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Dyadic International Reports Third Quarter 2013 Financial Results
Date:11/14/2013

e the remaining $1.0 million access fee from BASF in the fourth quarter of 2013.

Research and development revenue for the nine months decreased 41% to $941,000 compared to $1.6 million for 2012.  The decrease was due to the delay in the start of certain external research and development projects and the reallocation of research and development resources from externally funded projects to new product development initiatives, which are internally funded, and to accelerate the continued enhancements and improvements to our C1 Platform Technology. 

Gross profit for the nine months decreased to $6.4 million compared to $7.4 million for the same period a year ago.  The decrease came primarily from the lower license fee revenue and decreased research and development revenue and their related margins previously mentioned. The remaining $1.0 million in revenue from the BASF license agreement will be recognized in the fourth quarter of 2013.

Total operating expenses for the nine months increased 20% to $5.4 million compared to $4.5 million for the same period a year ago.  The increase was due primarily to increased costs associated with litigation against the Company's former outside legal counsel of approximately $1.2 million, which was partially offset by the recovery of a doubtful account of $300,000 that was previously reserved as of December 31, 2012.  The increased litigation costs were anticipated and are expected to decrease upon completion of expert witness preparation.  The professional liability lawsuit is expected to continue into 2014.

During the third quarter of 2013, the Company recognized a loss of $313,000 on settlement of litigation, which is described above. During the third quarter of 2012, the Company received $525,000 in settlement of claims against certain former outside legal counsel. 

Net income for the nine months was $121,000, or $0.00 per basic and diluted share, compared to a
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SOURCE Dyadic International, Inc.
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