JUPITER, Fla., March 7, 2013 /PRNewswire/ -- Dyadic International, Inc. (OTC Pink: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of enzymes and others proteins for the bioenergy, bio-based chemicals, biopharmaceutical and industrial enzyme industries, today announced financial results for the year ended December 31, 2012.
Full Year 2012 Financial Highlights
Full Year 2012 Operational Highlights
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "We executed our strategy very effectively in 2012, resulting in our first yearly profit since 2009. By demonstrating the capabilities of our technologies and products to our licensees, research partners and customers, we increased revenue in every business segment. Because our C1 platform creates real value in diverse applications such as animal health and nutrition, food, biofuels and biopharmaceuticals, we believe our efforts to identify new collaborations and sales will bear fruit in the months and years ahead. Provided we conclude a specific pending licensing transaction, 2013 is anticipated to be another great year that should equal or exceed our 2012 results."
Full Year 2012 Financial ResultsRevenue. Total revenue increased 52% for the year ended December 31, 2012 to $15.6 million as compared to $10.3 million for the prior year.
License fee revenue increased more than fivefold to $5.5 million for the year ended December 31, 2012 as compared to $1.0 million for the prior year. This increase was due to a $5.5 million license fee recognized in the second quarter of 2012 from Dyadic's non-exclusive licensee, Abengoa Bioenergy, for an expansion of its rights under its license agreement with Dyadic.
Research and development revenue increased 25% to $2.3 million for the year ended December 31, 2012 as compared to $1.8 million for the year ended December 31, 2011.
Net product related revenue increased 6% to $7.8 million for the year ended December 31, 2012 as compared to $7.4 million for the prior year.
Gross Profit. Gross profit increased 121% to $8.0 million for the year ended December 31, 2012 as compared to $3.6 million for the prior year primarily due to the contribution from license fee revenue, which has very high margins.
Expenses. Total expenses decreased 18% to $6.4 million for the year ended December 31, 2012 as compared to $7.8 million for the prior year, due largely to a reduction in litigation-related costs, as well as Dyadic's focus on improving cost controls and operational efficiencies.
Settlement of Litigation. In August 2012, Dyadic received $525,000 for the settlement of certain of its claims against two defendants in Dyadic's professional liability lawsuit against its former outside legal counsel. The settlement is included in Other Income (Expense) for the year ended December 31, 2012.
Net Income. Net income for the year ended December 31, 2012 was $1.3 million, or $0.04 per basic and fully diluted share, as compared to a net loss of $4.7 million, or ($0.15) per basic and fully diluted share, for fiscal 2011.
Cash and Cash Equivalents. At December 31, 2012, cash and cash equivalents totaled $4.0 million as compared to $3.7 million at December 31, 2011. The increase was partially due to Dyadic's receipt of the first $2.0 million of the total license fee of $5.5 million for the expansion of Dyadic's license with Abengoa Bioenergy in April 2012.
Debt. At December 31, 2012, total debt was $8.4 million which was unchanged from December 31, 2011.
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 http://www.otcmarkets.com/stock/DYAI/filings and on Dyadic's website at http://dyadic.com/investorinfo/financials/.
