WEST BERLIN, NJ -- Dynasil Corp. reported third-quarter revenues of $2.7 million, up 3.5% year-over-year.

Net income was $53,002, down 46% from last year. On July 1, Dynasil acquired the stock of Radiation Monitoring Devices Inc. (RMD Instruments LLC) for $20 million. RMD's revenues for the 12 months ended June 30 were approximately $22.5 million with pretax profits of $3 million. Third-quarter profits were impacted by staffing costs and other expenses related to the acquisition, plus weaker-than-expected results in Dynasil's optical materials business unit.

“Adding RMD involved a substantial investment of resources but it is a major step in executing Dynasil’s profitable growth strategy. We plan to apply our skills in effective execution to build on their strong cash flow by accelerating the growth of their current products as well as commercializing new technology,” said CEO Craig Dunham, who added further acquisitions could be coming.

More than 30% of RMD’s 2007 commercial revenue came from after-sales maintenance and support.

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