Dynasil Corporation of America (NASDAQ: DYSL) today announced financial results for the quarter ended March 31, 2011. Revenue for the second quarter of fiscal year 2011 which ended March 31, 2011 was at a record level of $12.1 million, an increase of 18% over revenue of $10.3 million for the quarter ended March 31, 2010. Income from Operations for the quarter was $816,858 as compared to $1,109,000 for the quarter ended March 31, 2010. Net income was $396,216 or $0.03 per share, compared with a Net Income of $633,000 or $0.04 per share.
Year to date revenue for the first half of fiscal year 2011 which ended March 31, 2011 was at a record level of $23.7 million, an increase of 18% over revenue of $20.2 million for the six months ended March 31, 2010. Income from Operations for the first half was $1,553,000 as compared to $2,181,000 for the six months ended March 31, 2010. Net income was $771,000 or $0.06 per share, compared with a Net Income of $1,247,000 or $0.08 per share. Dynasil had previously announced that Mr. Steven Ruggieri will be replacing Mr. Craig T. Dunham as President. The second quarter and the year to date were impacted by charges of $156,000 related to the retirement of Mr. Dunham and the recruitment of Mr. Ruggieri. The Company also incurred year to date charges of $394,000 related to our listing on the NASDAQ effective December 17, 2010, uncompleted acquisitions, the startup of Dynasil Biomedical Corp. and continued charges for the startup of our dual mode detector initiative, for total growth related and unusual expenses of $550,000. Prior to corporate costs and the expenses associated with the dual mode detector business start-up, Income from Operations for Dynasil’s Product and Instruments Segment was up 33% from the six months ended March 31, 2010.
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