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Dyadic International Reports Q2 2014 Financial Results

elds for our enzyme products, lower raw material costs, and meeting certain contractual milestones sooner on a number of our research and development projects.

Operating Expenses

General and Administrative Expenses

General and administrative expenses were $3.6 million for the six months ended June 30, 2014 as compared to $2.4 million for the six months ended June 30, 2013, an increase of 51%.  A significant portion of the increase in G&A expenses were attributable to the $1.1 million in continued and ongoing legal and expert work in connection with our lawsuit against our former outside legal counsel. 

Sales and Marketing

Sales and Marketing expenses for the six months ended June 30, 2014 rose 39% to $583,000.  The increase was due in part to the addition of a new animal feed enzyme salesman in June 2013, and additional compensation and travel costs which were incurred in support of new more aggressive sales initiatives.  Additionally, new sales resources were brought in late in the second quarter of 2014. 

Research and Development

Research and Development expenses for the six month period ending June 30, 2014 was up 15% to $655,000.  The increase was originally expected to be higher as resources were being allocated to internal research projects, however, a number of externally funded research projects required additional resources for certain periods of time, which increased our research and development revenue.

As a result of the above discussion, overall operating expenses for the six months ended June 30, 2014 increased 42% to $4.9 million compared to $3.4 million for the same period last year.

Net Income (Loss)

Net loss for the six months was $3.2 million, or ($0.10) per basic diluted share, compared to a net income of $1.9 million, or $0.06 per basic and $0.05 per diluted share, for the same period a year ago.  Exc

SOURCE Dyadic International, Inc.
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