Dynasil Corporation of America (NASDAQ: DYSL), a leading developer of sensing, detection and analysis technology for homeland security, medical and industrial applications, today announced financial results for the fiscal 2012 first quarter ended December 31, 2011.
Net revenue for the first quarter of fiscal 2012 increased 7% to a record $12.4 million from $11.6 million for the first quarter of fiscal 2011. Contract Research segment revenue increased to $6.2 million from $6.1 million in the first quarter of fiscal 2011. The Products and Technology segment posted revenue of $6.2 million, up from $5.6 million a year earlier.
Gross margin improved to 42.8% of net revenue for the first quarter of fiscal 2012 from 42.2% of net revenue for the same period of fiscal 2011.
Selling, general and administrative expenses for the first quarter of fiscal 2012 totaled $5.1 million, versus $4.2 million for the comparable period of 2011, reflecting significant investments in the Company’s Product and Technology pipeline to support future growth. These investments include technology development activities, depreciation of capital equipment, development of intellectual property and staff additions in support of organic product development, dual mode nuclear detector technology and Dynasil’s recently acquired biomedical technology portfolio. “While some of our technologies are in the evaluation and developmental stage, these investments are indicative of the commitment that the Dynasil Board and Management Team are making to build shareholder value for the long term,” said Steven Ruggieri, the Company’s President and Chief Executive Officer.Net income for the first quarter of fiscal 2012 was approximately $245,000, or $0.02 earnings per share, compared with $375,000, or $0.03 earnings per share, in the first quarter of fiscal 2011. “Favorable product mix drove higher gross profit in the first quarter, as sales in both segments grew on a year-over-year basis,” Ruggieri said. “Our Contract Research segment increased just over 2% from the first quarter of 2011, and our backlog from that business remains steady. Our Products and Technology segment grew about 11 percent for the quarter.