PORTLAND, ME--(Marketwire - November 2, 2007) - ImmuCell Corporation (
NASDAQ:
ICCC) today
announced the results of its operations for the three and nine month
periods ended September 30, 2007.
For the three month period ended September 30, 2007, product sales
decreased by 7%, or $76,000, to $983,000 in comparison to the same period
in 2006. For the nine month period ended September 30, 2007, product sales
increased by 1%, or $36,000, to $3,283,000 compared to the same period in
2006.
During the third quarter of 2007, ImmuCell announced that Pfizer Animal
Health elected to terminate its product development and marketing agreement
covering Mast Out® and return the product rights to ImmuCell. As a
result of this termination, the Company recognized the remaining deferred
income from non-refundable milestone payments received from Pfizer and
wrote off the remaining unamortized cost of technology rights acquired in
November 2004. This resulted in a net increase to income before income
taxes of approximately $602,000 during the third quarter of 2007, with no
impact on cash.
Including the impact of the accounting described above, the Company
reported income before income taxes of $605,000 during the three month
period ended September 30, 2007 in comparison to $291,000 during the same
period in 2006. The Company recognized income before income taxes of
$1,029,000 during the nine month period ended September 30, 2007 compared
to $832,000 during the same period in 2006.
The Company reported net income of $354,000 ($0.12 per diluted share)
during the three month period ended September 30, 2007 in comparison to
$171,000 ($0.06 per diluted share) during the same period in 2006. The
Company recognized net income of $590,000 ($0.19 per diluted share) during
the nine month period ended September 30, 2007 compared to $492,000 ($0.16
per diluted share) during the same period in 2006.
"Sales of our lead product, First Defense®, increased by 3% during the
first nine months of the year," said Michael F. Brigham, President and CEO.
"Excluding non-cash amortization expense related to an intangible
technology asset, product development expenses increased by 43%, or
$78,000, during the third quarter of 2007 compared to the same period in
2006, principally reflecting our initial efforts to fund the development of
Mast Out® internally."
Cash, cash equivalents and short-term investments decreased by 18%, or
$1,186,000, to $5,428,000 at September 30, 2007 as compared to $6,614,000
at December 31, 2006. The decrease was largely due to an ongoing effort to
become compliant with current Good Manufacturing Practices (cGMP)
regulations. Shareholders' equity increased by 7%, or $630,000, to
$9,962,000 at September 30, 2007 as compared to $9,332,000 at December 31,
2006. The Company had 2,892,000 shares of common stock outstanding as of
September 30, 2007.
(Unaudited) (Unaudited)
Three Nine
Months Ended Months Ended
September 30, September 30,
----------------- -----------------
(In thousands, except per share
amounts) 2007 2006 2007 2006
-------- -------- -------- --------
Revenues:
Product sales $ 983 $ 1,059 $ 3,283 $ 3,246
Other revenues 949 134 1,283 332
-------- -------- -------- --------
Total revenues 1,932 1,193 4,566 3,578
Cost and expenses:
Product costs 476 466 1,618 1,361
Product development expenses 589 237 1,149 702
Selling, general and administrative
expenses 330 272 984 872
-------- -------- -------- --------
Total costs and expenses 1,395 975 3,751 2,935
-------- -------- -------- --------
Net operating income 537 218 815 643
Interest and other income 68 73 214 189
-------- -------- -------- --------
Income before income taxes 605 291 1,029 832
Income tax expense 251 120 439 340
-------- -------- -------- --------
Net income $ 354 $ 171 $ 590 $ 492
======== ======== ======== ========
Net income per common share:
Basic $ 0.12 $ 0.06 $ 0.20 $ 0.17
Diluted $ 0.12 $ 0.06 $ 0.19 $ 0.16
Weighted average common shares
outstanding:
Basic 2,897 2,910 2,899 2,885
Diluted 3,013 3,054 3,049 3,050
(Unaudited)
At December At September
(In thousands) 31, 2006 30, 2007
------------ ------------
Cash, cash equivalents and short-term investments $ 6,614 $ 5,428
Total assets 11,364 10,280
Net working capital 6,934 6,564
Stockholders equity $ 9,332 $ 9,962
ImmuCell Corporation is a biotechnology company that is developing,
manufacturing and selling products that improve animal health and
productivity in the dairy and beef industries. Press releases and other
information about the Company are available at
http://www.immucell.com.
Contact Information: Contact:
Michael F. Brigham
President and Chief Executive Officer
(207) 878-2770 Ext. 3106