Space firm ties loss to its R&D

Austin-based Astrotech reports net loss of $3.5M in quarter.

Austin-based Astrotech Corp. saw its losses rise in its most recent quarter, with the aerospace company saying the losses were driven by its investment in research and development.

For Astrotech’s fiscal first quarter — ended Sept. 30 — the company reported a net loss of about $3.5 million, or 16 cents per share, according to securities filings. That compares with a loss of $1.3 million for the first quarter of fiscal 2015, the company said.

Astrotech — which describes itself as a leader in identifying and commercializing space technology — reported no revenue for the quarter.

As of Sept. 30, the company said it had no debt and $28.6 million on hand in cash, short-term investments and an indemnity receivable.

Astrotech operates three business units: 1st Detect Corp., which commercializes spectrometer technology; Astrogenetix Corp., a biotechnology company; and Astral Images Inc., which is working with digital image-scanning technologies.

The company said it has increased 1st Detect’s sales team and R&D investment.

“Astrotech continues to execute our plan to commercialize the breakthrough technologies of our three subsidiaries,” Thomas Pickens III, Astrotech chairman and CEO, said in a written statement. “1st Detect is positioned to turn the corner from a research and development focus to an operating company. In the first quarter of fiscal year 2016, we increased investment in R&D and sales. In October, we launched our next generation process chemical analyzer, and the quantity and quality of interest received at the premier petrochemical and refining industry conference confirmed 1st Detect is developing the right suite of products. We believe ongoing successes of our current subsidiaries and future technologies will bear significant value for our shareholders.”

For fiscal year 2015, Astrotech reported net income of $10.8 million. Astrotech’s shares closed Monday down 7 cents, or 3.6 percent, at $1.88.