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

net income of $2.8 million, or $0.09 per basic and $0.08 per diluted share, for the same period a year ago.

Financial Position and Cash Flow AnalysisAt September 30, 2013, cash and cash equivalents were $8.5 million compared to $4.0 million at December 31, 2012.  During the nine months ended September 30, 2013, the Company generated approximately $4.5 million in cash and cash equivalents.  The Company used $496,000 for the same period in 2012.

In July 2013, the Company received the final installment of $2.5 million due under the Abengoa license agreement announced in April 2012.  On November 5, 2013, the Company received $842,000 for partial payment of the remaining upfront fee due under the BASF license agreement.  The payment was due upon completion of the transfer of certain technology to BASF.  In addition to the $842,000 the Company expects to receive approximately $950,000 in cash in the fourth quarter from taxes being withheld by the German government relating to the BASF agreement.

Total Convertible Subordinated Debt ("Debt") as of September 30, 2013 was $6.8 million.  In January 2013, the Debt decreased by $182,000 from $7.0 million as of December 31, 2012, due to the conversion of Debt to common stock.  On October 1, 2013, the Company extended the maturity dates of all of its outstanding debt to January 1, 2015.  The Company has a right to prepay $6.8 million of the debt any time after March 31, 2014, without penalty, with 30 days written notice.  The remaining $1.4 million Note Payable to Stockholder is non-convertible, and is not subject to the prepayment provision.

Capital expenditures for the nine months ended September 30, 2013 were approximately $148,000 and cash generated from the exercise of warrants and stock options was $218,000 for the same period.

2013 Full-year OutlookAs a result of the BASF license transaction, the expected continued growth in prod
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SOURCE Dyadic International, Inc.
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