Dais Analytic Corp. (DLYT.OB) Announces First Quarter Financial Results

 @ibtimes on May 14 2010 5:16 AM

Dais Analytic Corp. is commercializing its nanotechnologies in applications for energy efficient heating and cooling uses, water cleaning for commercial and industrial purposes, and energy storage.

The company today announced its financial results for the quarter ended March 31, 2010. Dais reported revenues of $407,312 – an increase of 158% from the $157,353 reported for the same period last year. Gross margins for the first quarter came in at 21.1%. In addition, accounts receivable on March 31, 2010 increased 223% to $606,551, while cash and cash equivalents stood at $1.044,971. Interest expense declined to $46,510 from $156,197 for the same period last year.

Net loss for the quarter ended March 31, 2010 decreased by $128,748 – approximately 20% – to $529,038 from $648,786 for the same period last year. The reduction in net loss was primarily due to stronger gross profit and a decrease in interest expense. The strong revenue growth for Dais Analytic is attributed to increased sales of the company’s flagship product, ConsERV. Sales of ConsERV have increased as a result of continued expansion into newer sales channels aided by the introduction of the new, lower-priced “F” series of high-efficiency HVAC energy recovery products.

Some of the company’s key goals for 2010, besides expanding sales of ConsERV, include establishing a NanoClear water treatment test facility in Odessa, Florida. Dais is also looking to create international sales and partnership opportunities in growth markets including China and other Asian markets, Brazil and the Middle East.

The president and CEO of Dais Analytic, Tim Tangredi, commented, “The company continues to implement ways to reduce its costs, and believes as order for ConsERV and NanoClear (water cleanup) increase unit costs will decrease, quickening Dais’ path to profitability. We recently announced shipment has begun on a $48 million NanoClear water product order to China. We project to show continued sales improvement with ConsERV and NanoClear throughout the remainder of the year – and going forward.”

Join the Discussion