Dynasil Turns a Profit, Repays Loan
WATERTOWN, Mass., May 14 — Dynasil Corp. of America recently notched a second consecutive quarter of profitability and repaid a loan, two things the sensing and detection firm said position it for growth.
The company reported net income of $272,000 in its second quarter of fiscal 2014, and net income of $1.5 million in the first quarter. These results compare with net losses of $379,000 and $7.2 million in the first and second quarters of fiscal 2013, respectively.
Overall revenue was essentially flat between the second quarters of fiscal 2013 and 2014, ending March 31 at $10.4 million. The company’s optics segment saw a 21 percent, or $900,000, increase over the same period last year. This increase was offset by a $1 million decrease in revenues from the now-divested instruments segment, which was sold during the first quarter of 2014.
Earlier this month the company secured a three-year revolving line of credit from Middlesex Savings Bank, which it used to repay approximately $1.8 million owed to Santander Bank and $600,000 of accrued interest due to Massachusetts Capital Resource Co., the subordinated lender. As a result, the company is no longer in default of any of its loan obligations and has reclassified the subordinated debt to a long-term liability.
Dynasil develops and manufactures optical detection and analysis technology and components for the homeland security, medical and industrial markets.
For more information, visit dynasil.com.
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