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Dynasil Corporation Of America Reports Results For The Second Quarter Fiscal 2012

Stocks in this article: DYSL

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 second quarter ended March 31, 2012.

Net revenue for the second quarter of fiscal 2012 increased 3% to $12.5 million from $12.1 million for the second quarter of fiscal 2011. Contract Research segment revenue increased to $6.9 million from $6.4 million in the second quarter of fiscal 2011. The Products and Technology segment posted revenue of $5.5 million, down from $5.7 million a year earlier.

“Higher second-quarter revenue reflected the continued strength of our Contract Research segment, with business from a range of sources including the U.S. Department of Homeland Security and the Department of Energy,” said Dynasil President and Chief Executive Officer Steven Ruggieri. “Our contract research backlog remains a robust 18 months. While our Products and Technology segment reported a slight decrease in second-quarter revenues, we expect the segment’s sales to pick up in the coming quarters and into fiscal year 2013 with our new product and technology launches.”

Gross margin improved to 41.6% of net revenue for the second quarter of fiscal 2012 from 38.9% of net revenue for the same period of fiscal 2011, reflecting higher revenue in the Contract Research segment and an improved sales mix in the Products and Technology segment.

Selling, general and administrative expenses for the second quarter of fiscal 2012 totaled $5.5 million, versus $3.9 million for the comparable period of 2011, reflecting significant investment in the Company’s Product and Technology pipeline to support further growth. These investments include technology development activities, capital equipment, development of intellectual property and staff additions in support of organic product development, dual mode nuclear detector technology and Dynasil’s biomedical technology portfolio.

Net loss for the second quarter of fiscal 2012 was approximately $340,000, or $0.02 per share, compared with net income of $396,000, or $0.03 per diluted share, in the second quarter of fiscal 2011, reflecting increased investments in product development and commercialization initiatives.

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