Pink Sheets

Dynasil (website) fabricates synthetic fused silica (the purest form of glass) products for lenses, prisms, reflectors, mirrors, filters, lasers use, etc. Instead of essentially melting sand, they produce glass from silicon halide vapor. There are only two domestic suppliers in the US.

Q3 ended in June 30, 2005 (year ends Sept).

Balance sheet:
Cash $351K
AR: $732K
inventory: $867K
Current assets: $2 million
PP&E: $769K
Total assets: $2.9 million

Current notes and debt: $436K
AP: $333K
Current liabilities: $979K
long term debt: $637K
equity: $1.3 million

9 months (not very useful since most recent 3 months includes acquisition)
28% gross margin
3.4% operational margin
2.3% net margin
Earnings: $75K for 9 months (2 cents per diluted share)

Cash flow from ops is $49K (AR increased)
Capex is $49K... zero free cash flow

Acquired Optometrics LLC for $770K (only $78K over book value)
Optometrics had revenues of $4.9 million with $150K earned in last 9 months
Issued preferred stock worth $690K (700K shares paying 10% dividend and convertable into 2.222 shares of common)

436K stock options issued over the last 9 months
135K options were outstanding before that
3.8 million shares
4.4 million shares diluted (about 4.8 million totally diluted)

results for most recent quarter (includes Optometrics)
revenues: $1.6 million
gross margin: $516K
operational income: $80K
tax: $4K
net income: $56K (annualizes to about 4.7 cents totally diluted)

Company might be worth 70 cents.
Stock is selling for 71 cents.