WEST BERLIN, N.J.--(BUSINESS WIRE)--May 21, 1999--Dynasil Corporation of America (OTC:DYSL), manufacturer of synthetic fused silica for the semi-conductor, laser, space and optical components industries announced results of operations for the second quarter fiscal year 1999 ended March 31, 1999. Revenues for the three month period ending March 31, 1999 were $592,093, a decrease of 36% from revenues of $930,802 for same quarter in fiscal 1998. Gross profit for the second quarter decreased from $334,016 in fiscal 1998 to $74,453 for the same period in 1999. Continued slow sales to the semi-conductor and laser optics industries plus the requirement to maintain a minimum production capability with its attendant costs are the primary reasons for the reduced gross profit numbers. In order to offset the loss of revenue and gross profit deficit, Dynasil continued its cost cutting efforts by laying off additional production employees. The resulting net income for the first quarter showed a loss of $131,881 compared to the same period 1998 net income of $65,565. Second quarter earnings per share decreased from 3 cents per share in 1998 to a 6 cent loss in 1999. However, second quarter 1999 performance improved over first quarter 1999. Gross profit increased from ($5,552) to $78,453, net income from ($213,870) to ($131,875) and earnings per share from a 9 cent loss to 6 cent loss. The synthetic fused silica market is experiencing as slow recovery and Dynasil expects to continue its return to profitability. Detailed financial information is available on the Dynasil web site at www.Dynasil.com. The aforesaid statements are forward-looking in nature and should not be considered as guarantees of income or performance because they involve many uncertainties and risks. Actual results may vary materially from projected results based upon a number of factors.  