NEWTON, Mass., Dec. 16, 2014 /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 net income of $2.0 million or $0.13 per common share for the fiscal year ended September 30, 2014 and the filing of its Annual Report on Form 10-K.
“We successfully completed the restructuring of the Company which we started last year,” reported Peter Sulick, Chairman and CEO. “During 2014, we sold our lead paint and gamma medical probe businesses, refinanced senior debt which had been in default, reduced our total outstanding debt to $5.6 million from $9.8 million, added needed capacity to our optical coatings business by acquiring DichroTec Thin Films, LLC and returned the Company to profitability. I am particularly excited to report that our four optics business units grew their revenues by 19% in 2014 which substantially offset the revenues associated with the two instrument businesses we sold. In fact, we achieved record revenues at three of our optics business units and saw a substantial increase at the fourth. We believe these business units will continue to generate solid revenue growth in 2015 and beyond.”
“We also completed the spin out of our tissue sealant technology to the newly-formed joint venture, Xcede Technologies, and raised $1.4 million of convertible notes from external investors, including officers and directors of the Company, during fiscal year 2014 to fund on-going development of this exciting new technology.” Continued Mr. Sulick, “Xcede expects to begin its first in human trials during 2015.”
Net income in 2014 was $2.0 million or $0.13 per common share compared to a net loss of $8.7 million or $0.59 per common share in 2013. The net income in 2014 included a $1.3 million gain from the sale of two businesses while the net loss in 2013 included an asset impairment charge of $6.8 million. Excluding the gain on sale in 2014 and the asset impairment charge in 2013, our adjusted net income was $0.8 million in 2014 compared to a loss of $1.9 million in 2013. Our net income in both years was reduced by approximately $0.8 million of losses from our Biomedical segment, which includes the results of the newly formed Xcede Technologies in 2014.
Revenues declined $0.5 million to $42.3 million in 2014 compared to $42.8 million in 2013. Excluding the revenues of the Instruments businesses which were sold in the first quarter of 2014, our adjusted revenues increased 10.3% to $41.5 million in 2014 from $37.6 million in 2013 primarily due to revenue volume growth across all four business units in the Optics segment.
Gross profit for fiscal year 2014 decreased $1.4 million or 7.5% to $16.7 million from the prior year amount of $18.1 million. Gross profit as a percentage of revenue decreased to 39.5% from 42.3% at September 30, 2013 primarily as a result of higher gross profit margins from the Instruments businesses that were sold in the first quarter of fiscal year 2014. Excluding the Instruments businesses, adjusted gross profit increased $0.7 million or 4.8% to $16.4 million in 2014 from $15.7 million in 2013.
Total operating expenses decreased $12.2 million to $14.0 million or 33.2% of revenue in 2014, from $26.2 million in 2013. Total operating expenses included a $1.3 million gain from the sale of the Instruments businesses in 2014 and a $6.8 million asset impairment charge in 2013. Excluding the gain on sale in 2014 and the asset impairment charge in 2013, adjusted total operating expenses decreased $4.1 million primarily as a result of the lower costs resulting from the sale of the Instruments businesses in the first quarter of 2014 and also associated with the Instruments businesses which were sold in the first quarter of fiscal year 2014 as well as cost savings in the Contract Research segment in 2014.
Conference Call Information
Dynasil will host a conference call for investors and analysts at 4:15 p.m. ET today. The call will be hosted by Chairman, CEO and President Peter Sulick and Chief Financial Officer Thomas Leonard. Those who wish to listen to the conference call can go to the event page at http://www.videonewswire.com/event.asp?id=101147 or visit the Investor Information section of the Company’s website at www.dynasil.com. The call also may be accessed by dialing (888) 346-2613 or (412) 902-4252. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.
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