Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2015 | 11-May-15 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ASTROTECH Corp \WA\ | |
Entity Central Index Key | 1001907 | |
Trading Symbol | astc | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 21,290,263 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2015 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $6,666 | $3,831 |
Short-term investments | 23,946 | 0 |
Accounts receivable, net of allowance | 95 | 59 |
Indemnity receivable | 6,100 | 0 |
Prepaid expenses and other current assets | 725 | 389 |
Discontinued operations – current assets | 0 | 1,405 |
Total current assets | 37,532 | 5,684 |
Property and equipment, net | 2,699 | 1,211 |
Long-term investments | 9,255 | 0 |
Discontinued operations – net of current assets | 0 | 33,887 |
Total assets | 49,486 | 40,782 |
Current liabilities | ||
Accounts payable | 462 | 996 |
Accrued liabilities and other | 2,082 | 1,753 |
Income tax payable | 300 | 0 |
Discontinued operations – current liabilities | 0 | 7,344 |
Total current liabilities | 2,844 | 10,093 |
Other liabilities | 114 | 152 |
Discontinued operations – net of current liabilities | 0 | 237 |
Total liabilities | 2,958 | 10,482 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity | ||
Preferred stock, no par value, convertible, 2,500,000 authorized shares; no issued and outstanding shares, at March 31, 2015 and June 30, 2014 | 0 | 0 |
Common stock, no par value, 75,000,000 authorized shares; 20,013,787 and 19,856,454 shares issued at March 31, 2015 and June 30, 2014 | 184,088 | 183,866 |
Treasury stock, 524,285 and 311,660 at March 31, 2015 and at June 30, 2014, at cost | -775 | -237 |
Additional paid-in capital | 1,087 | 1,671 |
Accumulated deficit | -138,039 | -156,800 |
Accumulated other comprehensive income | 13 | 0 |
Noncontrolling interest | 154 | 1,800 |
Total stockholders’ equity | 46,528 | 30,300 |
Total liabilities and stockholders’ equity | $49,486 | $40,782 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $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 per share) | $0 | $0 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 20,013,787 | 19,856,454 |
Treasury stock, shares at cost | 524,285 | 311,660 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||||
Revenue | $12 | $48 | $336 | $130 |
Cost of revenue | 0 | 0 | 281 | 0 |
Gross profit | 12 | 48 | 55 | 130 |
Operating expenses: | ||||
Selling, general and administrative | 1,681 | 1,432 | 5,653 | 5,007 |
Research and development | 659 | 645 | 2,335 | 1,800 |
Total operating expenses | 2,340 | 2,077 | 7,988 | 6,807 |
Loss from operations | -2,328 | -2,029 | -7,933 | -6,677 |
Interest and other income, net | 76 | 0 | 112 | 9 |
Loss from continuing operations before income taxes | -2,252 | -2,029 | -7,821 | -6,668 |
Income tax benefit (expense) | 894 | -360 | 2,953 | 1,371 |
Loss from continuing operations | -1,358 | -2,389 | -4,868 | -5,297 |
Discontinued operations (Note 3) | ||||
Income (loss) from operations of ASO business (including gain from sale of $25.6 million) | 0 | -1,022 | 26,933 | 1,855 |
Income tax benefit (expense) | -753 | 358 | -3,315 | -1,379 |
Income (loss) on discontinued operations | -753 | -664 | 23,618 | 476 |
Net (loss) income | -2,111 | -3,053 | 18,750 | -4,821 |
Less: Net loss attributable to noncontrolling interest | -11 | -216 | -11 | -681 |
Net (loss) income attributable to Astrotech Corporation | -2,100 | -2,837 | 18,761 | -4,140 |
Amounts attributable to Astrotech Corporation: | ||||
Loss from continuing operations, net of tax | -1,347 | -2,173 | -4,857 | -4,616 |
Income (loss) from discontinued operations, net of tax | -753 | -664 | 23,618 | 476 |
Net (loss) income attributable to Astrotech Corporation | -2,100 | -2,837 | 18,761 | -4,140 |
Weighted average common shares outstanding: | ||||
Basic and diluted (in shares) | 19,497 | 19,486 | 19,561 | 19,479 |
Basic and diluted net income (loss) per common share: | ||||
Net loss attributable to Astrotech Corporation from continuing operations (in dollars per share) | ($0.07) | ($0.11) | ($0.28) | ($0.24) |
Net income (loss) from discontinued operations (in dollars per share) | ($0.04) | ($0.03) | $1.21 | $0.02 |
Net (loss) income attributable to Astrotech Corporation (in dollars per share) | ($0.11) | ($0.14) | $0.93 | ($0.22) |
Other comprehensive income, available for sale securities, net unrealized gains, net of taxes | 8 | 0 | 8 | 0 |
Total comprehensive (loss) income attributable to Astrotech Corporation | ($2,092) | ($2,837) | $18,769 | ($4,140) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) (Astrotech Space Operations, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Astrotech Space Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of discontinued operations | $0 | $0 | $25,630 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income (loss) | $18,761 | ($4,140) |
Less: Income from discontinued operations | -23,618 | -476 |
Net loss from continuing operations | -4,857 | -4,616 |
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities: | ||
Stock-based compensation | 58 | 621 |
Depreciation and amortization | 229 | 228 |
Changes in assets and liabilities: | ||
Accounts receivable | -36 | 129 |
Accounts payable | -534 | -163 |
Other assets and liabilities | 52 | -239 |
Income tax | 244 | 0 |
Net cash used in operating activities-continuing operations | -4,844 | -4,040 |
Net cash (used in) provided by operating activities-discontinued operations | -2,307 | 2,600 |
Net cash used in operating activities | -7,151 | -1,440 |
Cash flows from investing activities: | ||
Purchases of investments | -33,201 | 0 |
Purchases of property and equipment, net | -1,755 | -149 |
Net cash used in investing activities-continuing operations | -34,956 | -149 |
Net cash provided by investing activities-discontinued operations | 53,189 | 1,335 |
Net cash provided by investing activities | 18,233 | 1,186 |
Cash flows from financing activities: | ||
Repayment of State of Texas funding, including deemed dividend | -2,331 | 0 |
Payments for share buyback program | -538 | 0 |
Noncontrolling interest investment in subsidiary | 165 | 0 |
Proceeds from common stock issuance | 112 | 0 |
Net cash used in financing activities-continuing operations | -2,592 | 0 |
Net cash used in financing activities-discontinued operations | -5,655 | -290 |
Net cash used in financing activities | -8,247 | -290 |
Net change in cash and cash equivalents | 2,835 | -544 |
Cash and cash equivalents at beginning of period | 3,831 | 5,096 |
Cash and cash equivalents at end of period | 6,666 | 4,552 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | $63 | $177 |
General_Information
General Information | 9 Months Ended | |
Mar. 31, 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, is an Austin, TX based technology company that has evolved from over 30 years in the human spaceflight, Space Shuttle, and Department of Defense ("DOD") satellite programs. The Company has become a leader in the commercialization of government sponsored advanced space technologies. We are also evaluating potential investment opportunities where we can leverage our significant operating experience to add considerable value. | ||
