DYNASIL CORP OF AMERICA

CIK:0000030831|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Net revenue	$ 43,701,000	$ 40,681,000
Cost of revenue	27,627,000	25,445,000
Gross profit	16,074,000	15,236,000
Operating expenses:
Sales and marketing	1,695,000	1,336,000
Research and development	626,000	823,000
General and administrative	13,741,000	12,733,000
Impairment of long-lived assets	0	182,000
Total operating expenses	16,062,000	15,074,000
Income (loss) from operations	12,000	162,000
Interest expense, net	222,000	180,000
Income (loss) before taxes	(210,000)	(18,000)
Income tax (benefit)	182,000	(1,608,000)
Net income (loss)	(392,000)	1,590,000
Less: Net income (loss) attributable to noncontrolling interest	(22,000)	(170,000)
Net income (loss) attributable to common stockholders	(370,000)	1,760,000
Net income (loss)	(392,000)	1,590,000
Other comprehensive income (loss):
Foreign currency translation	(297,000)	(161,000)
Total comprehensive income (loss)	(689,000)	1,429,000
Less: comprehensive income (loss) attributable to noncontrolling interest	(22,000)	(170,000)
Total comprehensive income (loss) attributable to common stockholders	$ (667,000)	$ 1,599,000
Basic net income (loss) per common share	$ (0.02)	$ 0.10
Diluted net income (loss) per common share	$ (0.02)	$ 0.10
Weighted average shares outstanding
Basic	17,053,085	17,161,825
Diluted	17,053,085	17,171,523

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ (392,000)	$ 1,590,000
Adjustments to reconcile net income (loss) to net cash:
Stock compensation expense	362,000	457,000
Foreign exchange loss (gain)	44,000	17,000
Depreciation and amortization	1,420,000	1,257,000
Provision for doubtful accounts and sales returns	15,000	63,000
Deferred income taxes	282,000	(1,715,000)
Disposal loss (gain)	(7,000)	0
Non-cash R&D services		166,000
Impairment of long-lived assets	0	182,000
Other	67,000	(11,000)
Other changes in assets and liabilities:
Accounts receivable, net	(152,000)	(788,000)
Unbilled receivables	(1,469,000)	96,000
Contract assets	(83,000)	0
Inventories	(705,000)	216,000
Prepaid expenses and other assets	(162,000)	202,000
Accounts payable	161,000	(10,000)
Accrued expenses and other liabilities	200,000	295,000
Contract liabilities	(89,000)	112,000
Net cash from operating activities	(508,000)	2,129,000
Cash flows from investing activities:
Purchases of property, plant and equipment	(893,000)	(2,244,000)
Purchases of intangibles		(73,000)
Net cash from investing activities	(893,000)	(2,317,000)
Cash flows from financing activities:
Proceeds from issuance of common stock	14,000	17,000
Repurchase of common stock	(3,249,000)	0
Principal payments on capital leases	(40,000)	(93,000)
Proceeds from (payments of) line of credit, net	929,000	0
Proceeds from (payments of) equipment line of credit, net	484,000	742,000
Proceeds from long-term debt	2,000,000	0
Payments of long-term debt	(763,000)	(533,000)
Net cash from financing activities	(625,000)	133,000
Effect of exchange rates on cash and cash equivalents	(33,000)	(33,000)
Net change in cash and cash equivalents	(2,059,000)	(88,000)
Cash and cash equivalents, beginning	2,327,000	2,415,000
Cash and cash equivalents, ending	$ 268,000	$ 2,327,000

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Current Assets
Cash and cash equivalents	$ 268,000	$ 2,327,000
Accounts receivable, net of allowances of $276,000 and $262,000 at September 30, 2019 and 2018, respectively	4,140,000	4,069,000
Unbilled receivables	2,723,000	1,214,000
Contract assets	77,000	1,000
Inventories, net of reserves	4,646,000	4,106,000
Prepaid expenses and other current assets	816,000	664,000
Total current assets	12,670,000	12,381,000
Property, Plant and Equipment, net	7,593,000	8,098,000
Other Assets
Intangibles, net	627,000	755,000
Deferred tax asset, net	4,044,000	4,333,000
Goodwill	5,821,000	5,900,000
Long term contract assets	14,000	7,000
Security deposits	58,000	58,000
Total other assets	10,564,000	11,053,000
Total Assets	30,827,000	31,532,000
Current Liabilities
Line of credit	929,000	0
Current portion of long-term debt	1,189,000	1,246,000
Capital lease obligations, current portion	32,000	40,000
Accounts payable	2,491,000	2,355,000
Contract liabilities	163,000	253,000
Accrued expenses and other liabilities	3,032,000	2,803,000
Total current liabilities	7,836,000	6,697,000
Long-term Liabilities
Long-term debt, net of current portion	3,862,000	2,075,000
Capital lease obligations, net of current portion	20,000	52,000
Deferred tax liability, net	186,000	205,000
Other long-term liabilities	135,000	175,000
Total long-term liabilities	4,203,000	2,507,000
Stockholders' Equity
Common Stock, $0.0005 par value, 40,000,000 shares authorized, 18,438,333 and 18,152,074 shares issued, 14,802,905 and 17,341,914 shares outstanding at September 30, 2019 and 2018, respectively	9,000	9,000
Additional paid in capital	22,233,000	21,865,000
Accumulated other comprehensive income (loss)	(997,000)	(700,000)
Retained earnings	511,000	841,000
Less treasury stock - at cost, 3,635,428 shares and 810,160 shares at September 30, 2019 and 2018, respectively	(4,235,000)	(986,000)
Total Dynasil stockholders' equity	17,521,000	21,029,000
Noncontrolling interest	1,267,000	1,299,000
Total stockholders' equity	18,788,000	22,328,000
Total Liabilities and Stockholders' Equity	$ 30,827,000	$ 31,532,000