SOURCE: Applied DNA Sciences

Applied DNA Sciences

February 15, 2012 08:30 ET

Applied DNA Sciences Reports Fiscal First Quarter 2012 Results

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

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