EX-99 2 dyn8k-110404ex99.txt EXHIBIT 99.1 PRESS RELEASE 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)