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Dynasil Announces Fiscal Year 2008 Results

^{Published on 2008-12-30 05:52:09, Last Modified on 2008-12-30 05:53:37 - Market Wire}
 

WEST BERLIN, N.J.--([ BUSINESS WIRE ])--Dynasil Corporation of America (OTCBB:DYSL.OB), announced the results of operations for its fiscal year ended September 30, 2008. Dynasil is a manufacturer of photonic products including optical materials, components, coatings and specialized instruments as well as contract research. The Company supplies a broad range of applications markets in the medical, industrial, and homeland security/ defense sectors.

Fiscal year 2008 was a transformational year for Dynasil with the acquisition of Radiation Monitoring Devices, Inc. and certain assets of RMD Instruments, LLC (together, "RMD") on July 1, 2008. When compared to fiscal year 2007, revenues increased by 58.6% from $10.9 to $17.1 million and net income increased by 114.3% from $0.5 to $1.16 million. Fiscal year 2008 results included only one quarter of results from the RMD acquisition and proforma 2008 revenues with RMD were $34.3 million. Fiscal year 2008 revenues for Dynasil's historical businesses other than RMD were up 5% and net income before tax was up 47%, from $0.43 to $0.63 million, compared to fiscal year 2007. Revenue growth and major operational improvements at Dynasil's EMF subsidiary drove those substantial gains. For Quarter 4, the RMD acquisition tripled revenues from $2.7 to $8.6 million and was the major factor in more than quadrupling net profit before taxes from $0.17 to $0.81 million.

"We are pleased with our fiscal year 2008 results, especially the technical capabilities and intellectual property acquired with RMD," said Craig T. Dunham, President and CEO. "Adding RMD was a major step in executing Dynasil's profitable growth strategy since we expect it to drive short term results as well as provide exciting technology for potential commercialization. At a time when economic conditions are impacting commercial revenues, it is very helpful to have a significant portion of revenues coming from RMD's contract research which is increasing substantially with a backlog of more than one year. We plan to build on RMD's strong cash flow by accelerating the growth of RMD's current products and targeting the commercialization of RMD's new technology for uses such as medical imaging sensors and detectors for nuclear materials for Homeland Security. We plan to continue to execute our strategy of significant and profitable growth through acquisitions and the organic growth of our business units through effective execution."

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.