Dynasil Announces Fiscal Year 2006 Results
Tuesday December 12, 8:30 am ET
WEST BERLIN, N.J.--(BUSINESS WIRE)--Dynasil Corporation of America (OTCBB:DYSL.OB - News), announced results of operations for the fiscal year ended September 30, 2006. Dynasil is a fabricator of optical blanks from synthetic fused silica, fused quartz, and other optical materials for the semi-conductor, laser, space and optical components industries. Through its subsidiary, Optometrics Corporation, it is a worldwide supplier of optical components including diffraction gratings, thin film filters, laser optics, monochromators, and specialized optical systems.
Revenues for the quarter ended September 30, 2006 were $1,889,226, an increase of 19% over revenues of $1,581,096 for the quarter ended September 30, 2005. Net profit for the quarter ended September 30, 2006 was $213,260 or $.05 per share compared with a net profit of $98,134 or $.02 per share for the quarter ended September 30, 2005.
Revenues for the 12 months ended September 30, 2006 were $6,936,631, an increase of 37% over revenues of $5,078,436 for the 12 months ended September 30, 2005. Net profit for the 12 months ended September 30, 2006 was $460,156 or $0.10 per share compared with a net profit of $173,019 or $0.04 per share for the 12 months ended September 30, 2005. The largest drivers for the 166% profitability increase were revenue increases in both business units, having Optometrics as part of Dynasil for the full year and gross margin increases for optical materials.
On October 2, 2006, Dynasil Corporation acquired 100% of the stock of Evaporated Metal Films Corporation ("EMF") in Ithaca, NY. EMF provides optical thin-film coatings for a broad range of application markets including display systems, optical instruments, satellite communications and lighting. EMF's results will be included in Dynasil's results starting in the first quarter of 2007. EMF is expected to increase Dynasil revenues by 40-50% in 2007.
"We are pleased with the 37% revenue increase and 166% net income increase for fiscal year 2006. Optometrics has had a major positive impact on Dynasil and we continue to implement process improvements which have helped us deliver the higher revenues and profitability." said Craig T. Dunham, President and CEO. "The acquisition of EMF is an exciting step in the execution of our strategy of profitable growth from our optical businesses and by pursuing strategic acquisitions. EMF is a fit with our markets and customers and has strong people and capabilities." added Mr. Dunham.
About Dynasil: Founded in 1960, Dynasil Corporation of America is a manufacturer of optical components, optical materials, 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
September 30 September 30
2006 2005
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ASSETS
Current assets
Cash and cash equivalents $352,139 $308,210
Accounts receivable 1,086,394 877,375
Inventories 1,131,648 842,149
Other current assets 190,457 124,548
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Total current assets 2,760,638 2,152,282
Property, plant and equipment, net 626,790 744,764
Other assets 78,812 87,735
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Total Assets $3,466,240 $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 72,482 184,403
Accounts payable 390,110 322,094
Accrued expenses and other current
liabilities 368,977 232,476
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Total current liabilities 1,021,569 988,973
Long-term debt, net 593,889 592,712
Stockholders' Equity 1,850,782 1,403,096
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Total Liabilities and Stockholders' Equity $3,466,240 $2,984,781
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Dynasil Corporation of America and Subsidiaries
Consolidated Statement of Operations
Three Months Ended Twelve Months Ended
September 30 (Unaudited) September 30
2006 2005 2006 2005
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Sales $1,889,226 $1,581,096 $6,936,631 $5,078,436
Cost of Sales 1,193,602 1,019,726 4,500,791 3,519,845
------------ ------------ ------------ ------------
Gross Profit 695,624 561,370 2,435,840 1,558,591
Selling, general
and
administrative 484,617 464,294 1,911,283 1,341,834
------------ ------------ ------------ ------------
Income (Loss) from
Operations 211,007 97,076 524,557 216,757
Interest expense -
net (15,702) (14,916) (64,376) (54,488)
------------ ------------ ------------ ------------
Income (Loss)
before Income
Taxes 195,305 82,160 460,181 162,269
Income Tax
(expense) benefit 17,955 15,974 (25) 10,750
------------ ------------ ------------ ------------
Net Income $213,260 $98,134 $460,156 $173,019
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Net Income per
share
Basic $0.05 $0.02 $0.10 $0.04
Diluted $0.03 $0.02 $0.07 $0.03
Contact:
Dynasil Corporation of America
Craig Dunham, 856-767-4600
Email: cdunham@Dynasil.com
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