Contact:
Craig Dunham
Dynasil Corporation of America
Phone: (856) 767-4600
Email: cdunham@Dynasil.com
Dynasil Announces First Quarter 2008 Results
WEST BERLIN, N.J. February 14, 2008 Dynasil Corporation
of America (OTCBB: DYSL.OB), announced the results of
operations for its 2008 first quarter ended December 31, 2007.
Dynasil is a manufacturer of photonic products including optical
materials, components, coatings and specialized instruments. We
fabricate optical blanks from synthetic fused silica and other
optical materials for the laser, semi-conductor, aerospace and
optical instrument industries. Through our subsidiaries,
Optometrics Corporation and EMF Corporation, we are a
worldwide supplier of optical components including diffraction
gratings, thin film filters, laser optics, and specialized instruments.
Our capabilities support medical imaging technologies, quality
inspection systems, and missile guidance systems, among others.
Revenues for the 3 months ended December 31, 2007 were $2.8
million, an increase of 11.0% over revenues of $2.5 million for the
3 months ended December 31, 2006. The net profit for the 3
months ended December 31, 2007 was $190,286, or $0.03 per
share, compared with a net profit of $22,902, or $0.00 per share,
for the 3 months ended December 31, 2006. Strong revenue
growth combined with continued process improvements drove
those significant gains. EMF had its second consecutive profitable
quarter, and we have shown dramatic improvement in
productivity, quality, service, and process yields. Our other
businesses delivered solid profitability gains over the previous
year. In total, net profits show a seven-fold improvement over last
year.
On December 20, 2007, we announced a letter of intent to acquire
an advanced instrument company that, if completed, is expected to
more than triple our revenues and profitability. On January 18, we
completed the acquisition of the optical filter product line from
Precision Optics Corporation which will be fully integrated into
our Optometrics location and is expected to add about $500,000 of
additional revenues per year.
"We are very pleased with our business units' performance in the
first quarter. Through the steady application of Operational
Excellence, we continue to grow profitability at an above-average
rate," said Craig T. Dunham, President and CEO, "Achieving
significant profitability, maintaining a double-digit growth rate in
our existing businesses, and potentially tripling the overall
company size through acquisitions are all key elements of our
strategy in action."
About Dynasil: Founded in 1960, Dynasil is a manufacturer of photonic
products including optical materials, components, coatings, and
instruments for a broad range of applications markets in the medical,
industrial, and defense sectors. Its wholly-owned subsidiaries are
located in New Jersey, Massachusetts, and New York.
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
ASSETS
December 31 September 30
2007 2007
(Unaudited)
---------- ----------
Current assets
Cash and cash equivalents $ 445,340 $ 496,948
Accounts receivable, net 1,372,543 1,284,844
Inventories 2,154,471 1,832,720
Deferred tax asset 216,100 216,100
Other current assets 160,361 130,548
---------- ----------
Total current assets 4,348,815 3,961,160
Property, Plant and Equipment, net 2,379,949 2,436,517
Other Assets 88,011 88,698
---------- ----------
Total Assets $6,816,775 $6,486,375
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Note payable to bank $798,774 $311,870
Current portion long term debt 115,988 99,237
Accounts payable 471,451 684,208
Accrued expenses and other current liabilities 436,662 587,872
---------- ----------
Total current liabilities 1,822,875 1,683,187
Long-term Debt, net 1,503,954 1,626,980
Stockholders' Equity 3,489,946 3,176,208
---------- ----------
Total Liabilities and Stockholders' Equity $6,816,775 $6,486,375
========== ==========
Dynasil Corporation of America and Subsidiaries
Consolidated Statement of Operations
Three Months Ended
December 31
2007 2006
--------- ---------
Sales $2,814,907 $2,536,297
Cost of Sales 1,892,331 1,865,759
--------- ---------
Gross Profit 922,576 670,538
Selling, general and 688,097 602,904
administrative --------- ---------
Income from Operations 234,479 67,634
Interest expense - net 33,523 35,662
--------- ---------
Income before Income Taxes 200,956 31,972
Income Tax expense (benefit) 10,670 9,070
--------- ---------
Net Income $190,286 $ 22,902
--------- ---------
Net Income per share
Basic $0.03 $0.00
Diluted $0.03 $0.00
Weighted average shares outstanding 6,198,183 4,255,041