AUSTIN, Texas, Jan. 26, 2012 (CRWENEWSWIRE) — 1st Detect Corporation, a subsidiary of Astrotech Corporation (Nasdaq:ASTC), is pleased to announce the delivery of pre-production mini-mass spectrometers to select customers for evaluation.

“After years of development, we are very proud to have leading analytical equipment vendors evaluating our mini-mass spectrometer,” said Thomas B. Pickens III, Chairman of 1st Detect. “We believe 1st Detect’s mini-mass spectrometer technology represents a breakthrough by delivering performance comparable to large laboratory mass spectrometers in a small and affordable instrument that can reach many applications that were never before possible. This is a major development milestone as 1st Detect is now transforming from its R&D phase to a market driven, commercially focused business enterprise.”

The 1st Detect mini-mass spectrometer technology is capable of detecting trace levels of volatile compounds and has been developed for the security, industrial and research laboratory markets. We believe the technology platform is ideally suited for these applications, having been designed to provide highly accurate and rapid analysis and detection of very low concentrations of chemical compounds.

“I am extremely excited about the technology breakthroughs the 1st Detect team has innovated,” added Mr. Pickens. “Our talented R&D team has spent years developing what we consider to be the best performing miniature mass spectrometer available. This product fulfills an unmet need in the chemical detection market by providing a true mini-mass spectrometer that is superior to the widely adopted ion mobility spectrometry (IMS) products.”

The 1st Detect proprietary mini-mass spectrometry technology provides a broad and versatile platform that we plan to integrate with follow-on products optimized for the security and industrial markets including airports, border crossings, law enforcement, military uses, agricultural processing, refineries, chemical plants, pharmaceutical manufacturing, process control, water and wastewater treatment facilities.

About 1st Detect Corporation

1st Detect Corporation was formed by Astrotech Corporation (Nasdaq:ASTC - News) to develop and commercialize miniature-mass spectrometer technology first developed under an agreement with NASA for use on the International Space Station (ISS). 1st Detect offers what we believe is a breakthrough mini-mass spectrometry technology that fills an unmet need by being highly accurate, rapid, lightweight, durable and cost-effective. For more information on 1st Detect Corporation, please visit www.1stDetect.com.

About Astrotech Corporation

Astrotech is one of the first space commerce companies and remains a strong entrepreneurial force in the aerospace industry. We are leaders in identifying, developing and marketing space technology for commercial use. Our ASO business unit serves our government and commercial satellite and spacecraft customers with pre-launch services on the eastern and western range. 1st Detect Corporation is developing what we believe is a breakthrough mini-mass spectrometer, while Astrogenetix, Inc. is a biotechnology company utilizing microgravity as a research platform for drug discovery and development.

This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, continued government support and funding for key space programs, the ability to expand ASO, the availability of capital for reinvestment in growth initiatives, the continued development of technology solutions, product performance and market acceptance of products and services, as well as other risk factors and business considerations described in the Company’s Securities and Exchange Commission filings including the annual report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. The Company assumes no obligation to update these forward-looking statements.

Source: Astrotech Corporation

Contact:

FOR MORE INFORMATION:
James Wylde
Vice President, Business Development
1st Detect Corporation
972-617-9939
jwylde@1stDetect.com

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SAN DIEGO, CA–(CRWENEWSWIRE) -12/05/11 - LRAD Corporation (NASDAQ:LRAD), the world’s leading provider of acoustic hailing devices (AHDs), today reported record revenues of $26.5 million and record net income of $0.15 per diluted share for the fiscal year ended September 30, 2011.

In addition to record fiscal year revenues and profits, accomplishments in fiscal 2011 included:

* Achieved record Company revenues for the fourth straight fiscal year and second consecutive year of profitability; the first two years of profitability in the Company’s history.

* Recorded fifth consecutive fiscal year of double digit LRAD(R) systems and services sales growth.

* Grew international business by 254% year over year, which included the delivery of the largest single order in the Company’s history to date: $12.1 million in LRAD systems to a military service of a foreign government.

* Completed the development of the LRAD 2000X™, the Company’s most powerful AHD to date, to meet the requirements of larger security applications. The LRAD 2000X was released for sale this quarter (fiscal Q1 2012).

* Developed and launched a wireless version of the LRAD 100X™, which is receiving strong initial market acceptance. Wireless capability is being implemented throughout the LRAD product family.

* Increased cash balance by $8.4 million through positive cash flow from operating activities and exercise of warrants.

“Our record fiscal 2011 financial results demonstrate the versatility of our proprietary Long Range Acoustic Device(R) systems and their growing international acceptance,” said Tom Brown, president and CEO of LRAD Corporation. “By expanding LRAD sales further into the international military, domestic law enforcement, and wildlife preservation/critical asset protection markets, we were able to achieve record fiscal year revenues and profits even with a 40% reduction in year over year U.S. Military business due to ongoing Federal budget uncertainty.”

