SOURCE: ImmuCell Corporation

ImmuCell Corporation

August 12, 2013 08:00 ET

ImmuCell Announces Increase in Product Sales and Continued Profitability

PORTLAND, ME--(Marketwired - Aug 12, 2013) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and six-month periods ended June 30, 2013. 

During the three-month period ended June 30, 2013, product sales increased by 16%, or $191,000, to $1,366,000 in comparison to $1,175,000 during the same period in 2012. During the six-month period ended June 30, 2013, product sales increased by 11%, or $321,000, to $3,213,000 in comparison to $2,892,000 during the same period in 2012. During the twelve-month period ended June 30, 2013, product sales increased by 10%, or $511,000, to $5,711,000 in comparison to $5,200,000 during the same period ended in 2012.

Net operating income was $24,000 during the three-month period ended June 30, 2013, in comparison to net operating income of $37,000 during the same period in 2012. Net income was $6,000, or less than $0.01 per share, during the three-month period ended June 30, 2013, in comparison to net income of $15,000, or less than $0.01 per share, during the same period in 2012. 

Net operating income was $350,000 during the six-month period ended June 30, 2013, in comparison to net operating income of $319,000 during the same period in 2012. Net income was $211,000, or $0.07 per share, during the six-month period ended June 30, 2013, in comparison to net income of $170,000, or $0.05 per share, during the same period in 2012. 

"Our continued profitability and consistent growth in product sales allows us the flexibility needed to adjust our strategy in pursuit of FDA approval of Mast Out®," commented Michael F. Brigham, President and CEO. 

Cash, cash equivalents and short-term investments increased by 16%, or $763,000, to $5,676,000 as of June 30, 2013, in comparison to $4,914,000 as of December 31, 2012. Stockholders' equity increased by 3%, or $251,000, to $9,446,000 as of June 30, 2013, in comparison to $9,195,000 as of December 31, 2012. The Company had 3,019,000 shares of common stock outstanding as of June 30, 2013.

About ImmuCell:
ImmuCell Corporation's (NASDAQ: ICCC) purpose is to create scientifically-proven and practical products that result in a measurable economic impact on animal health and productivity in the dairy and beef industries. Press releases and other information about the Company are available at our web-site, (http://www.immucell.com).

Contact:
Michael F. Brigham
President and CEO
(207) 878-2770 Ext. 3106

             
    (Unaudited)
For the Three-Month
Periods Ended
June 30,
    (Unaudited)
For the Six-Month
Periods Ended
June 30,
 
(In thousands, except per share amounts)   2013     2012     2013   2012  
                               
Product sales   $ 1,366     $ 1,175     $ 3,213   $ 2,892  
Costs of goods sold     582       505       1,376     1,209  
  Gross margin     784       670       1,837     1,683  
                               
Product development expenses     272       212       538     460  
Sales, marketing and administrative expenses     488       421       949     904  
  Operating expenses     760       633       1,487     1,364  
                               
NET OPERATING INCOME     24       37       350     319  
                               
Other revenues (expenses), net     (14 )     (10 )     31     (21 )
                               
INCOME BEFORE INCOME TAXES     10       27       381     298  
                               
Income tax expense     4       12       170     128  
                               
NET INCOME   $ 6     $ 15     $ 211   $ 170  
                               
Weighted average common shares outstanding:                              
  Basic     3,019       3,019       3,019     3,018  
  Diluted     3,077       3,114       3,080     3,108  
                                 
NET INCOME PER SHARE:                              
  Basic   $ 0.00     $ 0.01     $ 0.07   $ 0.06  
  Diluted   $ 0.00     $ 0.00     $ 0.07   $ 0.05  
                                 
                               
    (Unaudited)    
    As of
June 30, 2013
  As of
 December 31, 2012
(In thousands)            
Cash, cash equivalents and short-term investments   $ 5,676   $ 4,914
Total assets     11,375     11,030
Net working capital     7,107     6,697
Stockholders' equity   $ 9,446   $ 9,195
             
             

Contact Information

  • Contact:
    Michael F. Brigham
    President and CEO
    (207) 878-2770 Ext. 3106