Applied DNA Sciences, Inc. (OTCBB: APDN) announced its financial
results for the second fiscal quarter ending March 31, 2012,
generating revenues of $518,402. This represents the company's
highest recorded quarterly revenues, and is the second sequential
quarter to set this record.
Second Quarter Highlights:
- Revenues increased slightly (0.3%), quarter
over quarter, to $518,402, a new high for quarterly revenues
previously established last quarter.
- Revenues increased 369% as compared to the
same quarter in the prior fiscal year.
- Net loss dropped 36% as compared to the first
quarter ending December 31, 2011.
- Net loss dropped 40%, as compared to the same
quarter in the prior fiscal year.
- The six-month period of FY12 to-date has
already exceeded (by 7%) total revenues of FY11.
- Revenues for the six-month period have
increased by 126% year over year, topping $1 million for the first
time.
- Net loss for the first six-month period
increased slightly (0.3%) year over year.
"The Company began FY '12 with an exciting first quarter," said
Dr. James A. Hayward, President and CEO of Applied DNA Sciences.
"Our developments in the cash-in-transit, semiconductor
authentication and textile and apparel authentication markets have
sustained that momentum and contributed to the increase in our
revenues. We intend to pursue both domestic and international sales
opportunities in each of these vertical markets. We continue to
increase our customer base. In addition, the initial responses to
our new product lines, smartDNA® and digitalDNA™, have been
encouraging."
Revenues in the quarter ending March 31, 2012 totaled $518,402,
up (0.3%) from $516,904 for the quarter ending December 31, 2011.
The revenue total for the second quarter 2012 compares to $140,443
for the second quarter ending March 31, 2011, an increase of 369%.
The increase in revenues was substantially generated from sales of
our SigNature® DNA and BioMaterial GenoTyping™, our principal
anti-counterfeiting and product authentication solutions.
An aggregate of 67% of our revenues was earned from a single
customer for the current quarter, while three customers accounted
for 70% of the Company's total revenues for the six months ending
March 31, 2012.
Selling, general and administrative expenses increased from
$1,619,355 for the three months ended March 31, 2011 to $1,824,646
for the three months ended March 31, 2012. The increase of $205,291
represents a 12.7% increase over the same quarter in the prior
fiscal year.
Net loss dropped 36% for the quarter as compared to the quarter
ending December 31, 2011. Loss in the three months ended March 31,
2012 decreased to $1,543,882 from a net loss of $2,409,905 for the
three months ended December 31, 2011. Compared year over year for
the quarter ending March 31, net loss decreased by $1,054,787 or
40%.
The Company incurred research and development expenses of
$96,097 and $92,951 for the three-month periods ended March 31,
2012 and 2011, respectively, and $174,570 and $113,657 for the six
month periods ended March 31, 2012 and 2011, respectively. The
increase is attributable to additional research and development
activity needed with current operations.
Total operating expenses decreased to $2,019,451 for the three
months ended March 31, 2012 from $2,329,274 for the three months
ended December 31, 2011, a decrease of $309,823 quarter over
quarter, representing a 13% reduction. Compared year over year for
the quarter ending March 31, total operating expenses increased by
$215,252 or 12%.
Dr. Hayward commented further: "We are pleased to see revenues
increase while we control our expenses closely. Our product
shipments have expanded dramatically over the last twelve months.
We expect production increases to continue.
The quarterly report on Form 10-Q, which includes Applied DNA
Sciences 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 Applied DNA Sciences
APDN is a provider of botanical-DNA based security and
authentication solutions that can help protect products, brands and
intellectual property of companies, governments and consumers from
theft, counterfeiting, fraud and diversion. SigNature® DNA and
smartDNA, our principal anti-counterfeiting and product
authentication solutions that essentially cannot be copied, provide
a forensic chain of evidence and can be used to prosecute
perpetrators.
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.
INVESTOR CONTACT: Debbie Bailey 631-444-8090 fax: 631-444-8848
MEDIA CONTACT: Mitchell Miller 646-543-3373 fax: 631-444-8848 FCMN
Contact: Email Contact Web site: http://www.adnas.com Twitter:
@APDN, @APDNInvestor
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