Dyadic Q1 revenue up 10 percent, earnings flat

In Florida, Dyadic reported their 2012 Q1 results, with total revenue for the three months ending March 31, 2012 increasing 10% to $2.5 million, as compared to $2.3 million for the three months ended March 31, 2011. The increase was primarily attributable to a 59% increase in research and development revenue to $784,000.

Net product related revenue for the first quarter ending March 31, 2012 decreased 3.6% to $1.7 million compared to $1.8 million for the first quarter ended March 31, 2011 due to the timing of certain orders from existing customers.  Gross profit for the first quarter of 2012 decreased to $757,000 from $768,000 in the first quarter of 2011.