Conference CallDyadic's 2012 year-end financial results conference call is scheduled for 5:00 p.m. Eastern Time on Thursday, March 7, 2013. The conference call may be accessed by dialing 888-259-8885 (from the United States or Canada) or 913-312-0695 (from other countries) five to ten minutes prior to start time and providing the passcode 1207134. 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 enzymes and other proteins for the bioenergy, bio-based chemicals, biopharmaceutical and industrial enzyme 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 SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONSYear Ended December 31, 20122011Revenue:Product Related Revenue, Net
7,407,908License Fee Revenue5,500,0001,017,000Research and Development Revenue2,282,1731,825,304Total Revenue15,601,72010,250,212Cost of Goods Sold7,616,2226,641,666Gross Profit7,985,4983,608,546Expenses:General and Administrative4,802,6535,649,028Sales and Marketing 700,7781,112,213Research and Development 921,7141,047,478Foreign Currency Exchange (Gains)/Losses, Net(27,989)38,144Total Expenses6,397,1567,846,863Income (Loss) from Operations1,588,342(4,238,317)Other Income (Expense) Interest Income5,24510,789Interest Expense(701,090)(517,742)Gain on Settlement of Litigation525,000-Other-1,709Total Other Income (Expense)(170,845)(505,244)Income (Loss) before Provision for Income Taxes1,417,497(4,743,561)Provision for Income Taxes(68,000)-Net Income (Loss)
(4,743,561)Net Income (Loss) per Common Share:Basic
(0.15)Weighted Average Common Shares Used in Calculating Net Income (Loss) per Share:Basic31,608,84131,349,980Diluted34,225,59031,349,980 DYADIC INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSDecember 31,20122011ASSETSCurrent Assets:Cash and Cash Equivalents$
3,691,755Restricted Cash192,355214,376Accounts Receivable, Net1,260,7981,774,773License Fee Receivable3,500,000-Inventory, Net2,765,1873,276,382Prepaid Expenses and Other Current Assets237,389280,812Total Current Assets11,945,7919,238,098Fixed Assets, Net393,860552,221Intangible Assets, Net525,224497,385Other Assets16,17316,173$
10,303,877LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)Current Liabilities:Accounts Payable$
2,035,253Accrued Expenses412,483439,040Accrued Interest Payable1,905173,496Note Payable to Stockholder1,424,9411,424,941Deferred Research and Development Obligation567,40029,134Total Current Liabilities4,093,9064,101,864Convertible Subordinated Debt7,000,0007,000,000Total Liabilities11,093,90611,101,864COMMITMENTS AND CONTINGENCIESStockholders' Equity (Deficit):Preferred Stock, $.0001 Par Value:Authorized Shares – 5,000,000; None Issued and Outstanding--Common Stock, $.001 Par Value,Authorized Shares – 100,000,000; Issued and Outstanding – 31,656,245 and 31,448,745, Respectively31,65631,449Additional Paid-In Capital79,847,76178,608,586Stock to be Issued-3,750Accumulated Deficit(78,092,275)(79,441,772)Total Stockholders' Equity (Deficit)1,787,142(797,987)$
10,303,877 DYADIC INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSYear Ended December 31,20122011Operating ActivitiesNet Income (Loss)1,349,497(4,743,561)Adjustments to Reconcile Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities:Depreciation and Amortization of Fixed Assets204,176247,350Amortization of Intangible and Other Assets52,30537,773Increase (Decrease) in Allowance for Doubtful Accounts320,573(61,968)Increase (Decrease) in Inventory Reserve245,000(75,389)Compensation Expense on Stock Option Grants1,198,5591,454,214Change in Operating Assets and LiabilitiesAccounts Receivable193,402(436,231)License Fee Receivable(3,500,000)-Inventory266,195(418,560)Prepaid Expenses and Other Current Assets43,42355,826Other Assets-757Accounts Payable(348,076)264,585Accrued Expenses(26,557)19,723Accrued Interest Payable(171,591)27,266Deferred Research and Development Obligation538,266-Income Taxes Payable-(168)Net Cash Provided by (Used In) Operating Activities365,172(3,628,383)Investing ActivitiesPurchases of Fixed Assets(45,815)(80,410)Patent Costs(80,144)(224,180)Restricted Cash22,02132,706Net Cash (Used In) Investing Activities(103,938)(271,884)Financing ActivitiesProceeds from Issuance of Convertible Subordinated Debt-3,000,000Proceeds from Stock Warrant Exercises-15,000Proceeds from Stock Option Exercises37,07341,743Net Cash Provided by Financing Activities37,0733,056,743Net Increase (Decrease) in Cash and Cash Equivalent298,307(843,524)Cash and Cash Equivalents at Beginning of Year3,691,7554,535,279Cash and Cash Equivalents at End of Year$
3,691,755Supplement Cash Flow Information:Cash Paid:Interest$
|SOURCE Dyadic International, Inc.|
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