Applied DNA Sciences Reports Fiscal First Quarter 2012 Results
February 15 2012 - 8:30AM
Marketwired
Applied DNA Sciences, Inc. (OTCBB: APDN) announced its financial
results for the fiscal quarter ending December 31, 2011 generating
revenues of $516,904.
For the quarters ended December 31, 2011 and 2010, the company
generated $516,904 and $317,817 in revenues from operations,
respectively. The sixty-three percent (63%) increase in revenues
was substantially generated from sales of our SigNature DNA and
BioMaterial GenoTyping products. The Company's revenues earned from
sale of products and services for the three months ended December
31, 2011 and 2010 included an aggregate of 75% and 52% from four
customers of the Company's total revenues, respectively. Three and
four customers accounted for 71% and 77% of the Company's total
accounts receivable at December 31, 2011 and September 30, 2011,
respectively. In fiscal 2011, we increased our customer base by
40%.
The company increased its revenues eighty-four percent (84%)
quarter over quarter, from $280,678 for the last quarter of FY'11
ending September 30, 2011 to $516,904 for the first quarter of
FY'12 ending December 31, 2011.
Selling, general and administrative expenses increased from
$1,329,209 for the three months ended December 31, 2010 to
$2,152,428 for the three months ended December 31, 2011. The
increase of $823,219, or 61.9%, is primarily attributable to the
cost of stock based compensation incurred in the current period
compared to the same period last year.
Research and development expenses increased from $20,706 for the
three months ended December 31, 2010 to $78,473 for the three
months ended December 31, 2011. The increase of $57,767 is
attributable to additional research and development activity needed
with current operations.
Total operating expenses increased to $2,329,274 for the three
months ended December 31, 2011 from $1,442,738 for the three months
ended December 31, 2010, or an increase of $886,536 primarily
attributable to an increase in equity based compensation and in
R&D expenditures.
Net loss for the three months ended December 31, 2011 increased
to $2,409,905 from a net loss of $1,344,096 for the three months
ended December 31, 2010 primarily attributable to factors described
above.
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.
Separately, in response to our overtures, the College Board has
indicated that it is not interested in using our technology as a
means to identify test takers.
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, our current reports on
Form 8-K, 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 Email Contact FCMN Contact: Email
Contact Web site: http://www.adnas.com Twitter: @APDN,
@APDNInvestor
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