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Dyadic International Reports 2011 Third Quarter Financial Results
Date:11/3/2011

JUPITER, Fla., Nov. 3, 2011 /PRNewswire/ -- Dyadic International, Inc. ("Dyadic") (OTC Pink: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, industrial enzyme and biopharmaceutical industries, today announced financial results for the quarter ended September 30, 2011.

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The financial information contained in this press release should be read in conjunction with the financial statements and related footnotes which have been posted on the OTC market website at www.otcmarkets.com/stock/DYAI/financials and on Dyadic's website at www.dyadic.com/wt/dyad/investors.

Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "In the third quarter, Dyadic continued to make strong progress in performing funded research at our facility in the Netherlands which not only increases our research and development revenue but also enhances our opportunities for broader strategic partnerships.  We also continued to see improvements in the customer base and profitability of our industrial enzyme business. Lastly, our biofuels licensees reported progress in the third quarter in scaling up towards ultimate commercialization of second generation biofuels and biochemicals which may utilize our C1 technology."

Financial ResultsTotal revenue for the third quarter ended September 30, 2011 increased 30% to $2.6 million compared to $2.0 million for the quarter ended September 30, 2010. Total revenue for the nine months ended September 30, 2011 increased 27% to $7.9 million compared to $6.2 million for the same period last year. The increase in total revenue for both periods as compared to the same periods ended September 30, 2010 was due to an increase in research and development revenue and, with respect to the nine month comparison, also due to an increase in license fee revenue.

Net product related revenue for the third quarter ended September 30, 2011 increased to $2.0 million compared to $1.9 million for the third quarter ended September 30, 2010. Net product related revenue for the nine months ended September 30, 2011 was flat as compared to the same period a year ago.

Research and development revenue for the third quarter ended September 30, 2011 increased to $536,000 compared to $64,000 for the third quarter ended September 30, 2010. Research and development revenue for the nine months ended September 30, 2011 increased to $1.3 million compared to $618,000 for the nine months ended September 30, 2010.

There was no license fee revenue for the third quarter ended September 30, 2011. License fee revenue for the nine months ended September 30, 2011 increased to $1.0 million compared to $32,000 for the nine months ended September 30, 2010. The increase in license fee revenue for the nine month period ended September 30, 2011 compared to the same period last year was due to an upfront license fee recognized in the second quarter of 2011 from a licensee in the animal feed industry.

Gross profit for the third quarter ended September 30, 2011 increased to $784,000 compared to $339,000 for the third quarter ended September 30, 2010.  This increase was the result of higher research and development revenue and improved product margins.  Gross profit for the nine months ended September 30, 2011 nearly doubled to $2.9 million compared to the same period last year due to increased margins on product revenue and the recognition of license fee income.

General and administrative expenses for the third quarter ended September 30, 2011 increased to $1.3 million compared to $1.1 million for the third quarter ended September 30, 2010.  For the nine months ended September 30, 2011, general and administrative expenses increased to $4.4 million compared to $3.7 million for the nine months ended September 30, 2010. The increase in both periods was due to costs incurred by Dyadic in the completion of the arbitration of its professional liability lawsuit against its former auditors, as well as additional business development costs.

Net loss for the third quarter ended September 30, 2011 was $1.3 million, or $(0.04) per basic and diluted share, compared to a net loss of $1.4 million, or $(0.04) per basic and diluted share for the third quarter ended September 30, 2010. Net loss for the nine months ended September 30, 2011 was $3.6 million, or $(0.11) per basic and diluted share, compared to a net loss of $3.9 million, or $(0.13) per basic and diluted share, for the nine months ended September 30, 2010.

At September 30, 2011, cash and cash equivalents were $4.0 million compared to $4.5 million at December 31, 2010. During the third quarter of 2011, Dyadic raised $3.0 million through the private placement of convertible subordinated secured promissory notes, of which $2.4 million was received during the third quarter as reflected in the condensed consolidated balance sheet as of September 30, 2011. The remaining $600,000 was received in October and will be reflected in the year-end financial statements. A significant portion of the decrease in cash since the end of last year was due to costs incurred by Dyadic in the completion of the arbitration of its professional liability lawsuit against its former auditors.

Conference CallDyadic's third quarter 2011 financial results conference call is scheduled for 5:00 p.m. Eastern Time on Thursday, November 3, 2011. The conference call may be accessed by dialing 888-661-5176 (from the United States or Canada) or 913-312-0702 (from other countries) five to ten minutes prior to start time and providing the passcode 3489907. A replay of the conference call will be available on the Dyadic website (www.dyadic.com) shortly after the live event.

About DyadicDyadic International, Inc. is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, industrial enzyme and biopharmaceutical industries.

Dyadic trades on the OTC Pink tier of the OTC market. Investors can find real-time quotes, market information and financial reports for Dyadic on the OTC market website (www.otcmarkets.com/stock/DYAI/quote).

