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Dais Analytic Corporation (OTCBB: DLYT) announced record financial results for the fiscal year ended December 31, 2010.
Financial Results for the Year Ending December 31, 2010
Dais Analytic Corporation's management is pleased to report 118.3% year-over-year revenue growth for the fiscal year ended December 31, 2010 to $3,342,468, compared to $1,531,215 for the prior year. ConsERV system and cores sales represented 88% of total revenues, or $2,949,862. On a year-over-year basis, ConsERV and core revenues increased by $1,552,452, or 111%.
Gross profit for fiscal year 2010 was $1,052,427, a 129% increase over 2009, representing gross margins of 31.5% and 30.0%, respectively.
Judith Norstrud, Dais' CFO, said that, "Revenues doubled from 2009 to 2010, and we are projecting continued strong revenue growth and an improved gross margin position for 2011 and beyond. While the Company remains focused on continuing its growth, it is implementing strong internal controls aimed at lowering cost while maximizing management of its resources."
The Company reported a net loss of $1,433,593 for the year ended December 31, 2010 compared to a net loss of $6,028,529 for fiscal year 2009, or ($0.05) and ($0.30) per common share, basic and diluted, respectively.
Timothy N. Tangredi, CEO of Dais Analytic Corporation, said that "We are pleased to see increasing demand for our ConsERV product in the U.S and international markets, and we expect to see similar growth in this segment of our business in 2011. Additionally we are making solid progress of commercializing Dais's NanoClear and NanoAir products through the continued assistance and cooperation of the Department of Energy, and Pasco County.
"Our applications address important areas of the global energy and sustainability value chain -- energy efficiency, water treatment, and energy storage. We believe, coming out of 2010, we are better positioned for long-term growth deploying the Company's disruptive materials and processes in newer, larger market size applications while ConsERV gains more traction here and abroad. A key metric for us in 2010 and continuing through 2011 is for the development of collaborative relationships thus accelerating commercialization."
Important to this development is the recently announced bridge loan financing totaling $1,500,000 from an existing investor in the Company. In addition, the Company agreed to terms of debt conversion for more than $2 million in existing, unrelated debt principal and interest held by the investor and another key long-term investor in Dais. "The Company projects these transactions position Dais to further improve its balance sheet," said Norstrud. Additional information can be found in Dais' Form 8-K filed with the Securities and Exchange Commission on March 28, 2011.
Key Operating Highlights
Awarded a $680,000 grant from the US Department of Energy's Advanced Research Projects Agency-Energy (ARPA-E), and a $254,500 grant from Pasco County, Florida to accelerate development and commercialization of its energy efficient, water based heating, cooling NanoAir process.
Entered into a research agreement with prestigious University of Florida located in Gainesville, FL. The agreement will power the path to energy's future focusing on Dais' NanoCap™ ultra capacitor, moving it from successful materials testing to prototype.
Received performance certification by China's Ministry of Construction for the Company's ConsERV energy recovery ventilator product.
Increased ConsERV sales distribution coverage for the Company's ConsERV product in the US, adding 12 new independent firms (totaling 39), added two key OEM arrangements, and created its first international relationships, accounting for approximately $587,000 in product sales in 2010.
Implemented the first wave of Lean Manufacturing techniques offsetting increased component costs while improving manufacturing through-put.
Selected and participated in U.S. Department of Commerce "Clean Energy Business Development" Trade Mission to China, hosted by Commerce Secretary Gary Locke.
Shipped the first components of the Company's NanoClear™ clean water system to a Chinese customer pursuant to sales agreement with CAST Systems Control Technology and Genertec America. The water quality achieved using Dais' Aqualyte™ materials successfully produces approximately 1,250 gallons of useful water third party tested to be nearly 1,000
About Dais Analytic Corporation
Dais Analytic Corporation (OTCBB: DLYT) is commercializing its nanotechnology materials and processes into evolutionary or disruptive air, energy or water applications. The applications include ConsERV™, commercially available, which pretreats incoming building air for most Heating, Ventilating, and Air Conditioning (HVAC) equipment with the energy found in the exhaust air thus lowering HVAC capital equipment, maintenance costs, and emissions. The Company is in various stages of development of NanoAir, a disruptive water-based, no refrigerant gas refrigeration cycle usable for nearly every air conditioning and refrigeration use (co-funded by the US DoE 'ARPA-E' program); NanoClear™, a simpler method of treating most forms of contaminated water (sea, waste, industrial) to provide 1,000 times cleaner potable water; and NanoCap™, a disruptive energy-storage device. Each application underscores the diversity of Dais's core product -- its family of nano-structure polymers and processes -- by focusing on minimizing consumption of irreplaceable natural resources and stopping the degradation of our environment. To find out more about Dais please visit www.daisanalytic.com, and to learn more about ConsERV please visit www.conserv.com.
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.
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