SOURCE: ImmuCell Corporation

ImmuCell Corporation

February 13, 2012 08:00 ET

ImmuCell Announces Product Sales Growth and Other Financial Results for 2011

PORTLAND, ME--(Marketwire - Feb 13, 2012) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and twelve-month periods ended December 31, 2011.

During the three-month period ended December 31, 2011, product sales increased by 16%, or $181,000, to $1,305,000 in comparison to the same period in 2010. During the year ended December 31, 2011, product sales increased by 17%, or $725,000, to $5,111,000 in comparison to 2010.

"A 21% increase in sales of our lead product, First Defense®, during 2011 over 2010, demonstrates a solid return on our increased investment in sales and marketing," commented Michael F. Brigham, President and CEO. "The essentially breakeven results during the fourth quarter of 2011 are a good indication of our improving financial performance."

Mr. Brigham further commented, "This growth in our commercial business is important to us while we continue to actively seek a partner with whom to complete the development of Mast Out®."

The income before income taxes was $2,000 during the three-month period ended December 31, 2011, in contrast to a loss before income taxes of $(231,000) during the same period in 2010. The net loss was $(1,000), or $(0.00) per share during the three-month period ended December 31, 2011, in comparison to a net loss of $(128,000), or $(0.04) per share during the same period in 2010.

The loss before income taxes was $(697,000) during the year ended December 31, 2011, in comparison to a loss before income taxes of $(683,000) during 2010. The net loss was $(410,000), or $(0.14) per share during the year ended December 31, 2011, in comparison to a net loss of $(385,000), or $(0.13) per share during 2010.

Cash, cash equivalents and short-term investments increased by 7%, or $334,000, to $4,960,000 at December 31, 2011 as compared to $4,626,000 at December 31, 2010. Stockholders' equity decreased by 3%, or $262,000, to $9,020,000 at December 31, 2011 as compared to $9,282,000 at December 31, 2010. The Company had 3,004,000 shares of common stock outstanding as of December 31, 2011.


(Unaudited)
Three-Month Periods Ended December 31,


Years Ended
December 31,
(In thousands, except per share amounts) 2011 2010 2011 2010
Product sales $ 1,305 $ 1,123 $ 5,111 $ 4,386
Costs of goods sold 580 536 2,297 2,084
Gross margin 725 587 2,814 2,302
Product development expenses 271 442 1,720 1,493
Sales, marketing and administrative expenses 445 365 1,727 1,499
Other operating expenses 716 807 3,447 2,992
NET OPERATING INCOME (LOSS) 9 (220 ) (633 ) (690 )
Other (expenses) revenues, net (7 ) (11 ) (64 ) 7
INCOME (LOSS) BEFORE INCOME TAXES
2

(231
)
(697
)
(683
)
Income tax (expense) benefit (3 ) 103 287 298
NET INCOME (LOSS) $ (1 ) $ (128 ) $ (410 ) $ (385 )
Weighted average common shares outstanding:
Basic 3,001 2,971 2,985 2,971
Diluted 3,001 2,971 2,985 2,971
NET INCOME (LOSS) PER SHARE:
Basic $ (0.00 ) $ (0.04 ) $ (0.14 ) $ (0.13 )
Diluted $ (0.00 ) $ (0.04 ) $ (0.14 ) $ (0.13 )
(In thousands) At December 31, 2011 At December 31, 2010
Cash, cash equivalents and short-term investments $ 4,960 $ 4,626
Total assets 10,991 10,751
Net working capital 6,516 6,441
Stockholders' equity $ 9,020 $ 9,282

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 Chief Executive Officer
    (207) 878-2770 Ext. 3106