Attached files
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| 10-Q - DYNASIL CORP OF AMERICA | v222863_10q.htm |
| EX-32.1 - DYNASIL CORP OF AMERICA | v222863_ex32-1.htm |
| EX-10.1 - DYNASIL CORP OF AMERICA | v222863_ex10-1.htm |
| EX-31.1(B) - DYNASIL CORP OF AMERICA | v222863_ex31-1b.htm |
| EX-31.1(A) - DYNASIL CORP OF AMERICA | v222863_ex31-1a.htm |
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Contact:
Patty Kehe
Dynasil Corporation of America
Phone: (607) 272-3320, ext. 26
Email: pkehe@dynasilcorp.com
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Dynasil Announces Sixth Consecutive Quarter of Record Revenue
As Foundation for Future Growth
WATERTOWN, Mass. – May 16, 2011 – Dynasil Corporation of America (NASDAQ: DYSL) today announced financial results for the quarter ended March 31, 2011. Revenue for the second quarter of fiscal year 2011 which ended March 31, 2011 was at a record level of $12.1 million, an increase of 18% over revenue of $10.3 million for the quarter ended March 31, 2010. Income from Operations for the quarter was $816,858 as compared to $1,109,000 for the quarter ended March 31, 2010. Net income was $396,216 or $0.03 per share, compared with a Net Income of $633,000 or $0.04 per share.
Year to date revenue for the first half of fiscal year 2011 which ended March 31, 2011 was at a record level of $23.7 million, an increase of 18% over revenue of $20.2 million for the six months ended March 31, 2010. Income from Operations for the first half was $1,553,000 as compared to $2,181,000 for the six months ended March 31, 2010. Net income was $771,000 or $0.06 per share, compared with a Net Income of $1,247,000 or $0.08 per share. Dynasil had previously announced that Mr. Steven Ruggieri will be replacing Mr. Craig T. Dunham as President. The second quarter and the year to date were impacted by charges of $156,000 related to the retirement of Mr. Dunham and the recruitment of Mr. Ruggieri. The Company also incurred year to date charges of $394,000 related to our listing on the NASDAQ effective December 17, 2010, uncompleted acquisitions, the startup of Dynasil Biomedical Corp. and continued charges for the startup of our dual mode detector initiative, for total growth related and unusual expenses of $550,000. Prior to corporate costs and the expenses associated with the dual mode detector business start-up, Income from Operations for Dynasil’s Product and Instruments Segment was up 33% from the six months ended March 31, 2010.
Peter Sulick, Chairman of Dynasil, stated, “Our Board is pleased to have record revenue again this quarter, but the real story is our commitment and investment in future growth. We are delighted that Steven Ruggieri will be leading Dynasil. Steve has a proven track record of profitable growth through technology commercialization starting from a research base. We look to his 32 years of leadership in the research, defense, security and technology markets at Foster Miller and successor company, Qinetiq Group North America to guide us in our next growth phase. Our investment in the start-up of dual mode radiation detectors and our purchase of medical technologies through our Rochester, MN based Dynasil Biomedical are examples of growth initiatives that we expect to drive future shareholder value as well as making the world safer and healthier. We are positioning the Company to take advantage of our core research strengths and leverage these into dynamic product opportunities. We are all very excited about the future for Dynasil.”
The Company has scheduled a conference call to discuss the second quarter’s financial results and provide a business update to be held Monday, May 16, 2011 beginning at 2:00 p.m. Eastern time. To access the call, please dial (866) 393-8592 and enter conference ID number 6707 9999. A recording of this call will be available on the Company’s website, www.dynasilcorp.com, beginning by May 24, 201l and remaining there until the next quarterly earnings call.
