STONY BROOK, NY--(Marketwire - May 15, 2012) - 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.