EX-99 6 dyn10qsb1207ex99-1.txt PRESS RELEASE 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