2014

Dyadic International Reports 2012 First Quarter Financial Results

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.

(Logo:  http://photos.prnewswire.com/prnh/20110621/CL06708LOGO )

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

Recent Events

  • 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

Financial Results

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.

Conference Call

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.

About Dyadic
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.







DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

















 Three Months Ended March 31, 




2012


2011




 (Unaudited) 


 (Unaudited) 


Revenue:






Product Related Revenue, Net


1,739,381


1,805,208


Research and Development Revenue


783,581


491,309


       Total Revenue


2,522,962


2,296,517








Cost of Goods Sold:


1,766,125


1,528,227


Gross Profit


756,837


768,290








Expenses:






General and Administrative


981,373


1,684,690


Sales and Marketing 


229,137


267,734


Research and Development 


196,310


304,003


Foreign Currency Exchange (Gains), Net


(41,719)


(94,034)


       Total Expenses


1,365,101


2,162,393








(Loss) from Operations


(608,264)


(1,394,103)








Other Income (Expense) 






Interest Income


1,485


4,191


Interest Expense


(174,156)


(113,006)


Total Other Income (Expense)


(172,671)


(108,815)














Net (Loss)

$

(780,935)

$

(1,502,918)














Net (Loss) per Common Share






Basic

$

(0.02)

$

(0.05)


Diluted

$

(0.02)

$

(0.05)








Weighted Average Common Shares Used in Calculating Net (Loss) Per Share:






Basic


31,515,400


31,150,620


Diluted


31,515,400


31,150,620



















DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

























March 31, 2012



December 31, 2011



ASSETS




(unaudited)






Current Assets:










Cash and Cash Equivalents



$

3,229,982


$

3,691,755



Restricted Cash




221,872



214,376



Accounts Receivable, Net




1,647,199



1,774,773



Inventory, Net




3,784,285



3,276,382



Prepaid Expenses and Other Current Assets




357,210



280,812



                  Total Current Assets




9,240,548



9,238,098













Fixed Assets, Net




506,019



552,221



Intangible Assets, Net




502,353



497,385



Other Assets




16,173



16,173






$

10,265,093


$

10,303,877













LIABILITIES AND STOCKHOLDERS' (DEFICIT)










Current Liabilities:










Accounts Payable



$

2,179,814


$

2,065,708



Accrued Expenses




426,309



437,719



Accrued Interest Payable  




173,365



173,496



Note Payable to Stockholder




-



1,424,941



Deferred Research and Development Obligation




307,275



-



                  Total Current Liabilities




3,086,763



4,101,864



Note Payable to Stockholder




1,424,941



-



Convertible Subordinated Debt




7,000,000



7,000,000







11,511,704



11,101,864



COMMITMENTS AND CONTINGENCIES










Stockholders' (Deficit):










Preferred Stock, $.0001 Par Value:










Authorized Shares – 5,000,000; None Issued and Outstanding




-



-



Common Stock, $.001 par value,










Authorized Shares – 100,000,000; Issued and Outstanding – 31,591,870 and 31,448,745, Respectively




31,592



31,449



Additional Paid-in Capital




78,944,504



78,608,586



Stock to be Issued




-



3,750



Accumulated Deficit




(80,222,707)



(79,441,772)







(1,246,611)



(797,987)






$

10,265,093


$

10,303,877













  










DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




























 Three Months Ended March 31, 






2012



2011






 (Unaudited) 



 (Unaudited) 




Operating Activities









 Net (Loss) 

$

(780,935)


$

(1,502,918)




 Adjustments to Reconcile Net (Loss) to Net Cash  (Used in) Operating Activities: 









 Depreciation and Amortization of Fixed Assets 


52,534



70,532




 Amortization of Intangible and Other Assets 


12,131



7,490




 Recovery of Doubtful Accounts 


-



11,839




 Recovery of Inventory Reserve 


-



(75,389)




 Compensation Expense on Stock Option Grants 


308,974



291,450




 Changes in Operating Assets and Liabilities: 









 Accounts Receivable 


127,574



(252,422)




 Inventory 


(507,903)



26,633




 Prepaid Expenses and Other Current Assets 


(76,398)



(110,852)




 Accounts Payable 


114,106



124,704




 Accrued Expenses 


(11,410)



93,014




 Accrued Interest Payable 


(131)



(33,947)




 Deferred Research and Development Obligation 


307,275



-




 Net Cash (Used In) Operating Activities 


(454,183)



(1,349,866)













 Investing Activities 









 Purchases of Fixed Assets 


(6,332)



-




 Cost of Patents 


(17,099)



(51,122)




 Restricted Cash Deposit 


(7,496)



(16,852)




 Net Cash (Used In) Investing Activities 


(30,927)



(67,974)













 Financing Activities 









 Proceeds from Stock Option Exercises 


23,337



3,750













 Net (Decrease) in Cash and Cash Equivalents 


(461,773)



(1,414,090)




 Cash and Cash Equivalents at Beginning of Period 


3,691,755



4,535,279




 Cash and Cash Equivalents at End of Period 

$

3,229,982


$

3,121,189













 Supplemental Cash Flow Information: 









 Cash Paid for Interest 

$

173,496


$

146,953















SOURCE Dyadic International, Inc.



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