Astrotech shares surge on positive Q4 results

Oct 17, 2013
Austin Business Journal

Shares of Astrotech Corp. (Nasdaq: ASTC) soared on Wednesday after the company reported positive fourth quarter financial results, while company officials were bullish on its outlook


The shares gained 29 cents, or 30 percent, to close at $1.26 in extremely heavy volume, with 1.35 million shares changing hands


A day earlier, the company said it had fourth-quarter net income of $2.2 million on revenue of $9.2 million for the three months ended June 30. During the same period last year it came in with a loss of $1.3 million on revenue of $7.6 million


In a statement, company officials said Astrotech has opened a new project development center in Webster, just south of Houston


"During the quarter, Astrotech Space Operations processed two very important U.S. government missions and we are nearly complete on our multi-year Ground Support Equipment contract. Our backlog remains strong and we are encouraged by the diversity we are seeing in new programs now under contract," said Carlisle Kirkpatrick, Astrotech CFO, in the statement


In September, the company said it had been awarded a contract by NASA to provide facilities and pre-launch processing services for the Magnetospheric MultiScale mission to launch next year


Astrotech, which was founded in 1984 as Spacehab, employs about 66 workers. It commercializes biotechnology projects processed in microgravity environments


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