Dynasil Announces Third Quarter Results

WEST BERLIN, N.J., Aug. 6 -- Dynasil Corp. has announced results for its third fiscal quarter ended June 30, 1999. Revenues for the three-month period were $751,927, a decrease of 25 percent from revenues of $1,006,457 for the same quarter in fiscal 1998. Gross profit for the third quarter dropped from $298,884 in fiscal 1998 to $218,402 for the same period in 1999. However, gross profits for the third quarter increased 63 percent over results for the second quarter and 103 percent over those for the first quarter of 1999. The company attributed the improved gross profits to increased sales in the semi-conductor and laser optics markets and to its continued minimization of production costs.
Dynasil's net income for the third quarter showed a profit of $6,103, compared with net income of $55,233 for the same period in 1998. Third quarter earnings per share decreased from 2 cents in 1998 to 0 cents for the same period in the current fiscal year. The company's third quarter 1999 performance did show improvement in comparison with results recorded during the first and second quarters of the year. Gross profit increased over the course of the last three quarters from ($5,552) to $78,453 to $213,402, and net income rose from ($213,870) to ($131,875) to $6,103. Earnings per share improved from a 9-cent loss to a 6-cent loss to no loss in the most recent quarter. Dynasil linked its improved performance to the gradual recovery of the synthetic fused silica market.