The Company's updated medical probe, the Navigator 2.0, was approved for sale in May of 2013.
However, as a result of the delays associated with both product line updates and an internal review of strategic alternatives for the lead paint analyzer product, the Company performed an interim impairment test of the Instrument segment and recorded an impairment of goodwill and intangibles totaling $6.8 million in the quarter ending March 31, 2013.
"As reported previously, we are making important steps in right-sizing our business, reducing outstanding indebtedness, and eliminating cost. With the spin out of our tissue sealant technology to the newly-formed subsidiary, Xcede Technologies, Inc. in October and the divestiture of our XRF product line in November, we continue to make significant improvements to our cash flows and our balance sheet," said Peter Sulick, Chairman and CEO of Dynasil.
"Going forward, we are focused on improving our liquidity and pursuing strategic initiatives that best position the company for future profitable growth."
Including the goodwill impairment charge, net loss for the 12 months ended September 30, 2013 was $8.7 million, or $0.59 per share, compared with a loss of $4.3 million, or $0.29 per share, in fiscal 2012.
Liquidity On December 31, 2012, the Company announced it was in default of certain financial covenants set forth in the terms of its outstanding indebtedness with respect to its fiscal year ended September 30, 2012.
We continued to be in default throughout our fiscal year ended September 30, 2013 and currently remain in default. As a result, our lenders have the ability to require immediate payment of all indebtedness under our loan agreements. While the lenders have not exercised this rig
|SOURCE Dynasil Corporation of America|
Copyright©2012 PR Newswire.
All rights reserved