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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Consolidated Balance Sheets
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31-Mar
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30-Sep
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2011
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2010
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ASSETS
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(Unaudited)
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Current assets
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Cash and cash equivalents
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$ | 4,329,661 | $ | 4,111,966 | ||||
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Accounts receivable, net
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7,406,956 | 6,360,583 | ||||||
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Inventories
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3,365,411 | 3,097,219 | ||||||
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Cost in excess of billings
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-0- | 135,157 | ||||||
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Prepaid income taxes
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223,752 | 410,045 | ||||||
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Prepaid expenses and other current assets
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481,401 | 453,418 | ||||||
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Total current assets
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15,807,181 | 14,568,388 | ||||||
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Property, Plant and Equipment, net
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4,301,926 | 3,953,319 | ||||||
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Other Assets
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Intangibles, net
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6,372,739 | 6,671,149 | ||||||
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Goodwill
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13,146,382 | 13,591,287 | ||||||
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Deferred financing costs, net
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170,612 | 190,568 | ||||||
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Total other assets
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19,689,733 | 20,453,004 | ||||||
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Total Assets
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$ | 39,798,840 | $ | 38,974,711 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current Liabilities
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Current portion of long-term debt
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$ | 1,870,029 | $ | 1,870,779 | ||||
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Accounts payable
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1,984,110 | 1,482,250 | ||||||
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Accrued expenses and other liabilities
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1,686,168 | 1,823,222 | ||||||
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Contingent consideration
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279,600 | -0- | ||||||
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Billings in excess of costs
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558,110 | -0- | ||||||
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Deferred tax liability
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145,098 | 91,100 | ||||||
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Dividends payable
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-0- | 131,400 | ||||||
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Total current liabilities
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6,523,115 | 5,398,751 | ||||||
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Long-term Liabilities
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Long-term debt, net
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9,904,013 | 10,833,334 | ||||||
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Contingent consideration
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-0- | 750,000 | ||||||
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Total long-term liabilities
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9,904,013 | 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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21,371,712 | 19,992,626 | ||||||
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Total Liabilities and Stockholders' Equity
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$ | 39,798,840 | $ | 38,974,711 | ||||
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DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
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Three Months Ended
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Six Months Ended
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March 31,
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March 31,
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2011
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2010
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2011
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2010
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Net revenue
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$ | 12,116,349 | $ | 10,263,326 | $ | 23,742,856 | $ | 20,200,092 | ||||||||
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Cost of revenue
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7,400,518 | 6,054,847 | 14,120,300 | 12,106,800 | ||||||||||||
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Gross profit
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4,715,831 | 4,208,479 | 9,622,556 | 8,093,292 | ||||||||||||
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Selling, general and administrative expenses
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3,898,973 | 3,099,355 | 8,069,983 | 5,912,334 | ||||||||||||
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Income from operations
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816,858 | 1,109,124 | 1,552,573 | 2,180,958 | ||||||||||||
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Interest expense, net
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155,157 | 151,988 | 313,352 | 314,429 | ||||||||||||
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Income before income taxes
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661,701 | 957,136 | 1,239,221 | 1,866,529 | ||||||||||||
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Income taxes
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265,485 | 323,836 | 467,823 | 619,462 | ||||||||||||
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Net income
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$ | 396,216 | $ | 633,300 | $ | 771,398 | $ | 1,247,067 | ||||||||
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Net Income
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$ | 396,216 | $ | 633,300 | $ | 771,398 | $ | 1,247,067 | ||||||||
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Foreign currency translation, net of $53,898
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and $ -0- income taxes in 2011 and 2010
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96,913 | -0- | 138,594 | -0- | ||||||||||||
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Total comprehensive income
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$ | 493,129 | $ | 633,300 | $ | 909,992 | $ | 1,247,067 | ||||||||
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Net income
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$ | 396,216 | $ | 633,300 | $ | 771,398 | $ | 1,247,067 | ||||||||
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Dividends on preferred stock
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-0- | 131,400 | 116,646 | 274,633 | ||||||||||||
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Net income applicable to common stockholders
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396,216 | 501,900 | 654,752 | 972,434 | ||||||||||||
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Dividend add back due to preferred stock conversion
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-0- | 131,400 | 116,646 | 274,633 | ||||||||||||
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Net income for diluted income per common share
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$ | 396,216 | $ | 633,300 | $ | 771,398 | $ | 1,247,067 | ||||||||
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Basic net income per common share
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$ | 0.03 | $ | 0.04 | $ | 0.06 | $ | 0.08 | ||||||||
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Diluted net income per common share
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$ | 0.03 | $ | 0.04 | $ | 0.05 | $ | 0.09 | ||||||||
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Weighted average shares outstanding
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Basic
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14,971,874 | 12,502,365 | 13,975,906 | 12,146,499 | ||||||||||||
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Diluted
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15,507,493 | 14,839,745 | 14,511,525 | 14,483,879 | ||||||||||||
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