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Revenues Increase 91% Year-Over-Year and Gross Profit Increases by 136%; Signed Backlog More Than $50 Million
Dais Analytic Corporation (DLYT 0.32, 0.00, 0.00%) today announced its financial results for the second quarter ended June 30, 2010. Quarterly net sales were $1,010,142, up 91.1% from $528,353 in the second quarter of 2009, due to increased revenues from the Company's flagship product -- ConsERV -- and first revenues from its Chinese distributor for the sale of the Company's first water cleaning application (NanoClear) sale.
Second quarter gross profit was $459,946 compared to gross profit of $190,774, a 136.3% year-over-year increase. Gross margin was 45.5% and 36.1%, respectively.
Second quarter net loss was $624,681, or ($0.02) per diluted share, compared to a net loss of $344,000, or ($0.02) for the same period last year. Year-over-year, the increase in net loss was primarily driven by the increase in selling, general and administrative expense as a result of increased sales efforts.
Accounts receivable as of June 30, 2010 were $1,187,263, compared to $187,434 at the year ended December 31, 2009. Cash on hand at June 30, 2010 was $411,439 compared to $1,085,628 at December 31, 2010.
Chief Executive Officer Tim Tangredi said, "We are extremely pleased with the level of increased demand we are seeing in the market for our ConsERV energy recovery products, reflected by the sales growth reported this quarter on a year-over-year basis. Buildings account for about 40% of total energy consumption in the U.S. and of that, HVAC systems are responsible for about 60% of building energy consumption. Our ConsERV product offers building owners a true value proposition, enabling buildings to meet fresh air requirements, lower capital costs and save up to 50% of energy costs. We are also really pleased to share we have begun booking revenues from our NanoClear water treatment application to our Chinese distributor."
Key Operational Highlights Year-to-Date
-- Key Appointments: David Longacre, veteran of Johnson Controls, to VP of Sales and Marketing position; Denise Sanderson, experienced in growing Stage 2 companies, as Managing Director - New Business Development; and Craig Ducharme, having nearly 20 years of experience in manufacturing, to General Manager - Manufacturing and Operations;
-- Announced $48 million purchase order for NanoClear product to water treatment facility in northern China;
-- Commenced shipment on-time of NanoClear components to the northern China water treatment site.
To stay on time with shipments the Company is working with its Chinese partners securing EXIM backing for the project; and
-- Invited and actively participated as a member of the US Department of Commerce Secretary Gary Locke's Clean Technology Trade Mission to China.
Mr. Tangredi added, "This has been an important year for our Company. Our advanced polymer technology is being validated commercially in applications for growth markets including energy recovery and water treatment, both in the United States and in China. At present, we have aggregated more than $50 million in orders for our products. We look forward to providing further detail with respect to these orders and expected timing of booked revenues from those contracts in the coming weeks and months. As a Company we continue to work with local firms to provide production support, and sub-components. We take seriously the need to grow our Country's exports while creating good local jobs in support of US Commerce Secretary Lock's vision of clean-technology firms leading the resurgence of US manufacturing."
For Dais Analytic Corporation Investors:
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships and other risks detailed in the company's filings with the Securities and Exchange Commission. Dais Analytic Corporation assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
To view Dais Analytic Corporation Balance Sheets, visit:
About Dais Analytic Corporation
Dais Analytic Corporation (DLYT 0.32, 0.00, 0.00%) is commercializing its nanotechnology materials and processes into break-through products becoming a leading participant in the applied nanotechnology industry with a specialized focus on the needs of the energy and water industries. Products incorporating Dais's nanotechnology (www.daisanalytic.com) minimize consumption of irreplaceable natural resources and stop degradation of our environment. To find out more about ConsERV (energy recovery for HVAC) please log onto www.conserv.com/
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