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 considered necessary for a fair presentation have been included. Operating results for the nine months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending June 30, 2015. 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, 2014. | ||
Discontinued Operations – On August 22, 2014, the Company completed the previously announced sale (“Asset Sale”) of substantially all of its assets used in the Company's former Astrotech Space Operations (“ASO”) business unit (the “ASO business”) to Lockheed Martin Corporation (the “Buyer”) for an agreed upon purchase price of $61.0 million, less a working capital adjustment. As of March 31, 2015, the estimated purchase price is $59.3 million, which included a working capital adjustment of $1.7 million. | ||
As of March 31, 2015, the Company has received cash of $53.2 million and has recorded a receivable of $6.1 million for the indemnity holdback. In connection with the sale of our former ASO business unit, the outstanding debt of ASO was repaid with a portion of the proceeds. The Company has no other debt outstanding as of March 31, 2015. The condensed consolidated financial statements separately report discontinued operations, reflecting the former ASO business, and the results of continuing operations. The condensed consolidated financial statements as of June 30, 2014 and for the three and nine month periods ended March 31, 2014 have been reclassified to present the operations of the Company’s former ASO business unit as discontinued operations. Disclosures included herein pertain to the Company’s continuing operations unless noted otherwise (see Note 3 for more information). | ||
Accounting Pronouncements – In April 2014, the FASB issued ASU No. 2014-8, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the criteria for disposals to qualify as discontinued operations and requires new disclosures about disposals of both discontinued operations and certain other disposals that do not meet the new definition. Early adoption of this ASU is permitted and is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014. The Company is currently evaluating the impact of the pending adoption of this ASU on its financial statements but will adopt this standard in fiscal year 2016. | ||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-9, “Revenue from Contracts with Customers (Topic 606)”. This ASU provides a single comprehensive revenue recognition model for all contracts with customers. The principle for recognizing revenue is clarified as 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. This ASU provides a five-step analysis to determine how revenue is recognized. The provisions of the ASU are effective for interim and annual periods beginning after December 15, 2016, although the FASB has proposed a delay of this implementation by one year. The Company is currently evaluating the impact of the pending adoption of this ASU on its financial statements as well as which method of adoption the Company will utilize. | ||
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 No. 2014-15 is not expected to have an impact on our financial statements; we will adopt this ASU in fiscal year 2017. | ||
Segment Information – With the sale of the ASO business, the Company now operates a single reportable business unit, Spacetech. Since the Company operates in one segment, all financial segment information required by FASB Accounting Standards Codification ("ASC") 280 can be found in the condensed consolidated financial statements. | ||
Spacetech | ||
Spacetech is a technology incubator designed to commercialize space-industry technologies. This business unit is currently pursuing three distinct opportunities: | ||
1st Detect | ||
1st Detect develops, manufactures and sells miniaturized transportable 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 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 at a lower price point. Our efforts have resulted in a technology that has been or may be deployed in the following areas: | ||
• | Explosive device detection in airports | |
• | Military | |
• | Industrial process control | |
• | Food & beverage | |
• | Semiconductor | |
• | Oil & gas | |
• | Laboratory research | |
• | Petrochemical & refining | |
Our product portfolio currently consists of the following products: | ||
• | MMS-1000™ - the MMS-1000™ is a small, low power desktop mass spectrometer designed for the laboratory market. The unique design of this unit enables fast, quality chemical analysis and requires minimal benchtop space (about the size of a shoebox), requires less power than a typical light bulb, and unlike traditional instruments, requires no consumables or special infrastructure. It has been particularly well received by the laboratory research marketplace. | |
• | OEM-1000 - the OEM-1000 is a mass spectrometer 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. A variant, the OEM-1000PI has recently been integrated into a Thermogravimetric Analyzer (“TGA”) manufactured by RIGAKU Corp. of Tokyo, Japan, one of the leading instrumentation companies in Asia. The integrated instrument named Thermo iMS2 is the world’s first integrated TGA with MS/MS capabilities and is expected to be well received by the international research and development markets. A further variant of the OEM-1000 has been selected by Battelle, a leading supplier of military chemical detection equipment, for integration into the Next Generation Chemical Detector, a program under development by the DOD’s Joint Program Executive for Chemical and Biological Defense. | |
• | iONTRAC - the iONTRAC is a process analyzer utilizing the same mass spectrometer technology as the MMS-1000™. The iONTRAC provides near real-time monitoring of industrial processes such as petrochemical processing, food & beverage manufacturing, and semiconductor cleanroom environmental monitoring. The instrument is designed to autonomously monitor processes and report conditions over industry standard factory management system (“FMS”) infrastructure. | |
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 NASA space shuttle program prior to its retirement in 2011. This strategy gave Astrogenetix unprecedented access to research in microgravity, as we flew experiments twelve times over a three year period. In collaboration with NASA, NASA has engaged leading vaccine development experts through a premier educational institution to independently evaluate Astrogenetix’s platform with specific direction to aid in the filing of an Investigational New Drug (“IND”) application for Salmonella. Given that NASA is providing much of the necessary funding for this research, additional investment in Astrogenetix has been scaled back considerably as efforts are concentrated on filing this IND. The team is also evaluating a vaccine target for Methicillin-Resistant Staphylococcus Aureus (“MRSA”) based on early discoveries made in microgravity. 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 for Salmonella. | ||
Astral Images | ||
