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

ted margins on that revenue.  Product margins decreased slightly in the first quarter of 2013 as compared to 2012, due primarily to changes in the product sales mix.  During the first quarter of 2013, the Company also increased its provision for slow moving inventory, and experienced increases in certain raw material prices. The Company continuously evaluates more cost effective raw materials for use in its manufacturing processes on an ongoing basis.  Product related revenue margins are expected to improve through the remainder of the year.

Operating expenses increased 33% to $1.8 million when compared to Q1 2012.  This increase was due to higher general and administrative expenses, primarily a result of additional legal costs being incurred for experts necessary for the Company's litigation against former outside legal counsel.  These costs were anticipated and are expected to be incurred through the conclusion of trial.  During the first quarter, the Company increased its investment in research and development to $290,000, a 48% increase over Q1 2012.

The net loss for the quarter ended March 31, 2013 was $1.5 million ($0.05 per basic and diluted share), versus a net loss of $781,000 ($0.02 per basic and diluted share) for the quarter ended March 31, 2012.  The increase in the net loss was due primarily to the decrease in research and development revenue gross profit combined with increased operating expenses.

During the first quarter of 2013, the Company generated operating cash flows of $154,000.
For the same period in 2012, the Company used $454,000 of cash flow in operations.  During the first quarter of 2013, the Company received the second installment of $1.0 million due under the Abengoa license agreement expansion.  For the same period, capital expenditures were $88,000, and proceeds from the exercise of stock options were $59,000. 

The Company's cash and cash equivalents inc
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SOURCE Dyadic International, Inc.
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