Applied DNA Sciences, a provider of DNA-based anti-counterfeiting technology and product authentication solutions, for the third quarter ended June 30, 2013, reported record quarterly revenues attributed to an increase in SigNature DNA-marking contracts.
Revenues of approximately $645,000 represent the highest quarterly revenues in the company’s history, primarily driven by eight new contracts in connection with military electronics effort. In the comparable quarter of the year prior, APDN reported revenue of $528,574.
APDN management noted that in nearing the milestone of a half-million SigNature DNA-marked electronic components in circulation, the company is in a position to capitalize on the offering of an expanded set of authentication programs in the supply chains impacted.
“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,” Dr. James A. Hayward, president and CEO of APDN, stated in the press release. “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.”
Net loss for the quarter was $2.1 million as compared to a prior year third-quarter loss of $1.4 million, which the company attributes to an 84.9% increase in selling, general and administrative expenses due to higher professional fees and the relocation of the company’s corporate office. APDN’s research and development expenses also weighed earnings, up 85.1% to $184,981 as the company conducted additional research and development to expand its patent portfolio.
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