STONY BROOK, NY--(Marketwire - August 14, 2012) - 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.
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.