PORTLAND, ME--(Marketwire - Feb 14, 2013) - ImmuCell Corporation (
"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, |
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| (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 |
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| 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 (
Contact Information:
Contact:
Michael F. Brigham
President and Chief Executive Officer
(207) 878-2770 Ext. 3106