SOURCE: Applied DNA Sciences
STONY BROOK, NY--(Marketwired - Aug 12, 2014) - Applied DNA Sciences, Inc. (OTCQB: APDN), a biotechnology firm that provides DNA-based authentication and security solutions and services, announced results of its third quarter and first nine months of fiscal 2014.
Karol Kain Gray, Chief Financial Officer, stated: "I am excited to report the highest revenues for the first nine months of any fiscal year of the Company's history."
Financial Highlights for the Third Quarter:
- Revenues for the third quarter of fiscal 2014 were $841,197, the highest revenues reported for any quarter of any fiscal year in the history of the Company. This represents a 30% increase from the same quarter of the prior fiscal year and a 32% increase compared to the prior quarter ended March 31, 2014.
- Increased revenues were the results of increased sales of our DNAnet® and SigNature® DNA products and others within our cash-in-transit market.
- Total operating expenses decreased by $159,869 or 5% for the three months ended June 30, 2014 compared to the same quarter last year. The decrease is primarily attributable to a reduction in stock-based compensation and consulting fees. This decrease was partially offset by an increase in payroll, as well as an increase in research and development expenses.
- Net loss for the three months ended June 30, 2014 decreased to $1,919,057 from a net loss of $2,135,612 for the three months ended June 30, 2013.
Financial Highlights for the First Nine Months:
- For the first nine months of this fiscal year, the Company generated approximately $2.076 million in revenue, more than the total revenues for any previous entire fiscal year. This reflects an increase of 59% from the same period last fiscal year.
- Operating expenses for the nine months ended June 30, 2014 increased by approximately $2.4 million or 26%. The increase is attributable to higher payroll, rent, utilities, legal fees and research and development. Incremental research expenses are due to the increased number of customer-sponsored development contracts and the progress of our in-field DNA authentication and rapid reading of optical marks.
- Net loss for the nine months ended June 30, 2014 decreased to $10,961,143 from a net loss of $13,968,001 for the nine months ended June 30, 2013.
Dr. James A. Hayward, President and Chief Executive Officer, stated: "I am gratified by our performance this quarter, as we continued to establish the company as a technology leader in the anti-counterfeiting vertical and security space. We laid a strong foundation for future growth."
Shortly after the end of the third quarter, Applied DNA Sciences was awarded a $975,000 contract with the Missile Defense Agency's Small Business Innovation Research program, which provides the Company funding to develop larger-scale and more efficient methods of SigNature® DNA application and authentication. This includes the development of an optical reader that could be employed in the field for rapid detection of the SigNature DNA ink marked on a component. The intended outcome is a capacity to service 100 additional customers.
The Company also signed an agreement with Wakefield Inspection Services, which is expected to pave the way for Applied DNA Sciences to become an integral part of the entire textile industry. This agreement has the potential to open numerous opportunities for us as SigNature® T is developed for authentication at all points in the supply chain, from raw materials to finished products.
Applied DNA's joint commercial development agreement with Pillar Technologies, a business unit of ITW, is anticipated to bring the Company's technology platform to existing and future Pillar customers across multiple verticals including textiles and packaging.
Ms. Gray concluded: "Our historic performance numbers and our new development contracts are a source of real optimism for the Company. We believe our new contracts and partnerships with highly regarded industry leaders like Wakefield and Pillar are laying the foundation for continued growth for Applied DNA Sciences."
The Company will be hosting a webinar today, August 12, 2014 at 9:00 AM EDT. To participate in the webinar, please follow the instructions below:
Reserve your webinar seat now at: https://www3.gotomeeting.com/register/516127918
To send questions prior to the call:
Please email questions prior to the call to email@example.com. While every attempt will be made to answer your questions, due to the large number of expected participants, not all questions may be answered on the call. For those of you unable to participate, a transcript of the call will be posted by end of business on August 12, 2014, and available under the "Investors" tab of the company's website.
About Applied DNA Sciences
APDN is a provider of botanical-DNA based security and authentication solutions and services that can help protect products, brands, entire supply chains, and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion. SigNature® DNA describes the uncopyable marker that is at the heart of all of our security and authentication solutions. SigNature DNA is at the core of a family of products such as DNAnet®, our anti-theft product, SigNature® T, targeted toward textiles, and digitalDNA®, providing powerful track and trace. All 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 20, 2013 (amended on May 1, 2014) and our subsequent quarterly reports on Form 10-Q/A (for the quarterly period ended December 31, 2013) and Form 10-Q (for the quarterly period ended March 31, 2014). 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.