SOURCE: ImmuCell Corporation

ImmuCell Corporation

August 13, 2012 08:00 ET

ImmuCell Announces Profitable Financial Results

PORTLAND, ME--(Marketwire - Aug 13, 2012) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and six-month periods ended June 30, 2012. 

"Based primarily on increased gross margin from sales of First Defense® and the planned reduction in Mast Out® product development expenditures, we returned to profitable operations during the three-month and six-month periods ended June 30, 2012 for the first time since the first quarter of 2008," commented Michael F. Brigham, President and CEO. "In this extremely challenging dairy economy with a record low milk-to-feed price ratio, we experienced a 17% drop in sales of our lead product, First Defense® during the second quarter of 2012 in comparison to the same period in 2011, but sales of this product during the twelve-month period ended June 30, 2012 are up 5%."

Net operating income was $37,000 during the three-month period ended June 30, 2012, in contrast to a net operating loss of ($433,000) during the same period in 2011. Net income was $15,000, or less than $0.01 per share, during the three-month period ended June 30, 2012, in contrast to a net loss of ($258,000), or ($0.09) per share, during the same period in 2011.

Net operating income was $319,000 during the six-month period ended June 30, 2012, in contrast to a net operating loss of ($450,000) during the same period in 2011. Net income was $170,000, or $0.05 per share, during the six-month period ended June 30, 2012, in contrast to a net loss of ($281,000), or ($0.09) per share, during the same period in 2011.

During the three-month period ended June 30, 2012, product sales decreased by 6%, or $72,000, to $1,175,000 in comparison to the same period in 2011. During the six-month period ended June 30, 2012, product sales increased by 3%, or $89,000, to $2,892,000 in comparison to the same period in 2011. 

Cash, cash equivalents and short-term investments increased by 1%, or $54,000, to $5,014,000 at June 30, 2012 as compared to $4,960,000 at December 31, 2011. Stockholders' equity increased by 3%, or $237,000, to $9,258,000 at June 30, 2012 as compared to $9,020,000 at December 31, 2011. The Company had 3,019,000 shares of common stock outstanding as of June 30, 2012.

"The big news for us recently is the July 19, 2012 announcement that we received a Complete Letter from the FDA relating to the Effectiveness Technical Section of our New Animal Drug Application for Mast Out®," further commented Mr. Brigham. "This significant accomplishment by our product development team is a major step in bringing Mast Out® closer to commercialization." 

             
    (Unaudited)
Three-Month Periods Ended June 30,
    (Unaudited)
Six-Month Periods Ended June 30,
 
(In thousands, except per share amounts)   2012     2011     2012     2011  
                                 
Product sales   $ 1,175     $ 1,247     $ 2,892     $ 2,803  
Costs of goods sold     505       553       1,209       1,240  
  Gross margin     670       694       1,683       1,563  
                                 
Product development expenses     212       673       460       1,145  
Sales, marketing and administrative expenses     421       454       904       868  
  Other operating expenses     633       1,127       1,364       2,013  
                                 
NET OPERATING INCOME (LOSS)     37       (433 )     319       (450 )
                                 
Other (expenses) revenues, net     (10 )     (24 )     (21 )     (38 )
                                 
INCOME (LOSS) BEFORE INCOME TAXES     27       (457 )     298       (488 )
                                 
Income tax expense (benefit)     12       (199 )     128       (207 )
                                 
NET INCOME (LOSS)   $ 15     $ (258 )   $ 170     $ (281 )
                                 
Weighted average common shares outstanding:                                
  Basic     3,019       2,974       3,018       2,974  
  Diluted     3,114       2,974       3,108       2,974  
                                 
NET INCOME (LOSS) PER SHARE:                                
  Basic   $ 0.01     $ (0.09 )   $ 0.06     $ (0.09 )
  Diluted   $ 0.00     $ (0.09 )   $ 0.05     $ (0.09 )
                                 
         
    (Unaudited)    
(In thousands)   As of
June 30, 2012
  As of
 December 31, 2011
             
Cash, cash equivalents and short-term investments   $ 5,014   $ 4,960
Total assets     11,037     10,991
Net working capital     6,751     6,516
Stockholders' equity   $ 9,258   $ 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