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Loss narrows to $1.5M at Applied DNA

James Hayward, chief executive, president and chairman, Applied

James Hayward, chief executive, president and chairman, Applied DNA Sciences Inc., security and anti-counterfeiting products, Stony Brook on April 25, 2011. Credit: Newsday / Thomas A. Ferrara

The Stony Brook technology firm Applied DNA Sciences Inc. reported a large jump in sales this week, but still failed to turn a profit during the first three months of 2012.

Revenue more than tripled at the company, to $518,000, compared to the first three months of 2011. That growth failed to cover expenses, leading to a $1.5 million loss. That’s down 40 percent from the loss Applied DNA reported for the same period in 2011.

The company uses DNA from plants to produce anticounterfeiting devices. Last June, it won a $1-million trial contract from the Defense Department to mark military-grade microchips with unique strands of DNA.

Still, Applied DNA has struggled to turn a profit. Its stock sells for pennies a share, and it has told the Securities and Exchange Commission that it only has funding to last until July.

Applied DNA released its earnings Tuesday night. In early trading Wednesday, the company’s stock fell 1.7 percent, to about 6 cents a share.

Photo: James A. Hayward, chairman, president and chief executive, Applied DNA Sciences.

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