Astrotech Corporation (ASTC) saw its loss widen to $3.42 million, or $0.17 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $3.36 million, or $0.16 a share.
Revenues for the quarter were $1.01 million. The company has not recorded any revenues for the previous year period. Gross margin for the quarter was at 27.34 percent.
Operating loss for the quarter was $3.56 million, compared with an operating loss of $3.55 million in the previous year period.
"The foundational achievements of fiscal year 2016 drove our continued progress on our government-related subcontract agreements to $1.0 million in revenue for our first quarter of fiscal 2017," said Thomas B. Pickens III, Chairman and CEO of Astrotech Corporation. "Our 1st Detect subsidiary delivered milestones for a key government contract to develop next-generation explosive trace detection (ETD) systems for aviation security and began preparing to deliver multiple prototype units for integration into Battelle’s Next Generation Chemical Detection (NGCD) prototype solution.
Working capital drops significantly
Astrotech Corporation has witnessed a decline in the working capital over the last year. It stood at $19.04 million as at Sep. 30, 2016, down 33.11 percent or $9.43 million from $28.47 million on Sep. 30, 2015. Current ratio was at 12.42 as on Sep. 30, 2016, down from 17.16 on Sep. 30, 2015.
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