Attached files
| file | filename |
|---|---|
| 10-K - DYNASIL CORP OF AMERICA | v205862_10k.htm |
| EX-23.1 - DYNASIL CORP OF AMERICA | v205862_ex23-1.htm |
| EX-21.1 - DYNASIL CORP OF AMERICA | v205862_ex21-1.htm |
| EX-32.1 - DYNASIL CORP OF AMERICA | v205862_ex32-1.htm |
| EX-31.1A - DYNASIL CORP OF AMERICA | v205862_ex31-1a.htm |
| EX-31.1B - DYNASIL CORP OF AMERICA | v205862_ex31-1b.htm |
Contact:
Patty
Kehe
Dynasil
Corporation of America
Phone:
(607) 272-3320, ext. 26
Email: pkehe@dynasilcorp.com
Dynasil
Announces Fiscal Year 2010 Results
Reports
Record Revenue and Earnings
Announces
CEO Succession Plan in 2011
WATERTOWN,
Mass. – December 17, 2010 – Dynasil Corporation of America (NASDAQ: DYSL) today
announced financial results for its fiscal year ended September 30,
2010. The Company posted record revenue for FY 2010 of $43 million
which compares to $34.4 million for FY 2009, a 25% increase year over
year. Operating income and net income for FY 2010 were $4.8 million
and $3.23, increases of 69% and 109%, respectively, compared with the prior
year. Diluted earnings per share for FY 2010 increased 159% from
$0.08 per share to $0.22 per share compared with the prior year.
The
company also announced today that Craig T. Dunham plans to retire as Chief
Executive Officer during the next nine months. Mr. Dunham has
indicated that he will continue to serve as CEO until a successor is named and
to assist in an orderly transition, and thereafter will continue as a Director
of the Company. A committee of the Board of Directors led by
the Chairman will conduct a search for a CEO successor and is in the process of
retaining a national search firm to assist it.
“In 2010,
we made great strides throughout Dynasil and we believe that we have built the
foundation for an incredibly promising future,” said Craig T. Dunham, Dynasil’s
President and CEO. “During the quarter, Dynasil benefited from a
number of factors including our balanced approach across products, services,
geographies and customer segments, our ability to execute on key market
opportunities, improved economic conditions and awards of research tax credits.
We believe that we have a strong product line-up for 2011, highlighted by our
dual mode nuclear detector technology that we expect to represent a leap forward
in detecting threats from radiation in nuclear bombs and nuclear
materials. My role as Dynasil’s CEO has been a rewarding experience
and I look forward to remaining an active contributor as a Director of
Dynasil. As always, I’m committed to creating value for our
customers, our employees and our shareholders.”
“We are
delighted with our extremely strong results on our key financial metrics in the
fourth quarter and our move to the NASDAQ Global Market System starting
tomorrow. Throughout fiscal year 2010, we continued to grow and
prosper with new solution offerings for customers, innovative product launches,
an acquisition, and alliances that expand our reach. Craig has been an
exceptional leader for Dynasil. He has done a superb job of developing and
implementing the strategies that have transformed the Company into a leader in
materials science, optics, imaging and nuclear detection technology over the
last six years. We are well positioned to continue our record of
strong growth in 2011 and beyond through the continuation of our
commercialization of innovative research and acquisitions to support our
commercialization strategies. I look forward to continuing to work
with Craig over the near term and his successor over the longer term,” added
Peter Sulick, Dynasil’s Chairman.
The
Company has scheduled a conference call to discuss year-end financial results
and provide a business update to be held Tuesday, December 21, 2010 beginning at
2:00 p.m. Eastern time. To access the call via telephone, please dial (866)
393-8592 and enter conference ID number 3309 3865.
