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Dynasil Announces Fiscal Year 2009 Results with a Doubling of Revenues and Income from Operations

Posted by Dana in December 28th 2009

Dynasil Corporation of America (OTCBB: DYSL.OB) (“Dynasil” or the “Company”), a rapidly growing manufacturer of specialized instruments and products with applications in the homeland security/defense, medical and industrial sectors, announced the results of operations for its fiscal year ended September 30, 2009.

Fiscal year 2009 was a year of significant growth in both revenues and profits for Dynasil following the acquisition of RMD on July 1, 2008. Fiscal year revenues doubled from $17.1 million in FY 2008 to $34.4 million in FY2009; income from operations doubled from $1.45 million to $2.84 million; and net income increased by 33.5% from $1.16 to $1.55 million. Net operating loss carry-forwards for federal taxes were exhausted during fiscal year 2008, so fiscal year 2009 net income was affected by provisions for increased federal taxes, as well as higher interest costs relating to the RMD acquisition. Also, fiscal year 2009 revenues from commercial operations including the optics/photonics products and instruments segment were impacted by the worldwide economic recession. In spite of this, the Company’s business units all remained profitable, while its contract research segment showed a substantial revenue increase for the year and has about two years of project backlog. Dynasil also initiated a review of the intellectual property acquired with RMD and began the initial phases of commercial development of this technology. During fiscal year 2009, the Company paid down debt by $2.2 million and maintained liquidity with a cash balance of $3.1 million and an additional $1.2 million available from lines of credit as of September 30, 2009.