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DYNASIL CORPORATION REPORTS 8% REVENUE GROWTH IN THIRD QUARTER OF FISCAL 2011Company Plans Dual-Mode Radiation Detector Revenue in FY 2012Announces Planning Initiative to Focus Commercialization EffortsDynasil Corporation of America (NASDAQ: DYSL) today announced financial results for the fiscal 2011 third quarter ended June 30, 2011.
Revenue for the third quarter of fiscal 2011 was $12.2 million, an increase of 8% from revenue of $11.3 million for the third quarter of fiscal 2010. Net income was $1 million, or 7 cents per diluted share, up from $0.7 million, or 5 cents per diluted share, in the third quarter of 2010.
Revenue for the nine months ended June 30, 2011 was $35.9 million, an increase of 14.0% from revenue of $31.5 million for the same period in 2010. Net Income for the nine months ended June 30, 2011 was $1,798,073, or $0.12 in basic earnings per share, compared to $1,974,713, or $0.13 in basic earnings per share, for the comparable period ended June 30, 2010.
“We reported another quarter of strong year-over-year revenue growth, fueled by increases in both our Contract Research and Products & Instruments segments,” said Dynasil President Steven Ruggieri. “Due to the significant investments we are making to build shareholder value for the long-term, selling, general and administrative expenses increased by 44% in the quarter. In addition, during the quarter, Dynasil was successful in qualifying for U.S. Research & Experimentation Tax Credits totaling approximately $1.0 million. Overall results for the quarter showed a 41% increase in net income.”
Income from operations in the 2011 period includes $583,000 in costs related to the initial operation of Dynasil Biomedical Corp., the startup of the dual mode detector initiative, a study to determine Dynasil’s qualification for U.S. Research & Experimentation Tax Credits and transition of the Company’s executive management. In addition to the costs mentioned above, net income includes approximately $1,045,000 in U.S. Research & Experimentation Tax Credits for the years 2009 and 2010.