Dyadic International, Inc. (AMEX:DIL), a global biotechnology
company that uses its patented and proprietary technologies (the
�Dyadic Platform Technology�) to conduct research and development
activities for the discovery, development and manufacture of
products and enabling solutions to the bioenergy, industrial enzyme
and pharmaceutical industries, today announced financial results
for the year ended December 31, 2006. Financial Results Total net
sales for the year ended December 31, 2006, were approximately
$15.4 million as compared to approximately $15.9 million for 2005.
The decline in sales primarily reflected lower prices in the
textile industry, which represented 65% of total sales for 2006 as
compared to 72% of total sales for 2005. This decline was partially
offset by an increase in higher-margin sales to customers in the
pulp & paper, animal feed and other industries, which
represented 35% of total sales for 2006 as compared to 28% of total
sales for 2005. Gross margin for 2006 increased to approximately $4
million, or 26% of net sales, as compared to approximately $3
million, or 19% of net sales, for 2005. This increase primarily
reflected the Company�s directed efforts to shift sales from the
textile to the pulp and paper, animal feed and other higher-margin
industries. 2006 net sales to the pulp & paper industry
increased by 41% versus prior year to approximately $2.6 million
from approximately $1.9 million, which represented 17% of net sales
as compared to 12% of net sales for 2005. Net sales to the animal
feed industry increased by 31% to approximately $1.4 million for
2006 from approximately $1.0 million for 2005, which represented 9%
of net sales versus 7% for the prior year. Net loss for 2006 was
approximately $10.9 million, or $0.45 per share (basic and
diluted), as compared to a net loss of approximately $10.5 million,
or $0.48 per share (basic and diluted), for 2005. Balance Sheet
Highlights At December 31, 2006, Dyadic reported working capital of
approximately $36.7 million, including cash and cash equivalents of
$31.1 million. This compares to working capital at December 31,
2005, of $16.6 million, including cash and cash equivalents of
$12.1 million. Stockholders' equity at December 31, 2006, was $28.2
million, as compared to $15.3 million at December 31, 2005.
President and CEO Mark Emalfarb said, "We made substantial and
important progress on all fronts during 2006: -- "We strengthened
our executive management team and global infrastructure, as
highlighted by the hiring of Dr. Glenn Nedwin as our Chief Science
Officer, President of our BioPharma Business and member of our
board of directors; -- "We entered into a new scientific
collaboration with The Scripps Research Institute to annotate the
genome of our patented C1 fungus. We expect this project to help us
enhance the Company's leadership in the development of
cost-effective enzyme mixtures and related processing and
manufacturing technologies for use in the production of cellulosic
ethanol and biotherapeutic proteins; -- "We entered into a
non-exclusive research and development and commercialization
agreement with Abengoa Bioenergy, R&D, Inc., a subsidiary of
Abengoa, S.A., the world's second largest ethanol producer. Our
objective is to develop cost-effective enzyme mixtures and related
processing and manufacturing technologies for commercial
application in Abengoa's cellulosic ethanol production process. As
part of this agreement, Abengoa Bioenergy paid $10 million to
Dyadic to fund our research and development efforts and was issued
approximately 2.1 million shares of our common stock. -- "Dyadic
also joined one of Europe's leading producers of bioethanol, Royal
Nedalco, and other partners in R&D projects funded by the
Netherlands government to develop technologies to produce ethanol
from sugar beet pulp and wheat bran; -- "We made substantial
progress in our efforts to enhance our knowledge and increase the
capabilities of the Dyadic Platform Technology, including our
expression systems: -- We developed the capability to over-express
multi-enzyme monocomponents in the same production host, leading to
lower-cost enzymes for cellulosic ethanol, and promising production
models for commercially important monoclonal antibodies for human
therapeutics; -- We expressed stable, biologically active
full-length monoclonal antibodies in gram-per-liter quantities; --
"We strengthened our balance sheet with the net proceeds received
from the closing of a $13 million private placement with several
institutional investors. Together with the proceeds from purchase
of our common stock by Abengoa Bioenergy, this increased Dyadic's
cash position to more than $31 million at December 31, 2006." Mr.
Emalfarb continued, �Building on these accomplishments, we believe
that we have positioned Dyadic to accelerate our efforts on all
fronts in 2007 and beyond. Among our primary goals for 2007, we
hope to enter into additional strategic collaborations related to
cellulosic ethanol and to further improve the efficiency of
cost-effective enzyme mixtures and related processing and
manufacturing technologies for applications in this growing market.
