Dynasil Corporation of America (OTCBB: DYSL.OB) (“Dynasil” or
the “Company”), a rapidly growing manufacturer of specialized
instruments and products with applications in the homeland
security/defense, medical and industrial sectors, today announced
the results of operations for its fiscal year ended September 30,
2009.
Fiscal year 2009 was a year of significant growth in both
revenues and profits for Dynasil following the acquisition of RMD
on July 1, 2008. Fiscal year revenues doubled from $17.1 million in
FY 2008 to $34.4 million in FY2009; income from operations doubled
from $1.45 million to $2.84 million; and net income increased by
33.5% from $1.16 to $1.55 million. Net operating loss
carry-forwards for federal taxes were exhausted during fiscal year
2008, so fiscal year 2009 net income was affected by provisions for
increased federal taxes, as well as higher interest costs relating
to the RMD acquisition. Also, fiscal year 2009 revenues from
commercial operations including the optics/photonics products and
instruments segment were impacted by the worldwide economic
recession. In spite of this, the Company’s business units all
remained profitable, while its contract research segment showed a
substantial revenue increase for the year and has about two years
of project backlog. Dynasil also initiated a review of the
intellectual property acquired with RMD and began the initial
phases of commercial development of this technology. During fiscal
year 2009, the Company paid down debt by $2.2 million and
maintained liquidity with a cash balance of $3.1 million and an
additional $1.2 million available from lines of credit as of
September 30, 2009.
“In light of the challenges presented by the global economic
situation, we are pleased with our fiscal year 2009 results,” said
Craig T. Dunham, President and CEO. “Our 2008 acquisition of RMD
enabled our continued revenue growth, which has averaged more than
70% per year for the last five years. RMD also added new
proprietary technology with exciting commercial potential and the
prospects for acquiring additional intellectual property assets
through our contract research activities. In the case of government
funded research, we are normally allowed not only to make a profit
on that work, but also to retain commercial rights to the
technology that we develop. During 2009, commercialization of that
new technology became a major focus area, with the result that we
are currently pursuing promising opportunities, some of which
include: detectors to help Homeland Security identify nuclear
threats, faster sensors for dynamic medical imaging, and crack
detection sensors to find very small cracks in objects such as
aircraft wings and turbine blades. Overall, we are very excited
about the profit potential for this technology. Dynasil remains
focused on growth of our commercial operations through internal
development and improved efficiencies, as well as through active
pursuit of complementary acquisitions and commercialization of
technology from RMD.”
About Dynasil
Dynasil is a rapidly growing manufacturer of specialized
instruments and products for a broad range of applications markets
in the homeland security/defense, medical and general industrial
sectors. In addition, the Company is engaged in a significant
amount of contract research for the government and private
industry. Dynasil and its subsidiaries have operations in New
Jersey, New York and Massachusetts.
This news release may contain forward-looking statements usually
containing the words “believe,” “expect,” “plan,” “target,”
“intend” or similar expressions. These statements are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act. Future results of operations projections, and
expectations, which may relate to this release, involve certain
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that would
cause or contribute to such differences include, but are not
limited to, the factors detailed in the Company’s Annual Report on
Form 10-K and in the Company’s other Securities and Exchange
Commission filings, continuation of existing market conditions and
demand for our products and services.
Dynasil Corporation of America and Subsidiaries
Consolidated Balance Sheets
September 30 September 30 2009 2008
ASSETS Current assets Cash and cash equivalents
$3,104,778 $3,882,955 Accounts receivable, net 4,053,742 3,390,703
Inventories 2,371,516 2,909,730 Deferred tax asset 290,100 233,500
Other current assets 306,848 259,896 Total current assets
10,126,984 10,676,784 Property, plant and equipment, net
2,744,724 2,694,290 Other Assets Intangibles, net 7,232,035
7,767,258 Goodwill 11,054,396 11,054,396 Deferred financing costs,
net 64,637 81,136 Other assets -0- 8,360 Total other assets
18,351,068 18,911,150
Total Assets $31,222,776
$32,282,224
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities Short term note payable -0- $490,117 Current portion of
long-term debt 1,749,524 1,649,101 Accounts payable 773,837 877,525
Accrued expenses and other current liabilities 1,171,790 1,620,692
Income taxes payable 507,122 36,476 Dividends payable 149,150
149,150 Total current liabilities 4,351,423 4,823,061
Long-term debt 8,386,796 10,178,420 Stockholders' Equity
18,484,557 17,280,743
Total Liabilities and
Stockholders' Equity $31,222,776 $32,282,224
Dynasil Corporation of America
and Subsidiaries
Consolidated Statement of
Operations
Twelve Months Ended
September 30
2009
2008
Revenues $34,363,674 $17,116,341 Cost of Revenues
20,629,501 11,307,034
Gross Profit 13,734,173 5,809,307 Selling, general and
administrative 10,891,096 4,359,493
Income from Operations 2,843,077 1,449,814 Interest
expense – net 735,317 214,090
Income before Income Taxes 2,107,760 1,235,724 Income
Tax expense 556,462 73,757
Net Income $1,551,298 $1,161,967
Net Income per share Basic $0.08 $0.12 Diluted $0.08 $0.12
Weighted average shares
outstanding
Basic
11,373,837
7,752,809
Diluted
12,328,261
8,871,825
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