Attached files
| file | filename |
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| 10-Q - DYNASIL CORP OF AMERICA | v211330_10q.htm |
| EX-31.1A - DYNASIL CORP OF AMERICA | v211330_ex31-1a.htm |
| EX-32.1 - DYNASIL CORP OF AMERICA | v211330_ex32-1.htm |
| EX-31.1B - DYNASIL CORP OF AMERICA | v211330_ex31-1b.htm |
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Contact:
Patty
Kehe
Dynasil
Corporation of America
Phone:
(607) 272-3320, ext. 26
Email: pkehe@dynasilcorp.com
|
Dynasil
Announces First Quarter Fiscal Year 2011 Results with Record
Revenue
WATERTOWN,
Mass. – February 14, 2011 – Dynasil Corporation of America (NASDAQ: DYSL) today
announced financial results for the quarter ended December 31,
2010. Revenue for the first quarter of fiscal year 2011 which ended
December 31, 2010 was at a record level of $11.6 million, an increase of 17%
over revenue of $9.9 million for the quarter ended December 31,
2009. Income from Operations for the quarter was $736,000 as compared
to $1,072,000 for the quarter ended December 31, 2009 which includes certain
non-recurring costs associated with our listing on the NASDAQ Global Market in
December 2010 and higher acquisition costs. Net income was $375,000 or $0.03 per
share, compared with a Net Income of $614,000 or $0.04 per share.
“We
are making significant investments for future growth with our NASDAQ
listing, acquisitions, and commercialization of new technology which resulted in
strong commercial business profitability being partially offset by our corporate
level spending on future development. We are pleased to have record
revenue with our Optics/Photonics Products & Instruments segment
revenue growing 34% and our Contract Research segment revenue growing 5%, with
a contracted backlog which will fund our R & D for approximately
one and one-half years,” said Craig T. Dunham, Dynasil’s President and
CEO. “In addition, we continue to execute on our strategic objectives
to leverage our technologies and solutions to offer leading nuclear detection
and medical imaging materials around the globe. We believe we are
uniquely positioned to benefit from the industry trends in the medical,
industrial, and homeland security/defense sectors. For our dual mode
detectors aimed at locating nuclear bombs or radioactive materials at ports and
borders, we made significant progress during our first quarter developing
commercial relationships with lead customers as well as procuring equipment to
scale up production. We expect to have dual mode detector production
capacity operational at our recently acquired Hilger Crystals location during
our second quarter and to achieve full production mode during this fiscal
year.”
Peter
Sulick, Chairman of Dynasil, stated, “I am pleased to have record revenue again
this quarter, but the real story is our commitment and investment in future
growth. Dynasil has a strong asset base across our commercial product
sectors. This, in addition to promising technology coming out of
RMD positions us well going forward. We are
investing in the commercialization of certain of this technology while
continuing to evaluate additional commercialization opportunities,
acquisitions, licensing and joint ventures. Our listing on the
NASDAQ Global Market in December 2010 was a significant achievement and we
believe that it will allow the Company to attract additional world class team
members and investors that will support the continued expansion of our business
activities as well as enabling us to increase the trading liquidity of our
stock, broaden our stockholder base and raise our profile in the investment
community.”
The
Company has scheduled a conference call to discuss the first quarter’s financial
results and provide a business update to be held Tuesday, February 15, 2011
beginning at 2:00 p.m. Eastern time. To access the call, please dial (866)
393-8592 and enter conference ID number 4400 2598.
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.
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Dynasil
Corporation of America and Subsidiaries
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|||
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Consolidated
Balance Sheets
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31-Dec
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30-Sep
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|||||||
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2010
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2010
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|||||||
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(Unaudited)
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||||||||
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ASSETS
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||||||||
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Current
assets
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||||||||
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Cash
and cash equivalents
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$ | 2,624,189 | $ | 4,111,966 | ||||
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Accounts
receivable, net
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6,849,724 | 6,360,583 | ||||||
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Inventories
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3,303,816 | 3,097,219 | ||||||
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Cost
in excess of billings
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460,724 | 135,157 | ||||||
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Prepaid
income taxes
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480,031 | 410,045 | ||||||
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Prepaid
expenses and other current assets
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440,307 | 453,418 | ||||||
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Total
current assets
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14,158,791 | 14,568,388 | ||||||
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Property,
Plant and Equipment, net
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3,882,136 | 3,953,319 | ||||||
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Other
Assets
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||||||||
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Intangibles,
net
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6,521,944 | 6,671,149 | ||||||
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Goodwill
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13,591,287 | 13,591,287 | ||||||
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Deferred
financing costs, net
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180,590 | 190,568 | ||||||
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Total
other assets
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20,293,821 | 20,453,004 | ||||||
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Total
Assets
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$ | 38,334,748 | $ | 38,974,711 | ||||
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LIABILITIES
AND STOCKHOLDERS' EQUITY
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||||||||
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Current
Liabilities
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||||||||
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Current
portion of long-term debt
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$ | 1,870,779 | $ | 1,870,779 | ||||
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Accounts
payable
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1,047,100 | 1,482,250 | ||||||
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Accrued
expenses and other liabilities
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1,546,197 | 1,823,222 | ||||||
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Deferred
tax liability
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69,538 | 91,100 | ||||||
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Dividends
payable
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131,400 | 131,400 | ||||||
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Total
current liabilities
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4,665,014 | 5,398,751 | ||||||
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Long-term
Liabilities
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||||||||
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Long-term
debt, net
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10,368,298 | 10,833,334 | ||||||
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Contingent
consideration
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750,000 | 750,000 | ||||||
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Total
long-term liabilities
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11,118,298 | 11,583,334 | ||||||
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Temporary
Equity
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2,000,000 | 2,000,000 | ||||||
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Stockholders'
Equity
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20,551,436 | 19,992,626 | ||||||
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Total
Liabilities and Stockholders' Equity
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$ | 38,334,748 | $ | 38,974,711 | ||||
DYNASIL
CORPORATION OF AMERICA AND SUBSIDIARIES
CONSOLIDATED
STATEMENT OF OPERATIONS
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Three
Months Ended
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December
31
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2010
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2009
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Net
revenue
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$ | 11,626,507 | $ | 9,936,767 | ||||
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Cost
of revenue
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6,719,783 | 6,051,951 | ||||||
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Gross
profit
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4,906,724 | 3,884,816 | ||||||
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Selling,
general and administrative expenses
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4,171,010 | 2,812,980 | ||||||
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Income
from operations
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735,714 | 1,071,836 | ||||||
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Interest
expense, net
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158,196 | 162,441 | ||||||
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Income
before income taxes
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577,518 | 909,395 | ||||||
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Income
taxes
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202,341 | 295,626 | ||||||
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Net
income
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$ | 375,177 | $ | 613,769 | ||||
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Earnings per Share
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Net
income
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$ | 375,177 | $ | 613,769 | ||||
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Dividends
on preferred stock
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131,400 | 143,233 | ||||||
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Net
income applicable to common stockholders
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243,777 | 470,536 | ||||||
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Dividend
add back due to assumed preferred stock conversion
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131,400 | -0- | ||||||
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Net
income for diluted income per common share
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$ | 375,177 | $ | 470,536 | ||||
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Basic
net income per common share
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$ | 0.03 | $ | 0.04 | ||||
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Diluted
net income per common share
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$ | 0.02 | $ | 0.04 | ||||
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Weighted
average shares outstanding
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||||||||
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Basic
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12,979,939 | 11,791,820 | ||||||
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Diluted
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15,497,495 | 11,968,319 |