SOURCE: ImmuCell Corporation

ImmuCell Corporation

February 14, 2013 08:00 ET

ImmuCell Announces Product Sales Increases and Other Financial Results

PORTLAND, ME--(Marketwire - Feb 14, 2013) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and twelve-month periods ended December 31, 2012. 

"Despite the ongoing economic hardships faced by our customers, we ended the year with strong product sales in the fourth quarter. Sales of our lead product, First Defense®, increased by 16% and 5% during the fourth quarter and for the full year, respectively, over 2011 levels," commented Michael F. Brigham, President and CEO. "As projected, our bottom line performance improved from a loss in 2011 to a profit in 2012."

During the three-month period ended December 31, 2012, product sales increased by 9%, or $116,000, to $1,421,000 in comparison to the same period in 2011. During the year ended December 31, 2012, product sales increased by 5.5%, or $279,000, to $5,390,000 in comparison to 2011. 

The net operating income was $245,000 during the year ended December 31, 2012, in contrast to a net operating loss of ($633,000) during 2011. The net income was $90,000, or $0.03 per share, during the year ended December 31, 2012, in contrast to a net loss of ($410,000), or ($0.14) per share, for 2011. The improved financial performance is principally due to planned reductions in product development expenses associated with the Mast Out® product development initiative, as well as increased gross margin from sales of First Defense®. The Company remains actively engaged in pursuing the necessary financing to complete the Mast Out® initiative.

Cash, cash equivalents and short-term investments decreased by less than 1%, or $46,000, to $4,914,000 at December 31, 2012 as compared to $4,960,000 at December 31, 2011. Stockholders' equity increased by 2%, or $174,000, to $9,195,000 at December 31, 2012 as compared to $9,020,000 at December 31, 2011. The Company had 3,019,000 shares of common stock outstanding as of December 31, 2012.

             
    (Unaudited)
For the Three-Month Periods Ended December 31,
   
For the Twelve-Month Periods Ended December 31,
 
(In thousands, except per share amounts)   2012     2011     2012   2011  
                               
Product sales   $ 1,421     $ 1,305     $ 5,390   $ 5,111  
Costs of goods sold     671       580       2,336     2,297  
    Gross margin     750       725       3,054     2,814  
                               
Product development expenses     234       271       918     1,720  
Selling and administrative expenses     503       445       1,891     1,727  
    Other operating expenses     737       716       2,809     3,447  
                               
NET OPERATING INCOME (LOSS)     13       9       245     (633 )
                               
Other expenses, net     24       7       53     64  
                               
(LOSS) INCOME BEFORE INCOME TAXES     (11 )     2       192     (697 )
                               
Income tax expense (benefit)     6       3       102     (287 )
                               
NET (LOSS) INCOME   $ (17 )   $ (1 )   $ 90   $ (410 )
                               
Weighted average common shares outstanding:                              
  Basic     3,019       3,001       3,018     2,985  
  Diluted     3,019       3,001       3,108     2,985  
                               
NET (LOSS) INCOME PER SHARE:                              
  Basic   $ (0.01 )   $ (0.00 )   $ 0.03   $ (0.14 )
  Diluted   $ (0.01 )   $ (0.00 )   $ 0.03   $ (0.14 )
                               
                               
         
(In thousands)   As of
December 31, 2012
  As of
 December 31, 2011
             
Cash, cash equivalents and short-term investments   $ 4,914   $ 4,960
Total assets     11,030     10,991
Net working capital     6,697     6,516
Stockholders' equity   $ 9,195   $ 9,020
             

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