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Dyadic International Reports First Quarter 2013 Financial Results
Date:5/15/2013

basis for a vaccine.  Dyadic recently signed its third extension to the agreement and it is hopeful that the project will be moving to the next phase of this collaboration.
  • The Company strengthened its management team with the recent announcement of the addition of Danai Brooks as Executive Vice President and Chief Operating Officer.  Mr. Brooks joins Dyadic from J.P. Morgan, where he served as a Vice President in their investment bank.  While at J.P. Morgan, Brooks advised clients across a broad spectrum of sectors, including chemicals, renewable energy and industrials.  He has held senior operational, engineering and manufacturing positions with Dell, Inc., Mars, Inc. and Ford Motor Company.
  • During the quarter, the Company continued to make progress in its research and development efforts, especially in new strains that will enhance the Company's AlternaFuel CMAX3 product.  The Company expects to initiate the testing of these new CMAX enzyme mixes in the third or fourth quarter of 2013.
  • First Quarter 2013 Financial ResultsFirst quarter 2013 revenue was $2.5 million, which is comparable to the first quarter of 2012.  Product related revenue increased 20% to $2.1 million from $1.7 million for the same period last year.  Product sales growth was offset by a 51% decrease in research and development revenue to $387,000 for the first quarter of 2013. The decline was due to a delay in the start of several external research and development projects that have now either begun or are expected to begin in the second quarter.  Due to the nature and timing of projects and resources, research and development revenue may vary materially from quarter-to-quarter as projects are initiated, completed, or extended.

    Gross profit decreased to $520,000 in the first quarter of 2013 from $757,000 in the first quarter of 2012 due to the decrease in research and development revenue and the loss of rela
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    SOURCE Dyadic International, Inc.
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