Dynasil Corporation of America (OTCBB: DYSL) today announced
record financial results for its 2010 third quarter, which ended
June 30, 2010. The Company posted record revenue for the 2010 third
quarter of $11.3 million which compares to $8.5 million in the
third-quarter of 2009, a 33% increase year over year. Operating
income, net income and diluted earnings per share for the quarter
were $1.33 million, $727,646, and $0.05, increases of 92%, 85%, and
120%, respectively, compared with the prior year.
“Dynasil has completed another outstanding quarter with record
revenue, earnings and financial results. We are pleased with our
strong Q3 results which clearly reflect the strength of our
diversified product portfolio, bolstered by innovation,
commercialization initiatives and operational excellence.” said
Craig T. Dunham, CEO at Dynasil. “We are also very excited about
our portfolio of products and technologies for the coming year and
we continue to see exceptional opportunity for continued strong
growth and profitability across all our businesses. In addition,
the refinancing of all our debt with Sovereign/Santander Bank
provides Dynasil maximum financial flexibility to achieve our
expansion goals through both organic and acquisition growth which
should further accelerate our progress.”
“The future looks really bright for Dynasil. Our activities in
homeland defense, medical imaging, and material science enable us
to serve and partner with our government and major corporations,”
added Peter Sulick, Chairman, Dynasil Board of Directors. “Our
growth strategy to acquire companies with strengths in
complementary areas will enable us to more quickly commercialize
our new technology while expanding the scale and scope of our
product line and distribution channels. Exemplifying this is our
recently announced acquisition of Hilger Crystals, a highly
specialized expert in the manufacturer of synthetic crystals
applicable to a wide range of our industrial, medical and homeland
security applications with immediate importance to our nuclear
detector business.”
About Dynasil: Dynasil Corporation of America (OTCBB:
DYSL), is a provider of technology, products, services and
solutions aimed at making the world safer and healthier. The
company supplies a broad range of customers by serving their
specific needs in the medical, industrial, and homeland
security/defense markets. The Company has operations in New Jersey,
New York, Massachusetts and the UK.
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 or
Form 10-K, Quarterly Reports on Form 10-Q, as well as in the
Company's other Securities and Exchange Commission filings,
continuation of existing market conditions and demand for our
products.
Dynasil Corporation of America and Subsidiaries
Consolidated Balance Sheets March 31
September 30 2010 2009 ASSETS
(Unaudited) Current assets Cash and cash equivalents
$4,002,366 $3,104,778 Accounts receivable, net 4,690,587 4,053,742
Inventories 2,183,367 2,371,516 Deferred tax asset 346,500 290,100
Other current assets 425,595 306,848 Total current assets
11,648,415 10,126,984 Property, plant and equipment, net
2,641,397 2,744,724 Other Assets Intangibles, net 6,820,353
7,232,035 Goodwill 11,054,396 11,054,396 Deferred financing costs,
net 53,499 64,637 Total other assets 17,928,248 18,351,068
Total Assets $32,218,060 $31,222,776
LIABILITIES
AND STOCKHOLDERS' EQUITY Current liabilities Current portion of
long-term debt 1,847,785 1,749,524 Note payable to related party
2,000,000 -0- Accounts payable 869,826 773,837 Billings in excess
of cost -0- 60,448 Income taxes payable 345,828 507,122 Dividends
payable 131,400 149,150 Accrued expenses and other current
liabilities 1,809,680 1,111,342 Total current liabilities 7,004,519
4,351,423 Long-term Liabilities Long-term debt, net
4,685,547 6,386,796 Note payable to related party -0- 2,000,000
Total long-term liabilities 4,685,547 8,386,796
Temporary Equity
2,000,000 2,000,000
Stockholders' Equity
18,524,994 16,484,557
Total Liabilities and Stockholders'
Equity $32,218,060 $31,222,776 DYNASIL CORPORATION OF
AMERICA CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Nine Months
Ended
June 30
June 30
2010 2009 2010 2009 Net revenues $11,294,868
8,512,892 $31,494,960 $25,883,053 Cost of revenues 6,562,323
4,860,590 18,669,123 15,643,287 Gross profit
4,732,545 3,652,302 12,825,837 10,239,766 Selling, general and
administrative expenses 3,399,584 2,957,111 9,311,918
8,131,946 Income from operations 1,332,961 695,191 3,513,919
2,107,820 Interest expense, net 142,578 160,367 457,007
567,025 Income before income taxes 1,190,383 534,824
3,056,912 1,540,795 Income taxes 462,737 141,456 1,082,199
387,654 Net income $727,646 $393,368 $1,974,713
$1,153,141
Earnings Per Share
Three Months Ended Nine Months Ended
June 30
June 30
Net income $727,646 $393,368 $1,974,713 $1,153,141 Dividends on
preferred stock 131,400 149,150 406,033 447,450 Net
income applicable to common shareholders 596,246 244,218 1,568,680
705,691 Dividend add back due to assumed Preferred Stock conversion
131,400 17,750 406,033 53,250 Net income for diluted income per
common share $727,646
$261,968 $1,974,713 $758,941 Basic net income
per common share $ 0.05 $ 0.02 $ 0.13 $ 0.06 Diluted net income per
common share $ 0.05 $ 0.02 $ 0.13 $ 0.06 Weighted average
shares outstanding Basic 12,610,116 11,371,933 12,215,532
11,362,745 Diluted 14,982,382 12,346,636 14,687,798 12,337,448
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