DYADIC 1Q11 Financial Results
International, Inc. ("Dyadic") (OTC Pink: DYAI) today announced financial results for the quarter ended March 31, 2011.
JUPITER, Fla., May 5, 2011 - Dyadic International, Inc. ("Dyadic") (OTC Pink: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, industrial enzyme and biopharmaceutical industries, today announced financial results for the quarter ended March 31, 2011. The financial information contained in this press release should be read in conjunction with the financial statements and related footnotes which have been posted on the OTC Markets website at www.otcmarkets.com and on Dyadic's website at www.dyadic.com.
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "During the first quarter, Dyadic achieved strong growth in research revenue which continues to serve as the proving ground for future licensing and other third party collaborations. We also experienced improving margins in our enzyme business and launched two new products for the pulp & paper and biofuels markets which are currently being sampled and undergoing trials by new and existing customers. Finally, we added to the value and protection of our products and technologies with the issuance of several new U.S. patents.”
First Quarter Highlights and Recent Events
- Total revenue for the first quarter increased approximately 15% over the same period last year highlighted by a greater than five-fold increase in research and development revenue
- Product margins for the first quarter increased compared to the previous year’s first quarter
- Gross profit for the first quarter increased by approximately 95% over the same period last year as a result of higher research revenue, improved product margins and further cost controls and operational efficiencies
- Launched two new products: FibreZyme® G200 and AlternaFuel® CMAX™, for the pulp and paper and biofuels markets
- Received four new U.S. patents
- Completed negotiations and entered into R&D collaboration with Sanofi Pasteur and EnGen Bio for certain vaccine applications of Dyadic’s patented C1 technology
Total revenue for the three months ended March 31, 2011 increased approximately 15% to approximately $2.3 million, as compared to approximately $2.0 million for the three months ended March 31, 2010. The increase was primarily attributable to research revenue of approximately $491,000 for the three months ended March 31, 2011, as compared to approximately $88,000 for the same period in the prior year, reflecting Dyadic’s continued commitment to increasing its revenue-generating research and development projects in addition to internally funded projects.
Gross profit for the first quarter of 2011 increased approximately 95% to approximately $768,000 from approximately $394,000 in the first quarter of 2010. The increase was due mainly to higher gross margins on product sales, increased research and development activity which generally has higher contribution margins, and further cost controls and operational efficiencies.
General and administrative expenses for the three months ended March 31, 2011 increased approximately 24% to approximately $1.7 million, as compared to approximately $1.4 million for the same period last year due primarily to increased litigation costs.
Net loss for the quarter ended March 31, 2011 was approximately $1.5 million, or $(0.05) per basic and diluted share, as compared to a net loss of approximately $1.1 million, or $(0.04) per basic and diluted share for the quarter ended March 31, 2010. In 2010, Dyadic recorded a gain on reduction of accrued stockholder litigation of $410,000, which accounted for the majority of the difference.
At March 31, 2011, cash and cash equivalents were approximately $3.1 million and working capital was approximately $4.2 million.
Dyadic International, Inc. is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, industrial enzyme and biopharmaceutical industries.
Dyadic makes financial
disclosures through the OTC Disclosure and News Service which offers
free information on the OTC Markets website (www.otcmarkets.com) concerning companies traded on the
OTC Markets. Investors can access and download Dyadic’s
financial reports and other announcements that Dyadic makes through
the OTC Markets website. Dyadic will also continue providing updates
through regular press releases as appropriate.
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Dyadic's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.
Dyadic International, Inc.
Michael J. Faby
Vice President Finance
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