We also expect our C1 annotation project with Scripps and other
initiatives to yield a growing number of genes to facilitate the
potential development of new products for applications in all of
our target markets. Our financial resources, together with the
advances we have made in our R&D initiatives in bioenergy and
biopharmaceuticals, and anticipated continued growth in sales of
our proprietary enzyme products for the pulp & paper and animal
feed industries, position Dyadic for further progress in 2007 and
beyond." Glenn Nedwin, Chief Science Officer, added, "Our R&D
efforts are focused on providing a route to inexpensive sugar
production from agricultural biomass, a crucial step in the
production of cellulosic ethanol. During 2006, we developed enzyme
mixtures that successfully converted over 40 different�biomass
feedstocks into sugars and at higher yields than previously
achieved. "Another significant development this past year was the
award of a broad U.S. patent that protects Dyadic's technology for
high-throughput robotic screening (HTS) in filamentous fungi using
our proprietary Dyadic Platform Technology. The C1 HTS Technology
is expected to permit rapid screening for the discovery of genes
and the proteins and enzymes they produce, as well as
identification of improved protein variants resulting from
modifications to these genes. We believe this patent strengthens
Dyadic's 'one stop shop' model where gene discovery and
improvement, gene expression, and product manufacturing in
quantities from 1 ml to 150,000 liters can all be performed in the
same host organism. "In addition to its applications in our
Bioenergy Business, our HTS technology also may improve the odds of
identifying potentially useful human antibodies and other classes
of high-value human therapeutic proteins, shorten R&D
development timelines and reduce development costs.� About Dyadic
Dyadic International, Inc., based in Jupiter, Florida, with
operations in the United States, Hong Kong and mainland China,
Poland and The Netherlands, is a global biotechnology company that
uses its patented and proprietary technologies (the �Dyadic
Platform Technology�) to conduct research and development
activities for the discovery, development, and manufacture of
products and enabling solutions to the bioenergy, industrial enzyme
and pharmaceutical industries. Dyadic's enabling solutions include
novel, cost-efficient production strains, enzyme mixes and related
fermentation processes currently in development to produce
abundant, low-cost fermentable sugars from agricultural residues
and energy crops, which can then be used in the production of
cellulosic ethanol as well as other products currently derived from
petroleum. Dyadic also develops low-cost production hosts for
therapeutic protein production for the biopharmaceutical industry,
and manufactures more than 55 liquid and dry enzyme and other
biological products for more than 200 industrial customers in
approximately 50 countries for the textile, pulp & paper,
animal feed, food, starch, alcohol, and fuel ethanol 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, 2006,
and our subsequent filings with the SEC. Except as required by law,
we expressly disclaim any intent or obligation to update any
forward-looking statements. Dyadic International, Inc. Consolidated
Balance Sheet December 31, 2006 � Assets Current assets: Cash and
cash equivalents $ 31,072,824� Accounts receivable, net of
allowance for uncollectible accounts of $240,490 2,788,588�
Inventory 6,039,080� Prepaid expenses and other current assets
1,170,528� Total current assets 41,071,020� � Fixed assets, net
1,813,468� Intangible assets, net 96,047� Goodwill 1,808,458� Other
assets 348,387� Total assets $ 45,137,380� � Liabilities and
stockholders� equity Current liabilities: Accounts payable $
2,238,585� Accrued expenses 1,905,382� Accrued interest payable to
stockholders 48,897� Short term notes payable 191,125� Income taxes
payable 26,730� Total current liabilities 4,410,719� � Long-term
liabilities: Note payable to stockholder 2,378,832� Other
liabilities 160,808� Deferred research and development obligation
9,997,863� Total long-term liabilities 12,537,603� Total
liabilities 16,948,222� � 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 � 29,792,992 29,793� Additional
paid-in capital 73,261,774� Notes receivable from exercise of stock
options (212,500) Accumulated deficit (44,889,909) Total
stockholders� equity 28,189,158� Total liabilities and
stockholders� equity $ 45,137,380� Dyadic International, Inc.
Consolidated Statements of Operations � Year Ended December 31
2006� � 2005� � Net sales $ 15,383,754� $ 15,882,969� � Cost of
goods sold (includes non-cash share-based compensation of
approximately $32,000 for 2006) 11,345,144� � 12,856,607� Gross
profit 4,038,610� � 3,026,362� � Operating Expenses: Research and
development (includes non-cash share-based compensation of
approximately $89,000 and $19,000 for 2006 and 2005, respectively)
� 4,236,448� � 4,655,486� Sales and marketing (includes non-cash
share-based compensation of approximately $75,000 for 2006)
3,417,013� 2,808,937� General and administrative (includes non-cash
share-based compensation of approximately $592,000 and $58,000 for
2006 and 2005, respectively) � 7,149,005� � 5,564,619� Foreign
currency exchange gains, net (28,704) � (16,785) Total operating
expenses 14,773,762� � 13,012,257� � Loss from operations
(10,735,152) � (9,985,895) � Other income (expense): Interest
expense (594,163) (710,537) Investment income 504,894� 249,280�
Minority interest (13,355) (4,725) Other income, net 18,696� �
1,535� Total other expense (83,928) � (464,447) � Loss before
income taxes (10,819,080) (10,450,342) � Provision for income taxes
63,112� � 64,228� Net loss $ (10,882,192) � $ (10,514,570) � Net
loss per common share: Basic $ (0.45) � $ (0.48) Diluted $ (0.45) �
$ (0.48) Weighted average shares and equivalent shares used in
calculating net loss per share: � � Basic 24,419,097� � 22,132,158�
Diluted 24,419,097� � 22,132,158�
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