About Dynasil: Dynasil
Corporation of America (NASDAQ: 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 SHEET
|
ASSETS
|
||||||||
|
2010
|
2009
|
|||||||
|
Current
assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 4,111,966 | $ | 3,104,778 | ||||
|
Accounts
receivable, net of allowance for doubtful accounts of
|
||||||||
|
$132,584
for 2010 and $123,853 for 2009 and sales returns of
|
||||||||
|
$24,168
for 2010 and $18,916 for 2009
|
6,360,583 | 4,053,742 | ||||||
|
Inventories
|
3,097,219 | 2,371,516 | ||||||
|
Deferred
tax asset
|
-0- | 290,100 | ||||||
|
Cost
in excess of billings
|
135,157 | -0- | ||||||
|
Prepaid
income taxes
|
410,045 | -0- | ||||||
|
Prepaid
expenses and other current assets
|
453,418 | 306,848 | ||||||
|
Total
current assets
|
14,568,388 | 10,126,984 | ||||||
|
Property,
Plant and Equipment, net
|
3,953,319 | 2,744,724 | ||||||
|
Other
Assets
|
||||||||
|
Intangibles,
net
|
6,671,149 | 7,232,035 | ||||||
|
Goodwill
|
13,591,287 | 11,054,396 | ||||||
|
Deferred
financing costs, net
|
190,568 | 64,637 | ||||||
|
Total
other assets
|
20,453,004 | 18,351,068 | ||||||
|
Total
Assets
|
$ | 38,974,711 | $ | 31,222,776 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
Current
Liabilities
|
||||||||
|
Current
portion of long-term debt
|
$ | 1,870,779 | $ | 1,749,524 | ||||
|
Accounts
payable
|
1,482,250 | 773,837 | ||||||
|
Accrued
expenses and other liabilities
|
1,823,222 | 1,111,342 | ||||||
|
Income
taxes payable
|
-0- | 507,122 | ||||||
|
Deferred
tax liability
|
91,100 | -0- | ||||||
|
Billings
in excess of costs
|
-0- | 60,448 | ||||||
|
Dividends
payable
|
131,400 | 149,150 | ||||||
|
Total
current liabilities
|
5,398,751 | 4,351,423 | ||||||
|
Long-term
Liabilities
|
||||||||
|
Long-term
debt, net
|
10,833,334 | 6,386,796 | ||||||
|
Note
payable to related party
|
-0- | 2,000,000 | ||||||
|
Contingent
consideration
|
750,000 | -0- | ||||||
|
Total
long-term liabilities
|
11,583,334 | 8,386,796 | ||||||
|
Temporary
Equity
|
2,000,000 | 2,000,000 | ||||||
|
Stockholders'
Equity
|
19,992,626 | 16,484,557 | ||||||
|
Total
Liabilities and Stockholders' Equity
|
$ | 38,974,711 | $ | 31,222,776 | ||||
DYNASIL
CORPORATION OF AMERICA
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
2010
|
2009
|
|||||||
|
Net
revenues
|
$ | 42,969,762 | $ | 34,363,674 | ||||
|
Cost
of revenues
|
25,205,960 | 20,629,501 | ||||||
|
Gross
profit
|
17,763,802 | 13,734,173 | ||||||
|
Selling,
general and administrative expenses
|
12,971,640 | 10,891,096 | ||||||
|
Income
from operations
|
4,792,162 | 2,843,077 | ||||||
|
Interest
expense, net
|
628,120 | 735,317 | ||||||
|
Income
before income taxes
|
4,164,042 | 2,107,760 | ||||||
|
Income
tax expense, net of $793,200 of tax benefits
|
||||||||
|
resulting
from QTDP tax credits
|
929,661 | 556,462 | ||||||
|
Net
income
|
$ | 3,234,381 | $ | 1,551,298 | ||||
|
Earnings
Per Share
|
||||||||
|
Net
income
|
$ | 3,234,381 | $ | 1,551,298 | ||||
|
Dividends
on preferred stock
|
537,433 | 589,740 | ||||||
|
Net
income applicable to common shareholders
|
2,696,948 | 961,558 | ||||||
|
Dividend
add back due to assumed preferred stock conversion
|
537,433 | 71,000 | ||||||
|
Net
income for diluted income per common share
|
$ | 3,234,381 | $ | 1,032,558 | ||||
|
Basic
net income per common share
|
$ | 0.22 | $ | 0.08 | ||||
|
Diluted
net income per common share
|
$ | 0.22 | $ | 0.08 | ||||
|
Weighted
average shares outstanding
|
||||||||
|
Basic
|
12,404,701 | 11,373,837 | ||||||
|
Diluted
|
14,937,575 | 12,328,261 | ||||||