Company to Hold Conference Call and Webcast Tomorrow, Tuesday, August 11, 2015 at 9:00 AM EDT
STONY BROOK, NY--(Marketwired - August 10, 2015) - Applied DNA Sciences, Inc. (
Dr. James A. Hayward, President and Chief Executive Officer, stated: "We are very pleased to report our third consecutive quarter of record-setting revenues.Global recognition of our platforms continues to open new and varied business opportunities. Our fiscal third-quarter results demonstrate the significant strides we are making toward converting pilot projects to fully commercialized programs. During the quarter, we commenced delivery of SigNature® T DNA for the upcoming cotton-ginning season which begins next month. This DNA will be used to produce our PimaCott™ brand of SigNature-marked pima cotton, being taken up by a number of different brand-owners and retailers, and we believe for the first time ever, will secure the supply chain from field to consumer. Our work with two US government contracts continues towards commercialization of DNA marking on products from microcircuit manufacturing companies as well as in federal supply classes new to APDN."
Financial Highlights for the Third Quarter:
Recent Highlights:
Dr. Hayward continued: "We are passing through a positive inflection in our business as pilot projects transition to commercial deployments and with market forces creating tailwinds.
"Adoption of our solutions by global supply chains creates revenue opportunity at each node when the products change hands. In our fiscal fourth quarter we will continue our focus on securing supply chains, expanding our role in government, and facilitating law enforcement and consumer protection.
"We believe our opportunities are substantial and that we have never been better positioned for growth."
Financial Highlights for the First Nine Months:
Fiscal Third-Quarter 2015 Conference Call Information
The Company will hold a conference call to discuss its third-quarter 2015 results tomorrow, August 11, 2015 at 9:00 AM EDT. To participate on the conference call, please follow the instructions below. A slide presentation that will accompany the call may be accessed using the following link: http://www.visualwebcaster.com/event.asp?id=102712
Participant Toll Free: 888-503-8169 | |
Participant Toll: 719-325-2281 | |
Participant Passcode: 3567685 | |
For those who cannot listen to the live broadcast, the presentation material and webcast replay of the call will be available at our investor relations website, http://www.adnas.com/quarterly-results, by end of business on August 11, 2015.
While every attempt will be made to answer your questions, due to the large number of expected participants, not all questions may be answered on the call.
Information about Non-GAAP Financial Measures
Asused herein, "GAAP" refers to accounting principles generally accepted in the United States of America.To supplement our condensed consolidated financial statements prepared and presented in accordance with GAAP, this earnings release includes Adjusted EBITDA, which is a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission.Generally, a non-GAAP financial measure is a numerical measure of a company's historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared in presented in accordance with GAAP.
We use this non-GAAP financial measure for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business.Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the performance of our business by excluding non-cash expenses that may not be indicative of our recurring operating results. We believe this non-GAAP financial measure is useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.
"EBITDA"- is defined as earnings (loss) before interest expense, income tax expense and depreciation and amortization expense.
"Adjusted EBITDA"- is defined as EBITDA adjusted to exclude (i) change in fair value of warrant liability, (ii) the loss on conversion of promissory notes, (iii) stock-based compensation and (iv) other non-cash expenses.
The accompanying table below provides a reconciliation of the non-GAAP financial measure presented to the most directly comparable financial measure prepared in accordance with GAAP.
About Applied DNA Sciences
We make life real and safe by providing botanical-DNA based security and authentication solutions and services that can help protect products, brands, entire supply chains, and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion. SigNature® DNA describes the platform ingredient that is at the heart of all of our security and authentication solutions. SigNature DNA is at the core of a family of uncopyable products such as DNAnet®, our anti-theft product, SigNature® T, targeted toward textiles, and digitalDNA®, providing powerful track and trace. All provide a forensic chain of evidence and can be used to prosecute perpetrators.
Applied DNA Sciences common stock is listed on NASDAQ under the symbol APDN, and its warrants are listed under the symbol APDNW.
Forward Looking Statements
The statements made by APDN in this press release may be "forward-looking" in nature within the meaning of the Private Securities Litigation Act of 1995. Forward-looking statements describe APDN's future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of APDN. Actual results could differ materially from those projected due to our short operating history, limited financial resources, limited market acceptance, market competition and various other factors detailed from time to time in APDN's SEC reports and filings, including our Annual Report on Form 10-K filed on December 15, 2014, as amended on March 6, 2015, and our subsequent quarterly reports on Form 10-Q filed on February 9, 2015, May 11,2015 and August 10, 2015, which are available at www.sec.gov. APDN undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events, unless otherwise required by law.
