Dynasil Announces First Quarter Fiscal Year 2005 Results
WEST BERLIN, N.J.--(BUSINESS WIRE)--Jan. 24, 2005--Dynasil Corporation of America (OTCBB:DYSL), fabricator of optical blanks from synthetic fused silica, fused quartz, and other optical materials for the semi-conductor, laser, space and optical components industries, announced results of operations for the 1st quarter ended December 31, 2004.
Revenues for the quarter ended December 31, 2004 were $781,186, an increase of 25% over revenues of $622,494 for the quarter ended December 31, 2003. The net profit for the quarter ended December 31, 2004 was $6,074, or less than $.01 per share, compared with a net loss of $26,036, or a negative $.01 per share, for the quarter ended December 31, 2003.
"Order entry for the quarter was up 48% over the first quarter of fiscal year 2004 and we continue to focus on our strategy of profitable growth from our optical materials business and by pursuing acquisitions," said Craig T. Dunham, who was named President and CEO of Dynasil Corporation effective October 1, 2004. "We believe that the revenue increases are coming from improved economic conditions in our markets combined with proactive sales and marketing efforts that include offering new optical materials and pursuing new business. During the quarter, we also completed Dynasil's leadership transition. The expenses from that transition reduced quarter profits by $32,400 and without those expenses, earnings per share would have been $0.01 per share. We also believe that, if consummated, our previously announced acquisition of Optometrics LLC will double our revenues and significantly enhance profitability. The closing date for the Optometrics acquisition is currently scheduled for February 17, 2005. I am very pleased that Dynasil delivered its first profitable quarter in several years and with our progress on the Optometrics acquisition," added Mr. Dunham.
About Dynasil: Founded in 1960, Dynasil Corporation of America is a fabricator of optical blanks from synthetic fused silica, fused quartz and other optical materials. For over four decades, Dynasil has provided high quality synthetic fused silica and fused quartz products to customers for a wide and ever increasing range of applications.
This news release may contain forward-looking statements usually containing the words "believe," "expect," 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-KSB and in the Company's other Securities and Exchange Commission filings, continuation of existing market conditions and demand for our products. -0- *T
Dynasil Corporation of America and Subsidiaries Consolidated Balance Sheets (Unaudited)
December 31 September 30
2004 2004
----------- -------------
ASSETS
Current assets
Cash and cash equivalents $136,584 $254,908
Accounts receivable 444,507 309,276
Inventories 410,345 369,813
Prepaid expenses and other current assets 22,271 16,656
----------- -------------
Total current assets 1,013,707 950,653
Property, plant and equipment, net 403,021 419,718
Other assets 2,469 3,321
----------- -------------
Total Assets $1,419,197 $1,373,692
=========== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt $120,000 $120,000
Accounts payable 218,685 184,214
Accrued expenses and other current
liabilities 120,200 114,959
----------- -------------
Total current liabilities 458,885 419,173
Long-term debt, net 458,889 488,889
Stockholders' Equity 501,423 465,630
----------- ------------- Total Liabilities and Stockholders' Equity $1,419,197 $1,373,692
=========== =============
Dynasil Corporation of America and Subsidiaries Consolidated Statement Of Operations (Unaudited)
Three months ended
December 31
2004 2003
---------- --------- Revenues $781,186 $622,494
Cost of Revenues 580,689 462,548
---------- --------- Gross Profit 200,497 159,946
Selling, general and administrative 186,720 178,581
---------- --------- Income (loss) from operations 13,777 (18,635)
Interest expense - net (7,703) (7,401)
---------- --------- Loss before provision for income taxes (6,074) (26,036)
Income taxes - 0 - - 0 -
---------- --------- Net loss ($6,074) ($26,036)
========== =========
Basic net loss per common share $0.00 ($0.01) Diluted net loss per common share $0.00 ($0.01) *T
--30--JM/ph*
CONTACT: Dynasil Corporation of America
Craig Dunham, 856-767-4600
cdunham@Dynasil.com |