Revenues for fiscal year 2011 increased 59% to $26.5 million, compared to $16.7 million for fiscal year 2010. The increase in fiscal year 2011 revenues was derived primarily from the shipment of a $12.1 million order to a foreign government.

Gross profit for fiscal 2011 was $15.9 million or 60% of total revenues, compared to $9.2 million, or 55% of total revenues for fiscal 2010. The increase in gross profit was primarily due to increased revenues, increased fixed cost absorption and lower product cost due to higher volume purchases.

Operating expenses for fiscal 2011 increased 63% to $10.9 million, compared to $6.7 million in fiscal 2010. The increase was primarily attributed to increases of $2.8 million for sales commissions, primarily related to the large foreign government sale, $1.1 million for bonus expense based on meeting annual performance targets, and $385,000 for salary and consulting expense, primarily related to increased business development staffing.

Net income for fiscal 2011 was $5.0 million, or $0.15 per diluted share, compared to net income of $3.0 million, or $0.10 per diluted share, for fiscal 2010. The increases in net income and per share income were due primarily to increased international sales of the Company’s LRAD-X(R) systems.

“In fiscal 2012, we will continue to enhance our LRAD systems in response to customer feedback and market expansion opportunities, and work to further diversify our customer base. Despite protracted government budget delays and spending uncertainty, we remain focused on securing significant domestic and international business,” Brown concluded. “We look forward to discussing our fiscal year 2011 financial results and some of our fiscal 2012 business prospects on tomorrow’s conference call.”

About LRAD Corporation

LRAD Corporation has thousands of Long Range Acoustic Device(R) (LRAD[R]) communication systems in service around the world in diverse applications including fixed and mobile military deployments, maritime security, critical infrastructure and perimeter security, commercial security, border and port security, law enforcement and emergency responder communications, asset protection and wildlife preservation and control. For more information about the Company and its LRAD systems, please visit www.lradx.com.

Forward-looking Statements: Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. These risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management’s expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended September 30, 2011. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.

                      LRAD Corporation and Subsidiary
                         Consolidated Balance Sheets
                               (000's omitted)

                                                        September 30,
                                                      2011          2010
                                                 ------------- -------------

ASSETS
Current assets:
  Cash and cash equivalents                      $      13,871 $       5,421
  Restricted cash                                          606             -
  Accounts receivable, net                               5,098         4,188
  Inventories, net                                       2,736         2,784
  Prepaid expenses and other                               664           205
  Assets of discontinued operations                          6           113
                                                 ------------- -------------
Total current assets                                    22,981        12,711
Equipment, net                                              75           124
Intangible assets, net                                     226           278
Prepaid expenses - noncurrent                            1,219            58
                                                 ------------- -------------
Total assets                                     $      24,501 $      13,171
                                                 ============= =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                               $       1,040 $         965
  Accrued liabilities                                    2,900         1,533
  Liabilities of discontinued operations                     9            53
                                                 ------------- -------------
Total current liabilities                                3,949         2,551
Other liabilities - noncurrent                             277           282
                                                 ------------- -------------
Total liabilities                                        4,226         2,833
                                                 ------------- -------------
Total stockholders' equity                              20,275        10,338
                                                 ------------- -------------
Total liabilities and stockholders' equity       $      24,501 $      13,171
                                                 ============= =============

LRAD Corporation and Subsidiary
                   Consolidated Statements of Operations
             (000's omitted except share and per share amounts)

                                                 Years Ended September 30,
                                                     2011          2010
                                                ------------- -------------

Revenues                                        $      26,507 $      16,694
Cost of revenues                                       10,577         7,520
                                                ------------- -------------
Gross profit                                           15,930         9,174
                                                ------------- -------------

Operating expenses:
  Selling, general and administrative                   8,464         4,660
  Research and development                              2,484         2,062
                                                ------------- -------------
Total operating expenses                               10,948         6,722
                                                ------------- -------------

Income from operations                                  4,982         2,452
Other income                                               47           748
                                                ------------- -------------
Income from continuing operations before income
 taxes                                                  5,029         3,200
Income tax expense                                         75           167
                                                ------------- -------------
Income from continuing operations                       4,954         3,033
Income (loss) from discontinued operations                 69           (49)
                                                ------------- -------------
Net income                                      $       5,023 $       2,984
                                                ============= =============
Net income per common share - continuing
 operations:
  Basic                                         $        0.16 $        0.10
  Diluted                                       $        0.15 $        0.10
Net income per common share - discontinued
 operations:
  Basic                                         $        0.00 $       (0.00)
  Diluted                                       $        0.00 $       (0.00)
Net income per common share:
  Basic                                         $        0.16 $        0.10
  Diluted                                       $        0.15 $        0.10
Weighted average common shares outstanding:
  Basic                                            31,755,157    30,589,212
                                                ============= =============
  Diluted                                          32,722,632    31,111,330
                                                ============= =============

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THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!

Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWENewswire.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWENewswire.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (Read more at http://crwenewswire.com/disclaimer). Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) is a media-advertisement and newswire company. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period.