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

r 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
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SOURCE Dyadic International, Inc.
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