Amended Debt Agreement) | 0 Months Ended |
Oct. 11, 2013 | |
Subsequent Event | Amended Debt Agreement | ' |
Subsequent Event [Line Items] | ' |
Amended debt agreement | 'We amended the debt agreement with our bank that updated the following with respect to our debt covenants: 1) provided a credit of $0.50 million and $2.25 million for the third and fourth quarter of fiscal year 2014, respectively, to our debt service coverage calculation, 2) reduced our minimum tangible net worth requirement to $32.0 million for the third and fourth fiscal quarter of fiscal year 2014, and 3) required that we maintain a minimum cash balance at the bank of $2.0 million through June 30, 2014 and $0.75 million thereafter. |