Dyadic International (DYAI)

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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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