Biological products developer Dyadic International Inc announced the company financial results for its second quarter ended June 30, 2005.
Second Quarter 2005 and Subsequent Highlights:
- Second quarter 2005 revenue from higher-margin industrial enzyme industries, such as pulp & paper and animal feed, increased by 46% over net sales for the three-months ended June 30, 2004, and represented 29% of net sales, as compared to 19% of net sales in the 2004 second quarter.
Sales to the pulp & paper industry comprised 13% of total net sales for the quarter as compared with 7% for the same period in 2004, while sales to the textile industry comprised 69% and 82% for the corresponding periods. Continued margin pressure in the textile industry and aggressive pricing by competitors validates the company's decision to aggressively diversify its revenue base from textiles.
- Achieved significant progress in meeting one of the company's top priorities for 2005 - to sharply expand the introduction of the company's new pulp & paper enzyme products to that industry. Currently, the company's enzymes are undergoing trials in a number of paper companies throughout the world.
The trials seek to evaluate the economic impact the company's products have on the bleach-boosting, bio-refining and de-inking processes. Some of these potential improvements include significant cost-savings in the use of chemicals and energy, improvements in paper quality, and reduction in effluent streams.
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