Astral Images, Inc. ("Astral") was created to commercialize identified government funded satellite image correction technologies. During the third quarter of 2015, Astral acquired certain defect correction technologies ("software") from Image Trends, Inc. ("Image Trends") in a transaction pursuant to Section 363 of the U.S. Bankruptcy Code. This acquisition excluded certain assets, including their consulting practice, which was the bulk of their revenue, and existing customer contracts that used acquired software as well as all their liabilities. Image Trends established a gold standard in film defect correction by expanding upon technology first developed by IBM and Kodak, and was the intellectual property of interest in this acquisition. The total cost of the selected assets Astral acquired was $1.6 million, which was predominately for the software. Of the $1.6 million, $165 thousand was contributed by the non-controlling interest owner, which securitized his interest in the software. His $165 thousand later became his non-controlling basis in Astral, and was used as part of the asset purchase agreement with the bankruptcy court. The processes that were critical in producing sales from the software "as is" were not acquired. In conjunction with the asset purchase, we were able to hire several engineers who were critical in the creation of this technology. The engineers will allow the Company to enhance this technology to future opportunities in the digital conversion and repair of feature films and film-based television series industries to the next generation Ultra-High Definition ("UHD") 4K standards. |
Investments
Investments | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investments | Investments | ||||||||||||||||||||||||
The following tables summarize gains and losses related to our investments: | |||||||||||||||||||||||||
Available-for-Sale | March 31, 2015 | ||||||||||||||||||||||||
(In thousands) | Adjusted | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gain | Loss | Value | ||||||||||||||||||||||
Mutual Funds - Corporate & Government Debt | $ | 18,750 | $ | 23 | $ | (10 | ) | $ | 18,763 | ||||||||||||||||
Total | $ | 18,750 | $ | 23 | $ | (10 | ) | $ | 18,763 | ||||||||||||||||
For information on the unrealized holding gains (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." | |||||||||||||||||||||||||
Held-to-Maturity | March 31, 2015 | ||||||||||||||||||||||||
(In thousands) | Carrying | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Value | Gain | Loss | Value | ||||||||||||||||||||||
Cash & Cash Equivalents | $ | 6,666 | $ | — | $ | — | $ | 6,666 | |||||||||||||||||
Fixed Income Bonds | 3,523 | — | (16 | ) | 3,507 | ||||||||||||||||||||
Time Deposits | 10,915 | 8 | — | 10,923 | |||||||||||||||||||||
Total | $ | 21,104 | $ | 8 | $ | (16 | ) | $ | 21,096 | ||||||||||||||||
We have certain financial instruments on our consolidated balance sheet related to interest bearing time deposits and fixed income bonds. These held-to-maturity time deposits are included in "Cash and cash equivalents" on our consolidated balance sheet if the maturities at the end of the reporting period were 90 days or less; otherwise, these investments are included in "Short-term investments" if the maturities at the end of the reporting period were 91-360 days 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 | |||||||||||||||||||||||||
Cash & Cash Equivalents | Short-Term Investments | Long-Term Investments | |||||||||||||||||||||||
(In thousands) | March 31, 2015 | June 30, 2014 | March 31, 2015 | June 30, 2014 | March 31, 2015 | June 30, 2014 | |||||||||||||||||||
Cash | $ | 4,208 | $ | 3,831 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Money Market Funds | 465 | — | — | — | — | — | |||||||||||||||||||
Mutual Funds - Corporate & Government Debt | — | — | 18,763 | — | — | — | |||||||||||||||||||
Time deposits | |||||||||||||||||||||||||
Maturities from 1-90 days | 1,993 | — | — | — | — | — | |||||||||||||||||||
Maturities from 91-360 days | — | — | 5,183 | — | — | — | |||||||||||||||||||
Maturities over 360 days | — | — | — | — | 5,732 | ||||||||||||||||||||
Fixed Income Bonds | |||||||||||||||||||||||||
Maturities from 1-3 years | — | — | — | — | 1,716 | — | |||||||||||||||||||
Maturities from 3-5 years | — | — | — | — | 1,807 | — | |||||||||||||||||||
Total | $ | 6,666 | $ | 3,831 | $ | 23,946 | $ | — | $ | 9,255 | $ | — | |||||||||||||
Discontinued_Operations_Gain_o
Discontinued Operations & Gain on the Sale of the ASO Business Unit | 9 Months Ended | ||||||||||||||||
Mar. 31, 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 | ||||||||||||||||
On August 22, 2014, the Company completed the previously announced sale of substantially all of its assets used in the Company's former ASO business unit to the Buyer for an agreed upon sales price of $61.0 million, less a working capital adjustment. As of March 31, 2015, the estimated sales price is $59.3 million, which includes a working capital adjustment of $1.7 million. As of March 31, 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 assets of the ASO business. As such, 100% of the interest expense on the debt was allocated to discontinued operations in the amount of $62 thousand and $188 thousand for the nine months ended March 31, 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 $25.6 million ($23.7 million after-tax) for the nine months ended March 31, 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 nine months ended March 31, 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 | 38 | ||||||||||||||||
Gain on sale of our former ASO business | $ | 25,630 | |||||||||||||||
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 has the option to extend the term of the services provided by the other party for a period of one year. The services provided may be terminated by the party receiving such services on an individual basis upon 30 days’ notice to the providing party. The party receiving services shall pay the providing party, as consideration for such services, on a time and materials basis, fees based upon an agreed upon set fringe rate and fee rate and the salary of the employee of the providing party who is providing such services. | |||||||||||||||||
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 net assets, operating results and cash flows related to our former ASO business have been separately reflected as discontinued operations for the three and nine months ended March 31, 2015 and 2014. | |||||||||||||||||
The following table provides a reconciliation of the major assets and liabilities of our former ASO business to the amounts reported in the previously reported condensed consolidated balance sheet (in thousands): | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | |||||||||||||||||
Carrying amounts of major classes of assets included as part of discontinued operations | |||||||||||||||||
Accounts receivable, net | $ | 1,220 | |||||||||||||||
Prepaid expenses and other current assets | 185 | ||||||||||||||||
Property and equipment, net | 33,858 | ||||||||||||||||
Other assets, net | 29 | ||||||||||||||||
Total assets of discontinued operations | $ | 35,292 | |||||||||||||||
Carrying amounts of major classes of liabilities included as part of discontinued operations | |||||||||||||||||
Accounts payable | $ | 184 | |||||||||||||||
Accrued liabilities and other | 632 | ||||||||||||||||
Short-term deferred revenue | 873 | ||||||||||||||||
Term note payable | 5,655 | ||||||||||||||||
Long-term deferred revenue | 237 | ||||||||||||||||
Total liabilities of discontinued operations | $ | 7,581 | |||||||||||||||
