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 third quarter ended June 30, 2012.
Net revenue for the third quarter of fiscal 2012 increased 2.2% to $12.4 million from $12.2 million for the third quarter of fiscal 2011. Contract Research segment revenue grew to $6.6 million compared with $6.3 million in the same period a year earlier. Revenue from the Company’s Products and Technology segment was $5.9 million, essentially unchanged from the third quarter of 2011.
“Our Contract Research business remained strong in the third quarter, as revenue increased 4.4% and we maintained a solid funded project backlog that extends into 2014,” said Peter Sulick, Dynasil’s Chairman and Interim CEO and President. “In addition, we are successfully broadening our Contract Research customer base by targeting new agencies and non-governmental opportunities. Our Products and Technology revenue has remained steady throughout the year as we complete our product refresh activities and continue development of our dual mode detector technology.”
Gross margin for the third quarter of 2012 totaled $5.2 million, or 41.5% of net revenue, compared with $5.1 million, or 42.3% of revenue, for the same period of fiscal 2011.Selling, general and administrative (“SG&A”) expenses for the third quarter of fiscal 2012 totaled $5.2 million versus $4.9 million for the comparable period in fiscal 2011. This does, however, represent a decline of approximately $350,000 from the Company’s SG&A expenses in the second quarter of this year. Over the past 12 months, the Company has been incurring expense to refresh certain of its aging products within our Dynasil Products business, provide incentives to management, expand its intellectual property portfolio and invest in the biomedical initiative in Rochester, MN. The development work on the Dynasil Products refresh is largely complete and these products will be available for sale in 2013. The Company’s intellectual property portfolio has expanded from 40 issued, 3 provisional and 18 pending U.S. Patents as of June 30, 2011 to 43 issued, 25 provisional and 37 pending U.S. Patents as of June 30, 2012. There are a number of exciting activities within the biomedical initiative.
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