Applied DNA Sciences, Inc. Reports Fiscal First Quarter 2017 Financial Results
STONY BROOK, NY--(Marketwired - February 09, 2017) - Applied DNA Sciences, Inc. (APDN) ("Applied DNA", or "the Company"), a provider of DNA-based supply chain, anti-counterfeiting and anti-theft technology, product genotyping and product authentication solutions, announced financial results for the fiscal 2017 first quarter ended December 31, 2016.
"Our fiscal first quarter results reflect variability in the recognition of our deferred cotton revenue due to the timing of commitments in our textile business that masks an expansion in our base of business over the prior quarter," stated Dr. James Hayward, president and CEO of Applied DNA. "During the quarter, we shipped SigNature T to mark a new premium cotton varietal and subsequent to quarter end, on-boarded a seventh U.S. gin. We expect commitments for marked cotton utilizing taggant shipped during the fourth fiscal quarter of 2016 to allow for the release of more deferred revenues in the current quarter as well as the remainder of fiscal 2017. We also began to mark synthetic fiber with Techmer for use in the automotive industry and initiated a pilot project in an adjacent market that addresses the issues of dilution and diversion in the fertilizer industry's supply chain.
"Our fiscal first quarter results reflect variability in the recognition of our deferred cotton revenue due to the timing of commitments in our textile business that masks an expansion in our base of business over the prior quarter," stated Dr. James Hayward, president and CEO of Applied DNA. "During the quarter, we shipped SigNature T to mark a new premium cotton varietal and subsequent to quarter end, on-boarded a seventh U.S. gin. We expect commitments for marked cotton utilizing taggant shipped during the fourth fiscal quarter of 2016 to allow for the release of more deferred revenues in the current quarter as well as the remainder of fiscal 2017. We also began to mark synthetic fiber with Techmer for use in the automotive industry and initiated a pilot project in an adjacent market that addresses the issues of dilution and diversion in the fertilizer industry's supply chain.