Dynasil Announces Third Quarter Fiscal Year 2006 Results
August 04, 2006 11:26:37 (ET)
WEST BERLIN, N.J., Aug 04, 2006 (BUSINESS WIRE) -- Dynasil Corporation of America (DYSL, Trade), 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 3rd quarter ended June 30, 2006.
This is the fifth 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 June 30, 2006 were $1,833,869, an increase of 13% over revenues of $1,619,128 for the quarter ended June 30, 2005. The net profit for the quarter ended June 30, 2006 was $139,591, or $.03 per share, compared with a net profit of $56,134, or $.01 per share, for the quarter ended June 30, 2005. Revenue growth in both business units and strong manufacturing efficiencies were the largest drivers of the profitability gains.
Revenues for the 9 months ended June 30, 2006 were $5,047,405, an increase of 44% over revenues of $3,497,340 for the 9 months ended June 30, 2005. The net profit for the 9 months ended June 30, 2006 was $246,896, or $0.05 per share, compared with a net profit of $74,885, or $0.02 per share, for the 9 months ended June 30, 2005. The addition of Optometrics for the full year was the largest driver for the revenue and profitability gains.
"I am pleased with the strong results for the quarter and the significant profitability increase over our last year," 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)
June 30 September 30
2006 2005
------------- ------------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $297,286 $308,210
Accounts receivable 887,791 877,375
Inventories 1,140,466 842,149
Other current assets 121,165 124,548
------------- ------------
Total current assets 2,446,708 2,152,282
Property, plant and equipment, net 655,077 744,764
Other assets 76,665 87,735
------------- ------------
Total Assets $3,178,450 $2,984,781
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Note payable to bank- Line of credit $190,000 $250,000
Current portion of long-term debt 73,806 184,403
Accounts payable 387,078 322,094
Accrued expenses and other current
liabilities 277,201 232,476
------------- ------------
Total current liabilities 928,085 988,973
Long-term debt, net 611,474 592,712
Stockholders' Equity 1,638,891 1,403,096
------------- ------------
Total Liabilities and Stockholders' Equity $3,178,450 $2,984,781
============= ============
DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
June 30 June 30
2006 2005 2006 2005
----------------------- -----------------------
Sales $1,833,869 $1,619,128 $5,047,405 $3,497,340
Cost of Sales 1,164,997 1,103,318 3,307,189 2,500,119
----------- ----------- ----------- -----------
Gross Profit 668,872 515,810 1,740,216 997,221
Selling, general and
administrative 501,159 434,966 1,414,458 877,540
----------- ----------- ----------- -----------
Income (Loss) from
Operations 167,713 80,844 325,758 119,681
Interest expense -
net (21,638) (20,610) (60,882) (39,572)
----------- ----------- ----------- -----------
Income (Loss) before
Income Taxes 146,075 60,234 264,876 80,109
Income Taxes 6,484 4,100 17,980 5,224
----------- ----------- ----------- -----------
Net Income (Loss) $139,591 $56,134 $246,896 $74,885
=========== =========== =========== ===========
Net Income (Loss) per
share
Basic $0.03 $0.01 $0.05 $0.02
Diluted $0.02 $0.01 $0.04 $0.02
SOURCE: Dynasil Corporation of America
Dynasil Corporation of America
Craig Dunham, 856-767-4600
cdunham@Dynasil.com |