The following table provides a reconciliation of the major components of income of our former ASO business to the amounts reported in the consolidated statements of operations (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Major line items constituting income of discontinued operations | |||||||||||||||||
Revenue | $ | — | $ | 1,508 | $ | 2,807 | $ | 10,653 | |||||||||
Cost of revenue | — | (2,308 | ) | (1,313 | ) | (8,076 | ) | ||||||||||
Selling, general and administrative | — | (161 | ) | (128 | ) | (535 | ) | ||||||||||
Other expense, net | — | (61 | ) | (63 | ) | (187 | ) | ||||||||||
Gain on sale of discontinued operations | — | — | 25,630 | — | |||||||||||||
Income tax benefit (expense) | (753 | ) | 358 | (3,315 | ) | (1,379 | ) | ||||||||||
Income (loss) on discontinued operations | $ | (753 | ) | $ | (664 | ) | $ | 23,618 | $ | 476 | |||||||
Revenue generated by our former ASO business unit payload processing facilities was recognized ratably over the occupancy period of the satellite while in those facilities from arrival through launch. Those contracts were firm fixed price mission specific contracts. The percentage-of-completion method was used for all contracts where incurred costs could be reasonably estimated and successful completion could be reasonably assured at inception. Changes in estimated costs to complete and provisions for contract losses were recognized in the period they become known. Below is a summary of revenue recognition methods under our former ASO business unit: | |||||||||||||||||
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 |
Receivables_Indemnity_Holdback
Receivables - Indemnity Holdback Related to the Asset Sale | 9 Months Ended |
Mar. 31, 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 |
On August 22, 2014, the Company completed the Asset Sale. As of March 31, 2015, the estimated purchase price is $59.3 million, which includes a working capital adjustment of $1.7 million. As of March 31, 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 of $6.1 million is being held in escrow under the terms of an escrow agreement until February 2016 (the 18-month anniversary of the consummation of the Asset Sale). Within three business days after the 18-month anniversary of the closing of the Asset Sale, the then-available indemnity escrow holdback (less any pending Buyer claims), will be released and paid to the Company. The Company is currently not aware of any pending claims. |
Noncontrolling_Interest
Noncontrolling Interest | 9 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||
Noncontrolling Interest | 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 from January 2010 through June 2014, which required 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. | |||||||||||||
During June 2014, the Company completed an internal reorganization involving both 1st Detect and Astrogenetix which resulted in the two entities becoming wholly-owned subsidiaries of the Company, and which was effected through the relinquishment by certain employees of equity grants previously issued to them in 1st Detect and Astrogenetix. The noncontrolling interest balance of $1.8 million at June 30, 2014 represented an interest held by the State of Texas Emerging Technology Fund, which was settled on August 28, 2014 for $2.3 million (see Note 12 for more information). | |||||||||||||
During the third quarter of 2015, Astral Images was created in conjunction with a noncontrolling interest, resulting in Astrotech owning 67% 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. | |||||||||||||
The following table breaks down the changes in Stockholders' Equity (amounts in thousands): | |||||||||||||
Astrotech Corp Stockholders' Equity | Noncontrolling Interest in Subsidiary | Total Stockholders' Equity | |||||||||||
Balance at June 30, 2014 | $ | 28,500 | $ | 1,800 | $ | 30,300 | |||||||
Stock based compensation | 58 | — | 58 | ||||||||||
Repayment of State of Texas Emerging Technology Fund | (531 | ) | (1,800 | ) | (2,331 | ) | |||||||
Exercise of stock options | 111 | — | 111 | ||||||||||
Payments for share buyback | (538 | ) | — | (538 | ) | ||||||||
Noncontrolling interest funding of Astral Images | — | 165 | 165 | ||||||||||
Net change in available-for-sale securities | 13 | — | 13 | ||||||||||
Net income attributable to Astrotech Corporation | 18,761 | — | 18,761 | ||||||||||
Net loss attributable to noncontrolling interest | — | (11 | ) | (11 | ) | ||||||||
Balance at March 31, 2015 | $ | 46,374 | $ | 154 | $ | 46,528 | |||||||
Net_Income_Loss_per_Share
Net Income (Loss) per Share | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Net Income (Loss) per Share | Net Income (Loss) per Share | ||||||||||||||||
Basic net income per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted net income 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 per share (in thousands, except per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Numerator: | |||||||||||||||||
Amounts attributable to Astrotech Corporation, basic and diluted: | |||||||||||||||||
Loss from continuing operations, net of tax | $ | (1,347 | ) | $ | (2,173 | ) | $ | (4,857 | ) | $ | (4,616 | ) | |||||
(Loss) income from discontinued operations, net of tax | (753 | ) | (664 | ) | 23,618 | 476 | |||||||||||
Net (loss) income attributable to Astrotech Corporation | (2,100 | ) | (2,837 | ) | 18,761 | (4,140 | ) | ||||||||||
State of Texas deemed dividend (Note 12) | — | — | (531 | ) | — | ||||||||||||
Net (loss) income attributable to Astrotech Corporation applicable to common shareholders | $ | (2,100 | ) | $ | (2,837 | ) | $ | 18,230 | $ | (4,140 | ) | ||||||
Denominator: | |||||||||||||||||
Denominator for basic net (loss) income per share attributable to Astrotech Corporation — weighted average common stock outstanding | 19,497 | 19,486 | 19,561 | 19,479 | |||||||||||||
Dilutive common stock equivalents — common stock options and share-based awards | — | — | — | — | |||||||||||||
Denominator for diluted net income (loss) per share attributable to Astrotech Corporation — weighted average common stock outstanding and dilutive common stock equivalents | 19,497 | 19,486 | 19,561 | 19,479 | |||||||||||||
Basic and diluted net income (loss) per common share: | |||||||||||||||||
Net loss attributable to Astrotech Corporation from continuing operations | $ | (0.07 | ) | $ | (0.11 | ) | $ | (0.28 | ) | $ | (0.24 | ) | |||||
Net (loss) income from discontinued operations | (0.04 | ) | (0.03 | ) | 1.21 | 0.02 | |||||||||||
Net (loss) income attributable to Astrotech Corporation applicable to common shareholders | $ | (0.11 | ) | $ | (0.14 | ) | $ | 0.93 | $ | (0.22 | ) | ||||||
Options to purchase 1,018,750 shares of common stock at exercise prices ranging from $0.32 to $2.60 per share outstanding for the three and nine months ended March 31, 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 | 9 Months Ended |
Mar. 31, 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 | 9 Months Ended |
Mar. 31, 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 March 31, 2015. |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||||||||||
Mar. 31, 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 March 31, 2015 and June 30, 2014: | |||||||||||||||
March 31, 2015 | June 30, 2014 | ||||||||||||||
(In thousands) | Carrying | Fair | Carrying | Fair | Valuation | ||||||||||
Amount | Value | Amount | Value | Inputs | |||||||||||