Financial Tables Follow
APPLIED DNA SCIENCES, INC. | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
June 30, 2015 |
September 30, 2014 |
|||||
(unaudited) | ||||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 10,730,144 | $ | 1,393,132 | ||
Accounts receivable, net of allowance of $30,228 and $9,634 at June 30, 2015 and September 30, 2014, respectively | 2,077,756 | 834,818 | ||||
Prepaid expenses and other current assets | 209,831 | 135,365 | ||||
Total current assets | 13,017,731 | 2,363,315 | ||||
Property, plant and equipment, net of accumulated depreciation of $743,914 at June 30, 2015 and $759,087 at September 30, 2014 | 526,816 | 576,128 | ||||
Other assets: | ||||||
Deposits | 52,988 | 57,638 | ||||
Deferred offering costs | 0 | 181,104 | ||||
Intangible assets, net of accumulated amortization and impairment of $325,555 and $256,208 at June 30, 2015 and September 30, 2014, respectively | 525,902 | 327,872 | ||||
Total Assets | $ | 14,123,437 | $ | 3,506,057 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||
Current liabilities: | ||||||
Accounts payable and accrued liabilities, including related party accrued interest of $6,597 at September 30, 2014, respectively | $ | 1,418,615 | $ | 1,494,759 | ||
Promissory notes payable, including $1,000,000 with a related party at September 30,2014 | - | 1,800,000 | ||||
Deferred revenue | 204,863 | 583,362 | ||||
Total current liabilities | 1,623,478 | 3,878,121 | ||||
Warrant liability | - | 1,096,412 | ||||
Total liabilities | 1,623,478 | 4,974,533 | ||||
Commitments and contingencies | ||||||
Stockholders' Equity (Deficit) | ||||||
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- shares issued and outstanding as of June 30, 2015 and September 30, 2014 | - | - | ||||
Series A Preferred stock, par value $0.001 per share, 10,000,000 shares authorized; -0- issued and outstanding as of June 30, 2015 and September 30, 2014 | - | - | ||||
Series B Preferred stock, par value $0.001 per share, 10,000,000 shares authorized; -0- issued and outstanding as of June 30, 2015 and September 30, 2014 | - | - | ||||
Common stock, par value $0.001 per share; 500,000,000 and 1,350,000,000 shares authorized; 21,482,202 and 13,935,954 shares issued and outstanding as of June 30, 2015 and September 30, 2014, respectively | 21,483 | 13,937 | ||||
Additional paid in capital | 223,623,850 | 198,277,859 | ||||
Accumulated deficit | (211,145,374 | ) | (199,760,272 | ) | ||
Total stockholders' equity (deficit) | 12,499,959 | (1,468,476 | ) | |||
Total Liabilities and Stockholders' Equity (Deficit) | $ | 14,123,437 | $ | 3,506,057 |
APPLIED DNA SCIENCES, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenues | $ | 2,267,671 | $ | 841,197 | $ | 5,028,234 | $ | 2,075,698 | ||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 3,508,455 | 2,948,452 | 11,078,405 | 10,093,631 | ||||||||||||
Research and development | 310,093 | 266,331 | 961,745 | 1,085,416 | ||||||||||||
Depreciation and amortization | 121,339 | 113,424 | 354,144 | 325,448 | ||||||||||||
Total operating expenses | 3,939,887 | 3,328,207 | 12,394,294 | 11,504,495 | ||||||||||||
LOSS FROM OPERATIONS | (1,672,216 | ) | (2,487,010 | ) | (7,366,060 | ) | (9,428,797 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest income (expense), net | 5,052 | 111 | (26,807 | ) | 784 | |||||||||||
Other (expense) income, net | (3,718 | ) | 52,299 | (16,853 | ) | 130,186 | ||||||||||
Loss on conversion of promissory notes | - | - | (980,842 | ) | - | |||||||||||
Gain (loss) on change in fair value of warrant liability | - | 515,543 | (2,994,540 | ) | (1,663,316 | ) | ||||||||||
Net loss before provision for income taxes | (1,670,882 | ) | (1,919,057 | ) | (11,385,102 | ) | (10,961,143 | ) | ||||||||
Provision for income taxes | - | - | - | - | ||||||||||||
NET LOSS | $ | (1,670,882 | ) | $ | (1,919,057 | ) | $ | (11,385,102 | ) | $ | (10,961,143 | ) | ||||
Net loss per share-basic and diluted | $ | (0.08 | ) | $ | (0.14 | ) | $ | (0.63 | ) | $ | (0.82 | ) | ||||
Weighted average shares outstanding- | ||||||||||||||||
Basic and diluted | 21,444,335 | 13,569,262 | 18,075,506 | 13,400,540 | ||||||||||||
APPLIED DNA SCIENCES, INC. | |||||||||||||||
CALCULATION AND RECONCILIATION OF ADJUSTED EBITDA | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net Loss | $ | (1,670,882 | ) | $ | (1,919,057 | ) | $ | (11,385,102 | ) | $ | (10,961,143 | ) | |||
Operating expenses: | |||||||||||||||
Interest (income) expense, net | (5,052 | ) | (111 | ) | 26,807 | (784 | ) | ||||||||
Depreciation and amortization | 121,339 | 113,424 | 354,144 | 325,448 | |||||||||||
(Gain) loss on change in fair value of warrant liability | - | (515,543 | ) | 2,994,540 | 1,663,316 | ||||||||||
Stock based compensation expense | 1,057,097 | 404,507 | 3,595,631 | 2,055,337 | |||||||||||
Loss on conversion of promissory notes | - | - | 980,842 | - | |||||||||||
Bad debt expense | 18,971 | 734 | 21,750 | 16,878 | |||||||||||
Total non-cash items | 1,192,355 | 3,011 | 7,973,714 | 4,060,195 | |||||||||||
Consolidated Adjusted EBITDA (loss) | (478,527 | ) | (1,916,046 | ) | (3,411,388 | ) | (6,900,948 | ) | |||||||
Contact Information:
Investor contact:
Debbie Bailey
631-240-8817
debbie.bailey@adnas.com
Media contact:
Enrique Briz
Dian Griesel Int'l.
212-825-3210
ebriz@dgicomm.com
web:www.adnas.com
twitter: @APDN