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Dynasil Announces Fiscal Year 2010 Results

^{Published on 2010-12-17 06:25:40 - Market Wire}
 

WATERTOWN, Mass.--([ BUSINESS WIRE ])--Dynasil Corporation of America (NASDAQ: DYSL) today announced financial results for its fiscal year ended September 30, 2010. The Company posted record revenue for FY 2010 of $43 million which compares to $34.4 million for FY 2009, a 25% increase year over year. Operating income and net income for FY 2010 were $4.8 million and $3.23, increases of 69% and 109%, respectively, compared with the prior year. Diluted earnings per share for FY 2010 increased 159% from $0.08 per share to $0.22 per share compared with the prior year.

"In 2010, we made great strides throughout Dynasil and we believe that we have built the foundation for an incredibly promising future"

The company also announced today that Craig T. Dunham plans to retire as Chief Executive Officer during the next nine months. Mr. Dunham has indicated that he will continue to serve as CEO until a successor is named and to assist in an orderly transition, and thereafter will continue as a Director of the Company. A committee of the Board of Directors led by the Chairman will conduct a search for a CEO successor and is in the process of retaining a national search firm to assist it.

aIn 2010, we made great strides throughout Dynasil and we believe that we have built the foundation for an incredibly promising future,a said Craig T. Dunham, Dynasila™s President and CEO. aDuring the quarter, Dynasil benefited from a number of factors including our balanced approach across products, services, geographies and customer segments, our ability to execute on key market opportunities, improved economic conditions and awards of research tax credits. We believe that we have a strong product line-up for 2011, highlighted by our dual mode nuclear detector technology that we expect to represent a leap forward in detecting threats from radiation in nuclear bombs and nuclear materials. My role as Dynasila™s CEO has been a rewarding experience and I look forward to remaining an active contributor as a Director of Dynasil. As always, Ia™m committed to creating value for our customers, our employees and our shareholders.a

aWe are delighted with our extremely strong results on our key financial metrics in the fourth quarter and our move to the NASDAQ Global Market System starting tomorrow. Throughout fiscal year 2010, we continued to grow and prosper with new solution offerings for customers, innovative product launches, an acquisition, and alliances that expand our reach. Craig has been an exceptional leader for Dynasil. He has done a superb job of developing and implementing the strategies that have transformed the Company into a leader in materials science, optics, imaging and nuclear detection technology over the last six years. We are well positioned to continue our record of strong growth in 2011 and beyond through the continuation of our commercialization of innovative research and acquisitions to support our commercialization strategies. I look forward to continuing to work with Craig over the near term and his successor over the longer term,a added Peter Sulick, Dynasila™s Chairman.

The Company has scheduled a conference call to discuss year-end financial results and provide a business update to be held Tuesday, December 21, 2010 beginning at 2:00 p.m. Eastern time. To access the call via telephone, please dial (866) 393-8592 and enter conference ID number 3309 3865.

About Dynasil: Dynasil Corporation of America (NASDAQ: DYSL), is a provider of technology, products, services and solutions aimed at making the world safer and healthier.The company supplies a broad range of customers by serving their specific needs in the medical, industrial, and homeland security/defense markets. The Company has operations in New Jersey, New York, Massachusetts and the UK.

This news release may contain forward-looking statements usually containing the words "believe," "expect," aplana, atargeta, aintenda 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-K, Quarterly Reports on Form 10-Q, as well as in the Company's other Securities and Exchange Commission filings, continuation of existing market conditions and demand for our products.