Available-for-Sale Securities | |||||||||||||||
Mutual Funds - Corporate & Government Debt | 18,763 | 18,763 | — | — | Level 1 | ||||||||||
Held-to-Maturity Securities | |||||||||||||||
Bonds: 1-3 years | 1,716 | 1,709 | — | — | Level 2 | ||||||||||
Bonds: 3-5 years | 1,807 | 1,798 | — | — | Level 2 | ||||||||||
Time deposits: 1-90 days | 1,993 | 1,993 | — | — | Level 2 | ||||||||||
Time deposits: 91-360 days | 5,183 | 5,180 | — | — | Level 2 | ||||||||||
Time deposits: over 360 days | 5,732 | 5,743 | — | — | Level 2 | ||||||||||
Note Payable | — | — | 5,655 | 5,655 | Level 2 | ||||||||||
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
Other Comprehensive Income | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
Equity [Abstract] | |||||
Other Comprehensive Income | Other Comprehensive Income | ||||
Changes in the balances of each component included in accumulated other comprehensive income ("accumulated OCI") for the nine months ended March 31, 2015, are presented below. All amounts are net of tax and exclude noncontrolling interest. | |||||
(In thousands) | Accumulated Other Comprehensive Income | ||||
Unrealized Gain in Mutual Fund Investments | |||||
Balance at June 30, 2014 | $ | — | |||
Current period change in comprehensive other income | $ | 13 | |||
Balance at March 31, 2015 | $ | 13 | |||
Credit_Risk_Concentration_Invo
Credit Risk Concentration Involving Cash | 9 Months Ended |
Mar. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Credit Risk Concentration Involving Cash | Credit Risk Concentration Involving Cash |
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 | 9 Months Ended |
Mar. 31, 2015 | |
State Of Texas Funding [Abstract] | |
State of Texas Funding | 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 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, 1st 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 1st 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 1st Detect to date and accrued interest at 8% per year. On August 28, 2014, 1st 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. |
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 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 March 31, 2015, the Company has established a full valuation allowance against all of its net deferred tax assets to the extent they will not be utilized to offset the gain and income from discontinued operations. | |
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. | |
During the third quarter, the Company incurred losses from continuing operations in the amount of $2.1 million. As a result, there was a reclassification of approximately $735 thousand of additional benefit to continuing operations and additional expense to discontinued operations as there was less benefit to the discontinued operations for the use of prior year Net Operating Losses ("NOLs"). The total effective tax rate for continuing operations continues to be approximately 38% fiscal year to date. | |
The disposition of the ASO business resulted in the recognition of a taxable gain of approximately $26.9 million. The Company will utilize losses generated during its current fiscal year ending June 30, 2015, as well as loss carryovers and credits that are unrestricted by IRC Section 382 (which limits the utilization of loss carryovers). As of March 31, 2015, the Company expects that the gain will be offset by losses incurred during the fiscal year in the amount of $8.6 million; the remainder of the gain was offset by prior year NOLs. The Company is currently unable to reasonably estimate the impact of any additional losses that may occur during the remainder of its fiscal year ending June 30, 2015. As of March 31, 2015, the net federal and state tax impact of the disposition gain (net of the losses incurred during the nine months ended March 31, 2015,and the tax attribute carryovers from prior years) is $362 thousand, which is related to the Alternative Minimum Tax ("AMT") incurred in the amount of $337 thousand and current state tax expense of $25 thousand. | |
For the nine months ended March 31, 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. | |
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 | 9 Months Ended |
Mar. 31, 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 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 at the time. 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. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On April 7, 2015, the Company issued 1.8 million shares to the directors and certain employees of the Company. Of these shares, 286,000 are restricted and will vest over the next 3 years. |
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Schedule of available-for-sale securities | The following tables summarize gains and losses related to our investments: | ||||||||||||||||||||||||
Available-for-Sale | March 31, 2015 | ||||||||||||||||||||||||
(In thousands) | Adjusted | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gain | Loss | Value | ||||||||||||||||||||||
Mutual Funds - Corporate & Government Debt | $ | 18,750 | $ | 23 | $ | (10 | ) | $ | 18,763 | ||||||||||||||||
Total | $ | 18,750 | $ | 23 | $ | (10 | ) | $ | 18,763 | ||||||||||||||||
Schedule of held-to-maturity securities | |||||||||||||||||||||||||
Carrying Value | |||||||||||||||||||||||||
Cash & Cash Equivalents | Short-Term Investments | Long-Term Investments | |||||||||||||||||||||||
(In thousands) | March 31, 2015 | June 30, 2014 | March 31, 2015 | June 30, 2014 | March 31, 2015 | June 30, 2014 | |||||||||||||||||||
Cash | $ | 4,208 | $ | 3,831 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Money Market Funds | 465 | — | — | — | — | — | |||||||||||||||||||
Mutual Funds - Corporate & Government Debt | — | — | 18,763 | — | — | — | |||||||||||||||||||
Time deposits | |||||||||||||||||||||||||
Maturities from 1-90 days | 1,993 | — | — | — | — | — | |||||||||||||||||||
Maturities from 91-360 days | — | — | 5,183 | — | — | — | |||||||||||||||||||
Maturities over 360 days | — | — | — | — | 5,732 | ||||||||||||||||||||
Fixed Income Bonds | |||||||||||||||||||||||||
Maturities from 1-3 years | — | — | — | — | 1,716 | — | |||||||||||||||||||
Maturities from 3-5 years | — | — | — | — | 1,807 | — | |||||||||||||||||||
Total | $ | 6,666 | $ | 3,831 | $ | 23,946 | $ | — | $ | 9,255 | $ | — | |||||||||||||
Held-to-Maturity | March 31, 2015 | ||||||||||||||||||||||||
(In thousands) | Carrying | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Value | Gain | Loss | Value | ||||||||||||||||||||||
Cash & Cash Equivalents | $ | 6,666 | $ | — | $ | — | $ | 6,666 | |||||||||||||||||
Fixed Income Bonds | 3,523 | — | (16 | ) | 3,507 | ||||||||||||||||||||
Time Deposits | 10,915 | 8 | — | 10,923 | |||||||||||||||||||||
Total | $ | 21,104 | $ | 8 | $ | (16 | ) | $ | 21,096 | ||||||||||||||||
Discontinued_Operations_Gain_o1
Discontinued Operations & Gain on the Sale of the ASO Business Unit (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 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 consolidated statements of operations (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Major line items constituting income of discontinued operations | |||||||||||||||||
Revenue | $ | — | $ | 1,508 | $ | 2,807 | $ | 10,653 | |||||||||
Cost of revenue | — | (2,308 | ) | (1,313 | ) | (8,076 | ) | ||||||||||
