STONY BROOK, NY -- (Marketwired) -- 08/13/13 -- Applied DNA Sciences, Inc. (OTCBB: APDN), (Twitter: @APDN), a provider of DNA-based anti-counterfeiting technology and product authentication solutions, announced its financial results for the third fiscal quarter ending June 30, 2013.
•Today we report revenues of approximately $645,000, which represent the highest quarterly revenues in our history. •Increase in sales primarily generated by increase in SigNature DNA-marking contracts •Signed 8 contracts in connection with military electronics effort, more in development •Strengthening of management team
Events Subsequent to the End of the Quarter:
•Nearly 500,000 electronic components now marked in military electronics supply chain •Further positive results in extensive trial of DNANet anti-theft product in London •72% growth in staff and threefold expansion of plant position company for high-volume delivery •Progress in Small Business Innovation Research (SBIR) project with Missile Defense Agency
For the three months ended June 30, 2013, APDN generated $644,842 in revenues from operations, an increase of $116,268, or 22%, from revenue of $528,574 for the three months ended June 30, 2012. Revenues for the three months ended June 30, 2013 were principally from the sales of authentication services. The increase in sales for the three months ended June 30, 2013 compared to the three months ended June 30, 2012 was primarily caused by the increase in DNA-marking contracts with commercial electronics manufacturers and represents the company's highest quarterly revenues to date.
"This quarter, APDN signed eight contracts related to Federal Supply Class (FSC) 5962, doubling the cumulative contracts that had been signed by the previous quarter," stated Dr. James A. Hayward, President and CEO of Applied DNA Sciences. "We anticipate that this trend will continue, judging from the increasing number of inquiries and companies in various stages of negotiation. Our other product markets continue to contribute to our revenues."
Selling, general and administrative (SG&A) expenses increased from $1,752,501for the three months ended June 30, 2012 to $3,240,815 for the three months ended June 30, 2013. The increase of $1,488,314, or 84.9%, is primarily attributable to higher professional fees specifically for legal and consulting and increased salary due to the increased headcount. The increase is also due to expenses incurred for the relocation of our corporate office during the three months ended June 30, 2013. Included in SG&A for the three months ended June 30, 2013 is approximately $956,000 of non-cash charges, including $886,000 for stock based compensation expense primarily related to the vesting and modification of employee stock options and $70,000 of bad debt expense.
"SG&A expenses will stabilize going forward," Dr. Hayward continued. "We have completed the move into our new facility, our management team is strong and experienced and we are positioned to deliver against high demand while continuing necessary product development without additional major expenditures."
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