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Applied DNA Sciences Reports Fiscal Year End 2011 Results(December 09, 2011)
STONY BROOK, NY -- (Marketwire) -- 12/09/11 -- Applied DNA Sciences, Inc. (OTCBB: APDN) announced its earnings for the fiscal year ending September 30, 2011 generating the highest revenues in the company's history to date.
For the years ended September 30, 2011 and 2010, the company generated $968,848 and $519,844 in revenues from operations, respectively. The 86% increase in revenues was substantially generated from sales of our SigNature DNA and BioMaterial GenoTyping products. We were able to increase our customer base by 40% in fiscal 2011 aided by our expanded sales team this year.
Selling, general and administrative expenses for the twelve months ended September 30, 2011 increased 16.69% to $8,388,873 from $7,189,020 in the same period in 2010. Included within the selling, general and administrative expenses for the year ended September 30, 2011 was a noncash charge to operations of $3,668,460 for the fair value of vested options issued to officers and employees and other stock based compensation compared to $3,796,255 in 2010.
Research and development expenses increased by $192,915 for the twelve months ended September 30, 2011 primarily due to an increase in research and development activities to support our increased customer demand.
Total operating expenses increased to $9,025,305 for the twelve months ended September 30, 2011 from $7,636,895, or an increase of $1,388,410, primarily due to increase in professional and other service providers expenses compared to the for the same period last year.
Net loss for the twelve months ended September 30, 2011 was $10,515,124 compared to $7,909,600 in the same period of 2010, a net change of $ 2,605,524 as a result of the combination of factors described above.
Key 2011 achievements include:
- Partnered with Martin Guitar to protect Martin's customers with the "gold standard" in forensic anti-counterfeiting systems;
- Successfully completed a program to DNA mark microchips for the Defense Logistics Agency (DLA) of the US Department of Defense;
- Awarded follow on contract of nearly $1 million, assuming the successful completion of the six tasks of the program. APDN will perform work and services for LMI and the DLA relating to a program to demonstrate the functional, technical and business viability of DNA marking technology as an anti-counterfeiting measure by using it in the DLA microcircuit supply;
- Long Island, New York-based Gold Coast Bank deployed SmartDNA Sentry 500 Intruder Spray Systems at each of its three branches at East Setauket, Islandia, and Huntington, NY. to protect against bank robberies and malicious invasions of ATMs and their enclosures;
- Launched SmartDNA in Sweden with a country-wide collaboration involving the Swedish National Police, SKL (National Forensic Laboratory), a large Scandinavian Insurance company, Safe Solution, and APDN. Initially, eight Swedish jewelry stores installed a total of 15 SmartDNA spray units and repeat orders have been received and filled;
- Entered into a long term supply agreement with 3SI Security Systems, the world leader in asset protection systems. Commercial supply of the DNA markers has already begun, with repeat orders being fulfilled on a monthly basis;
- Signed an exclusive agreement with Nissha Printing Company, granting Nissha the rights to become the sole provider of DNA ink products in publications and foods (fish and fruit) and wood applications in Asia. This expanded the ongoing relationship already in place with Nissha;
- Signed an exclusive distribution agreement with Disc Graphics for the folding carton offset print sector and granted DISC non-exclusive rights for pressure sensitive labels in North America. APDN received an initial payment from Disc Graphics and will receive minimum payments annually to maintain exclusivity;
- Acquired exclusive rights in North America to distribute the Sentry 500 Intruder Spray Systems embedded with SigNature DNA from RedWeb;
- Expanded textile business, working with a variety of organizations to confirm the content of their materials;
- Successfully closed on our first institutional round of financing, raising $5million;
- Expanded our sales team which has resulted in increased sales -- both to new and existing customers;
- Added an additional four new Board Members who bring a wealth of experience and expertise to assist APDN at this critical juncture in its development.
"While this is our best year yet, we are just beginning to see the fruits of our labor. The company is at a critical juncture in its development, its reputation and relationships expanding continuously. We are grateful for the continued support of our customers, strategic partners, employees and investors this year. We have made significant progress toward our goals and we believe our vision and strategy will take us there," commented Dr. James Hayward, President and CEO of APDN.
The annual report on Form 10-K, which includes Applied DNA Sciences audited 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 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 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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