Applied DNA Sciences, Inc. (OTCBB: APDN), (Twitter: @APDN), a
provider of DNA-based anti-counterfeiting technology and product
authentication solutions, announced its financial results for the
third fiscal quarter ending June 30, 2012, generating revenues of
$528,574. This represents the company's highest recorded quarterly
revenues, and is the third sequential quarter to set this record.
Third Quarter Highlights:
- Revenues increased 130% to $528,574, as
compared to the same quarter in the prior fiscal year. This
represents a new high for quarterly revenues previously established
last quarter.
- Revenues for the nine-month period have
increased by 127% year over year, topping $1.5 million for the
first time. This is higher than our prior record revenue in any
complete fiscal year.
- Net loss dropped 34%, as compared to the same
quarter in the prior fiscal year.
- Net loss for the first nine-month period
decreased slightly (12%) year over year.
"The Company continues to improve quarter over quarter,
beginning FY '12 with an exciting first quarter and improving on
that performance with each quarter to date," said Dr. James A.
Hayward, President and CEO of Applied DNA Sciences. "The continued
expansion of our customer base and product offerings have sustained
that momentum and contributed to the steady increase in our
revenues. The first nine months of fiscal 2012 have been very
productive for the Company, so much so that, as we recently
announced, we have hired an additional 9 employees and expanded our
physical footprint by over 50% in the past twelve months."
Dr. Hayward commented further, "We are pleased with the ongoing
success of our partnerships, expanding the breadth and depth of our
product offerings with such customers as Martin Guitar (see
http://www.adnas.com/newsroom/press_releases). Our relationships
continue to flourish and grow as we add new partners and customers.
We continue to grow our revenues while managing our expenses
closely."
Revenues in the quarter ending June 30, 2012 totaled $528,574
compared to $229,710 for the third quarter ending June 30, 2011, an
increase of 130%. 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 59% of our revenues was earned from two
customers for the current quarter, while one customer accounted for
46% of the Company's total revenues for the nine months ending June
30, 2012.
Selling, general and administrative expenses increased from
$1,580,788 for the three months ended June 30, 2011 to $1,752,501
for the three months ended June 30, 2012. The increase of $171,713,
represents an 11% increase over the same quarter in the prior
fiscal year and is primarily attributable to the cost of
stock-based compensation incurred in the current period compared to
the same period last year
Net loss dropped $725,350 or 34% for the quarter as compared to
the quarter ending June 30, 2011. Loss in the three months ended
June 30, 2012 decreased to $1,429,645 from a net loss of $2,154,995
for the three months ended June 30, 2011.
The Company incurred research and development expenses of
$99,958 and $47,988 for the three-month periods ended June 30, 2012
and 2011, respectively, and $274,528 and $161,645 for the nine
month periods ended June 30, 2012 and 2011, respectively. The
increase is attributable to additional research and development
activity needed to support current operations.
Total operating expenses increased to $1,955,797 for the three
months ended June 30, 2012 from $1,720,668 for the three months
ended June 30, 2011, an increase of $235,129 quarter over quarter,
or 14%.
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 APDN
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.
MEDIA CONTACT: Mitchell Miller 646-543-3373 fax: 631-444-8848
INVESTOR CONTACT: Debbie Bailey 631-444-8090 fax: 631-444-8848 FCMN
Contact: Email Contact Web site: http://www.adnas.com Twitter:
@APDN, @APDNInvestor
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