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Applied DNA Sciences reports higher revenue, narrower loss

James Hayward, chief executive, president and chairman, Applied

James Hayward, chief executive, president and chairman, Applied DNA Sciences Inc., in a Stony Brook lab on April 25, 2011. Photo Credit: Newsday / Thomas A. Ferrara

Applied DNA Sciences Inc., a Stony Brook biotech company that makes anti-counterfeiting products using plant DNA, reported higher revenue and a narrower net loss for the quarter ended June 30.

Sales rose by $1.4 million from the quarter a year earlier, bringing revenue to $2.3 million. The company's net loss narrowed to $1.7 million from $1.9 million a year earlier.

The results "demonstrate the significant strides we are making toward converting pilot projects to fully commercialized programs," James A. Hayward, president and CEO of Applied DNA, said Monday.

Net loss per share shrank to 8 cents from 14 cents during the same quarter last year. The weighted average shares outstanding increased to 21.4 million from 13.6 million a year earlier.

In April, Applied DNA announced plans to partner with Suffolk County to bring DNA technology into 500 homes in Huntington Station through a pilot program meant to test the effectiveness of one of its DNA-laced antitheft products.

The company was recognized in Popular Science's December issue for its development of SmokeCloak DNA, a security system that releases DNA-infused vapor into the air after break-ins to help identify criminals. Shares of Applied DNA closed at $3.21 Wednesday on the Nasdaq stock market, and are up 32 cents so far this year.


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