Creating an ISO in OS X
April 04, 07 by cjgibbs“To create an ISO image in OS X, use Disk Utility to burn a new image choosing CD/DVD Master as the Image Format. That creates an image with the cdr extension. Just rename the cdr file extension to iso and there you have it!”
“If you already have a DMG and want to convert it to an ISO, you can use hdiutil to do so:”
$ hdiutil convert discimage.dmg -format UDTO -o output.iso
Found it here.