SOURCE: ImmuCell Corporation

ImmuCell Corporation

November 12, 2013 08:00 ET

ImmuCell Announces Increased Product Sales and Continued Profitability

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

During the three-month period ended September 30, 2013, product sales increased by 15%, or $158,000, to $1,235,000 in comparison to $1,077,000 during the same period in 2012. During the nine-month period ended September 30, 2013, product sales increased by 12%, or $479,000, to $4,448,000 in comparison to $3,969,000 during the same period in 2012. During the twelve-month period ended September 30, 2013, product sales increased by 11%, or $595,000, to $5,869,000 in comparison to $5,274,000 during the same period ended in 2012.

"We have now increased product sales during the last six consecutive quarters and for eleven of the last twelve quarters," commented Michael F. Brigham, President and CEO. "The resulting overall profitability from this period has created a strong financial platform for us to fund the investment we are making in a Nisin production capability sufficient to complete our New Animal Drug Application submission to the FDA for Mast Out® and conduct initial test marketing." 

The net operating (loss) was ($160,000) during the three-month period ended September 30, 2013, in comparison to a net operating (loss) of ($86,000) during the same period in 2012. Net income was $57,000, or $0.02 per share, during the three-month period ended September 30, 2013, in contrast to a net (loss) of ($64,000), or ($0.02) per share, during the same period in 2012. 

Net operating income was $190,000 during the nine-month period ended September 30, 2013, in comparison to net operating income of $233,000 during the same period in 2012. Net income was $268,000, or $0.09 per share, during the nine-month period ended September 30, 2013, in comparison to net income of $106,000, or $0.03 per share, during the same period in 2012. 

The financial results for the three-month and nine-month periods ended September 30, 2013 benefited from revenue related to a $250,000 license option payment that was recognized during the third quarter of 2013. At the same time, $48,000 in related capitalized expenses were written off.

Cash, cash equivalents and short-term investments increased by 15%, or $760,000, to $5,673,000 as of September 30, 2013, in comparison to $4,914,000 as of December 31, 2012. Stockholders' equity increased by 3%, or $317,000, to $9,511,000 as of September 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 September 30, 2013.

           
           
 
(Unaudited)
For the Three-Month Periods Ended
September 30,
   
(Unaudited)
For the Nine-Month
Periods Ended September 30,
 
(In thousands, except per share amounts) 2013     2012     2013   2012  
                             
Product sales $ 1,235     $ 1,077     $ 4,448   $ 3,969  
Costs of goods sold   619       456       1,995     1,665  
  Gross margin   616       621       2,453     2,304  
                             
Product development expenses   291       224       829     683  
Sales, marketing and administrative expenses   485       483       1,434     1,388  
  Operating expenses   776       707       2,263     2,071  
                             
NET OPERATING (LOSS) INCOME   (160 )     (86 )     190     233  
                             
Other revenues (expenses), net   237       (8 )     268     (30 )
                             
INCOME (LOSS) BEFORE INCOME TAXES   77       (94 )     458     203  
                             
Income tax expense (benefit)   20       (30 )     190     97  
                             
NET INCOME (LOSS) $ 57     $ (64 )   $ 268   $ 106  
                             
Weighted average common shares outstanding:                            
  Basic   3,019       3,019       3,019     3,018  
  Diluted   3,085       3,019       3,082     3,111  
NET INCOME (LOSS) PER SHARE:                            
  Basic $ 0.02     $ (0.02 )   $ 0.09   $ 0.04  
  Diluted $ 0.02     $ (0.02 )   $ 0.09   $ 0.03  
                             
      (Unaudited)        
(In thousands)     As of
September 30, 2013
    As of
 December 31, 2012
 
Cash, cash equivalents and short-term investments     $ 5,673     $ 4,914  
Total assets       11,066       11,030  
Net working capital       7,177       6,697  
Stockholders' equity     $ 9,511     $ 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