Dyadic International Reports Fiscal Year 2009 Financial Results
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "2009 was a pivotal year of resurgence and revalidation for Dyadic and its technologies. Despite a very difficult economic environment, Dyadic was able to achieve the best financial results in its history due largely to the licensing of its patented and proprietary C1 Platform Technology. We are aggressively pursuing additional strategic collaborations in the primary areas of biofuels and biopharmaceuticals. Dyadic has also re-focused its efforts on growing a sustainable industrial enzyme business by leveraging the recent GRAS acknowledgement from the FDA and by offering the highest quality and most effective enzyme solutions for our customers in the animal feed, pulp and paper, starch and alcohol, food and brewing, textiles and alternative fuels industries."
Total revenue for the twelve months ended December 31, 2009 increased to a record $21.4 million as compared to approximately $13.1 million for the prior year.
License revenue increased to approximately $10.3 million for the year ended December 31, 2009 as compared to no license revenue for the prior year. This was due largely to the recognition of a $10 million upfront license fee paid by Codexis following the satisfaction of certain performance criteria by Dyadic.
Net product related revenue for the year ended December 31, 2009 decreased to approximately $6.8 million as compared to approximately $9.2 million for the year ended December 31, 2008. This was due primarily to the restructuring of Dyadic's industrial enzyme business which began in the second half of 2008 in order to better focus on higher margin products for growing segments of the industry such as animal feed, while streamlining product lines and discontinuing some lower margin products in declining segments, such as textiles, as well as global economic conditions.
Research and development revenue increased to approximately $4.3 million for the year ended December 31, 2009 as compared to approximately $4.0 million for the year ended December 31, 2008.
Net income for the year ended December 31, 2009 was approximately $5.2 million, or $0.17 per basic and $0.16 per diluted share, as compared to a net loss of approximately $12.4 million, or $(0.41) per basic and diluted share, for fiscal 2008.
At December 31, 2009, cash and cash equivalents totaled $8.4 million.
At December 31, 2009, debt was approximately $1.4 million as compared to approximately $2.4 million at December 31, 2008.
Mr. Emalfarb further stated, "We have made substantial progress in re-positioning Dyadic to grow both our licensing and industrial enzyme businesses. We are seeing renewed interest from our industrial enzyme customers and are in various stages of discussions for potential collaborations in the biofuels, biopharma and industrial enzyme markets. Our non-exclusive licensing deals with Codexis and Abengoa have provided further validation of our C1 Platform Technology for the production of cellulosic sugars which can be used to produce biofuels, such as ethanol and butanol, plastics and polymers, and other chemicals. We remain committed to leveraging our patented and proprietary technologies by continuing to invest in their improvement and finding suitable partners and collaborators to maximize the many benefits that these technologies can offer for diverse global markets."
Dyadic International, Inc. is a leading-edge early-stage biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries. Please visit Dyadic's website at www.dyadic.com.
Dyadic makes financial disclosures through the Pink OTC Markets Disclosure and News Service which offers free information on the Pink Sheets website (www.pinksheets.com) concerning issuers listed on the Pink Sheets over-the-counter market. Investors can access and download Dyadic's financial reports and other announcements that Dyadic makes through the Pink Sheets website. Dyadic will also continue providing updates through regular press releases as appropriate.
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 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.
-- Achieved record annual revenues of approximately $21.4 million and record income from operations of approximately $8.6 million for the year ended December 31, 2009.
SOURCE Dyadic International, Inc.
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