Applied DNA Sciences Reports Fiscal Year End 2011 Results
December 09 2011 - 8:30AM
Marketwired
Applied DNA Sciences, Inc. (OTCBB: APDN) announced its earnings for
the fiscal year ending September 30, 2011 generating the highest
revenues in the company's history to date.
For the years ended September 30, 2011 and 2010, the company
generated $968,848 and $519,844 in revenues from operations,
respectively. The 86% increase in revenues was substantially
generated from sales of our SigNature DNA and BioMaterial
GenoTyping products. We were able to increase our customer base by
40% in fiscal 2011 aided by our expanded sales team this year.
Selling, general and administrative expenses for the twelve
months ended September 30, 2011 increased 16.69% to $8,388,873 from
$7,189,020 in the same period in 2010. Included within the selling,
general and administrative expenses for the year ended September
30, 2011 was a noncash charge to operations of $3,668,460 for the
fair value of vested options issued to officers and employees and
other stock based compensation compared to $3,796,255 in 2010.
Research and development expenses increased by $192,915 for the
twelve months ended September 30, 2011 primarily due to an increase
in research and development activities to support our increased
customer demand.
Total operating expenses increased to $9,025,305 for the twelve
months ended September 30, 2011 from $7,636,895, or an increase of
$1,388,410, primarily due to increase in professional and other
service providers expenses compared to the for the same period last
year.
Net loss for the twelve months ended September 30, 2011 was
$10,515,124 compared to $7,909,600 in the same period of 2010, a
net change of $ 2,605,524 as a result of the combination of factors
described above.
Key 2011 achievements include:
- Partnered with Martin Guitar to protect
Martin's customers with the "gold standard" in forensic
anti-counterfeiting systems;
- Successfully completed a program to DNA mark microchips for the
Defense Logistics Agency (DLA) of the US
Department of Defense;
- Awarded follow on contract of nearly $1 million, assuming the
successful completion of the six tasks of the program. APDN will
perform work and services for LMI and the DLA
relating to a program to demonstrate the functional, technical and
business viability of DNA marking technology as an
anti-counterfeiting measure by using it in the DLA microcircuit
supply;
- Long Island, New York-based Gold Coast
Bank deployed SmartDNA™ Sentry 500 Intruder Spray Systems at
each of its three branches at East Setauket, Islandia, and
Huntington, NY. to protect against bank robberies and malicious
invasions of ATMs and their enclosures;
- Launched SmartDNA™ in Sweden with a
country-wide collaboration involving the Swedish National Police,
SKL (National Forensic Laboratory), a large Scandinavian Insurance
company, Safe Solution, and APDN. Initially, eight Swedish jewelry
stores installed a total of 15 SmartDNA spray units and repeat
orders have been received and filled;
- Entered into a long term supply agreement with 3SI Security Systems, the world leader in asset
protection systems. Commercial supply of the DNA markers has
already begun, with repeat orders being fulfilled on a monthly
basis;
- Signed an exclusive agreement with Nissha
Printing Company, granting Nissha the rights to become the
sole provider of DNA ink products in publications and foods (fish
and fruit) and wood applications in Asia. This expanded the ongoing
relationship already in place with Nissha;
- Signed an exclusive distribution agreement with Disc Graphics for the folding carton offset print
sector and granted DISC non-exclusive rights for pressure sensitive
labels in North America. APDN received an initial payment from Disc
Graphics and will receive minimum payments annually to maintain
exclusivity;
- Acquired exclusive rights in North America to distribute the
Sentry 500 Intruder Spray Systems embedded with SigNature DNA from
RedWeb;
- Expanded textile business, working with a
variety of organizations to confirm the content of their
materials;
- Successfully closed on our first institutional
round of financing, raising $5million;
- Expanded our sales team which has
resulted in increased sales -- both to new and existing
customers;
- Added an additional four new Board
Members who bring a wealth of experience and expertise to
assist APDN at this critical juncture in its development.
"While this is our best year yet, we are just beginning to see
the fruits of our labor. The company is at a critical juncture in
its development, its reputation and relationships expanding
continuously. We are grateful for the continued support of our
customers, strategic partners, employees and investors this year.
We have made significant progress toward our goals and we believe
our vision and strategy will take us there," commented Dr. James
Hayward, President and CEO of APDN.
The annual report on Form 10-K, which includes Applied DNA
Sciences audited consolidated financial statements, is available
for viewing and downloading, free of charge, through the Investor
Relations section of APDN's Web site at www.adnas.com, or through
the SEC's electronic data system at www.sec.gov.
About APDN APDN sells patented DNA
security solutions to protect products, brands and intellectual
property from counterfeiting and diversion. SigNature DNA is a
botanical mark used to authenticate products in a unique manner
that essentially cannot be copied. Our mark provides a forensic
chain of evidence that can be used to prosecute perpetrators. To
learn more, go to www.adnas.com where APDN routinely posts all
press releases.
The statements made by APDN may be forward-looking in nature.
Forward-looking statements describe APDN's future plans,
projections, strategies and expectations, and are based on
assumptions and involve a number of risks and uncertainties, many
of which are beyond the control of APDN. Actual results could
differ materially from those projected due to our short operating
history, limited financial resources, limited market acceptance,
market competition and various other factors detailed from time to
time in APDN's SEC reports and filings, including our Annual Report
on Form 10-K, filed on December 8, 2011 and our subsequent
quarterly reports on Form 10-Q. APDN undertakes no obligation to
update publicly any forward-looking statements to reflect new
information, events or circumstances after the date hereof to
reflect the occurrence of unanticipated events.
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INVESTOR CONTACT: Debbie Bailey 631-444-8090 fax: 631-444-8848
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Contact Web site: http://www.adnas.com Twitter: @APDN,
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