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Dyadic International Reports 2011 First Quarter Financial Results
Date:5/5/2011

March 31, 2011 2010 (Unaudited) (Unaudited) Operating ActivitiesNet (Loss)

$

(1,502,918)$

(1,113,790)Adjustments to Reconcile Net (Loss) to Net Cash (Used in) Operating Activities:Depreciation and Amortization of Fixed Assets70,53271,712Amortization of Intangible and Other Assets7,4903,515Provision for Doubtful Accounts11,839-Recovery of Inventory Reserve(75,389)(97,713)Compensation Expense on Stock Option Grants291,450196,102Stock Issued for Financial Services-63,000Gain on Reduction of Accrued Stockholder Litigation-(410,000)Changes in Operating Assets and Liabilities:Accounts Receivable(252,422)5,049Inventory26,633450,985Prepaid Expenses and Other Current Assets(110,852)34,504Other Assets-(12,588)Accounts Payable124,70447,084Accrued Expenses93,014(101,563)Accrued Interest Payable(33,947)(26,459)Deferred Research and Development Obligation-90,614Income Taxes Payable-(767)Net Cash (Used In) Operating Activities(1,349,866)(800,315)Investing ActivitiesPurchases of Fixed Assets-(104,622)Cost of Patents(51,122)-Restricted Cash(16,852)(1,429)Net Cash (Used In) Investing Activities(67,974)(106,051)Financing ActivitiesProceeds from Stock Option Exercises3,75015,093Proceeds from Stock Warrant Exercises-16,876Net Cash Provided by Financing Activities3,75031,969Net (Decrease) in Cash and Cash Equivalents(1,414,090)(874,397)Cash and Cash Equivalents at Beginning of Period4,535,2798,419,934Cash and Cash Equivalents at End of Period

$

3,121,189$

7,545,537Supplemental Cash Flow Information:Cash Paid for Interest

$

146,953$

59,838
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SOURCE Dyadic International, Inc.
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