Record sales at Applied DNA
Applied DNA Sciences Inc., a struggling technology company based in Stony Brook, reported record quarterly sales this week but still failed to break even. Revenue jumped 130 percent to $529,000 in the April-to-June quarter as sales grew for the company's anticounterfeiting products, which embed microchips and other products with plant DNA that cannot be duplicated. Nonetheless, Applied DNA posted a $1.4 million loss for its third fiscal quarter. That's down 34 percent from the $2.2 million loss the company posted the same period last year. The company, which has 25 full-time employees, has struggled to turn a profit since its founding in 2002. It has survived in part from cash infusions from its president and chief executive, James A. Hayward, including $750,000 in loans during 2011. While he has not loaned any money to the company this year, Applied DNA has told the Securities and Exchange Commission it has funding to last only until November. Hayward remains bullish on the company, saying in a statement Applied DNA plans to hire nine more people in the next year. "The first nine months of fiscal 2012 have been very productive for the company," Hayward said. -- Joe Ryan
Honda's new Accord to debut
Honda will unveil its new Accord sedan Monday at an Ohio factory. The company promises a more athletic look, with all-new engines and transmissions that will raise the car's fuel efficiency. The Accord is important because it competes in the biggest segment of the U.S. auto market. In most years, it is No. 2 on the list of best-selling cars, just behind Toyota's Camry. Honda hasn't released many details, but said the new model will have a sportier driving character than the current model. The car will be made at Honda's Marysville, Ohio, factory. Production starts Monday.
Samsung Electronics Co. will start selling the Galaxy Note 10.1 in the United States Thursday in its latest effort to compete with Apple's dominant iPad. The Note will have a digital pen and a faster processor at the same price tag as the iPad. Apple extended its dominance in tablet computers in the second quarter, shipping nearly seven out of every 10 tablets, according to research firm IHS iSuppli. A new model came out a few weeks before the April-June quarter began. Google's challenger, the Nexus 7, didn't start shipping until a few weeks ago. Sales of the Note will also be reflected in the third quarter. Apple's 69.6 percent share in the April-June quarter is up from about 58 percent in the first quarter. The top five table makers in the second quarter, according to IHS, were Apple Inc., iPad, 17 million shipped worldwide, 69.6 percent share; Samsung Electronics Co., Galaxy, 2.3 million, 9.2 percent; Amazon.com Inc., Kindle Fire, 1 million, 4.2 percent; AsusTek Computer Inc., Transformer, 688,000, 2.8 percent; Barnes & Noble Inc., Nook Tablet, 459,000, 1.9 percent; Other, 3 million, 12.3 percent.
Target's projections rosier
Target Corp. raised its full-year profit projection Wednesday after the cheap chic retailer reported strong second-quarter results that showed healthy spending in food, beauty products and other items.
Target, based in Minneapolis, also issued a profit outlook for the current quarter that is above analysts' expectations. Target shares rose $1.12 to $64.50.
Like most retailers, Target's challenge has been luring shoppers into stores.
Target, which sells clothes and decor under the same roof as toothpaste and cereal, has reached out to customers with two initiatives. One offers a larger selection of foods and one gives shoppers a 5 percent discount when they pay with Target-branded credit and debit cards. -- AP