TAMPA, Fla., May 22, 2013 /PRNewswire/ -- Dais Analytic Corporation (OTC.BB: DLYT) recently filed its Form 10-Q which announced key business highlights affecting the Company's financial and business outlook, as well as financial results for the first quarter ended March 31, 2013.
Key Business Highlights
In the Form 10-Q and other SEC filings, the Company announced:
- The Company was selected to receive a second round of grant funding by the United States Department of Energy's 'Advanced Research Program Administration' (ARPA-e) which will direct $1 million in spending to move the Company's water based HVAC system ("NanoAir") and components of that system closer to commercialization.
- The implementation of a streamlined organization with new people in key roles, including a new Chief Operating Officer. The structure was designed to better capitalize on Dais's core competency in the nano-materials area, allow wider distribution of its ConsERV™ product to other parts of the world and places heavy emphasis on moving newer applications to revenue generation level.
- Bill McCollum, a five term Congressman on the Judicial Committee, chaired the Subcommittee on Banking, and Intelligence, the 35th Attorney General in the State of Florida, and now a partner at Dentons (formerly SNR Denton) joined the Company's Board of Directors.
In addition to the above highlights, the Company:
- Began construction of a pilot wastewater treatment unit located at a Pasco County, FL wastewater treatment site. The target for completion of the pilot unit is the end of the second calendar quarter of 2013. This pilot wastewater facility is designed to demonstrate the efficacy of the Company's Aqualyte™ nanomaterial and associated NanoClear™ process. The demonstration project will highlight NanoClear's superior quality of the processed water (projected to be cleaned to 'parts per billion'), and to provide key information guiding the process's evolution, useful for design and marketing purposes against traditional wastewater cleaning technologies.
- Earned the recognition of a significant new patent in China for Multi-Phase Selective Mass Transfer Through a Membrane.
- Retained Darnerhall Marketing & Consulting and SNR Denton (now 'Dentons') to actively work with the Company to plot and execute its growth plans in the coming year.
"During the first quarter we began a sweeping organization change within Dais designed to intensely focus on monetizing our core competency in nano-materials. We added new and experienced people – notably a time tested Chief Operating Officer. We re-positioned the technical team to improve product production and quality while placing a concentrated focus on the commercialization path relating to newer potential revenue sources. We retained a successful outside marketing and strategy firm as well as an international law firm to aid in and guide the Company's growth," said Tim Tangredi, CEO of Dais. Continuing Tangredi said "We believe the cumulative effect of these actions better positions Dais for growth in targeted worldwide markets".
Financial Results for the Three Months Ended March 31, 2013
Total revenues for the three months ended March 31, 2013 and 2012 were $620,042 and $1,039,483. The decrease in revenues for the three months ended March 31, 2013 was mainly due to transitioning the manufacturing and sales of the complete ConsERV™ systems in North and South America to our licensee (MG Energy LLC). Revenues in 2012 were also higher due to a non-recurring $150,000 gain related to the termination of the Genertec and the CAST agreements in the first quarter of 2012.
Cost of goods sold also decreased $196,544 to $486,593 and represented 79% of revenues for the three months ended March 31, 2013 compared to $683,137 or 66% of revenues for the three months ended March 31, 2012. Gross profit margin decreased from 34.3% in 2012 to 21.5% in 2013. The decrease in cost of goods sold and the gross profit margin were due to transitioning ConsERV™ system sales to our licensee in North and South America.
About Dais Analytic Corporation
Dais Analytic Corporation (OTC.BB: DLYT) is commercializing its innovative Aqualyte™ family of nano-structured materials and processes focusing on evolutionary or disruptive air, energy and water applications.
The uses include:
- ConsERV™, a commercially available engineered energy recovery ventilator (an HVAC product) useful for efficient management of ventilation air's temperature and moisture content using the energy found in the outgoing 'stale' air stream to pre-condition the incoming fresh air often saving energy, CO2, and allowing for equipment downsizing;
- NanoAir™, an early beta-stage water-based, no fluorocarbon producing refrigerant cooling cycle useful to replace the existing gas based compression cooling cycle in most all forms of air-conditioning and refrigeration saving a projected 50% in energy and CO2;
- NanoClear™, an early beta-stage method for treating contaminated water (sea, waste, industrial) to provide 1,000 times cleaner potable water; and;
- NanoCap™, in prototype stage, which holds promise to use the Aqualyte™ family to form a disruptive non-chemical energy-storage device (an ultra capacitor) when completed for use in transportation, renewable energy, and 'smart grid' configurations.
Each use demonstrates the diversity of Dais' core product - Aqualyte™ - the family of nano-structured polymers and engineered processes having a focus on minimizing consumption of irreplaceable natural resources, and ending 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.
Safe Harbor Statement
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. For example, statements about the future sales volume are forward looking and subject to risks. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Dais Analytic Corporation
Phone: 727-375-8484 x 224
SOURCE Dais Analytic Corporation