decent earnings report by DYSL - Dynasil this a.m.
Dynasil Announces Second Quarter Fiscal Year 2006 Results
Thursday May 11, 8:00 am ET
WEST BERLIN, N.J.--(BUSINESS WIRE)--May 11, 2006--Dynasil Corporation of America (OTCBB:DYSL.OB - News), fabricator of optical blanks from synthetic fused silica, fused quartz, and other optical materials for the semi-conductor, laser, space and optical components industries, and through its subsidiary, Optometrics Corporation, a worldwide supplier of optical components including diffraction gratings, thin film filters, laser optics, monochromators, and specialized optical systems, announced results of operations for the 2nd quarter ended March 31, 2006.
This is the fourth full quarter of results after the combination of Optometrics with Dynasil. As previously announced, the acquisition of the assets of Optometrics LLC was completed on March 8, 2005.
Revenues for the quarter ended March 31, 2006 were $1,665,496, an increase of 52% over revenues of $1,097,026 for the quarter ended March 31, 2005. The net profit for the quarter ended March 31, 2006 was $81,881, or a positive $.02 per share, compared with a net profit of $12,677, or $.00 per share, for the quarter ended March 31, 2005. The addition of Optometrics for the full quarter was the largest driver for the revenue and profitability gains.
Revenues for the 6 months ended March 31, 2006 were $3,213,536 an increase of 71% over revenues of $1,878,212 for the 6 months ended March 31, 2005. The net profit for the 6 months ended March 31, 2006 was $107,306, or $0.02 per share, compared with a net profit of $18,753, or $0.01 per share, for the 6 months ended March 31, 2005.
"I am pleased with the strong results for the quarter and the significant profitability increase over our first quarter," said Craig T. Dunham, President and CEO. "The addition of Optometrics has had a major positive impact on Dynasil and we are implementing progressive cost reductions and process improvements which have increased profitability. We continue to focus on our strategy of profitable growth from our optical components businesses and by pursuing acquisitions and strategic alliances."
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 as well as optical components and specialized optical systems.
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.
Dynasil Corporation of America and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
March 31 September 30
2006 2005
-------------- --------------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $320,108 $308,210
Accounts receivable 829,803 877,375
Inventories 1,008,483 842,149
Other current assets 139,320 124,548
-------------- --------------
Total current assets 2,297,714 2,152,282
Property, plant and equipment, net 693,509 744,764
Other assets 80,356 87,735
-------------- --------------
Total Assets $3,071,579 $2,984,781
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Note payable to bank- Line of credit $215,000 $250,000
Current portion of long-term debt 70,051 184,403
Accounts payable 419,988 322,094
Accrued expenses and other current
liabilities 217,373 232,476
-------------- --------------
Total current liabilities 922,412 988,973
Long-term debt, net 632,496 592,712
Stockholders' Equity 1,516,671 1,403,096
-------------- --------------
Total Liabilities and Stockholders'
Equity $3,071,579 $2,984,781
============== ==============
DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
March 31 March 31
2006 2005 2006 2005
-----------------------------------------------
Sales $1,665,496 $1,097,026 $3,213,536 $1,878,212
Cost of Sales 1,072,295 816,113 2,142,192 1,396,799
----------- ----------- ----------- -----------
Gross Profit 593,201 280,913 1,071,344 481,413
Selling, general and
administrative 486,640 256,977 913,298 443,698
----------- ----------- ----------- -----------
Income (Loss) from
Operations 106,561 23,936 158,046 37,715
Interest expense - net (18,709) (11,259) (39,244) (18,962)
----------- ----------- ----------- -----------
Income (Loss) before
Income Taxes 87,852 12,677 118,802 18,753
Income Taxes 5,971 -0- 11,496 -0-
----------- ----------- ----------- -----------
Net Income (Loss) $81,881 $12,677 $107,306 $18,753
=========== =========== =========== ===========
Net Income (Loss) per
share
Basic $0.02 $0.00 $0.02 $0.01
Diluted $0.01 $0.00 $0.01 $0.00
Contact:
Dynasil Corporation of America
Craig Dunham, 856-767-4600
cdunham@Dynasil.com
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