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Applied DNA (APDN) Reports Fiscal 2011 Financial Results, Highest Revenue in Company History

|Includes: Applied DNA Sciences, Inc. (APDN)

Applied DNA Sciences Inc., provider of patented DNA security solutions, today announced its earnings for the fiscal year ended Sept. 30, 2011, reflecting record revenues in the company’s history to date.

“While this is our best year yet, we are just beginning to see the fruits of our labor. The company is at a critical juncture in its development, its reputation and relationships expanding continuously. We are grateful for the continued support of our customers, strategic partners, employees and investors this year. We have made significant progress toward our goals and we believe our vision and strategy will take us there,” Dr. James Hayward, president and CEO of APDN stated in the press release.

Applied DNA reported fiscal 2011 revenues at $968,848, an 86 percent increase compared to fiscal 2010 revenues of $519,844. The company attributes the increase in revenues primarily to sales of its SigNature DNA and BioMaterial GenoTyping products, for which it increased its customer base by 40 percent in fiscal 2011.

Selling, general and administrative expenses for the 12 months of fiscal 2011 increased 16.69 percent to $8.38 million compared to $7.18 million reported for the comparable 12 months of fiscal 2010.

Research and development expenses increased by $192,915 for fiscal 2011, primarily due to ramped up research and development activities in response to increased customer demand.

Total operating expenses increased to $9.02 million for the 12 months of 2011 from $7.63 million reported for the same period last year.

Applied DNA reported net loss for fiscal 2011 at $10.51 million compared to a net loss of $7.90 million reported in the same period of 2010.

The company also highlighted its 2011 achievements, including new partnerships, financing, distribution and supply agreements, and more.

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