SOURCE: ImmuCell Corporation

ImmuCell Corporation

February 13, 2014 08:00 ET

ImmuCell Announces Increase in Product Sales and Other Annual Financial Results

PORTLAND, ME--(Marketwired - Feb 13, 2014) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and twelve-month periods ended December 31, 2013. 

During the three-month period ended December 31, 2013, product sales increased by 9.7%, or $138,000, to $1,559,000 in comparison to $1,421,000 during the same period in 2012. During the twelve-month period ended December 31, 2013, product sales increased by 11.5%, or $617,000, to $6,007,000 in comparison to $5,390,000 during the same period in 2012.

"We have now increased product sales during the last six consecutive quarters and for twelve of the last thirteen quarters. Sales of First Defense® and related product line extensions increased by 16.5% during the fourth quarter and 14.4% during the year ended December 31, 2013," commented Michael F. Brigham, President and CEO. 

The net operating (loss) was ($210,000) during the three-month period ended December 31, 2013, in contrast to a net operating income of $12,000 during the same period in 2012. The net (loss) was ($151,000), or ($0.05) per share, during the three-month period ended December 31, 2013, in comparison to a net (loss) of ($17,000), or ($0.01) per share, during the same period in 2012. 

Net operating (loss) was ($20,000) during the twelve-month period ended December 31, 2013, in contrast to net operating income of $245,000 during the same period in 2012. Net income was $117,000, or $0.04 per share, during the twelve-month period ended December 31, 2013, in comparison to net income of $90,000, or $0.03 per share, during the same period in 2012. 

Regarding the fourth quarter loss, Mr. Brigham added, "During the fourth quarter, we incurred approximately $110,000 in expenses as we initiated our planned investment in a Nisin production plant for Mast Out®. Further, we reduced production output during the last six months of 2013 in order to replace and repair certain pieces of critical process equipment, which resulted in an increase in cost of goods sold. We expect our gross margin percentage to be more in line with our historical norms during 2014."

Cash, cash equivalents and short-term investments increased by 7%, or $342,000, to $5,255,000 as of December 31, 2013, in comparison to $4,914,000 as of December 31, 2012. Stockholders' equity increased by 2%, or $201,000, to $9,396,000 as of December 31, 2013, in comparison to $9,195,000 as of December 31, 2012. The Company had 3,026,000 shares of common stock outstanding as of December 31, 2013.

             
             
    (Unaudited)
For the Three-Month Periods Ended December 31,
    For the Twelve-Month Periods Ended December 31,  
(In thousands, except per share amounts)   2013     2012     2013     2012  
                                 
Product sales   $ 1,559     $ 1,421     $ 6,007     $ 5,390  
Costs of goods sold     951       671       2,947       2,336  
  Gross margin     608       750       3,060       3,054  
                                 
Product development expenses     325       234       1,154       918  
Selling and administrative expenses     493       503       1,926       1,891  
  Operating expenses     818       737       3,080       2,809  
                                 
NET OPERATING (LOSS) INCOME     (210 )     13       (20 )     245  
                                 
Other (expenses) revenues, net     (43 )     (24 )     225       (53 )
                                 
(LOSS) INCOME BEFORE INCOME TAXES     (253 )     (11 )     205       192  
                                 
Income tax (benefit) expense     (102 )     6       88       102  
                                 
NET (LOSS) INCOME   $ (151 )   $ (17 )   $ 117     $ 90  
                                 
Weighted average common shares outstanding:                                
  Basic     3,021       3,019       3,019       3,018  
  Diluted     3,021       3,019       3,085       3,108  
NET (LOSS) INCOME PER SHARE:                                
  Basic   $ (0.05 )   $ (0.01 )   $ 0.04     $ 0.03  
  Diluted   $ (0.05 )   $ (0.01 )   $ 0.04     $ 0.03  
                                 
(In thousands)   As of December 31, 2013   As of December 31, 2012
Cash, cash equivalents and short-term investments   $ 5,255   $ 4,914
Total assets     10,961     11,030
Net working capital     6,632     6,697
Stockholders' equity   $ 9,396   $ 9,195
             
             

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 Information

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