Dyadic International, Inc. (AMEX:DIL), a biotechnology company,
today announced financial results for the first quarter ended March
31, 2006. First Quarter 2006 and Subsequent Highlights: Net sales
for the quarter ended March 31, 2006, were approximately $3.8
million, as compared to approximately $3.7 million for the quarter
ended March 31, 2005. First quarter 2006 net sales to customers in
the pulp & paper industry were more than double those in the
same quarter last year and totaled $479,000 which represented 13%
of net sales, as compared to 6% in the 2005 first quarter. First
quarter 2006 net sales to customers in the animal feed industry
also increased significantly and represented 8% of net sales as
compared to 5% last year. Textile industry net sales were
approximately $2.7 million in the first quarter of 2006 versus
approximately $3.1 million in the first quarter of 2005. As
previously discussed, the market for enzymes for applications in
the textile industry continues to be affected by global pressure on
pricing and margins. Net loss for the quarter ended March 31, 2006,
was approximately $2.3 million, or $0.10 per share (basic and
diluted), as compared to a net loss of approximately $3.1 million,
or $0.14 per share (basic and diluted), for the quarter ended March
31, 2005. Cash and cash equivalents were approximately $9.1 million
as of March 31, 2006. In addition, to date in the second quarter of
2006, Dyadic has received approximately $3.5 million in gross
proceeds from the exercise of warrants and stock options. In May
2006, Dyadic announced that the Company's two largest stockholders
-- the Emalfarb Trust, an affiliate of Mark Emalfarb, and the
Francisco Trust, which was established for the benefit of Mr.
Emalfarb's immediate family -- converted promissory notes which had
combined principal and accrued interest of approximately $1.6
million into an additional 473,835 shares of Dyadic common stock.
Subsequent to the conversion of the convertible promissory notes,
in the aggregate, these two trusts own approximately 44.2% of
Dyadic's outstanding shares of common stock as of May 1, 2006. In
addition, Dyadic announced the extension of the maturity date of
the Revolving Note held by the Emalfarb Trust to January 1, 2008
from January 1, 2007. The Revolving Note has a combined principal
and accrued interest balance of approximately $2.4 million.
Additional Highlights: -- Strengthened our management team and
Board of Directors with the addition of Dr. Glenn Nedwin,
co-founder and former President of Novozymes, Inc., a
California-based R&D subsidiary of Danish-based Novozymes A/S,
who joined Dyadic as Chief Scientific Officer and President of the
BioSciences Business. -- Continued working with the Iowa Corn
Promotion Board on a Department of Energy-funded program, where
Dyadic is providing enzymes to convert cellulose and hemicellulose,
which comprise as much as half the weight of Dried Distillers'
Grains (DDG's), to fermentable sugars. These sugars can be utilized
to produce additional ethanol and other chemicals that have
historically been petroleum-derived. -- Partnered with The Scripps
Research Institute to work with Dyadic scientists to provide a
complete annotation of the genome of Dyadic's proprietary C1 fungal
organism, which was sequenced by another vendor in 2005. We expect
this knowledge to facilitate further development of our proprietary
C1 Host Technology as a robust platform for the discovery,
development and production of biotherapeutics, enzymes and other
biomolecules for medical and industrial applications. -- Purchased
the remaining 17.5% of the equity that Dyadic did not already own
in its Asian subsidiary. -- Expanded our international reach with
the addition of distributors in several countries where we do not
currently sell direct. -- Added capacity at our manufacturing
facility in Poland to meet the growth we expect in our pulp &
paper and feed enzyme businesses. "We believe that we have made
great strides during the first quarter in expanding our Enzyme
Business, and in the continued development of our patented C1 Host
Technology platform as well as other proprietary technologies for
enzyme, biofuel and pharmaceutical applications. We see a
significant opportunity to use our technologies for the design and
large-scale production of proprietary enzymes to convert various
agricultural products and waste products into fermentable sugars,
which can then be used in the production of traditional and
cellulosic ethanol. We also moved forward in the development of our
C1 Host Technology to facilitate the discovery, development and
large-scale production of human antibodies and other high-value
therapeutic proteins," said President and CEO Mark Emalfarb. "These
and other developments significantly enhance Dyadic and the
company's financial flexibility, simplify our balance sheet, and
represent a strong vote of confidence in Dyadic's future,"
commented Mr. Emalfarb. "Our initiatives to increase sales of
Dyadic's proprietary enzymes to the pulp & paper and animal