Cautionary Statement for Forward-Looking StatementsCertain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Dyadic's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.DYADIC INTERNATIONAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Nine Months Ended
September 30, Three Months Ended
September 30, 2011201020112010Revenue: (Unaudited) (Unaudited) (Unaudited) (Unaudited) Product Related Revenue, Net

$

5,492,082

$

5,541,489

$

2,039,528

$

1,922,552License Fee Revenue1,017,00032,000--Research and Development Revenue1,349,985617,695535,88364,120Total Revenue7,859,0676,191,1842,575,4111,986,672Cost of Goods Sold5,004,1474,738,3921,790,9941,647,413Gross Profit2,854,9201,452,792784,417339,259Expenses:General and Administrative4,353,2823,740,0391,340,9451,105,897Sales and Marketing 807,199738,757270,746266,161Research and Development 910,597920,444288,480271,809Foreign Currency Exchange Losses (Gains), Net6,183137,85287,527(122,691)Total Expenses6,077,2615,537,0921,987,6981,521,176(Loss) from Operations(3,222,341)(4,084,300)(1,203,281)(1,181,917)Other Income (Expense):Interest Income8,38846,0031,7149,992Interest Expense(342,872)(132,657)(116,135)(67,591)Gain on Reduction of Accrued Stockholder Litigation-410,000--Other-(155,260)-(155,503)Total Other Income (Expense)(334,484)168,086(114,421)(213,102)Net (Loss)

$

(3,556,825)

$

(3,916,214)

$

(1,317,702)

$

(1,395,019)Net (Loss) per Common ShareBasic

$

(0.11)

$

(0.13)

$

(0.04)

$

(0.04)Diluted

$

(0.11)

$

(0.13)

$

(0.04)

$

(0.04)Weighted Average Common Shares Used in Calculating Net (Loss) Per Share:Basic31,317,55330,971,29631,413,61431,063,147Diluted31,317,55330,971,29631,413,61431,063,147DYADIC INTERNATIONAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETSSeptember 30,
2011December 31,
2010ASSETS(Unaudited)Current Assets:Cash and Cash Equivalents

$

4,039,753$

4,535,279Restricted Cash256,628247,082Accounts Receivable, Net1,344,2501,276,574Inventory, Net2,702,2642,782,433Prepaid Expenses and Other Current Assets347,631336,638Total Current Assets8,690,5269,178,006Fixed Assets, Net606,445719,161Intangible Assets, Net413,634310,978Other Assets16,93016,930$

9,727,535$

10,225,075LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)Current Liabilities:Accounts Payable

$

1,199,079$

1,801,123Accrued Expenses436,949417,996Accrued Interest Payable  114,778146,230Deferred Research and Development Obligation155,648-Note Payable to Stockholder1,424,9411,424,941Income Taxes Payable168168Total Current Liabilities3,331,5633,790,458Convertible Subordinated Debt6,400,0004,000,0009,731,5637,790,458COMMITMENTS AND CONTINGENCIESStockholders’ Equity (Deficit):Preferred Stock, $.0001 Par Value:Authorized Shares – 5,000,000; None Issued and Outstanding--Common Stock, $.001 par value,Authorized Shares – 100,000,000; Issued and Outstanding  – 31,427,495 and 31,138,120, Respectively31,42831,138Additional Paid-in Capital78,219,58077,101,690Accumulated Deficit(78,255,036)(74,698,211)(4,028)2,434,617$

9,727,535$

10,225,075DYADIC INTERNATIONAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended  September 30, 2011 2010 (Unaudited) (Unaudited) Operating ActivitiesNet (Loss)

$

(3,556,825)$

(3,916,214)Adjustments to Reconcile Net (Loss) to Net Cash (Used In) Operating Activities:Depreciation and Amortization of Fixed Assets193,128230,999Amortization of Intangible and Other Assets23,67511,465Reduction of Allowance for Doubtful Accounts(50,011)(111,399)Reduction of Inventory Reserve(75,389)(363,795)Compensation Expense on Stock Option Grants1,068,374668,154Stock Issued for Financial Services-63,000Gain on Reduction of Accrued Stockholder  Litigation-(410,000)Changes in Operating Assets and Liabilities:Accounts Receivable(17,665)344,493Inventory155,558248,567Prepaid Expenses and Other Current Assets(10,942)129,288Accounts Payable(602,044)(197,463)Accrued Expenses18,902(222,143)Accrued Interest Payable(31,452)6,253Accrued Stockholder Litigation-(2,840,000)Deferred Research and Development Obligation155,648-Income Taxes Payable-1,238Net Cash (Used In) Operating Activities(2,729,043)(6,357,557)Investing ActivitiesPurchases of Fixed Assets(80,412)(166,446)Cost of Patents(126,331)(81,228)Restricted Cash(9,546)12,036Net Cash (Used In) Investing Activities(216,289)(235,638)Financing ActivitiesProceeds from Issuance of Convertible Subordinated Debt2,400,0004,000,000Proceeds from Stock Warrant Exercises15,00016,876Proceeds from Stock Option Exercises34,80631,197Net Cash Provided by Financing Activities2,449,8064,048,073Net (Decrease) in Cash and Cash Equivalents(495,526)(2,545,122)Cash and Cash Equivalents at Beginning of Period4,535,2798,419,934Cash and Cash Equivalents at End of Period

$

4,039,753$

5,874,812Supplemental Cash Flow InformationCash Paid for Interest

$

374,324$

126,404
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SOURCE Dyadic International, Inc.
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