Selling, general and administrative | — | (161 | ) | (128 | ) | (535 | ) | ||||||||||
Other expense, net | — | (61 | ) | (63 | ) | (187 | ) | ||||||||||
Gain on sale of discontinued operations | — | — | 25,630 | — | |||||||||||||
Income tax benefit (expense) | (753 | ) | 358 | (3,315 | ) | (1,379 | ) | ||||||||||
Income (loss) on discontinued operations | $ | (753 | ) | $ | (664 | ) | $ | 23,618 | $ | 476 | |||||||
The total pre-tax gain on the sale for the nine months ended March 31, 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 | 38 | ||||||||||||||||
Gain on sale of our former ASO business | $ | 25,630 | |||||||||||||||
Schedule of total pre tax gain on the sale | The following table provides a reconciliation of the major assets and liabilities of our former ASO business to the amounts reported in the previously reported condensed consolidated balance sheet (in thousands): | ||||||||||||||||
June 30, | |||||||||||||||||
2014 | |||||||||||||||||
Carrying amounts of major classes of assets included as part of discontinued operations | |||||||||||||||||
Accounts receivable, net | $ | 1,220 | |||||||||||||||
Prepaid expenses and other current assets | 185 | ||||||||||||||||
Property and equipment, net | 33,858 | ||||||||||||||||
Other assets, net | 29 | ||||||||||||||||
Total assets of discontinued operations | $ | 35,292 | |||||||||||||||
Carrying amounts of major classes of liabilities included as part of discontinued operations | |||||||||||||||||
Accounts payable | $ | 184 | |||||||||||||||
Accrued liabilities and other | 632 | ||||||||||||||||
Short-term deferred revenue | 873 | ||||||||||||||||
Term note payable | 5,655 | ||||||||||||||||
Long-term deferred revenue | 237 | ||||||||||||||||
Total liabilities of discontinued operations | $ | 7,581 | |||||||||||||||
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||
Schedule of changes in stockholders equity | The following table breaks down the changes in Stockholders' Equity (amounts in thousands): | ||||||||||||
Astrotech Corp Stockholders' Equity | Noncontrolling Interest in Subsidiary | Total Stockholders' Equity | |||||||||||
Balance at June 30, 2014 | $ | 28,500 | $ | 1,800 | $ | 30,300 | |||||||
Stock based compensation | 58 | — | 58 | ||||||||||
Repayment of State of Texas Emerging Technology Fund | (531 | ) | (1,800 | ) | (2,331 | ) | |||||||
Exercise of stock options | 111 | — | 111 | ||||||||||
Payments for share buyback | (538 | ) | — | (538 | ) | ||||||||
Noncontrolling interest funding of Astral Images | — | 165 | 165 | ||||||||||
Net change in available-for-sale securities | 13 | — | 13 | ||||||||||
Net income attributable to Astrotech Corporation | 18,761 | — | 18,761 | ||||||||||
Net loss attributable to noncontrolling interest | — | (11 | ) | (11 | ) | ||||||||
Balance at March 31, 2015 | $ | 46,374 | $ | 154 | $ | 46,528 | |||||||
Net_Income_Loss_per_Share_Tabl
Net Income (Loss) per Share (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 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 per share (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Numerator: | |||||||||||||||||
Amounts attributable to Astrotech Corporation, basic and diluted: | |||||||||||||||||
Loss from continuing operations, net of tax | $ | (1,347 | ) | $ | (2,173 | ) | $ | (4,857 | ) | $ | (4,616 | ) | |||||
(Loss) income from discontinued operations, net of tax | (753 | ) | (664 | ) | 23,618 | 476 | |||||||||||
Net (loss) income attributable to Astrotech Corporation | (2,100 | ) | (2,837 | ) | 18,761 | (4,140 | ) | ||||||||||
State of Texas deemed dividend (Note 12) | — | — | (531 | ) | — | ||||||||||||
Net (loss) income attributable to Astrotech Corporation applicable to common shareholders | $ | (2,100 | ) | $ | (2,837 | ) | $ | 18,230 | $ | (4,140 | ) | ||||||
Denominator: | |||||||||||||||||
Denominator for basic net (loss) income per share attributable to Astrotech Corporation — weighted average common stock outstanding | 19,497 | 19,486 | 19,561 | 19,479 | |||||||||||||
Dilutive common stock equivalents — common stock options and share-based awards | — | — | — | — | |||||||||||||
Denominator for diluted net income (loss) per share attributable to Astrotech Corporation — weighted average common stock outstanding and dilutive common stock equivalents | 19,497 | 19,486 | 19,561 | 19,479 | |||||||||||||
Basic and diluted net income (loss) per common share: | |||||||||||||||||
Net loss attributable to Astrotech Corporation from continuing operations | $ | (0.07 | ) | $ | (0.11 | ) | $ | (0.28 | ) | $ | (0.24 | ) | |||||
Net (loss) income from discontinued operations | (0.04 | ) | (0.03 | ) | 1.21 | 0.02 | |||||||||||
Net (loss) income attributable to Astrotech Corporation applicable to common shareholders | $ | (0.11 | ) | $ | (0.14 | ) | $ | 0.93 | $ | (0.22 | ) | ||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||||||
Mar. 31, 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 March 31, 2015 and June 30, 2014: | ||||||||||||||
March 31, 2015 | June 30, 2014 | ||||||||||||||
(In thousands) | Carrying | Fair | Carrying | Fair | Valuation | ||||||||||
Amount | Value | Amount | Value | Inputs | |||||||||||
Available-for-Sale Securities | |||||||||||||||
Mutual Funds - Corporate & Government Debt | 18,763 | 18,763 | — | — | Level 1 | ||||||||||
Held-to-Maturity Securities | |||||||||||||||
Bonds: 1-3 years | 1,716 | 1,709 | — | — | Level 2 | ||||||||||
Bonds: 3-5 years | 1,807 | 1,798 | — | — | Level 2 | ||||||||||
Time deposits: 1-90 days | 1,993 | 1,993 | — | — | Level 2 | ||||||||||
Time deposits: 91-360 days | 5,183 | 5,180 | — | — | Level 2 | ||||||||||
Time deposits: over 360 days | 5,732 | 5,743 | — | — | Level 2 | ||||||||||
Note Payable | — | — | 5,655 | 5,655 | Level 2 | ||||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
Equity [Abstract] | |||||
Schedule of accumulated other comprehensive income | |||||
(In thousands) | Accumulated Other Comprehensive Income | ||||
Unrealized Gain in Mutual Fund Investments | |||||
Balance at June 30, 2014 | $ | — | |||
Current period change in comprehensive other income | $ | 13 | |||
Balance at March 31, 2015 | $ | 13 | |||
General_Information_Detail_Tex
General Information (Detail Textuals) (USD $) | 3 Months Ended | 0 Months Ended | 9 Months Ended | |
Mar. 31, 2015 | Aug. 22, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Indemnity holdback | $6,100,000 | $6,100,000 | $0 | |
Noncontrolling interest | 154,000 | 154,000 | 1,800,000 | |
Image Trends, Inc [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Purchase price paid by noncontrolling interest | 165,000 | |||
Noncontrolling interest | 165,000 | 165,000 | ||
Image Trends, Inc [Member] | Astral Images, Inc | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Cost of certain business assets acquired | 1,600,000 | |||
Astrotech Space Operations | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Sale of business unit | 61,000,000 | 59,300,000 | ||
Working capital | 1,700,000 | 1,700,000 | ||
Received cash for working capital holdback | 53,189,000 | |||
Indemnity holdback | $6,100,000 | $6,100,000 |
Investments_Available_for_Sale
Investments - Available for Sale and Held to Maturity Securities (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Available-for-sale Securities [Abstract] | |
Adjusted Cost | $18,750 |
Gross Gain | 23 |