feed industries are delivering the results we anticipated. We made
our first shipment of products to a U.S.-based paper customer in
the first quarter, and are optimistic that further successful mill
trials will position Dyadic for greatly increased sales volume in
the future in what we estimate is a $1 billion market opportunity,"
Emalfarb said. About Dyadic Dyadic International, Inc. is engaged
in the development, manufacture and sale of biological products
using a number of proprietary fungal strains to produce enzymes and
other biomaterials, principally focused on a system for protein
production based on the patented Chrysosporium lucknowense fungus,
known as C1. Dyadic is applying its technologies to produce enzymes
for use in converting various agricultural products (e.g. corn) and
waste products (e.g. switch grass, wheat straw, sugar cane bagasse,
etc.) into fermentable sugars, which can then be used in the
production of traditional and cellulosic ethanol as well as other
products currently derived from petroleum. Dyadic's C1 technology
also is being developed to facilitate the discovery, development
and large-scale production of human antibodies and other high-value
therapeutic proteins. Dyadic currently sells more than 45 liquid
and dry enzyme products to more than 200 industrial customers in
approximately 50 countries for the textile, pulp & paper and
animal feed industries. Cautionary Statement for Forward-Looking
Statements Certain statements contained in this press release are
"forward-looking statements." These forward-looking statements
involve risks and uncertainties that could cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. For a discussion of
these risks and uncertainties, please see our filings from time to
time with the Securities and Exchange Commission, which are
available free of charge on the SEC's web site at
http://www.sec.gov, including our Annual Report on Form 10-KSB for
the year ended December 31, 2005, and our Quarterly Report on Form
10-QSB for the quarter ended March 31, 2006. Except as required by
law, we expressly disclaim any intent or obligation to update any
forward-looking statements. -0- *T Dyadic International, Inc.
Condensed Consolidated Balance Sheet March 31, 2006 (Unaudited)
Assets Current assets: Cash and cash equivalents $ 9,104,190
Restricted cash 34,658 Accounts receivable, net of allowance for
uncollectible accounts of $523,326 2,788,882 Inventory 5,952,959
Prepaid expenses and other current assets 1,030,927 ------------
Total current assets 18,911,616 ------------ Fixed assets, net
1,787,766 Intangible assets, net 135,143 Goodwill 467,821 Other
assets 121,038 ------------ Total assets $21,423,384 ============
Liabilities and stockholders' equity Current liabilities: Accounts
payable $ 2,689,922 Accrued expenses 1,100,027 Accrued interest
payable to stockholders 143,592 Current portion of notes payable to
stockholders 1,557,960 Short term notes payable 104,250 Income
taxes payable 54,269 ------------ Total current liabilities
5,650,020 ------------ Long-term liabilities: Notes payable to
stockholders, net of current portion 2,338,487 Other liabilities
111,471 Minority interest 104,556 ------------ Total long-term
liabilities 2,554,514 ------------ Total liabilities 8,204,534
------------ Stockholders' equity: 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 - 22,467,577 22,468 Additional paid-in
capital 49,763,907 Notes receivable from exercise of stock options
(212,500) Accumulated deficit (36,355,025) ------------ Total
stockholders' equity 13,218,850 ------------ Total liabilities and
stockholders' equity $21,423,384 ============ *T -0- *T Dyadic
International, Inc. Condensed Consolidated Statements of Operations
(Unaudited) Three Months Ended March 31, 2006 2005 ------------
------------ Net sales $ 3,825,756 $ 3,734,360 Cost of goods sold
2,940,383 2,984,756 ------------ ------------ Gross profit 885,373
749,604 ------------ ------------ Expenses: Research and
development 907,679 1,568,006 Sales and marketing 802,930 569,431
General and administrative 1,334,569 1,449,322 Foreign currency
exchange losses (gains), net 31,261 (61,262) ------------
------------ Total expenses 3,076,439 3,525,497 ------------
------------ Loss from operations (2,191,066) (2,775,893)
------------ ------------ Other income (expense): Interest expense
(173,954) (173,402) Investment income (loss), net 102,034 (71,259)
Minority interest (663) (7,424) Other expense, net (58,050)
(68,010) ------------ ------------ Total other expense (130,633)
(320,095) ------------ ------------ Loss before income taxes
(2,321,699) (3,095,988) Provision for income taxes 25,609 12,307
------------ ------------ Net loss $(2,347,308) $(3,108,295)
============ ============ Net loss per common share: Basic and
Diluted $ (0.10) $ (0.14) ============ ============ Weighted
average common shares used in calculating net loss per share: Basic
and diluted 22,431,596 21,934,583 ============ ============ *T
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