Exhibit 99.1
Contact:
Craig Dunham
Dynasil Corporation
of America
Phone: (856) 767-4600
Email:
cdunham@Dynasil.com
Dynasil Announces 4th Quarter and Fiscal Year 2004 Results
WEST BERLIN, N.J. - November 1, 2004 - 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 4th quarter ended September 30, 2004.
Revenues for the quarter ended September 30, 2004 were $573,798, an
increase of 23% over revenues of $466,156 for the quarter ended
September 30, 2003. The net loss for the quarter ended September 30,
2004 was $5,051, or a negative $.01 per share, compared with a net loss
of $253,081, or a negative $.11 per share for the quarter ended
September 30, 2003.
Revenues for the twelve months ended September 30, 2004 were
$2,296,264, a decrease of 2% over revenues of $2,340,397 for the twelve
months ended September 30, 2003. The net loss for the twelve months
ended September 30, 2004 was $175,881, or a negative $.08 per share,
compared with a net loss of $368,681, or a negative $.16 per share for
the twelve months ended September 30, 2003. Cash flow from operating
activities net of capital expenditures for the twelve months ending
September 30, 2004 was $81,960.
"We have recently realized a significant increase in orders and have
implemented detailed action plans designed to continue revenue growth."
said Craig T. Dunham, who was named President and CEO of Dynasil
Corporation effective October 1, 2004. "We are adding new fused silica
glasses to our product offering and believe that the Quarter 4
financial performance improvement represents a significant step towards
solid Dynasil profitability. We also believe that, if consummated, our
previously announced acquisition of Optometrics LLC will significantly
enhance profitability. I look forward to continuing to build
shareholder value by strengthening the core business and strategic
acquisitions." 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.
Dynasil Corporation of America and
Subsidiaries
Consolidated Balance Sheets
(Unaudited)
September September
30 30
2004 2003
--------- ---------
ASSETS
Current assets
Cash and cash equivalents $254,908 $323,321
Accounts receivable 309,276 242,919
Inventories 369,813 435,820
Prepaid expenses and other
current assets 16,656 38,935
--------- ---------
Total current assets 950,653 1,040,995
Property, plant and equipment, net 419,718 558,191
Other assets 3,321 10,654
--------- ---------
Total Assets $1,373,692 $1,609,840
========== ==========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Current portion of long-term
debt $120,000 $140,925
Accounts payable 184,214 131,518
Accrued expenses and other
current liabilities 114,959 73,622
--------- ---------
Total current liabilities 419,173 346,065
Long-term debt, net 488,889 772,781
Stockholders' Equity 465,630 490,994
--------- ---------
Total Liabilities and
Stockholders' Equity $1,373,692 $1,609,840
========= =========
Dynasil Corporation of America and
Subsidiaries
Consolidated Statement Of
Operations
(Unaudited)
Three months Twelve months
ended ended
September 30 September 30
2004 2003 2004 2003
-------- --------- ---------- ---------
Revenues $573,798 $466,156 $2,296,264 $2,340,397
Cost of Revenues 422,532 391,176 1,759,735 1,849,291
-------- --------- ---------- ---------
Gross Profit 151,266 74,980 536,529 491,106
Selling, general and administrative 148,735 158,922 676,977 657,465
Asset Impairment -0- 158,333 -0- 158,333
-------- --------- ---------- ---------
Income (loss) from operations 2,531 (242,275) (140,448) (324,692)
Interest expense - net (7,582) (10,806) (35,433) (43,989)
-------- --------- ---------- ---------
Loss before provision for income
taxes (5,051) (253,081) (175,881) (368,681)
Income taxes - 0 - - 0 - - 0 - - 0 -
-------- --------- ---------- ---------
Net loss (5,051) (253,081) (175,881) (368,681)
======== ========= ========== =========
Basic net loss per common share ($0.01) ($0.11) ($0.08) ($0.16)
Diluted net loss per common share ($0.01) ($0.11) ($0.08) ($0.16)