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Dynasil Announces First Quarter 2009 Results

^{Published on 2009-02-17 07:23:49, Last Modified on 2009-02-17 07:25:24 - Market Wire}
 

WEST BERLIN, N.J.--([ BUSINESS WIRE ])--Dynasil Corporation of America (OTCBB:DYSL.OB), announced the results of operations for its first quarter of fiscal year 2009 ended December 31, 2008. Dynasil derives the majority of its revenue from contract research for government and private industry and is a manufacturer of specialized instruments and photonic products including optical materials, components and coatings. The Company serves a broad range of applications markets in the medical, industrial, and homeland security/ defense sectors.

Revenues for the quarter ended December 31, 2008 more than tripled to $8.8 million compared to revenues of $2.8 million for the quarter ended December 31, 2007. Income from Operations for the quarter nearly tripled to $657,370 compared to $234,479 for the quarter ended December 31, 2007. Net income for the quarter was $355,639 or $0.02 per share, compared with net income of $190,286, or $0.03 per share, for the quarter ended December 31, 2007. This is the second quarter since the acquisition of Radiation Monitoring Devices, Inc. and certain assets of RMD Instruments, LLC (together, "RMD") on July 1, 2008, which was the key driver for the tripling of revenues. The current recession resulted in reduced commercial product revenues and impacted commercial product profitability. Contract research revenues continued to grow and RMD has significantly increased Dynasil technical capabilities and intellectual property. Net Operating Loss carry-forwards for federal taxes were exhausted during fiscal year 2008 so first quarter net income was impacted by increased federal tax provisions as well as the higher interest costs related to the RMD acquisition.

"Given overall economic conditions, we are pleased that we were able to triple revenues and produce solid profits for the quarter," said Craig T. Dunham, President and CEO. "We have taken steps to reduce costs while increasing sales and marketing activities. As we look to the future, we are targeting the commercialization of RMD's new technology for applications such as sensors for improved medical imaging, non-destructive structural testing and Homeland Security's detection of nuclear materials. We continue to execute our strategy of significant and profitable growth through organic growth, commercialization of our broad research portfolio and acquisitions."

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, New York and Massachusetts.

This news release may contain forward-looking statements usually containing the words "believe," "expect," "plan", "target", "intend" 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.