JUPITER, Fla., May 10, 2012 /PRNewswire/ -- Dyadic International, Inc. (OTC Pink: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, biochemical, industrial enzyme and biopharmaceutical industries, today announced financial results for the quarter ended March 31, 2012. The financial information contained in this press release should be read in conjunction with the audited financial statements, footnotes and independent auditors' report which have been posted on the OTC market website at www.otcmarkets.com/stock/DYAI/financials and on Dyadic's website at www.dyadic.com/wt/dyad/investors.
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Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "During the first quarter, Dyadic continued to see strong growth in research and development revenue which serves as the proving ground for potential future licensing and other third party collaborations while dramatically reducing our expenses. We also entered into our first significant research and license agreement with a major food company and launched a new product for the pulp and paper market. After the first quarter, we improved our financial flexibility by extending the maturity dates of all our debt. We also amended our non-exclusive license agreement with Abengoa Bioenergy which gives us every reason to believe that Dyadic will be profitable for the second quarter of 2012 as well as for the full fiscal year."
2012 First Quarter Highlights
- Total revenue for the first quarter of 2012 increased 10% over the same period last year as a result of a 59% increase in research and development revenue
- Total general and administrative expenses for the first quarter decreased 37% over the same period last year
- Entered into a research, development and license agreement with a leading global provider of nutritional ingredient solutions to use Dyadic's patented and proprietary C1 platform technology to develop, manufacture and commercialize key enzyme products for food applications
- Launched FibreZyme® G5000, a next generation, high performance powder enzyme designed to improve paper quality and improve the economics of various pulp and paper manufacturing processes
- Extended the maturity dates of all outstanding debt until January 1, 2014
- Amended our non-exclusive license agreement with Abengoa Bioenergy New Technologies, Inc. for $5.5 million and the potential for additional royalties and facility fees
Total revenue for the three months ended March 31, 2012 increased 10% to $2.5 million, as compared to $2.3 million for the three months ended March 31, 2011. The increase was primarily attributable to a 59% increase in research and development revenue to $784,000, as compared to $491,000 for the same period in the prior year, which reflects Dyadic's continued commitment to increasing research and development projects funded by third parties.
Net product related revenue for the first quarter ended March 31, 2012 decreased 3.6% to $1.7 million compared to $1.8 million for the first quarter ended March 31, 2011 due to the timing of certain orders from existing customers.
Gross profit for the first quarter of 2012 decreased to $757,000 from $768,000 in the first quarter of 2011.
Total general and administrative expenses for the three months ended March 31, 2012 decreased 37% to $1.4 million, as compared to $2.2 million for the same period last year which was primarily due to reductions in litigation and personnel expenses.
Net loss for the quarter ended March 31, 2012 was $781,000, or $(0.02) per basic and diluted share, as compared to a net loss of $1.5 million, or $(0.05) per basic and diluted share for the quarter ended March 31, 2011.
At March 31, 2012, cash and cash equivalents were $3.2 million and working capital was $6.2 million.
Subsequent to the end of the first quarter, on April 12, 2012, Dyadic extended the maturity dates of its $8.4 million in outstanding debt to January 1, 2014. All other provisions of the outstanding debt remained unchanged.
Dyadic will host a conference call at 5:00 p.m. Eastern Time today to discuss its 2012 first quarter financial results.
In order to participate in the conference call, please use the following dial-in numbers and passcode:
- From the United States or Canada: 800-930-7616
- From other countries: 913-312-0407
- Passcode: 3784838
A replay of the conference call will be available on Dyadic's website at www.dyadic.com shortly after the live event.
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, biochemical, industrial enzyme and biopharmaceutical industries.
Dyadic trades on the OTC Pink tier of the OTC market. Investors can find real-time quotes, market information and financial reports for Dyadic on the OTC market website at www.otcmarkets.com/stock/DYAI/quote.
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.