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Dyadic reports revenue of $3.7mn for Q1,2005
18 May '05
4 min read
Dyadic International Inc, a biotechnology company, announced financial results for its first quarter ended March 31, 2005. Some of the highlights included:
Revenue for the quarter ended March 31, 2005, was $3.7 million, as compared to $4.0 million for the quarter ended March 31, 2004. The decline in revenue was a result of the continuing concentration of the company's sales to the textile markets, adverse effects of competition in the textiles market and the decision to forego the expansion of the sales staff prior to raising capital last year.
The company is endeavoring to transition its revenue base from the lower margin textile enzymes to higher margin areas such as enzymes for the pulp and paper industry.
Net loss applicable to holders of common stock for the quarter ended March 31, 2005, was $3.1 million, or $0.14 per share, as compared to a $1.2 million net loss, or $0.10 per share, for the quarter ended March 31, 2004.
The higher loss was primarily a result of the company's increased research and development activities, including the sequencing of its C1 organism in conjunction with Agencourt Bioscience, and increased selling, general and administrative expenses to meet increased financial reporting requirements of being a public company as well as expenses associated with hiring additional personnel to support new marketing initiatives for the company's Enzyme Business.
Recently, the Company announced the early completion of the genome sequencing of Dyadic's C1 fungus. Having high quality genome sequence is expected to help Dyadic reprogram its C1 Host Technology so that it can discover, develop and manufacture more diverse protein and enzyme products at higher levels than it is doing commercially today.
Revenue for the quarter ended March 31, 2005, was $3.7 million, as compared to $4.0 million for the quarter ended March 31, 2004. The decline in revenue was a result of the continuing concentration of the company's sales to the textile markets, adverse effects of competition in the textiles market and the decision to forego the expansion of the sales staff prior to raising capital last year.
The company is endeavoring to transition its revenue base from the lower margin textile enzymes to higher margin areas such as enzymes for the pulp and paper industry.
Net loss applicable to holders of common stock for the quarter ended March 31, 2005, was $3.1 million, or $0.14 per share, as compared to a $1.2 million net loss, or $0.10 per share, for the quarter ended March 31, 2004.
The higher loss was primarily a result of the company's increased research and development activities, including the sequencing of its C1 organism in conjunction with Agencourt Bioscience, and increased selling, general and administrative expenses to meet increased financial reporting requirements of being a public company as well as expenses associated with hiring additional personnel to support new marketing initiatives for the company's Enzyme Business.
Recently, the Company announced the early completion of the genome sequencing of Dyadic's C1 fungus. Having high quality genome sequence is expected to help Dyadic reprogram its C1 Host Technology so that it can discover, develop and manufacture more diverse protein and enzyme products at higher levels than it is doing commercially today.
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