Discontinued Operations & Gain on the Sale of the ASO Business Unit

12 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations & Gain on the Sale of the ASO Business Unit

Discontinued Operations & Gain on the Sale of the ASO Business Unit

In August 2014, the Company completed the previously announced sale of substantially all of its assets used in the Company’s former Astrotech Space Operations business unit to Lockheed Martin Corporation for an agreed upon sales price of $61.0 million, less a working capital adjustment. The net sales price was $59.3 million, which included a working capital adjustment of $1.7 million and an indemnity holdback of $6.1 million. As of June 30, 2017, the Company had received the full net sales price of $59.3 million. The indemnity holdback was being held in an escrow account under the terms of an escrow agreement until February 2016, the 18-month anniversary of the consummation of the transaction. 100% of the indemnity holdback was released on February 25, 2016 and no further claims may be made.