Biological products developer Dyadic International Inc announces financial results for the year ended December 31, 2005.
Overview of Year 2005 and Subsequent Highlights:
"2005 was highlighted by the further development of our proprietary C1 Host Technology for both industrial and bioscience applications, including identification of the complete C1 genome sequence; continued progress in the diversification of Dyadic's Enzyme Business, as sales to the pulp & paper industry increased 75 percent; and key additions to our management team, Scientific Advisory Board and Board of Directors that enhanced our capabilities for the future," said President and CEO Mark Emalfarb.
Financial Results:
For the twelve months ended December 31, 2005, Dyadic reported net sales of approximately $15,883,000, primarily from the sale of industrial enzymes. This compares to net sales for 2004 of approximately $16,741,000.
As anticipated, sales of enzymes to the textile industry declined to approximately $11,454,000 from approximately $13,320,000 for 2004, primarily as a result of intense price competition. Notably, sales of enzymes to the pulp & paper industry increased 75%, to approximately $1,869,000 from approximately $1,069,000 for the prior year.
Research and development expenses increased 35 percent to approximately $4,899,000 from approximately $3,621,000 for 2004, as the Company devoted additional resources to the development of its C1 Host Technology.
marketing@alchempro.com
