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Dyadic International Reports Q2 2014 Financial Results
Date:8/14/2014

lusive of litigation related legal fees, the net loss for the six months ended June 30, 2014 would have been $2.2 million, or ($0.06) per basic and fully diluted share, as compared to net income of $2.3 million, or $0.07 per basic and fully diluted share, for the six months ended June 30, 2013.

Financial Position and Cash Flow Analysis

At June 30, 2014, cash and cash equivalents were $4.3 million compared to $8.9 million at December 31, 2013.  During the six months ended June 30, 2014, the Company used approximately $4.6 million in cash and cash equivalents versus generating $3.1 million for the same period in 2013.  A significant portion of the $4.6 million reduction in cash and cash equivalents for the six months ended June 30, 2014 was to fund the litigation against outside legal counsel and restock our inventory levels to ensure we had adequate inventory levels on hand to service our customers. 

Capital expenditures for the six months ended June 30, 2014 were approximately $147,000 and cash generated from the exercise of warrants and stock options was $40,000 through the repayment of stock subscriptions receivable.

Cash Flow From Operating Activities

As reflected in our condensed consolidated financial statements, we incurred a loss of approximately $3.2 million and a profit of $1.9 million for the six months ended June 30, 2014 and 2013, respectively.  Net cash used in operating activities was approximately $4.5 million for the six months ended June 30, 2014.  Net cash provided by operating activities for the six months ended June 30, 2013 was $3.1 million. 

From Investing Activities

For the six months ended June 30, 2014, our net cash used in investing activities was approximately $164,000 as compared to approximately $132,000 for the six months ended June 30, 2013. This increase of approximately $32,000 is mainly due to the increase in our capital expenditure
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SOURCE Dyadic International, Inc.
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