APPLIED DNA SYSTEMS, INC. REPORTS YEAR-END EARNINGS
APPLIED DNA SYSTEMS, INC. REPORTS YEAR-END EARNINGS WARWICK, R.I., March 2 /PRNewswire/ -- Applied DNA Systems, Inc.
(NASDAQ: ADNA) reports for the 12 months ended Dec. 31, 1991 a net loss of $260,055 (2 cents per share) down from a loss of $1,657,107 (16 cents per share) for the 12 months ended Dec. 31, 1990. Net loss for 1991 includes extraordinary income of $146,344 (1 cent per share) derived from a reduction in accounts payable.
The company is a biomedical, development stage company. Its major product, marketed by its wholly owned subsidiary, Analytical Biosystems Corporation (ABC), is a patented laboratory procedure, the Fluorescent Cytoprint Assay. This assay measures the effectiveness of chemotherapy drugs in destroying cancer cells in individual human tumors. Total revenues increased to $750,324 during 1991 from $494,561 during 1990. Revenues from assay sales were $479,772 during 1991 compared to $280,859 during 1990, an increase of 70 percent. Revenues during 1991 also included $173,667 paid to ABC by a major pharmaceutical company resulting from an option agreement which was terminated during 1991, and $87,203 derived from a two-year research grant from the State of Rhode Island for the purpose of developing a test to measure the combined effectiveness of chemotherapy and radiation on human tumors. The 1991 increase in assay sales resulted primarily from a higher proportion of assays billed, whereas in prior years, assays performed for ongoing clinical trials were not billed. On Dec. 31, 1991, ADNA has a deficiency in working capital of $63,377 compared with a deficiency in working capital of $201,207 on Dec. 31, 1990. The company's continued existence is dependent upon its ability to raise additional capital for the operations of the company and to meet its 1992 objectives. The company changed its management during the third quarter of fiscal year 1991. New management brings many years of experience in capital raising and operations. Management's focus for fiscal year 1992 is on marketing ABC's chemosensitivity assays and raising additional capital for the company. A portion of the company's capital needs will be secured by the exercise of options by certain stockholders. The company has also undertaken efforts to raise additional capital in a private stock offering. The price and terms of any such sale will be determined by negotiation between the buyer and the company. APPLIED DNA SYSTEMS, INC. & SUBSIDIARIES Consolidated Financial Summary Dollars in thousands Year end Year end 12/31/91 12/31/90 Revenues from assay sales $480 $281 Total revenues 750 494 Extraordinary income (loss)-(a) 146 (162) Net loss (260) (1,657) Loss per weighted average common share (2 cents) (16 cents) Working capital (63) (201) Total assets 1,368 1,432 Total liabilities 459 839 Stockholders' equity 909 592 --- Note (a)-Loss from discontinued operations income from reduction in accounts payable. -0- 3/2/92 /CONTACT: Douglas MacDougall of Applied DNA Systems, Inc., 401-732-6782/ (ADNA) CO: Applied DNA Systems, Inc. ST: Rhode Island IN: MTC SU: ERN
EG-TM -- NE007 -- 3843 03/02/92 10:19 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 2, 1992|
|Previous Article:||NBD REVAMPS CREDIT CARDS; LOWERS RATE, ANNUAL FEE ON MOST POPULAR CARD; ELIMINATES ANNUAL FEES ON OTHERS|
|Next Article:||STAR MULTI CARE SERVICES TO ACQUIRE TWO HEALTH CARE COMPANIES IN NEW YORK AND FLORIDA|