Gross Loss | -10 |
Fair Value | 18,763 |
Held-to-maturity Securities [Abstract] | |
Carrying Value | 21,104 |
Unrealized Gain | 8 |
Unrealized Loss | -16 |
Fair Value | 21,096 |
Mutual Funds - Corporate & Government Debt | |
Available-for-sale Securities [Abstract] | |
Adjusted Cost | 18,750 |
Gross Gain | 23 |
Gross Loss | -10 |
Fair Value | 18,763 |
Cash & Cash Equivalents | |
Held-to-maturity Securities [Abstract] | |
Carrying Value | 6,666 |
Unrealized Gain | 0 |
Unrealized Loss | 0 |
Fair Value | 6,666 |
Fixed Income Bonds | |
Held-to-maturity Securities [Abstract] | |
Carrying Value | 3,523 |
Unrealized Gain | 0 |
Unrealized Loss | -16 |
Fair Value | 3,507 |
Time Deposits | |
Held-to-maturity Securities [Abstract] | |
Carrying Value | 10,915 |
Unrealized Gain | 8 |
Unrealized Loss | 0 |
Fair Value | $10,923 |
Investments_Carrying_Value_Det
Investments - Carrying Value (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, current | $21,104 | |
Available-for-sale securities, current | 18,763 | |
Cash & Cash Equivalents | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, current | 6,666 | 3,831 |
Short-Term Investments | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Available-for-sale Securities and Held-to-maturity Securities | 23,946 | |
Long-Term Investments | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, current | 9,255 | |
Cash | Cash & Cash Equivalents | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, current | 4,208 | 3,831 |
Money Market Funds | Cash & Cash Equivalents | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, current | 465 | |
Mutual Funds - Corporate & Government Debt | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Available-for-sale securities, current | 18,763 | |
Time Deposits | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, current | 10,915 | |
Time Deposits | Cash & Cash Equivalents | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, current | 1,993 | |
Time Deposits | Short-Term Investments | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, current | 5,183 | |
Time Deposits | Long-Term Investments | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, current | 5,732 | |
Fixed Income Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, current | 3,523 | |
Fixed Income Bonds | Long-Term Investments | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, remaining maturities from 1-3 years | 1,716 | |
Held-to-maturity securities, remaining maturities from 3-5 years | $1,807 |
Discontinued_Operations_Gain_o2
Discontinued Operations & Gain on the Sale of the ASO Business Unit (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Receivable for indemnity holdback | $6,100 | $6,100 | $0 | ||
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 | 53,189 | ||||
Receivable for indemnity holdback | 6,100 | 6,100 | |||
Liabilities assumed by the Buyer | 2,478 | 2,478 | |||
Net book value of assets sold | 36,175 | 36,175 | |||
Other | 38 | 38 | |||
Gain on sale of our former ASO business | $0 | $0 | $25,630 | $0 |
Discontinued_Operations_Gain_o3
Discontinued Operations & Gain on the Sale of the ASO Business Unit (Details 1) (Astrotech Space Operations, USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Astrotech Space Operations | |
Carrying amounts of major classes of assets included as part of discontinued operations | |
Accounts receivable, net | $1,220 |
Prepaid expenses and other current assets | 185 |
Property and equipment, net | 33,858 |
Other assets, net | 29 |
Total assets of discontinued operations | 35,292 |
Carrying amounts of major classes of liabilities included as part of discontinued operations | |
Accounts payable | 184 |
Accrued liabilities and other | 632 |
Short-term deferred revenue | 873 |
Term note payable | 5,655 |
Long-term deferred revenue | 237 |
Total liabilities of discontinued operations | $7,581 |
Discontinued_Operations_Gain_o4
Discontinued Operations & Gain on the Sale of the ASO Business Unit (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income tax benefit (expense) | ($753) | $358 | ($3,315) | ($1,379) |
Income (loss) on discontinued operations | -753 | -664 | 23,618 | 476 |
Astrotech Space Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue | 0 | -1,508 | -2,807 | -10,653 |
Cost of revenue | 0 | -2,308 | -1,313 | -8,076 |
Selling, general and administrative | 0 | -161 | -128 | -535 |
Other expense, net | 0 | -61 | -63 | -187 |
Gain on sale of discontinued operations | 0 | 0 | 25,630 | 0 |
Income tax benefit (expense) | -753 | 358 | -3,315 | -1,379 |
Income (loss) on discontinued operations | ($753) | ($664) | $23,618 | $476 |
Discontinued_Operations_Gain_o5
Discontinued Operations & Gain on the Sale of the ASO Business Unit (Detail Textuals) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Aug. 22, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Indemnity holdback | $6,100,000 | $6,100,000 | $0 | |||
Interest expense, debt | 62,000 | 188,000 | ||||
Astrotech Space Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Sale of business unit | 59,300,000 | 61,000,000 | ||||
Working capital | 1,700,000 | 1,700,000 | ||||
Received cash for working capital holdback | 53,189,000 | |||||
Indemnity holdback | 6,100,000 | 6,100,000 | ||||
Gain on sale of discontinued operations | 25,630,000 | 0 | 0 | 0 | ||
Gain on sale of discontinued operations, net of tax | 23,700,000 | |||||
Service agreement, term | 1 year | |||||
Service agreement, extension term | 1 year | |||||
Service agreement, notice of termination term | 30 days | |||||
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 | $5,700,000 |
Receivables_Indemnity_Holdback1
Receivables - Indemnity Holdback Related to the Asset Sale (Detail Textuals) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Indemnity holdback | $6,100,000 | $0 |
Astrotech Space Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Estimated purchase price | 59,300,000 | |
Working capital | 1,700,000 | |
Received cash for working capital holdback | 53,189,000 | |
Indemnity holdback | $6,100,000 |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Detail Textuals) (USD $) | 9 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Aug. 28, 2014 | Aug. 22, 2014 | Jun. 30, 2014 | |
Noncontrolling Interest [Line Items] | ||||
Ownership percentage description in subsidiaries | less than 100% | |||
Noncontrolling interest | $154,000 | $1,800,000 | ||
Payment of common stock repurchase right | 2,300,000 | |||
Astral Images, Inc | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership percentage | 67.00% | |||
Texas emerging technology fund | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | 1,800,000 | |||
1st Detect | Texas emerging technology fund | ||||
Noncontrolling Interest [Line Items] | ||||
Payment of common stock repurchase right | $2,300,000 | $2,300,000 |
Noncontrolling_Interest_Change
Noncontrolling Interest - Changes in Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at June 30, 2014 | $30,300 | |||
Stock based compensation | 58 | |||
Repayment of State of Texas Emerging Technology Fund | -2,331 | |||
Exercise of stock options | 111 | |||
Payments for share buyback | -538 | |||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 165 | |||
Net change in available-for-sale securities | 13 | |||
Net income (loss) | -2,100 | -2,837 | 18,761 | -4,140 |
