Dynasil Corporation of America Reports q2 Fiscal 2015 Financial Results
NEWTON, Mass., May 13, 2015 /PRNewswire/ — Dynasil Corporation of America (NASDAQ: DYSL), a developer and manufacturer of optics and photonics products, optical detection and analysis technology and components for the homeland security, medical and industrial markets, today announced financial results for the fiscal 2015 second quarter ended March 31, 2015.
Dynasil reported a net loss for the quarter of ($0.1) million or ($0.01) per share on revenues of $9.9 million, compared with net income of $0.3 million, or $0.02 per share, for the quarter ended March 31, 2014 on revenues of $10.4 million. Optics segment revenues for the quarter ended March 31, 2015 increased to $5.2 million, an increase of $0.4 million or 9% compared to the same quarter in the prior year and $0.3 million compared to the prior quarter ended December 31, 2014. Contract Research segment revenues for the quarter ended March 31, 2015 were $4.7 million, a decrease of $0.9 million compared to the same quarter in the prior year but flat compared to the prior quarter ended December 31, 2014.
“We are beginning to see the results of our strategy to focus on growth in the Optics segment,” said Dynasil Chairman and CEO Peter Sulick. “Our Optometrics, Hilger and EMF subsidiaries all experienced solid revenue growth and anticipate continued growth in the second half of the year. While Optometrics and Hilger experienced some challenges for the quarter in terms of maintaining their yields on higher revenue volumes, both businesses expect improvements in the second half of the year. EMF continues to integrate the DichroTec business, acquired in June, 2014, to take advantage of the significant increase in coating capacity.”
“Our Contract Research segment revenues were flat this quarter compared to our last quarter ended December 31, 2014. Our government research business began to contract in last year’s second quarter in an environment of continuing government fiscal constraint on R & D and appears to have bottomed out over the last two quarters,” continued Mr. Sulick. “We prudently managed our headcount and expenses in the segment to maintain profitability and have right sized the operations for the current level of business. I am really excited to report that our backlog has increased $8 million to $36 million as of March 31, 2015. While forecasting is particularly difficult given the continuing government funding constraints and debates, I expect we will begin to see modest increases in Contract Research revenues going forward.”
“Overall, both our operating segments reported operating profits for the quarter. However, we also consolidate the results of our 90% owned joint venture, Xcede, and while it continues to make progress with its tissue sealant technology, Xcede continues to incur approximately $250,000 of Research and Development expense each quarter which is included in our results for the quarter. I am excited about the Xcede opportunity which I believe could be significant and, if you have not previously seen it, I encourage you to review the Xcede overview that was presented at our annual meeting and is available on the Investor page of our website at www.dynasil.com.”