Dynasil Corporation Of America (DYSL) has reported a 2,549.06 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $2.81 million, or $0.17 a share in the quarter, compared with $0.11 million, or $0.01 a share for the same period last year.
Revenue during the quarter dropped 18.40 percent to $9.14 million from $11.20 million in the previous year period. Gross margin for the quarter expanded 316 basis points over the previous year period to 38.55 percent. Total expenses were 99.17 percent of quarterly revenues, up from 98.54 percent for the same period last year. That has resulted in a contraction of 63 basis points in operating margin to 0.83 percent.
Operating income for the quarter was $0.08 million, compared with $0.16 million in the previous year period.
"In addition to the unusual tax circumstances described above, I am happy to report that both of our operating segments were once again profitable for the quarter and generated almost $460,000 of net income," said chief executive officer Peter Sulick. "Including Xcede, which comprises substantially all our Biomedical segment, we were profitable at the net income line. I continue to be encouraged by the improvements in gross profit margin in the Optics segment as we see the positive results of the investments made to improve yields and productivity."
Working capital increases sharply
Dynasil Corporation Of America has recorded an increase in the working capital over the last year. It stood at $5.81 million as at Dec. 31, 2016, up 259.12 percent or $4.19 million from $1.62 million on Dec. 31, 2015. Current ratio was at 1.99 as on Dec. 31, 2016, up from 1.17 on Dec. 31, 2015.
Cash conversion cycle (CCC) has increased to 74 days for the quarter from 48 days for the last year period. Days sales outstanding went up to 37 days for the quarter compared with 32 days for the same period last year.
Days inventory outstanding has increased to 63 days for the quarter compared with 40 days for the previous year period. At the same time, days payable outstanding went up to 26 days for the quarter from 24 for the same period last year.
Debt comes down significantly
Dynasil Corporation Of America has recorded a decline in total debt over the last one year. It stood at $3.74 million as on Dec. 31, 2016, down 41.74 percent or $2.68 million from $6.43 million on Dec. 31, 2015. Total debt was 13.26 percent of total assets as on Dec. 31, 2016, compared with 25.07 percent on Dec. 31, 2015. Debt to equity ratio was at 0.18 as on Dec. 31, 2016, down from 0.44 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 1.13 for the quarter from 2.78 for the same period last year.
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