Contact:
Craig Dunham
Dynasil Corporation of
America
Phone: (856) 767-4600
Email: cdunham@Dynasil.com
Dynasil Announces First Quarter Fiscal Year 2006 Results
WEST BERLIN, N.J.- February 14, 2005 - Dynasil Corporation of America
(OTCBB: DYSL.OB), 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 1st quarter ended
December 31, 2005.
This is the third 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 December 31, 2005 were $1,548,040, an
increase of 98% over revenues of $781,186 for the quarter ended
December 31, 2004. The net profit for the quarter ended December 31,
2005 was $25,425, or $.00 per share, compared with a net profit of
$6,074, or $.00 per share, for the quarter ended December 31, 2004.
The addition of Optometrics approximately doubled the Company's
revenue for the quarter ending December 31, 2005 over the same
quarter in 2004 and added significant profitability.
"I am pleased with the results of the integration of Optometrics and
Dynasil which has made both companies stronger in the marketplace and
has yielded significant cost savings" said Craig T. Dunham, President
and CEO. "Problems with a fused silica subcontractor for an order
completed in November caused $26,000 of unexpected costs but we were
able to maintain our strong customer service record. We further
strengthened our New Jersey operations in January 2006 with the
refinancing of our bank loans and the return of Bruce Leonetti as
Vice President- Sales and Marketing. We continue to focus on our
strategy of profitable growth from our optical components businesses
and by pursuing acquisitions and strategic alliances." 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 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)
December September
31 30
2005 2005
--------- ---------
ASSETS
Current assets
Cash and cash equivalents $286,609 $308,210
Accounts receivable 733,862 877,375
Inventories 879,919 842,149
Other current assets 167,775 124,548
--------- ---------
Total current assets 2,068,165 2,152,282
Property, plant and equipment, net 730,004 744,764
Other assets 84,046 87,735
--------- ---------
Total Assets $2,882,215 $2,984,781
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Note payable to bank- Line of $215,000 $250,000
credit
Current portion of long-term 182,166 184,403
debt
Accounts payable 270,809 322,094
Accrued expenses and other 220,473 232,476
current liabilities
--------- ---------
Total current liabilities 888,448 988,973
Long-term debt, net 548,607 592,712
Stockholders' Equity 1,445,160 1,403,096
--------- ---------
Total Liabilities and $2,882,215 $2,984,781
Stockholders' Equity
-2-
DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Three Months Ended
December 31
2005 2004
--------- ---------
Sales $1,548,040 $ 781,186
Cost of Sales 1,069,896 580,689
--------- ---------
Gross Profit 478,144 200,497
Selling, general and 426,659 186,720
administrative
--------- ---------
Income from Operations 51,485 13,777
Interest expense - net (20,535) (7,703)
--------- ---------
Income before Income Taxes 30,950 6,074
Income Taxes 5,525 0
--------- ---------
Net Income $25,425 $6,074
--------- ---------
Net Income per share
Basic $0.00 $0.00
Diluted $0.00 $0.00