SOURCE: ImmuCell Corporation

ImmuCell Corporation

May 14, 2013 08:00 ET

ImmuCell Announces Increase in Product Sales and Continued Profitability

PORTLAND, ME--(Marketwired - May 14, 2013) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month period ended March 31, 2013.

During the three-month period ended March 31, 2013, product sales increased by 8%, or $130,000, to $1,847,000 in comparison to $1,717,000 during the same period in 2012.

Net operating income was $327,000 during the three-month period ended March 31, 2013, in comparison to net operating income of $281,000 during the same period in 2012. The net income was $204,000, or $0.07 per share, during the three-month period ended March 31, 2013, in comparison to net income of $155,000, or $0.05 per share, during the same period in 2012. The improved financial performance is largely due to increased gross margin from sales of First Defense®.

"In this extremely challenging dairy and beef economy with a record low milk-to-feed price ratio narrowing our customers' profit margins, our product sales increased by 8% and 5% during the three-month and twelve-month periods ended March 31, 2013, respectively," commented Michael F. Brigham, President and CEO. "This sales growth contributed to our continued profitability, while we are actively seeking a partner to help us complete the development and commercialization of Mast Out®."

Cash, cash equivalents and short-term investments increased by 8%, or $392,000, to $5,305,000 as of March 31, 2013, in comparison to $4,914,000 as of December 31, 2012. Stockholders' equity increased by 2%, or $219,000, to $9,413,000 as of March 31, 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 March 31, 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 Chief Executive Officer
(207) 878-2770 Ext. 3106

       
       
   
(Unaudited)
For the Three-Month Periods Ended March 31,
 
(In thousands, except per share amounts)   2013   2012  
               
Product sales   $ 1,847   $ 1,717  
Costs of goods sold     793     704  
  Gross margin     1,054     1,013  
               
Product development expenses     267     248  
Sales, marketing and administrative expenses     461     484  
  Other operating expenses     728     732  
               
NET OPERATING INCOME     326     281  
               
Other revenues (expenses), net     44     (10 )
               
INCOME BEFORE INCOME TAXES     370     271  
               
Income tax expense     166     116  
               
NET INCOME   $ 204   $ 155  
               
Weighted average common shares outstanding:              
  Basic     3,019     3,016  
  Diluted     3,084     3,103  
NET INCOME PER SHARE:              
  Basic   $ 0.07   $ 0.05  
  Diluted   $ 0.07   $ 0.05  
               
               
         
    (Unaudited)    
    As of
March 31, 2013
  As of
 December 31, 2012
(In thousands)            
Cash, cash equivalents and short-term investments   $ 5,305   $ 4,914
Total assets     11,111     11,030
Net working capital     7,082     6,697
Stockholders' equity   $ 9,413   $ 9,195
             
             

Contact Information

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