Financial ResultsTotal revenue for the three months ended March 31, 2011 increased approximately 15% to approximately $2.3 million, as compared to approximately $2.0 million for the three months ended March 31, 2010. The increase was primarily attributable to research revenue of approximately $491,000 for the three months ended March 31, 2011, as compared to approximately $88,000 for the same period in the prior year, reflecting Dyadic's continued commitment to increasing its revenue-generating research and development projects in addition to internally funded projects.
Gross profit for the first quarter of 2011 increased approximately 95% to approximately $768,000 from approximately $394,000 in the first quarter of 2010. The increase was due mainly to higher gross margins on product sales, increased research and development activity which generally has higher contribution margins, and further cost controls and operational efficiencies.
General and administrative expenses for the three months ended March 31, 2011 increased approximately 24% to approximately $1.7 million, as compared to approximately $1.4 million for the same period last year due primarily to increased litigation costs.
Net loss for the quarter ended March 31, 2011 was approximately $1.5 million, or $(0.05) per basic and diluted share, as compared to a net loss of approximately $1.1 million, or $(0.04) per basic and diluted share for the quarter ended March 31, 2010. In 2010, Dyadic recorded a gain on reduction of accrued stockholder litigation of $410,000, which accounted for the majority of the difference.
At March 31, 2011, cash and cash equivalents were approximately $3.1 million and working capital was appro
|SOURCE Dyadic International, Inc.|
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