Contact:
Craig Dunham
Dynasil Corporation of
America
Phone: (856) 767-4600
Email: cdunham@Dynasil.com
Dynasil Announces Second Quarter Fiscal Year 2006 Results
WEST BERLIN, N.J.- May 10, 2006--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 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", 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)
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 $3,071,579 $2,984,781
Stockholders' Equity ========= =========
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 1,071,345 481,413
Selling, general and 486,640 256,977 913,298 443,698
administrative
---------- --------- --------- ---------
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 87,852 12,677 118,802 18,753
Taxes
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