Orlando, FL -- (SBWIRE) -- 08/16/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On Applied DNA Sciences Inc (OTCBB:APDN), Eastman Kodak Company (OTCMKTS:EKDKQ).
For the period ended June 30, 2013, Applied DNA Sciences Inc(OTCBB:APDN) generated $644,842 in revenues, against revenue of $528,574 in the year-ago period. The increase in revenue was due to the increase in DNA-marking contracts with commercial electronics manufacturers.
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"This quarter, APDN signed eight contracts related to Federal Supply Class (FSC) 5962, doubling the cumulative contracts that had been signed by the previous quarter," stated Dr. James A. Hayward, the President and CEO. "We anticipate that this trend will continue, judging from the increasing number of inquiries and companies in various stages of negotiation. Our other product markets continue to contribute to our revenues."
Selling, general and administrative (SG&A) expenses increased to $3,240,815, up 84.9%, thanks to higher legal and consulting fees, higher salaries and office relocation expenses.
Research and development expenses increased to $184,981, up 85.1%, as the company tried to extend the patent portfolio and also to make the most of emerging market requests.
Net loss widened to $2,135,612 from $1,429,645 in the same period last year.
During the quarter, the company signed 8 contracts related to military electronics effort. It also beefed up its management team.
Subsequent to the quarter, about 500,000 electronic components have been marked in the military electronics supply chain. The company saw more positive results in extensive trial of DNANet anti-theft product in London. Its small Business Innovation Research (SBIR) project with Missile Defense Agency is also progressing. The employee strength grew by 72%.
Meanwhile, Eastman Kodak Company(OTCMKTS:EKDKQ) has said that its creditors have voted in support of its reorganization plan. The company will seek approval of the plan at a bankruptcy court hearing on Tuesday.
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The photography company had filed for bankruptcy protection in 2012 to manage the burgeoning debt after the demand for digital photography impacted its business. The company has sold off some units since then and is focusing on commercial and packaging printing.
The company expects to emerge from Chapter 11 by the end of September.
Kodak's confirmation hearing will take place on Aug. 20 in the U.S. Bankruptcy Court for the Southern District of New York.
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