Dynasil Corporation of America (NASDAQ: DYSL), a leading developer of sensing, detection and analysis technology for homeland security, medical and industrial applications, today reported financial results for fiscal year ended September 30, 2011.
Revenue for fiscal 2011 increased to $47.0 million compared with $43.0 million in fiscal 2010. Contract Research segment revenue increased to $24.9 million from $23.1 million in fiscal 2010. The Company’s renamed Products & Technology segment (previously called “Optics/Photonics, Products & Instruments”) posted revenue of $22.1 million, up from $19.9 million a year earlier.
Net income for the 12 months ended September 30, 2011 was $1.4 million, or $0.08 per diluted share, compared with $3.2 million, or $0.22 per diluted share, in fiscal 2010. Lower net income in the 2011 period resulted from higher selling, general and administrative expenses and increased investment in corporate growth initiatives, partially offset by Research & Experimentation (R&E) Tax Credits. For fiscal year 2011, the Company had an income tax expense of $293,198 compared with an income tax expense of $929,661 for fiscal year 2010. The significant difference primarily resulted from state and federal R&E tax credits of approximately $1.5 million in fiscal 2011, partially offset by the required deferred tax liability recorded for the tax effects of book/tax differences related to Property, Plant and Equipment, Goodwill, and Intangible Assets.
“Dynasil delivered 9 percent revenue growth in 2011, with gains in both business segments despite a challenging economic environment,” said Steven Ruggieri, the Company’s president and chief executive officer. “Our Contract Research segment grew $1.8 million, or nearly 8 percent, from fiscal 2010, reflecting robust business with key federal customers including the U.S. Department of Homeland Security and the U.S. Department of Energy. Our Products & Technology segment grew more than $2 million, or 11 percent, from the year-earlier period, primarily as a result of our acquisition of Hilger Crystals in the fourth quarter of fiscal 2010.”