Astrotech Reports $1.6 Million Loss in 2011 Second Quarter
[Satellite TODAY 02-07-11] Astrotech posted a $1.6 million net loss in its fiscal year 2011 second quarter — a 34 percent drop from the $1.7 million in net income it generated during the same period last year, the company announced Feb. 4.
Astrotech’s working capital was $6.8 million at the end of December, which included $7.2 million in cash and $2.5 million in accounts receivable. In October, Astrotech entered into a financing arrangement to borrow up to $10 million from an unnamed U.S. commercial bank. The company said the proceeds of that loan agreement were used to pay off its existing commercial debt and will fund future working capital needs.
The company’s 18-month rolling backlog, which includes contractual backlog and scheduled but uncommitted missions, was $24.4 million at the end of the period. The majority of the backlog is for relaunch satellite processing services and hardware launch preparation, Astrotech said.