Net loss attributable to noncontrolling interest | -11 | -216 | -11 | -681 |
Balance at March 31, 2015 | 46,528 | 46,528 | ||
Astrotech Corp Stockholders' Equity | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at June 30, 2014 | 28,500 | |||
Stock based compensation | 58 | |||
Repayment of State of Texas Emerging Technology Fund | -531 | |||
Exercise of stock options | 111 | |||
Payments for share buyback | -538 | |||
Net change in available-for-sale securities | 13 | |||
Net income (loss) | 18,761 | |||
Balance at March 31, 2015 | 46,374 | 46,374 | ||
Noncontrolling Interest in Subsidiary | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at June 30, 2014 | 1,800 | |||
Repayment of State of Texas Emerging Technology Fund | -1,800 | |||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 165 | |||
Net loss attributable to noncontrolling interest | -11 | |||
Balance at March 31, 2015 | $154 | $154 |
Net_Income_Loss_per_Share_Deta
Net Income (Loss) per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Amounts attributable to Astrotech Corporation, basic and diluted: | ||||
Loss from continuing operations, net of tax | ($1,347) | ($2,173) | ($4,857) | ($4,616) |
(Loss) income from discontinued operations, net of tax | -753 | -664 | 23,618 | 476 |
Net (loss) income attributable to Astrotech Corporation | -2,100 | -2,837 | 18,761 | -4,140 |
State of Texas deemed dividend (Note 12) | 0 | 0 | -531 | 0 |
Net (loss) income attributable to Astrotech Corporation applicable to common shareholders | ($2,100) | ($2,837) | $18,230 | ($4,140) |
Denominator: | ||||
Denominator for basic net (loss) income per share attributable to Astrotech Corporation — weighted average common stock outstanding (in shares) | 19,497 | 19,486 | 19,561 | 19,479 |
Dilutive common stock equivalents - common stock options and share-based awards (in shares) | 0 | 0 | 0 | 0 |
Denominator for diluted net income (loss) per share attributable to Astrotech Corporation - weighted average common stock outstanding and dilutive common stock equivalents (in shares) | 19,497 | 19,486 | 19,561 | 19,479 |
Basic and diluted net income (loss) per common share: | ||||
Net loss attributable to Astrotech Corporation from continuing operations (in dollars per share) | ($0.07) | ($0.11) | ($0.28) | ($0.24) |
Net (loss) income from discontinued operations | ($0.04) | ($0.03) | $1.21 | $0.02 |
Net (loss) income attributable to Astrotech Corporation applicable to common shareholders | ($0.11) | ($0.14) | $0.93 | ($0.22) |
Net_Income_Loss_per_Share_Deta1
Net Income (Loss) per Share (Detail Textuals) (USD $) | 9 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Options to purchase shares | 1,018,750 |
Exercise price lower range | $0.32 |
Exercise price upper range | $2.60 |
Debt_Detail_Textuals
Debt (Detail Textuals) (USD $) | 9 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Aug. 22, 2014 | Oct. 31, 2010 | |
Credit Facility [Line Items] | |||
Credit facilities financing arrangements | 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. | ||
Term Loan | |||
Credit Facility [Line Items] | |||
Credit facility, maximum borrowing capacity | $7,000,000 | ||
Credit facility expiration date | 31-Oct-15 | ||
Term Loan | Astrotech Space Operations | |||
Credit Facility [Line Items] | |||
Payment of outstanding balance of term loan | 5,700,000 | ||
Revolving Credit Facility | |||
Credit Facility [Line Items] | |||
Credit facility, maximum borrowing capacity | $3,000,000 | ||
Credit facility expiration date | 31-Oct-12 |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, current | $21,104 | |
Held-to-maturity securities, fair value | 21,096 | |
Notes payable | 5,655 | |
Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable, fair value | 5,655 | |
Cash & Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, current | 6,666 | 3,831 |
Long-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, current | 9,255 | |
Mutual Funds - Corporate & Government Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual Funds | 18,763 | |
Mutual Funds - Corporate & Government Debt | Fair Value Inputs Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual Funds, fair value | 18,763 | |
Fixed Income Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, current | 3,523 | |
Held-to-maturity securities, fair value | 3,507 | |
Fixed Income Bonds | Long-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, remaining maturities from 1-3 years | 1,716 | |
Held-to-maturity securities, remaining maturities from 3-5 years | 1,807 | |
Fixed Income Bonds | Long-Term Investments | 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 | 1,709 | |
Held-to-maturity securities, remaining maturities from 3-5 years, fair value | 1,798 | |
Time Deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, current | 10,915 | |
Held-to-maturity securities, fair value | 10,923 | |
Time Deposits | Cash & Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, current | 1,993 | |
Time Deposits | Cash & Cash Equivalents | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, fair value | 1,993 | |
Time Deposits | Short-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, current | 5,183 | |
Time Deposits | Short-Term Investments | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, fair value | 5,180 | |
Time Deposits | Long-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, current | 5,732 | |
Time Deposits | Long-Term Investments | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, fair value | $5,743 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance at June 30, 2014 | $0 |
Current period change in comprehensive other income | 13 |
Balance at March 31, 2015 | $13 |
Credit_Risk_Concentration_Invo1
Credit Risk Concentration Involving Cash (Detail Textuals) (USD $) | Mar. 31, 2015 |
Cash and Cash Equivalents [Abstract] | |
FDIC insurance amount per depositor | $250,000 |
State_of_Texas_Funding_Detail_
State of Texas Funding (Detail Textuals) (USD $) | 9 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Aug. 28, 2014 | Aug. 22, 2014 | Mar. 10, 2010 |
State Of Texas Funding [Line Items] | ||||
Payment of common stock repurchase right | $2.30 | |||
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 | $2.30 | $2.30 |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Net income (loss) | ($2,100,000) | ($2,837,000) | $18,761,000 | ($4,140,000) |
Reduction in continuing operations tax benefit | 735,000 | |||
Effective tax rate for continuing operations | 38.00% | |||
Taxable gain due to disposition of discontinued operations | 26,900,000 | |||
Taxable gain offset | 8,600,000 | 8,600,000 | ||
Federal and state tax impact of disposition gain net | 362,000 | |||
Tax impact related to Alternative Minimum Tax | 337,000 | 337,000 | ||
Tax impact related to current state tax expense | $25,000 | |||
Federal statutory effective tax rate | 35.00% |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail Textuals) (USD $) | 9 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lump sum payment received | $50,000 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event) | 0 Months Ended |
Apr. 07, 2015 | |
Restricted Stock | |
Subsequent Event [Line Items] | |
Restricted shares issued | 286,000 |
Vesting period | 3 years |
Directors and Certain Employees [Member] | |
Subsequent Event [Line Items] | |
Shares issued | 1,800,000 |